EX-99.28.H.6.A 5 d456018dex9928h6a.htm EX-99.28.H.6.A EX-99.28.h.6.a

Exhibit 28(h)(6)(A)

SCHEDULE B

STATE STREET BANK AND TRUST COMPANY

SECURIAN FUNDS TRUST

FUND ACCOUNTING AND FUND ADMINISTRATION

FEE SCHEDULE

AS OF MAY 1, 2013

This Fee Schedule is for services (the “Services”) provided by State Street Bank and Trust Company or its affiliates (“State Street”) to the Funds (as defined below) pursuant to that certain (a) Investment Accounting Services Agreement by and between State Street and the Fund dated as of May 1, 2012, (the “Fund Accounting Agreement”), (b) Administration Agreement by and between State Street and the Fund dated as of May 1, 2012, (the “Administration Agreement” and (c) Money Market Services Agreement by and between State Street and the Fund dated as of May1, 2012, (the “Money Market Services Agreement” and together with the Administration Agreement, the “Agreements,” all as may be amended, supplemented, restated or otherwise modified from time to time). This fee schedule shall apply to all funds, portfolios or accounts that may be party or subject to the Agreements from time to time (each a “Fund” and collectively, the “Funds”).

 

I. ACCOUNTING AND ADMINISTRATION SERVICES

For the provision of fund accounting and administration services pursuant to the Investment Accounting and Administration Agreements, State Street shall be entitled to the fees set forth below. The Accounting and Administration fee will be billed monthly in arrears and is equal to the greater of the Basis Point Fee or the Minimum Monthly Fee. The Basis Point Fee will be calculated by multiplying the average daily net assets of all Funds by the basis point fees shown in the table below. The Minimum Monthly Fee will be calculated by multiplying the Minimum Monthly Fee per Fund by the number of Funds to arrive at the total minimum fee. This amount does not include out-of-pocket expenses or any other fees, charges or expenses specifically identified in this fee schedule.

Accounting and Administration Fee

 

Bond Portfolios

  

Annual Fees Per Fund or Portfolio*

First $300 Million

   4.0 BP

Next $300 Million

   3.0 BP

Excess of $600 Million

   2.0 BP

Equity Index Portfolios

    

First $300 Million

   2.0 BP

Next $300 Million

   1.5 BP

Excess of $600 Million

   1.0 BP

Balanced Portfolios

    

First $300 Million

   3.0 BP

Next $300 Million

   2.0 BP

Excess of $600 Million

   1.0 BP

Government Bond Portfolios

    

First $300 Million

   2.0 BP

Next $300 Million

   1.5 BP

Excess of $600 Million

   1.0 BP

International Portfolios

    

First $300 Million

   4.5 BP

Next $300 Million

   3.5 BP

Excess of $600 Million

   2.5 BP

Money Market Portfolios

    

First $300 Million

   3.0 BP

Next $300 Million

   2.5 BP

Excess of $600 Million

   2.0 BP


Mortgage Security Portfolios

    

First $300 Million

   3.5 BP

Next $300 Million

   3.0 BP

Excess of $600 Million

   2.5 BP

Real Estate Portfolios

    

First $300 Million

   2.0 BP

Next $300 Million

   1.5 BP

Excess of $600 Million

   1.0 BP

Minimum Fee (per Fund)

  

Minimum Monthly Asset Charge per portfolio

   $3,500

Monthly Base Fee per portfolio

   $400

Classes, each additional/month

   $350

 

* All break points will be calculated on an individual per fund basis

 

Over-the-Counter (“OTC”) Traded Derivatives

   See [Appendices 1 and 2]**

– Bi-Lateral

   See Attached Rate Card

Cleared

   See Attached Rate Card

Foreign Exchange through State Street Global Markets

   No Charge 1

Valuation Fee

 

Security Type:

   Monthly
Quote
Charge
 

Municipal Bonds

   $ 8   

Corporate, Municipal, Convertible, Government Bonds and Adjustable Rate Preferred Stocks

   $ 8   

Government, Corporate Bonds

   $ 8   

Government, Corporate and Convertible Bonds via Merrill Lynch

   $ 8   

Foreign Bonds

   $ 13   

Options, Futures and Private Placements

   $ 6   

Listed Equities excluding International and OTC Equities

   $ 5   

International Equities

   $ 13   

CMO’s and ABS’s

   $ 40   

For billing purposes, the total monthly quote charge will be based on the number of CUSIPS multiplied by the monthly quote charge. If Advantus Funds would prefer to use its fee schedule with FT Interactive Data, State Street would use those costs.

 

Total Return Calculation

   $70 per month per return

NQ Financial Reporting

Below are eight (8) funds that require N-Q filings with the SEC in respect to their first and third fiscal quarters. Any additional funds added will be charged based upon the investment and trading characteristics of the fund

 

8 Series Fund Portfolios

     Per Portfolio Fee  

Bond

     811-04279         4893   

Money Market

     811-04279         3605   

Mortgage Securities

     811-04279         4893   

Index 500

     811-04279         5150   

Managed Volatility

        5000   

International Bond

     811-04279         5150   

Index 400 Mid-Cap

     811-04279         5150   

Real Estate Securities

     811-04279         4120   
     

 

 

 

Quarterly Total

        37,961   
     

 

 

 

Annualized Total

        75,922   
     

 

 

 

 

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1 The Transaction Processing Fees are per trade processing fees charged for processing the settlement of transactions by State Street on behalf of the Funds in connection with the provision of custody services under the Custody Agreement. These Transaction Processing Fees, unless otherwise waived, apply whether a Fund or its third party investment managers entered into such transactions with or through State Street or one of its affiliates or a third party dealer or broker. The processing fees are in addition to, and are not to be construed as payments in lieu of, any compensation (as described herein) that may be earned by State Street or any of its affiliates or by a third party dealer or broker in connection with such transaction.

State Street Global Markets, a separate division of State Street, offers principal or “dealer” trading services as well as agency execution services (which include its proprietary electronic trading platforms) in a variety of asset classes, including most of those described in this schedule. A Fund or its third party fiduciary investment managers may select State Street Global Markets to effect principal or agency transactions; however, any such services, irrespective of whether trade orders are transmitted through State Street’s custody or trustee operations, are conducted under contractual or other arrangements that are distinct from its services and obligations under the Agreements. When State Street or State Street Global Markets acts as a counterparty (e.g., foreign exchange, over the counter derivatives, repurchase transactions) to a Fund, such transactions are principal transactions and State Street or State Street Global Markets enters into them as a dealer and not in a fiduciary, agency or similar capacity (regardless of any other relationships between State Street and the Funds under the Agreements). In connection with such trading or agency execution services, State Street Global Markets may receive compensation from the Funds in a variety of forms, including a commission, click fee, revenue share, spread, mark-up, mark-down, interest, fee or similar amount.

 

II. FUND ADMINISTRATION MONEY MARKET SERVICES

For the provision of money market services provided pursuant to the Money Market Services Agreement, State Street shall be entitled to the fees set forth below. Terms set forth herein and not otherwise defined shall have the meanings ascribed to them in the Money Market Services Agreement.

 

Operations Fees

   Per Portfolio
Prepare monthly stress test reporting    $12,000 Annually
Prepare monthly report of portfolio holdings statements to assist in posting portfolio information to the Fund’s websites    $12,000 Annually
Prepare the new Form N-MFP for SEC filing on a monthly basis    $9,000 Annually

 

III. ADDITIONAL SERVICES

Additional special activities of a non-recurring nature such as fund consolidations or reorganizations, extraordinary security shipments and the preparation of special reports will be subject to negotiation. There will be a fee of $200 per hour for customized programming or customized transmissions. Fees for other special items will be negotiated separately.

Significant regulatory changes, significant legal changes or changes in the Funds’ service elections or status may, as a result of such changes, necessitate additional services, processing or reports. In these instances, if State Street elects to provide such services or arrange for their provision, State Street shall be entitled to additional fees and expenses as negotiated with the Funds.

 

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IV. STATE STREET COMPLIANCE 38

 

     Annual Fees  

Compliance Reporting –Securian Funds Trust

   $ 618 per Fund   

 

   

Copies of procedures and controls (revisions to be provided periodically) at the summary and detail level.

 

   

Annual Certification of procedures and controls by State Street

 

   

CCO forums and workshops

 

3rd Party audit review

   Reimbursable as Out of Pocket

Board Reporting (travel expenses)

   Reimbursable as Out of Pocket

 

V. REIMBURSABLE EXPENSES

Reimbursable expenses will be passed on to Securian Funds Trust. A billing for the recovery of applicable reimbursable expenses will be made as of the end of each month. Reimbursable expenses include, but are not limited to the following:

 

•   Pricing, including research and verification of prices

•   Overnight mailings

•   SSAE 16

•   NAIC charges

•   Connection charges

•   Communications/equipment costs (telephone, lease lines, etc.)

•   Postage and insurance

•   Courier service

  

•   Duplicating

•   Non-recurring legal fees

•   Third-party internal control review letter

•   Subcustodian out-of-pocket charges (market fees, registration fees, stamp duties, etc.)

•   SWIFT charges

•   Travel and lodging for Board meetings if attendance is required

 

VI. CONFIDENTIALITY

This fee schedule is the confidential information of the parties and shall not be disclosed to any third party without the prior written consent of the other parties.

 

VII. ASSUMPTIONS

The Funds acknowledge that the overall fee structure set forth in this fee schedule, is provided by State Street upon the assumptions agreed upon with the Funds, and information provided by the Funds including, but not limited to: (i) the expectation that the total combined number of Funds and assets under custody shall be approximately 8 Funds with approximately $1.5 billion in assets under administration and (ii) the overall relationship that the Funds are expected to have with State Street including, as applicable, the Funds engaging State Street to perform such ancillary services and other factors such as the Funds’ intention to hold cash balances at State Street in interest-bearing or non-interest bearing demand deposit accounts.

In the event that the assumptions underlying this fee schedule are not met or the overall relationship between the Funds and State Street and the revenue derived from the overall relationship is not substantially similar to the relationship or revenue envisaged by State Street at the time the Agreements were executed, the parties hereto agree to negotiate a revised fee schedule in good faith

 

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VIII. EFFECTIVENESS

This fee schedule shall become effective upon the commencement of the provision of the Services and shall remain in effect for two (2) years and from year to year thereafter, until it is revised as a result of negotiations initiated by either party.

 

IX. PAYMENT OF FEES

The fees, charges and expenses set forth herein will be charged against each monthly. Any fees or reimbursable expenses not paid within 30 days of the date of the original invoice will be charged a late payment fee of 1% per month until payment of the fees are received by Billing. Failure to charge a fee is not a waiver of that fee.

 

X. SIGNATURES

 

STATE STREET BANK AND TRUST COMPANY
BY:   /s/ Mark Nicholson
NAME:   Mark Nicholson
TITLE:   Senior Vice President

 

SECURIAN FUNDS TRUST
BY:   /s/ Daniel Wirig
NAME:   Daniel Wirig
TITLE:   Manager, Fund Accounting

 

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Appendix 1

OTC PROCESSING RATES - BILATERAL

Basic Standard Services:

 

Category

  

Driver

  

Services Included

  

Frequency of

Charge

   Rate  

Transaction Charge

  

•     Number of transactions (low complexity instruments)

  

•     Trade processing (new trades, novations and terminations), and

  

•     Charge per event per position per fund

   $ 64   
  

•     Number of transactions (high complexity instruments)

  

•     Payment Services (settlement of upfront and periodic payments)

      $ 96   

Monthly Instrument

Charge

  

•     Number of positions (low complexity instruments)

  

•     Pricing, and

•     Corporate action and event monitoring

  

•     Monthly charge per position per fund

   $ 32   
  

•     Number of positions (high complexity instruments)

         $ 48   

Value Added Services:

 

Category

  

Components

  

Frequency of Charge

  

Additional
Rates

Transaction Management

  

•     Manual trade capture

  

•     Charge per position captured or amended

   $20

Cash Management

  

•     Calculation

  

•     Charge per event per allocated position

   $10

Valuation

  

•     Notification

•     Independent valuation

•     Multiple source validation

•     Valuation reconciliation

  

•     Monthly charge per allocated position

   $10

Reconciliation

  

•     Trade reconciliation

  

•     Monthly charge per allocated position

   $5

Document Management

  

•     Document collection

•     Scan and store documents

•     Provide document access

  

•     Monthly charge per allocated position

   $10

Information Delivery

  

•     Non-standard reporting

  

•     Monthly charge per customized report

   TBD

Collateral Adequacy Testing

  

•     CSA term tracking

•     Collateral call execution

  

•     Annual fee per agreement

•     Annual fee on COM

•     Per transaction

  

$3,000

1.25bp

$30

Additional Services

  

•     Risk management

  

•     Annual charge per fund

   $1.5K-$19K
  

•     Performance & Analytics

  

•     TBD

   TBD
  

•     Compliance

  

•     Annual charge per fund

   $1K-$3K

Global Services – Back Office

Cleared Derivatives Rate Card

 

STANDARD CLEARED DERIVATIVES SERVICES

Category

  

Driver

  

Services Included

  

Frequency of

Charge

  

Standard

Rates

Transaction Charge

  

•     Number of automated transactions

  

•     Transaction processed (e.g., trade capture, novations, terminations)

  

•     Charge per transaction per allocated position

   $25
  

•     Number of manual transactions

  

•     Transaction processed (e.g., trade capture, novations, terminations)

  

•     Charge per transaction per allocated position

   $50

Cash Payments

  

•     Number of payments (wires)

  

•     Settlement of upfront, periodic payments

  

•     Per payment

   Current agreed rate or $8.00

Maintenance Charge

  

•     Number of allocated positions

  

•     Calculation of variation margin

 

•     Valuation from exchange and Futures Commission Merchant (FCM)

 

•     Reconciliation with a single FCM per Fund

  

•     Monthly charge per allocated position

•     NOTE: For funds with less than 10 positions, a charge of $100 per fund per month will be added

   $48

 

ADDITIONAL SERVICES

Category

  

Driver

  

Components

  

Frequency of

Charge

  

Add’l Rates

Additional FCMs Per Fund

  

•     Number of FCMs

  

•     Per additional FCM per fund

  

•     Monthly charge per fund

  

•     $100

Information Delivery

  

•     Per request

  

•     Non-standard reporting

  

•     Monthly charge per customized report

  

•     TBD by request

Consulting Support for Transition to Central Clearing

  

•     Per person per hour

  

•     Dependent on level of staff support provided (as mutually agreed)

  

•     Hourly rate

  

•     $75 Assoc

•     $100 Sr. Assoc

•     $140 Officer

•     $200 AVP

•     $400 VP

 

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Appendix 2

Categorization Examples of High and Low Complexity

 

Low Complexity:

  

High Complexity:

•     Interest Rate Swaps (IRS)

 

•     Amortizing

•     Cancelable

•     Vanilla

•     Zero Coupon

•     OIS

•     FRA

•     IR Option

  

•     Interest Rate Swaps (IRS)

 

•     Swaption

•     Inflation

•     Inflation Zero Coupon

•     Cross Currency

•     NDF

•     NDF Coupon

•     Balance Guaranteed

•     CMM FRA

•     Spread Lock

•     Basis

•     Bullet Pay

•     Credit Default Swaps (CDS)

 

•     Single Name Corporate/Sovereigns

•     Index

  

•     Cap, Floor, FX, and Credit Default Swaps (CDS)

 

•     Basket

•     Tranche

•     ABS

•     CMBS

•     LCDS

•     CDO

  

•     Equity Derivative

•     Return Swap

•     Commodity Swap

•     CFD

 

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