AMENDMENT TO THE MANAGED PORTFOLIO SERIES FUND ACCOUNTING SERVICING AGREEMENT
AMENDMENT TO THE
THIS AMENDMENT dated as of the 16th day of November, 2016, to the Fund Accounting Servicing Agreement, dated as of April 6, 2011, as amended (the “Agreement”), is entered into by and between MANAGED PORTFOLIO SERIES, a Delaware statutory trust (the “Trust”) and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”).
RECITALS
WHEREAS, the parties have entered into the Agreement; and
WHEREAS, the parties desire to amend the series of the Trust to add the
Tortoise Water Fund and the Tortoise North American Pipeline Fund; and
WHEREAS, Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties.
NOW, THEREFORE, the parties agree to amend the Agreement and add the following series of Managed Portfolio Series:
Exhibit W, the Tortoise Water Fund and the Tortoise North American Pipeline Fund, is hereby added 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.
By: /s/ Xxxxx X. Arnold___________
Printed Name: Xxxxx X. Xxxxxx
Title: President
U.S. BANCORP FUND SERVICES, LLC
By: /s/ Xxxxxxx X. McVoy___________
Printed Name: Xxxxxxx X. XxXxx
Title: Executive Vice President
Tortoise Index Solutions, LLC
1Exhibit W to the Managed Portfolio Series Fund Accounting Agreement
Name of Series Date Added
Tortoise North American Water Fund on or after November 16, 2016
Tortoise North American Pipeline Fund on or after November 16, 2016
Base Fee for Accounting, Administration, and Transfer Agent Services1– fees effective at January, 2017
The below annual minimums will be discounted by 50% from inception date of each Fund where Tortoise Index Solutions, LLC. acts as Adviser to the Fund for the first six (6) months. Should any Fund terminate prior to 12 (twelve) months from inception date, the full annual minimum will apply.
The following reflects the greater of a basis point fee or annual minimum for funds where Tortoise Index Solutions, LLC. acts as Adviser to the Fund.
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Administration
Accounting
TA
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Basis Points on combined AUM
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Annual Minimum per Fund2
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$[…]
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+[…]
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Funds 1-10
$[…]
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Funds 11+
$[…]
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|
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[…]
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[…]
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1 Each fund, regardless of asset size, will have fees allocated to it equal to the per fund minimum. Should the complex level basis point fee calculation exceed the complex level minimum fee level calculation, the fees in excess of the minimum will be allocated to each fund based on percent on AUM.
2 Fees are calculated pro rata and billed monthly
Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit W.
Tortoise Index Solutions, LLC
By: /s/ P. Xxxxxxx Xxxxx
Printed Name: P. Xxxxxxx Xxxxx
Title: Date: ______________
Tortoise Index Solutions, LLC 2
Exhibit W (continued) to the Managed Portfolio Series Fund Accounting Agreement
Accounting, Administration, TA Services in addition to the Base Fee1– fees effective at January, 2017
Pricing Services
For daily pricing of each securities (estimated 252 pricing days annually)
$[…] - Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards
$[…] - Domestic Corporates, Convertibles, Governments, Agencies, Currency Rates, Mortgage Backed
$[…] - CMOs, Municipal Bonds, Money Market Instruments, Foreign Corporates, Convertibles, Governments, Agencies, Asset Backed, High Yield
$[…] - Interest Rate Swaps, Foreign Currency Swaps, Total Return Swaps, Total Return Bullet Swaps
$[…] - Bank Loans
$[…] - Swaptions
$[…] - Credit Default Swaps
$[…] per Month Manual Security Pricing (>25 per day)
NOTE: Prices are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.
Corporate Action Services
Fee for IDC data used to monitor corporate actions
$[…] per Foreign Equity Security per Month
$[…] per Domestic Equity Security per Month
$[…] per CMOs, Asset Backed, Mortgage Backed Security per Month
MPS Trust Chief Compliance Officer Annual Fee (subject to board approval)
$[…] for the first fund
$[…] for each additional fund
$[…] per sub-advisor per fund
Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)
$[…] per security per month
NOTE: Prices above are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees.
Section 15(c) Reporting
Add the following for fund administration services and data charges necessary to compile SEC required “peer reporting” information.
$[…] per fund per report
Ongoing Annual Legal Administration Services
Add the following for legal administration services in support of external legal counsel, including annual registration statement update and drafting of supplements: (Final Fee(s) subject to USBFS legal team review and approval)
$[…] first fund
$[…] each additional fund
Miscellaneous Expenses
Including but not limited to, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, XXXXX/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and CCO team travel related costs to perform due diligence reviews at advisor and sub-advisor facilities.
1 Fees are calculated pro rata and billed monthly
Tortoise Index Solutions, LLC
3Exhibit W (continued) to the Managed Portfolio Series Fund Administration Servicing Agreement
OPTIONAL Supplemental Services for Fund Accounting, Fund Administration & Portfolio Compliance – fees effective at January, 2017
Fair Value Services (Charged at the Complex Level)
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$[…] per security on the First 100 Securities
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$[…] per security on the Balance of Securities
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Daily Compliance Services
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Base fee – $[…] per fund per year
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| § |
Setup – $[…] per fund group
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Section 18 Daily Compliance Testing (for derivatives and leverage)
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$[…] set up fee per fund complex
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| § |
$[…] per fund per month
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Customized Benchmarking
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Negotiated based upon specific requirements
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Outbound Calling & Marketing Campaigns
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Cost based on project requirements
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Fees are calculated pro rata and billed monthly
Tortoise Index Solutions, LLC
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