FRONTIER FUNDS, INC. NINTH AMENDMENT TO THE CUSTODY AGREEMENT
NINTH AMENDMENT TO THE
THIS NINTH AMENDMENT to the Custody Agreement is entered into as of the 1st day of September 2019, by and between FRONTIER FUNDS, INC., a Maryland corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Custodian”).
RECITALS
WHEREAS, the parties have entered into the Custody Agreement, dated as of October 31, 2014, as amended (the “Agreement”); and
WHEREAS, the parties desire to amend Exhibit C, the fee schedule of the Agreement; and
WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by all parties.
NOW, THEREFORE, the parties agree to the following:
Exhibit C is hereby superseded and replaced with Exhibit C attached hereto.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 Seventh Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.
|
|
U.S. BANK NATIONAL ASSOCIATION | |||
|
|
|
| ||
|
By: |
|
|
By: |
|
|
|
|
|
|
|
|
Name: |
Xxxxxxx X. Xxxxxxx III |
|
Name: |
|
|
|
|
|
|
|
|
Title: |
President |
|
Title: |
|
Exhibit C to the Custody Agreement - Frontier Funds
CUSTODY SERVICES ANNUAL FEE SCHEDULE at September 2019
Annual Fee Based Upon Market Value of Fund Family Complex*
Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio:
0.50 basis points
Plus portfolio transaction fees
Portfolio Transaction Fees
· $ 4.00 — Book entry DTC transaction, Federal Reserve transaction, principal paydown
· $ 7.00 — Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction
· $ 8.00 — Option/SWAPS/future contract written, exercised or expired
· $15.00 — Mutual fund trade, Margin Variation Wire and outbound Fed wire
· $50.00 — Physical security transaction
· $ 5.00 — Check disbursement (waived if U.S. Bancorp is Administrator)
A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.
Miscellaneous Expenses
All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.
Additional Services
· Additional fees apply for global servicing. Fund of Fund expenses quoted separately.
· $600 per custody sub — account per year (e.g., per sub —adviser, segregated account, etc.)
· Class Action Services — $25 filing fee per class action per account, plus 2% of gross proceeds, up to a maximum per recovery not to exceed $2,000.
· No charge for the initial conversion free receipt.
· Overdrafts — charged to the account at prime interest rate plus 2%, unless a line of credit is in place
Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., margin management services, securities lending services, compliance with new SEC rules and reporting requirements).
Fees are calculated pro rata and billed monthly.
*Subject to annual CPI increase — All Urban Consumers — U.S. City Average.
Custody Services - Additional Services Fee Schedule
Third-Party Agent Domestic Securities Lending Support*+
· $2,500 implementation fee per Trust per Third-Party Agent Lender
· Annual Base Fee $25,000 per Trust per Third-Party Agent Lender
· Plus Transaction fees
Third-Party Agent Portfolio Transaction Fees+
· $15.00 - transaction fee will be assessed for each loan, return, and reallocation transactions (loan/return)
+ Each Third-Party Agent Lender will be invoiced directly
*Subject to annual CPI increase — All Urban Consumers — U.S. City Average
Additional Global Sub-Custodial Services Annual Fee Schedule
|
Country |
|
Safekeeping |
|
Transaction |
| |
|
Australia |
|
1.50 |
|
$ |
00 |
|
|
Xxxxxxxxx |
|
12.00 |
|
$ |
30 |
|
|
Austria |
|
1.70 |
|
$ |
20 |
|
|
Bahrain |
|
42.00 |
|
$ |
115 |
|
|
Bangladesh |
|
18.00 |
|
$ |
000 |
|
|
Xxxxxxx |
|
1.25 |
|
$ |
20 |
|
|
Bermuda |
|
12.00 |
|
$ |
48 |
|
|
Botswana |
|
20.00 |
|
$ |
40 |
|
|
Brazil |
|
7.00 |
|
$ |
00 |
|
|
Xxxxxxxx |
|
20.00 |
|
$ |
65 |
|
|
Canada |
|
1.20 |
|
$ |
6 |
|
|
Chile |
|
13.00 |
|
$ |
50 |
|
|
China Connect (“A” Shares & Fixed Income) |
|
18.00 |
|
$ |
35 |
|
|
China (B Shares) |
|
10.00 |
|
$ |
00 |
|
|
Xxxxxxxx |
|
35.00 |
|
$ |
00 |
|
|
Xxxxx Xxxx |
|
12.00 |
|
$ |
00 |
|
|
Xxxxxxx |
|
15.00 |
|
$ |
55 |
|
|
Cyprus |
|
12.00 |
|
$ |
00 |
|
|
Xxxxx Xxxxxxxx |
|
10.00 |
|
$ |
23 |
|
|
Denmark |
|
1.50 |
|
$ |
15 |
|
|
Egypt |
|
15.00 |
|
$ |
48 |
|
|
Estonia |
|
6.00 |
|
$ |
20 |
|
|
Euroclear (Eurobonds) |
|
1.00 |
|
See comments** |
| |
|
Euroclear (Non-Eurobonds) |
|
Surchanges vary by local market |
|
See comments** |
| |
|
Finland |
|
2.00 |
|
$ |
14 |
|
|
France |
|
1.00 |
|
$ |
14 |
|
|
Germany |
|
1.00 |
|
$ |
13 |
|
|
Ghana |
|
20.00 |
|
$ |
38 |
|
|
Greece |
|
4.00 |
|
$ |
26 |
|
|
Hong Kong |
|
1.75 |
|
$ |
15 |
|
|
Hungary |
|
15.00 |
|
$ |
48 |
|
|
Iceland |
|
12.00 |
|
$ |
48 |
|
|
India |
|
7.00 |
|
$ |
40 |
|
|
Indonesia |
|
6.00 |
|
$ |
52 |
|
|
Ireland |
|
1.00 |
|
$ |
14 |
|
|
Israel |
|
10.00 |
|
$ |
26 |
|
|
Italy |
|
1.00 |
|
$ |
15 |
|
|
Japan |
|
1.00 |
|
$ |
5 |
|
|
Jordan |
|
33.00 |
|
$ |
100 |
|
|
Kenya |
|
24.00 |
|
$ |
38 |
|
|
Kuwait |
|
33.00 |
|
$ |
000 |
|
|
Xxxxxx |
|
12.00 |
|
$ |
60 |
|
|
Lithuania |
|
12.00 |
|
$ |
40 |
|
|
Luxembourg |
|
1.25 |
|
$ |
20 |
|
|
Malaysia |
|
2.50 |
|
$ |
35 |
|
|
Malta |
|
17.60 |
|
$ |
60 |
|
|
Mauritius |
|
22.00 |
|
$ |
80 |
|
|
Mexico |
|
2.50 |
|
$ |
15 |
|
|
Morocco |
|
23.00 |
|
$ |
68 |
|
|
Namibia |
|
24.00 |
|
$ |
00 |
|
|
Xxxxxxxxxxx |
|
1.50 |
|
$ |
12 |
|
|
New Zealand |
|
1.50 |
|
$ |
22 |
|
|
Nigeria |
|
24.00 |
|
$ |
38 |
|
|
Norway |
|
1.50 |
|
$ |
20 |
|
|
Oman |
|
42.00 |
|
$ |
100 |
|
|
Pakistan |
|
24.00 |
|
$ |
75 |
|
|
Panama |
|
65.00 |
|
$ |
00 |
|
|
Xxxx |
|
35.00 |
|
$ |
65 |
|
|
Philippines |
|
3.50 |
|
$ |
38 |
|
|
Poland |
|
6.00 |
|
$ |
25 |
|
|
Portugal |
|
3.50 |
|
$ |
20 |
|
|
Qatar |
|
38.00 |
|
$ |
115 |
|
|
Romania |
|
23.00 |
|
$ |
85 |
|
|
Russia |
|
10.00 |
|
$ |
000 |
|
|
Xxxxx Xxxxxx |
|
18.00 |
|
$ |
55 |
|
|
Serbia |
|
60.00 |
|
$ |
000 |
|
|
Xxxxxxxxx |
|
1.25 |
|
$ |
00 |
|
|
Xxxxxxxx |
|
20.00 |
|
$ |
00 |
|
|
Xxxxxxxx |
|
20.00 |
|
$ |
00 |
|
|
Xxxxx Xxxxxx |
|
1.50 |
|
$ |
00 |
|
|
Xxxxx Xxxxx |
|
3.00 |
|
$ |
12 |
|
|
Spain |
|
1.00 |
|
$ |
00 |
|
|
Xxx Xxxxx |
|
11.00 |
|
$ |
55 |
|
|
Swaziland (Eswatini) |
|
28.00 |
|
$ |
55 |
|
|
Sweden |
|
1.25 |
|
$ |
15 |
|
|
Switzerland |
|
1.25 |
|
$ |
20 |
|
|
Taiwan |
|
8.00 |
|
$ |
43 |
|
|
Thailand |
|
2.90 |
|
$ |
22 |
|
|
Tunisia |
|
38.00 |
|
$ |
00 |
|
|
Xxxxxx |
|
7.00 |
|
$ |
10 |
|
|
UAE |
|
30.00 |
|
$ |
105 |
|
|
Uganda |
|
40.00 |
|
$ |
90 |
|
|
Ukraine |
|
19.20 |
|
$ |
00 |
|
|
Xxxxxx Xxxxxxx |
|
1.00 |
|
$ |
3 |
|
|
Uruguay |
|
45.00 |
|
$ |
55 |
|
|
Vietnam |
|
16.00 |
|
$ |
80 |
|
|
West African Economic Monetary Union (WAEMU)* |
|
38.00 |
|
$ |
000 |
|
|
Xxxxxx |
|
28.00 |
|
$ |
45 |
|
|
Zimbabwe |
|
28.00 |
|
$ |
45 |
|
* Includes Ivory Coast, Mali, Niger, Burkina Faso, Senegal, Guinnea Bissau, Togo and Benin.
** See breakdown as follows:
|
Euromarkets (Euroclear) - Internal trades |
|
$0.75 |
|
|
Euromarkets (Euroclear) - External trades |
|
Surcharges vary by local market |
|
|
Euromarkets (Euroclear) - Bridge transactions |
|
$1.60 |
|
|
Euromarkets (Euroclear) - DTC, Fedwire, and BankOne links |
|
$17.00 |
|
Global Custody Base Fee
A monthly base fee per fund will apply based on the number of foreign securities held. If no global assets are held within a given month, the monthly base charge will not apply for that month.
· 1–25 foreign securities – $500; Over 26 foreign securities – $800
· Euroclear — Eurobonds only. Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge. In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge.
· For all other markets specified in above grid, surcharges may apply if a security is held outside of the local market.
Miscellaneous Expenses
· Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, tax reclaim fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.
· A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.
· SWIFT reporting and message fees.
