AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS TRANSFER AGENT SERVICING AGREEMENT
AMENDMENT
TO THE
THIS AMENDMENT dated as of the
___ day of __________, 2009, to the Transfer Agent Servicing Agreement, dated as
of June 22, 2006, as amended, (the "Agreement"), is entered into by and between
Professionally Managed
Portfolios, a Massachusetts business trust (the "Trust"), on behalf of
its separate series, the Jordan
Opportunity Fund and U.S. Bancorp Fund Services, LLC,
a Wisconsin limited liability company ("USBFS").
RECITALS
WHEREAS, the parties have
entered into a Transfer Agent Servicing Agreement; and
WHEREAS, the parties desire to
amend the series of the Trust to add a fund; and
WHEREAS, Section 12 of the
Agreement allows for its amendment by a written instrument executed by both
parties.
NOW, THEREFORE, the parties
agree as follows:
Exhibit T
is hereby added to the Agreement and attached hereto.
Except to
the extent amended hereby, the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by a duly authorized
officer on one or more counterparts as of the date and year first written
above.
PROFESSIONALLY MANAGED | U.S. BANCORP FUND SERVICES, LLC |
PORTFOLIOS | |
By: ______________________________ | By: ________________________________ |
Name: Xxxxxx X. Xxxxxx | Name: Xxxxxxx X. XxXxx |
Title: President | Title: Executive Vice President |
Exhibit
T
to
the
Name of
Series Date
Added
Jordan
Opportunity
Fund on
or after __________, 2009
Multiple
Series Trust
TRANSFER
AGENT & SHAREHOLDER SERVICES
ACCOUNT
SERVICES FEE SCHEDULE at _________, 2009
|
Annual
Service Charges to the Fund*
· Base
Fee Per
Cusip $18,000
/year
· XXXX
Xxxxx 0
Accounts $13.00 /open
account
· No-Load
Fund
Accounts $16.00 /open
account
· Load
Fund
Accounts $18.00 /open
account
· Daily
Accrual Fund
Accounts
$22.00 /open
account
· Closed
Accounts $ 2.50 /closed
account
Activity
Charges
· Manual
Shareholder
Transaction
$ 3.00
/transaction
· Omnibus
Account
Transaction $ 1.00
/transaction
· Correspondence
$ 3.00
/item
· Telephone
Calls
$ 1.00
/minute
· Voice
Response
Calls
$ 0.40
/call
· Qualified
Plan
Accounts $15.00 /account
(Cap at $30.00/SSN)
Implementation Charges
· First
Cusip
$6,000 /fund
group setup, first Cusip
· Subsequent
Cusips $1,500 /each
additional Cusip
Plus
Out-Of-Pocket Expenses – Including but not limited to telephone
toll-free lines, call transfers, mailing, sorting and postage, stationery,
envelopes, programming, service/data conversion, AML verification
services, special reports, insurance, record retention, literature
fulfillment kits, microfilm, microfiche, proxies, proxy services, lost
shareholder search, disaster recovery charges, ACH fees, Fed wire charges,
NSCC charges, data communication and implementation charges, travel,
training, and all other out-of-pocket expenses.
Additional
Services – Above pricing is for standard
services. Available but not included above are the following
services - FAN Web shareholder e-commerce, Vision intermediary
e-commerce, FAN Mail electronic data delivery, B.O.S.S. sales reporting
data warehouse, investor e-mail services, literature fulfillment, lead
conversion reporting, 12b-1 aging, Short-Term Trader
reporting
Fees
are billed monthly.
*
Subject to annual CPI increase, Milwaukee
MSA.
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
Windowpane
Advisors, L.L.C.
By:_______________________________
Name:____________________________Title:_____________________________
Date:_____________________________
Exhibit
T (continued) to the PMP Transfer Agent Servicing Agreement – __________,
2009
2
FAN WEB –
Shareholder internet access to account information and transaction
capabilities through a transparent link at the fund group web
site. Shareholders access account information, portfolio
listing fund family, transaction history, purchase additional shares
through ACH, etc.
1. FAN Web Premium (Fund Groups over 50,000 open
accounts)
· Implementation
- $15,000
per fund group – includes up to 25 hours of technical/BSA
support
· Annual
Base Fee - $36,000 per
year
2. FAN Web Select (Fund Groups under 50,000 open
accounts) – Standard Web services
· Implementation
- $5,000
per fund group – includes up to 10 hours of technical/BSA
support
· Annual
Base Fee - $12,000 per
year
3. Customization
- $165.00
per hour
4. Activity
(Session) Fees:
· Inquiry
- $.15 per
event
· Account
Maintenance - $.25 per
event
· Transaction
– financial transactions, reorder statements, etc. - $.50 per
event
· New
Account Set-up - $3.00 per event
(Not available with FAN Web Select)
|
VISION MUTUAL FUND
GATEWAY – Permits broker/dealers, financial planners, and RIAs to
use a web-based system to
perform
order and account inquiry, execute trades, print applications, review
prospectuses, and establish new accounts.
· Inquiry
Only
· Inquiry
- $.05 per
event
· Per
broker ID - $5.00 per month
per ID
· Transaction
Processing
· Implementation
- $5,000
per management company
· Transaction
– purchase, redeem, exchange, literature order - $.50 per
event
· New
Account Set-up – may contain multiple fund/accounts - $3.00 per
event
· Monthly
Minimum Charge - $500.00 per
month
|
FAN MAIL –
Financial planner mailbox provides transaction, account and price
information to financial planners and small
broker/dealers
for import into a variety of financial planning software
packages.
· Base
Fee Per Management Company – file generation and delivery - $6,000 per
year
· Per
Record Charge
· Rep/Branch/ID
- $.018
· Dealer
- $.012
· Price
Files - $.002 or $1.75/user/month,
whichever is less
|
CLIENT Web DATA
ACCESS – USBFS client on-line access to fund and investor data
through USBFS technology applications
and
data delivery and security software.
· MFS
Systems (includes COLD and On Line Report view applications)
· Setup
- $1,500
(includes 2 workstations)
· Service
- $350/month
· Report
Source
· No
Setup Charge
· $150/month per
reporting category
· T/A
Imaging
· Setup
- $1,500
(includes 2 workstations)
· $350/month
· Fund
Source
· No
Setup Charge
· $150/month
CLIENT DEDICATED LINE
DATA ACCESS – For USBFS clients requiring continuous on-line access
to USBFS shareholder
accounting
systems, such as for client call center support:
· $7,000 per year
per workstation for TA2000 AWD access
· Plus
data communications setup and monthly charges based upon location and
bandwidth
· Plus
training billed at hourly rates plus out-of-pocket
expenses
|
TRANSFER AGENT TRAINING
SERVICES
· On-site
at USBFS - $300.00 per
day
· At
client location - $300.00 per day
plus travel and out-of-pocket
expenses
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
Windowpane
Advisors, L.L.C.
By:_______________________________
Name:____________________________ Title:_____________________________
Date:_____________________________
Exhibit
T (continued) to the PMP Transfer Agent Servicing Agreement – __________,
2009
3
TRANSFER
AGENT & SHAREHOLDER SERVICES
SUPPLEMENTAL
SERVICES
|
B.O.S.S – Business On-line Sales Reporting
Solution
Monthly
Software Subscription Services:
· Access
Per B.O.S.S. User: $150
/month/user
Implementation
and Support Services:
· Implementation
- $2,500
first user ID; each additional user ID is $595 – Includes
project management and data/internet portal integration applicable to
Transfer Agent data flow
(up to 2 years of historical data included). Additional setup
requirements will be charged at Development hourly rate.
· Training
- $1,000
(includes 1-day session at USBFS site for up to 10 participants on core
product)
· Development
- $200
/hour - customization of B.O.S.S. product, requests for customized
reports, etc.
· Additional
Options - Report Writing, Sub-Account Data Integration – Quoted separately
based upon requirements
Data
Management Services:
· Data
Storage Charge – Over 2 years of data (No charge for less than 2 years of
data)
· Fund
Group Account Base (Open/Closed) – Under 500,000 - $500 per
month
· Fund
Group Account Base (Open/Closed) – Over 500,000 - $1,000 per
month
· Monthly
service fees (extracting/ storing daily transaction data). Fee
based upon records processed:
· 1-25,000
records/month – $1,200
/month
· 25,001-50,000
records/month – $3,000 /month
(over 50,000 records/month quoted separately)
|
Short-Term
Trader – Software application used to track and/or assess
transaction fees that are determined to be short-term
trades. Service can be applied to some or all funds within a
fund family.
·
90
days or less – $.08 /open
account
·
91-180
days – $.14 /open
account
·
181-270
days – $.20 /open
account
·
271
days – 1 year - $.26 /open
account
·
1
year – 2 years - $.38 /open
account
|
Excessive
Trader – Software application that monitors the number of trades
(exchanges, redemptions) that meet fund family criteria for excessive
trading and automatically prevents trades in excess of the fund family
parameters.
·
$500 setup/fund
group of 1-5 funds, $1,500 setup/fund
group of over 5 funds
·
$.12
/account/year
|
12b-1
Distribution Fee Aging – Aging shareholder account share lots in
order to monitor and begin assessing 12b-1 fees after a certain share lot
age will be charged at $1.50 per open
account per year.
|
Physical
Certificate Processing – Services to support the setup and
processing of physical certificated shares for a fund family:
·
$750 setup/fund
group
·
$10.00 per
certificate transaction
|
E-Mail
Services – Services to capture, queue, monitor, service and archive
shareholder e-mail correspondence:
·
$1,500 setup/fund
group
·
$500 /month
administration
·
$4.00 /received
e-mail correspondence
|
Dealer
Reclaim Services – Services reclaim fund losses due to the pricing
differences for dealer trade adjustments such as between dealer placed
trades and cancellations. There will be no correspondence
charges related to this service.
·
$500 per fund
group per month
|
Shareholder
Performance Statements – We have a variety of features available
for providing account or portfolio level performance information on
investor statements. Actual costs will depend upon specific
client requirements.
·
Setup
- $35,000
per fund group
·
Annual
Fee - $.17
per open and closed account
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
Windowpane
Advisors, L.L.C.
By:_______________________________
Name:____________________________ Title:_____________________________
Date:_____________________________
4
Exhibit
T (continued) to the PMP Transfer Agent Servicing Agreement – __________,
2009
TRANSFER
AGENT & SHAREHOLDER SERVICES
SUPPLEMENTAL
SERVICES
|
Charges
Paid by Investors – Shareholder accounts will be charged based upon
the type of activity and type of account, including the
following:
Qualified Plan Fees
· $15.00 /qualified
plan acct (Cap at $30.00/SSN)
· $15.00 /Xxxxxxxxx
ESA acct (Cap at $30.00/SSN)
· $25.00 /transfer
to successor trustee
· $25.00
/participant distribution (Excluding SWPs)
· $25.00 /refund of
excess contribution
· $25.00
/reconversion/recharacterization
Additional Shareholder Paid
Fees
· $15.00 /outgoing
wire transfer
· $15.00 /overnight
delivery
· $
5.00
/telephone exchange
· $25.00 /return
check or ACH
· $25.00 /stop
payment
· $ 5.00 /research
request per account (Cap at $25.00/request)
(For requested items of the second calendar year [or previous] to the
request)
|
Programming
Charges – Charges incurred for customized services based upon fund
family requirements including but not limited to:
· Fund
setup programming (transfer agent system, statements, options, etc.) –
estimate 10 hours per Cusip
· Select
reports – shareholder system queries for customized reporting, mailings,
etc.
· File
transmissions of client requested shareholder data file
extracts
· Conversion
programming
· Customized
service development
· Voice
response system setup (menu selections, shareholder system integration,
testing, etc.) – estimated at 3 hours per fund family
· All
other client specific customization and/or development
services
|
Literature Fulfillment
Services
· Account Management –
$200/month
(account management, lead reporting and database
administration).
· Order Processing -
$6.00/per
order (Assessed for each order shipped by U.S. Bancorp Fund
Services.)
· Telephone Service Charge
- $5.00/per
call
Inbound Teleservicing Only
· Account
Management - $200/month
· Call
Servicing - $5.00/per
minute
Lead Conversion Reporting
· Account
Management - $500/month
· Database
Installation, Setup - $1,500 /fund
group
· Specialized
Programming - (Separate Quote)*
Web On-line Fund Fulfillment
· Account
Management - $500
/month
· Installation,
Setup - $2,500/fund
group
· Per
Literature Order - $.40
/request
Follow-up Services
· Correspondence
- $5.00
/item
Fees
exclude postage and printing charges.
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
Windowpane
Advisors, L.L.C.
By:_______________________________
Name:____________________________ Title:_____________________________
Date:_____________________________
5