Exhibit (h)(iv)
Effective July 1, 2005
THIS
AGREEMENT is made and entered into as of this ___ day of August, 2005, by and among
Prudent Bear Fund, Inc., a Maryland corporation (the “Trust”) and U.S.
BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”).
WHEREAS,
the Trust is registered under the Investment Company Act of 1940, as amended (the
“1940 Act”), as an open-end management investment company, and is authorized to
issue shares of beneficial interest in separate series, with each such series representing
interests in a separate portfolio of securities and other assets;
WHEREAS,
USBFS is, among other things, in the business of providing mutual fund accounting services
to investment companies; and
WHEREAS,
the Trust desires to retain USBFS to provide accounting services to each series of the
Trust listed on Exhibit A hereto (as amended from time to time) (each a
“Fund” and collectively, the “Funds”).
NOW,
THEREFORE, in consideration of the promises and mutual covenants herein contained, and
other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto, intending to be legally bound, do hereby agree as follows:
| 1. |
Appointment
of USBFS as Fund Accountant |
| |
The
Trust hereby appoints USBFS as fund accountant of the Trust on the terms and conditions
set forth in this Agreement, and USBFS hereby accepts such appointment and agrees to
perform the services and duties set forth in this Agreement. The services and duties of
USBFS shall be confined to those matters expressly set forth herein, and no implied duties
are assumed by or may be asserted against USBFS hereunder. |
| 2. |
Services
and Duties of USBFS |
| |
USBFS
shall provide the following accounting services to the Fund: |
| |
A. |
Portfolio Accounting Services: |
| |
(1) |
Maintain
portfolio records on a trade date+1 basis using security trade information
communicated from the Fund’s investment adviser. |
| |
(2) |
For
each valuation date, obtain prices from a pricing source approved by the
board of trustees of the Trust (the “Board of Trustees”) and
apply those prices to the portfolio positions. For those securities where
market quotations are not readily available, the Board of Trustees shall
approve, in good faith, procedures for determining the fair value for such
securities. |
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| |
(3) |
Identify
interest and dividend accrual balances as of each valuation date and
calculate gross earnings on investments for each accounting period. |
| |
(4) |
Determine
gain/loss on security sales and identify them as short-term or long-term;
account for periodic distributions of gains or losses to shareholders and
maintain undistributed gain or loss balances as of each valuation date. |
| |
(5) |
On
a daily basis, reconcile cash of the Fund with the Fund’s custodian. |
| |
(6) |
Transmit
a copy of the portfolio valuation to the Fund’s investment adviser
daily. |
| |
(7) |
Review
the impact of current day’s activity on a per share basis, and review
changes in market value. |
| |
B. |
Expense Accrual and Payment Services: |
| |
(1) |
For
each valuation date, calculate the expense accrual amounts as directed by
the Trust as to methodology, rate or dollar amount. |
| |
(2) |
Process
and record payments for Fund expenses upon receipt of written
authorization from the Trust. |
| |
(3) |
Account
for Fund expenditures and maintain expense accrual balances at the level
of accounting detail, as agreed upon by USBFS and the Trust. |
| |
(4) |
Provide
expense accrual and payment reporting. |
| |
C. |
Fund Valuation and Financial Reporting Services: |
| |
(1) |
Account
for Fund share purchases, sales, exchanges, transfers, dividend
reinvestments, and other Fund share activity as reported by the Fund’s
transfer agent on a timely basis. |
| |
(2) |
Apply
equalization accounting as directed by the Trust. |
| |
(3) |
Determine
net investment income (earnings) for the Fund as of each valuation date.
Account for periodic distributions of earnings to shareholders and
maintain undistributed net investment income balances as of each valuation
date. |
| |
(4) |
Maintain
a general ledger and other accounts, books, and financial records for the
Fund in the form as agreed upon. |
2
| |
(5) |
Determine
the net asset value of the Fund according to the accounting policies and
procedures set forth in the Fund’s current prospectus. |
| |
(6) |
Calculate
per share net asset value, per share net earnings, and other per share
amounts reflective of Fund operations at such time as required by the
nature and characteristics of the Fund. |
| |
(7) |
Communicate
to the Trust, at an agreed upon time, the per share net asset value for
each valuation date. |
| |
(8) |
Prepare
monthly reports that document the adequacy of accounting detail to support
month-end ledger balances. |
| |
(9) |
Prepare
monthly security transactions listings. |
| |
D. |
Tax Accounting Services: |
| |
(1) |
Maintain
accounting records for the investment portfolio of the Fund to support the
tax reporting required for “regulated investment companies” under
the Internal Revenue Code of 1986, as amended (the “Code”). |
| |
(2) |
Maintain
tax lot detail for the Fund’s investment portfolio. |
| |
(3) |
Calculate
taxable gain/loss on security sales using the tax lot relief method
designated by the Trust. |
| |
(4) |
Provide
the necessary financial information to calculate the taxable components of
income and capital gains distributions to support tax reporting to the
shareholders. |
| |
E. |
Compliance Control Services: |
| |
(1) |
Support
reporting to regulatory bodies and support financial statement preparation
by making the Fund’s accounting records available to the Trust, the
Securities and Exchange Commission (the “SEC”), and the
independent accountants. |
| |
(2) |
Maintain
accounting records according to the 1940 Act and regulations provided
thereunder. |
| |
(3) |
Perform
its duties hereunder in compliance with all applicable laws and
regulations and provide any sub-certifications reasonably requested by the
Trust in connection with any certification required of the Trust pursuant
to the Xxxxxxxx-Xxxxx Act of 2002 (the “SOX Act”) or any rules
or regulations promulgated by the SEC thereunder, provided the same shall
not be deemed to change USBFS’s standard of care as set forth herein. |
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| |
(4) |
Cooperate
with the Trust’s independent accountants and take all reasonable
action in the performance of its obligations under this Agreement to
ensure that the necessary information is made available to such
accountants for the expression of their opinion on the Fund’s
financial statements without any qualification as to the scope of their
examination. |
| 3. |
License
of Data; Warranty; Termination of Rights
|
| |
A. |
The valuation information and evaluations being provided to the Trust by USBFS
pursuant hereto (collectively, the “Data”) are being licensed, not
sold, to the Trust. The Trust has a limited license to use the Data only for
purposes necessary to valuing the Trust’s assets and reporting to
regulatory bodies (the “License”). The Trust does not have any license
nor right to use the Data for purposes beyond the intentions of this Agreement
including, but not limited to, resale to other users or use to create any type
of historical database. The License is non-transferable and not sub-licensable.
The Trust’s right to use the Data cannot be passed to or shared with any
other entity. |
| |
The
Trust acknowledges the proprietary rights that USBFS and its suppliers have in the Data. |
| |
B. |
THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS
OR IMPLIED, AS TO MERCANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER. |
| |
C. |
USBFS may stop supplying some or all Data to the Trust if USBFS’s suppliers
terminate any agreement to provide Data to USBFS. Also, USBFS may stop supplying
some or all Data to the Trust if USBFS reasonably believes that the Trust is
using the Data in violation of the License, or breaching its duties of
confidentiality provided for hereunder, or if any of USBFS’s suppliers
demand that the Data be withheld from the Trust. USBFS will provide notice to
the Trust of any termination of provision of Data as soon as reasonably
possible. |
| |
A. |
For each valuation date, USBFS shall obtain prices from a pricing source
recommended by USBFS and approved by the Board of Trustees and apply those
prices to the portfolio positions of the Fund. For those securities where market
quotations are not readily available, the Board of Trustees shall approve, in
good faith, procedures for determining the fair value for such securities. |
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| |
If
the Trust desires to provide a price that varies from the price provided by the pricing
source, the Trust shall promptly notify and supply USBFS with the price of any such
security on each valuation date. All pricing changes made by the Trust will be in writing
and must specifically identify the securities to be changed by CUSIP, name of security,
new price or rate to be applied, and, if applicable, the time period for which the new
price(s) is/are effective. |
| |
B. |
In the event that the Trust at any time receives Data containing evaluations,
rather than market quotations, for certain securities or certain other data
related to such securities, the following provisions will apply: (i) evaluated
securities are typically complicated financial instruments. There are many
methodologies (including computer-based analytical modeling and individual
security evaluations) available to generate approximations of the market value
of such securities, and there is significant professional disagreement about
which method is best. No evaluation method, including those used by USBFS and
its suppliers, may consistently generate approximations that correspond to
actual “traded” prices of the securities; (ii) methodologies used to
provide the pricing portion of certain Data may rely on evaluations; however,
the Trust acknowledges that there may be errors or defects in the software,
databases, or methodologies generating the evaluations that may cause resultant
evaluations to be inappropriate for use in certain applications; and (iii) the
Trust assumes all responsibility for edit checking, external verification of
evaluations, and ultimately the appropriateness of using Data containing
evaluations, regardless of any efforts made by USBFS and its suppliers in this
respect. |
| 5. |
Changes
in Accounting Procedures |
| |
Any
resolution passed by the Board of Trustees that affects accounting practices and
procedures under this Agreement shall be effective upon written receipt of notice and
acceptance by USBFS. |
| 6. |
Changes
in Equipment, Systems, Etc. |
| |
USBFS
reserves the right to make changes from time to time, as it deems advisable, relating to
its systems, programs, rules, operating schedules and equipment, so long as such changes
do not adversely affect the services provided to the Trust under this Agreement. |
5
| |
USBFS
shall be compensated for providing the services set forth in this Agreement in accordance
with the fee schedule set forth on Exhibit B hereto (as amended from time to time).
USBFS shall also be compensated for such out-of-pocket expenses (e.g., telecommunication
charges, postage and delivery charges, and reproduction charges) as are reasonably
incurred by USBFS in performing its duties hereunder. The Trust shall pay all such fees
and reimbursable expenses within 30 calendar days following receipt of the billing notice,
except for any fee or expense subject to a good faith dispute. The Trust shall notify
USBFS in writing within 30 calendar days following receipt of each invoice if the Trust is
disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10
calendar days of the day on which the parties agree to the amount to be paid. With the
exception of any fee or expense the Trust is disputing in good faith as set forth above,
unpaid invoices shall accrue a finance charge of 1½% per month after the due date.
Notwithstanding anything to the contrary, amounts owed by the Trust to USBFS shall only be
paid out of the assets and property of the particular Fund involved. |
| 8. |
Representations
and Warranties |
| |
A. |
The Trust hereby represents and warrants to USBFS, which representations and
warranties shall be deemed to be continuing throughout the term of this
Agreement, that: |
| |
(1) |
It is duly organized and existing under the laws of the jurisdiction of its
organization, with full power to carry on its business as now conducted, to
enter into this Agreement and to perform its obligations hereunder; |
| |
(2) |
This Agreement has been duly authorized, executed and delivered by the Trust in
accordance with all requisite action and constitutes a valid and legally binding
obligation of the Trust, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting the rights and remedies of creditors and secured parties;
and |
| |
(3) |
It is conducting its business in compliance in all material respects with all
applicable laws and regulations, both state and federal, and has obtained all
regulatory approvals necessary to carry on its business as now conducted; there
is no statute, rule, regulation, order or judgment binding on it and no
provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement. |
| |
B. |
USBFS hereby represents and warrants to the Trust, which representations and
warranties shall be deemed to be continuing throughout the term of this
Agreement, that: |
| |
(1) |
It is duly organized and existing under the laws of the jurisdiction of its
organization, with full power to carry on its business as now conducted, to
enter into this Agreement and to perform its obligations hereunder; |
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| |
(2) |
This Agreement has been duly authorized, executed and delivered by USBFS in
accordance with all requisite action and constitutes a valid and legally binding
obligation of USBFS, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting the rights and remedies of creditors and secured parties;
and |
| |
(3) |
It is conducting its business in compliance in all material respects with all
applicable laws and regulations, both state and federal, and has obtained all
regulatory approvals necessary to carry on its business as now conducted; there
is no statute, rule, regulation, order or judgment binding on it and no
provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement. |
| 9. |
Standard
of Care; Indemnification; Limitation of Liability |
| |
A. |
USBFS shall exercise reasonable care in the performance of its duties under this
Agreement. Neither USBFS nor its suppliers shall be liable for any error of
judgment or mistake of law or for any loss suffered by the Trust or any third
party in connection with its duties under this Agreement, including losses
resulting from mechanical breakdowns or the failure of communication or power
supplies beyond USBFS’s control, except a loss arising out of or relating
to USBFS’s refusal or failure to comply with the terms of this Agreement or
from its bad faith, negligence, or willful misconduct in the performance of its
duties under this Agreement. Notwithstanding any other provision of this
Agreement, if USBFS has exercised reasonable care in the performance of its
duties under this Agreement, the Trust shall indemnify and hold harmless USBFS
and its suppliers from and against any and all claims, demands, losses,
expenses, and liabilities of any and every nature (including reasonable
attorneys’ fees) that USBFS or its suppliers may sustain or incur or that
may be asserted against USBFS or its suppliers by any person arising out of or
related to (X) any action taken or omitted to be taken by it in performing the
services hereunder (i) in accordance with the foregoing standards, or (ii) in
reliance upon any written or oral instruction provided to USBFS by any duly
authorized officer of the Trust, as approved by the Board of Trustees of the
Trust, or (Y) the Data, or any information, service, report, analysis or
publication derived therefrom, except for any and all claims, demands, losses,
expenses, and liabilities arising out of or relating to USBFS’s refusal or
failure to comply with the terms of this Agreement or from its bad faith,
negligence or willful misconduct in the performance of its duties under this
Agreement. This indemnity shall be a continuing obligation of the Trust, its
successors and assigns, notwithstanding the termination of this Agreement. As
used in this paragraph, the term “USBFS” shall include USBFS’s
directors, officers and employees. |
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| |
The
Trust acknowledges that the Data are intended for use as an aid to institutional
investors, registered brokers or professionals of similar sophistication in making
informed judgments concerning securities. The Trust accepts responsibility for, and
acknowledges it exercises its own independent judgment in, its selection of the Data, its
selection of the use or intended use of such, and any results obtained. Nothing contained
herein shall be deemed to be a waiver of any rights existing under applicable law for the
protection of investors. |
| |
USBFS
shall indemnify and hold the Trust harmless from and against any and all claims, demands,
losses, expenses, and liabilities of any and every nature (including reasonable
attorneys’ fees) that the Trust may sustain or incur or that may be asserted against
the Trust by any person arising out of any action taken or omitted to be taken by USBFS as
a result of USBFS’s refusal or failure to comply with the terms of this Agreement, or
from its bad faith, negligence, or willful misconduct in the performance of its duties
under this Agreement. This indemnity shall be a continuing obligation of USBFS, its
successors and assigns, notwithstanding the termination of this Agreement. As used in this
paragraph, the term “Trust” shall include the Trust’s directors, officers
and employees. |
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In
the event of a mechanical breakdown or failure of communication or power supplies beyond
its control, USBFS shall take all reasonable steps to minimize service interruptions for
any period that such interruption continues. USBFS will make every reasonable effort to
restore any lost or damaged data and correct any errors resulting from such a breakdown at
the expense of USBFS. USBFS agrees that it shall, at all times, have reasonable
contingency plans with appropriate parties, making reasonable provision for emergency use
of electrical data processing equipment to the extent appropriate equipment is available.
Representatives of the Trust shall be entitled to inspect USBFS’s premises and
operating capabilities at any time during regular business hours of USBFS, upon reasonable
notice to USBFS. Moreover, USBFS shall provide the Trust, at such times as the Trust may
reasonably require, copies of reports rendered by independent accountants on the internal
controls and procedures of USBFS relating to the services provided by USBFS under this
Agreement. |
| |
Notwithstanding
the above, USBFS reserves the right to reprocess and correct administrative errors at its
own expense. |
| |
In
no case shall either party be liable to the other for (i) any special, indirect or
consequential damages, loss of profits or goodwill (even if advised of the possibility of
such); (ii) any delay by reason of circumstances beyond its control, including acts of
civil or military authority, national emergencies, labor difficulties, fire, mechanical
breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond
its control of transportation or power supply; or (iii) any claim that arose more than one
year prior to the institution of suit therefor. |
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| |
B. |
In order that the indemnification provisions contained in this section shall
apply, it is understood that if in any case the indemnitor may be asked to
indemnify or hold the indemnitee harmless, the indemnitor shall be fully and
promptly advised of all pertinent facts concerning the situation in question,
and it is further understood that the indemnitee will use all reasonable care to
notify the indemnitor promptly concerning any situation that presents or appears
likely to present the probability of a claim for indemnification. The indemnitor
shall have the option to defend the indemnitee against any claim that may be the
subject of this indemnification. In the event that the indemnitor so elects, it
will so notify the indemnitee and thereupon the indemnitor shall take over
complete defense of the claim, and the indemnitee shall in such situation
initiate no further legal or other expenses for which it shall seek
indemnification under this section. The indemnitee shall in no case confess any
claim or make any compromise in any case in which the indemnitor will be asked
to indemnify the indemnitee except with the indemnitor’s prior written
consent. |
| |
C. |
The indemnity and defense provisions set forth in this Section 9 shall
indefinitely survive the termination and/or assignment of this Agreement. |
| |
D. |
If USBFS is acting in another capacity for the Trust pursuant to a separate
agreement, nothing herein shall be deemed to relieve USBFS of any of its
obligations in such other capacity. |
| 10. |
Notification
of Error |
| |
The
Trust will notify USBFS of any discrepancy between USBFS and the Trust, including, but not
limited to, failing to account for a security position in the Fund’s portfolio, upon
the later to occur of: (i) three business days after receipt of any reports rendered by
USBFS to the Trust; (ii) three business days after discovery of any error or omission not
covered in the balancing or control procedure; or (iii) three business days after
receiving notice from any shareholder regarding any such discrepancy. |
| 11. |
Data
Necessary to Perform Services |
| |
The
Trust or its agent shall furnish to USBFS the data necessary to perform the services
described herein at such times and in such form as mutually agreed upon. |
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| 12. |
Proprietary
and Confidential Information |
| |
A. |
USBFS agrees on behalf of itself and its directors, officers, and employees to
treat confidentially and as proprietary information of the Trust, all records
and other information relative to the Trust and prior, present, or potential
shareholders of the Trust (and clients of said shareholders), and not to use
such records and information for any purpose other than the performance of its
responsibilities and duties hereunder, except (i) after prior notification to
and approval in writing by the Trust, which approval shall not be unreasonably
withheld and may not be withheld where USBFS may be exposed to civil or criminal
contempt proceedings for failure to comply, (ii) when requested to divulge such
information by duly constituted authorities, or (iii) when so requested by the
Trust. Records and other information which have become known to the public
through no wrongful act of USBFS or any of its employees, agents or
representatives, and information that was already in the possession of USBFS
prior to receipt thereof from the Trust or its agent, shall not be subject to
this paragraph. |
| |
Further,
USBFS will adhere to the privacy policies adopted by the Trust pursuant to Title V of the
Xxxxx-Xxxxx-Xxxxxx Act, as may be modified from time to time. In this regard, USBFS shall
have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent
unauthorized access to or use of, records and information relating to the Trust and its
shareholders. |
| |
B. |
The Trust, on behalf of itself and its directors, officers, and employees, will
maintain the confidential and proprietary nature of the Data and agrees to
protect it using the same efforts, but in no case less than reasonable efforts,
that it uses to protect its own proprietary and confidential information. |
| |
USBFS
shall keep records relating to the services to be performed hereunder in the form and
manner, and for such period, as it may deem advisable and is agreeable to the Trust, but
not inconsistent with the rules and regulations of appropriate government authorities, in
particular, Section 31 of the 1940 Act and the rules thereunder. USBFS agrees that all
such records prepared or maintained by USBFS relating to the services to be performed by
USBFS hereunder are the property of the Trust and will be preserved, maintained, and made
available in accordance with such applicable sections and rules of the 1940 Act and will
be promptly surrendered to the Trust or its designee on and in accordance with its
request. |
| |
The
Trust has and retains primary responsibility for all compliance matters relating to the
Fund, including but not limited to compliance with the 1940 Act, the Code, the SOX Act,
the USA Patriot Act of 2002 and the policies and limitations of the Fund relating to its
portfolio investments as set forth in its current prospectus and statement of additional
information. USBFS’s services hereunder shall not relieve the Trust of its
responsibilities for assuring such compliance or the Board of Trustee’s oversight
responsibility with respect thereto. |
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| 15. |
Term
of Agreement; Amendment |
| |
This
Agreement shall become effective as of the date first written above and will continue in
effect for a period of one year. Subsequent to the initial one-year term, this Agreement
may be terminated by either party upon giving 90 days prior written notice to the other
party or such shorter period as is mutually agreed upon by the parties. Notwithstanding
the foregoing, this Agreement may be terminated by any party upon the breach of the other
party of any material term of this Agreement if such breach is not cured within 15 days of
notice of such breach to the breaching party. This Agreement may not be amended or
modified in any manner except by written agreement executed by USBFS and the Trust, and
authorized or approved by the Board of Trustees. |
| 16. |
Duties
in the Event of Termination |
| |
In
the event that, in connection with termination, a successor to any of USBFS’s duties
or responsibilities hereunder is designated by the Trust by written notice to USBFS, USBFS
will promptly, upon such termination and at the expense of the Trust, transfer to such
successor all relevant books, records, correspondence and other data established or
maintained by USBFS under this Agreement in a form reasonably acceptable to the Trust (if
such form differs from the form in which USBFS has maintained the same, the Trust shall
pay any expenses associated with transferring the data to such form), and will cooperate
in the transfer of such duties and responsibilities, including provision for assistance
from USBFS’s personnel in the establishment of books, records and other data by such
successor. If no such successor is designated, then such books, records and other data
shall be returned to the Trust. |
| |
This
Agreement shall extend to and be binding upon the parties hereto and their respective
successors and assigns; provided, however, that this Agreement shall not be assignable by
the Trust without the written consent of USBFS, or by USBFS without the written consent of
the Trust accompanied by the authorization or approval of the Trust’s Board of
Trustees. |
| |
This
Agreement shall be construed in accordance with the laws of the State of Wisconsin,
without regard to conflicts of law principles. To the extent that the applicable laws of
the State of Wisconsin, or any of the provisions herein, conflict with the applicable
provisions of the 1940 Act, the latter shall control, and nothing herein shall be
construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC
thereunder. |
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| 19. |
No
Agency Relationship |
| |
Nothing
herein contained shall be deemed to authorize or empower either party to act as agent for
the other party to this Agreement, or to conduct business in the name, or for the account,
of the other party to this Agreement. |
| 20. |
Services
Not Exclusive |
| |
Nothing
in this Agreement shall limit or restrict USBFS from providing services to other parties
that are similar or identical to some or all of the services provided hereunder. |
| |
Any
provision of this Agreement which may be determined by competent authority to be
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. In such case, the parties shall in good faith modify or substitute such
provision consistent with the original intent of the parties. |
| |
Any
notice required or permitted to be given by either party to the other shall be in writing
and shall be deemed to have been given on the date delivered personally or by courier
service, or three days after sent by registered or certified mail, postage prepaid, return
receipt requested, or on the date sent and confirmed received by facsimile transmission to
the other party’s address set forth below: |
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Notice
to USBFS shall be sent to: |
| |
U.S.
Bancorp Fund Services, LLC
Attn: Xxxxxx Xxxxxxx
000 Xxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx,
XX 00000 |
| |
and
notice to the Trust shall be sent to: |
| |
Prudent
Bear Funds, Inc.
000 Xxxxxx Xxxx Xxxx
Xxxxx 000
Xxxxxx, XX 00000 |
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| |
This
Agreement may be executed on two or more counterparts, each of which when so executed
shall be deemed to be an original, but such counterparts shall together constitute but one
and the same instrument. |
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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly
authorized officer on one or more counterparts as of the date first above written.
|
|
| PRUDENT BEAR FUND, INC. |
U.S. BANCORP FUND SERVICES, LLC |
By: /s/ Xxxxx X. Xxxx |
By: /s/ Xxx X. Xxxxxxx |
Title: President and Treasurer |
Title: President |
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Fund Names
Name of Series
Prudent Bear Fund
Prudent Bear Fund C
Prudent Bear Global
Income Fund
A-1
PRUDENT BEAR
FUND ACCOUNTING
SERVICES FEE SCHEDULE
|
|
| Domestic Fixed Income Funds* |
Multiple Classes* |
| Funds of Funds* |
Priced separately. |
| Short or Derivative Funds* |
|
| International Equity Funds* |
Master/Feeder Funds* |
| Tax-exempt Money Market Funds* |
Priced separately. |
$48,750 for the first $100 million |
Multiple Manager Funds* |
| 2.25 basis points on the next $200 million |
Additional base fee: |
| 1.25 basis point on the balance |
$12,000 per manager/sub-advisor per fund |
International Income Funds* |
Conversion and extraordinary services quoted separately. |
| $42,000 for the first $100 million |
|
| 3 basis points on the next $200 million |
|
| 1.5 basis points on the balance |
NOTE – All schedules subject to change depending |
|
upon the use of derivatives - options, futures, short |
|
sales, etc. |
|
All fees are billed monthly plus out-of-pocket |
|
expenses, including pricing, corporate action, and |
|
factor services: |
|
• $.15 Domestic and Canadian Equities |
|
• $.15 Options |
|
• $.50 Corp/Gov/Agency Bonds |
|
• $.80 CMO's |
| Fees are billed monthly |
• $.50 International Equities and Bonds |
| *Annual fee |
• $.80 Municipal Bonds |
| *Subject to CPI increase, Milwaukee MSA. |
• $.80 Money Market Instruments |
|
• $125 /fund/month - Mutual Fund Pricing |
|
• $2.00/equity Security/Month Corporate Actions |
|
• $125 /month Manual Security Pricing (›10/day) |
|
• Factor Services (BondBuyer) |
|
• $1.50 /CMO/month |
|
• $.25 /Mortgage Backed/month |
|
• $300 /month Minimum Per Fund Group |
|
ReportSource - $150 /month - Web reporting |
B-1
