AMENDMENT TO THE MANAGER DIRECTED PORTFOLIOS CUSTODY AGREEMENT
AMENDMENT TO THE
THIS AMENDMENT, effective as of the 14TH day of August, 2017, to the Custody Agreement, dated as of July 1, 2016, (the "Agreement"), is entered into by and between MANAGER DIRECTED PORTFOLIOS, a Delaware statutory trust (the "Trust"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the "Custodian").
RECITALS
WHEREAS, the parties have entered into the Agreement; and
WHEREAS, the parties desire to amend the series of the Trust to add a fund; and
WHEREAS, Article XV, Section 15.02 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 Manager Directed Portfolios:
Exhibit G, the Vert Global Sustainable Real Estate 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.
MANAGER DIRECTED PORTFOLIOS U.S. BANK NATIONAL ASSOCIATION
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxxxx
Name: Xxxxxxx X. Xxxxxxx Name: Xxxxxxx X. Xxxxxxx
Title: President Title: Senior Vice President
1
Exhibit G to the Manager Directed Portfolios Custody Agreement
Name of Series
Vert Global Sustainable Real Estate Fund
Custody Services Fee Schedule
Annual Fee Based Upon Market Value per Fund*
___basis point on average daily market value of all long securities and cash held in the portfolio
Minimum annual fee per fund – $___
Plus portfolio transaction fees
Portfolio Transaction Fees
§
|
$___ – Book entry DTC transaction, Federal Reserve transaction, principal paydown
|
§
|
$___ – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction
|
§
|
$___ – Option/SWAPS/future contract written, exercised or expired
|
§
|
$___ – Mutual fund trade, Margin Variation Wire and outbound Fed wire
|
§
|
$___ – Physical security transaction
|
§
|
$___ – 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
Including but not limited to 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.
|
§
|
$___ per Sub Advisor or Segregated custody account per year
|
§
|
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.
|
* Subject to annual CPI increase – All Urban Consumers – U.S. City Average.
Fees are calculated pro rata and billed monthly.
* Subject to annual CPI increase - All Urban Consumers - U.S. City Average.
Fees are calculated pro rata and billed monthly.
2
Exhibit G (continued) to the Manager Directed Portfolios Custody Agreement- Additional Global Fees at August, 2017
Additional Global Sub-Custodial Services Annual Fee Schedule
Country
|
Instrument
|
Safekeeping
(BPS)
|
Transaction
Fee
|
Country
|
Instrument
|
Safekeeping
(BPS)
|
Transaction
Fee
|
|
Argentina
|
All
|
____
|
$____
|
Lebanon
|
All
|
____
|
$____
|
|
Australia
|
All
|
____
|
$____
|
Lithuania
|
All
|
____
|
$____
|
|
Austria
|
All
|
____
|
$____
|
Luxembourg
|
All
|
____
|
$____
|
|
Bahrain
|
All
|
____
|
$____
|
Malaysia
|
All
|
____
|
$____
|
|
Bangladesh
|
All
|
____
|
$____
|
Mali
|
All
|
____
|
$____
|
|
Belgium
|
All
|
____
|
$____
|
Malta
|
All
|
____
|
$____
|
|
Benin
|
All
|
____
|
$____
|
Mauritius
|
All
|
____
|
$____
|
|
Bermuda
|
All
|
____
|
$____
|
Mexico
|
All
|
____
|
$____
|
|
Botswana
|
All
|
____
|
$____
|
Morocco
|
All
|
____
|
$____
|
|
Brazil
|
All
|
____
|
$____
|
Namibia
|
All
|
____
|
$____
|
|
Bulgaria
|
All
|
____
|
$____
|
Netherlands
|
All
|
____
|
$____
|
|
Burkina Faso
|
All
|
____
|
$____
|
New Zealand
|
All
|
____
|
$____
|
|
Canada
|
All
|
____
|
$____
|
Niger
|
All
|
____
|
$____
|
|
Cayman Islands*
|
All
|
____
|
$____
|
Nigeria
|
All
|
____
|
$____
|
|
Channel Islands*
|
All
|
____
|
$____
|
Norway
|
All
|
____
|
$____
|
|
Chile
|
All
|
____
|
$____
|
Oman
|
All
|
____
|
$____
|
|
China
|
All
|
____
|
$____
|
Pakistan
|
All
|
____
|
$____
|
|
Columbia
|
All
|
____
|
$____
|
Peru
|
All
|
____
|
$____
|
|
Costa Rica
|
All
|
____
|
$____
|
Philippines
|
All
|
____
|
$____
|
|
Croatia
|
All
|
____
|
$____
|
Poland
|
All
|
____
|
$____
|
|
Cyprus*
|
All
|
____
|
$____
|
Portugal
|
All
|
____
|
$____
|
|
Czech Republic
|
All
|
____
|
$____
|
Qatar
|
All
|
____
|
$____
|
|
Denmark
|
All
|
____
|
$____
|
Romania
|
All
|
____
|
$____
|
|
Ecuador
|
All
|
____
|
$____
|
Russia
|
Equities
|
____
|
$____
|
|
Egypt
|
All
|
____
|
$____
|
Senegal
|
All
|
____
|
$____
|
|
Estonia
|
All
|
____
|
$____
|
Singapore
|
All
|
____
|
$____
|
|
Euromarkets**
|
All
|
____
|
$____
|
Slovak Republic
|
All
|
____
|
$____
|
|
Finland
|
All
|
____
|
$____
|
Slovenia
|
All
|
____
|
$____
|
|
France
|
All
|
____
|
$____
|
South Africa
|
All
|
____
|
$____
|
|
Germany
|
All
|
____
|
$____
|
South Korea
|
All
|
____
|
$____
|
|
Ghana
|
All
|
____
|
$____
|
Spain
|
All
|
____
|
$____
|
|
Greece
|
All
|
____
|
$____
|
Sri Lanka
|
All
|
____
|
$____
|
|
Guinea Bissau
|
All
|
____
|
$____
|
Swaziland
|
All
|
____
|
$____
|
|
Hong Kong
|
All
|
____
|
$____
|
Sweden
|
All
|
____
|
$____
|
|
Hungary
|
All
|
____
|
$____
|
Switzerland
|
All
|
____
|
$____
|
|
Iceland
|
All
|
____
|
$____
|
Taiwan
|
All
|
____
|
$____
|
|
India
|
All
|
____
|
$____
|
Thailand
|
All
|
____
|
$____
|
|
Indonesia
|
All
|
____
|
$____
|
Togo
|
All
|
____
|
$____
|
|
Ireland
|
All
|
____
|
$____
|
Tunisia
|
All
|
____
|
$____
|
|
Israel
|
All
|
____
|
$____
|
Turkey
|
All
|
____
|
$____
|
|
Italy
|
All
|
____
|
$____
|
UAE
|
All
|
____
|
$____
|
|
Ivory Coast
|
All
|
____
|
$____
|
United Kingdom
|
All
|
____
|
$____
|
|
Japan
|
All
|
____
|
$____
|
Ukraine
|
All
|
____
|
$____
|
|
Jordan
|
All
|
____
|
$____
|
Uruguay
|
All
|
____
|
$____
|
|
Kazakhstan
|
All
|
____
|
$____
|
Venezuela
|
All
|
____
|
$____
|
|
Kenya
|
All
|
____
|
$____
|
Vietnam*
|
All
|
____
|
$____
|
|
Kuwait
|
All
|
____
|
$____
|
Zambia
|
All
|
____
|
$____
|
|
Latvia
|
Equities
|
____
|
$____
|
Zimbabwe
|
All
|
____
|
$____
|
A monthly base fee per account (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.
§
|
1–50 foreign securities: $___; over 50 foreign securities: $___
|
§
|
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.
|
3
Exhibit G (continued) to the Manager Directed Portfolios Custody Agreement- Additional Global Fees at August, 2017
Miscellaneous Expenses
§
|
Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $___ per claim.
|
§
|
Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening 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.
|
Base Fee - A monthly base fee per account (fund) will apply based on the number of foreign securities held.
§
|
1-25 foreign securities: $___
|
§
|
26-50 foreign securities: $___
|
§
|
Over 50 foreign securities: $___
|
§
|
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 above, surcharges may apply if a security is held outside of the local market.
|
Tax Reclamation Services: Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $___per claim.
Out of Pocket Expenses
§
|
Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for 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 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 out-of-pocket 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.
|
Advisor's Signature below acknowledges approval of the fee schedules on this Exhibit G.
Vert Asset Management LLC
By: /s/ Xxxxxx X. Xxxxx
Printed Name and Title: Xxxxxx X. Xxxxx, CEO Date: 09-05-2017
4