REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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Post-Effective Amendment No.
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193
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
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194
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James R. Arnold, President and Principal Executive Officer
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Managed Portfolio Series
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615 East Michigan Street
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Milwaukee, WI 53202
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Thomas G. Sheehan, Esq.
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Bernstein, Shur, Sawyer & Nelson P.A.
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100 Middle Street
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P.O. Box 9729
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Portland, ME 04104-5029
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o |
immediately upon filing pursuant to paragraph (b)
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On December 21, 2015 pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.
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Great Lakes Dis ci plined International Small er Company Fund |
Institutional
Class
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Shareholder Fees
(fees paid directly from your investment)
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of the offering price)
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None
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Maximum Deferred Sales Charge (Load)
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None
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(as a percentage of the offering price)
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Redemption Fee
(as a percentage of amount redeemed within 60 days of purchase)
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1.00%
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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1.00%
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Other Expenses
(1)
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1.41%
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Acquired Fund Fees and Expenses
(1)
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0.01%
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Total Annual Fund Operating Expenses
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2.42%
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Expense (Reimbursement)/Recoupment
(2)
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(0.96)%
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Total Annual Fund Operating Expenses After Expense (Reimbursement)/Recoupment
(2)
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1.46%
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(1)
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Because the Fund is new, these expenses are based on estimated amounts for the Fund’s current fiscal year.
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(2)
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Great Lakes Advisors, LLC (the “Adviser” or “Great Lakes”) has contractually agreed to reduce its management fee, and may reimburse the Fund for its operating expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes and extraordinary expenses) do not exceed 1.45% of the average daily net assets of the Fund. Fees reduced and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reduction or reimbursement was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee reduction and expense reimbursement occurred and when fees and expenses are being recouped. The Operating Expenses Limitation Agreement will be in effect and cannot be terminated through at least July 27, 2017. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board.
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One Year
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Three Years
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Institutional Class
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$149
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$663
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Minimum
Initial
Investment
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Subsequent
Minimum
Investment
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Institutional Class
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$100,000
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$100
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Inves tm ent Objective |
Princ ip al Investment Strategies |
Portf oli o Holdings |
Fund
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Annual Management Fee
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Disciplined International Small er Company Fund
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1.00%
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Minimum
Initial
Investment
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Subsequent
Minimum
Investment
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Institutional Class
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$100,000
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$100
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·
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The name of the Fund;
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·
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The class of shares to be purchased;
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·
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The dollar amount of shares to be purchased;
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·
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Your account application or investment stub; and
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·
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A check payable to the name of the Fund or a wire transfer received by the Fund.
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Regular Mail | Overnight or Express Mail |
[Name of Fund] | [Name of Fund] |
c/o U.S. Bancorp Fund Services, LLC | c/o U.S. Bancorp Fund Services, LLC |
P.O. Box 701 | 615 East Michigan Street, 3rd Floor |
Milwaukee, WI 53201-0701 | Milwaukee, WI 53202 |
Wire to: | U.S. Bank, N.A. | |
ABA Number: | 075000022 | |
Credit: | U.S. Bancorp Fund Services, LLC | |
Account: | 112-952-137 | |
Further Credit: | [Name of Fund(s)] | |
[Class of shares to be purchased] | ||
[Shareholder Name/Account Registration] | ||
[Shareholder Account Number] |
·
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Full name;
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·
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Date of birth (individuals only);
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·
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Social Security or taxpayer identification number; and
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·
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Permanent street address (a P.O. Box number alone is not acceptable).
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How to Re dee m Fund Shares |
·
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The shareholder’s name;
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·
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The name of the Fund to be redeemed;
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·
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The class of shares to be redeemed;
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·
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The account number;
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·
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The share or dollar amount to be redeemed; and
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·
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Signatures by all shareholders on the account and signature guarantee(s), if applicable.
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·
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If ownership is being changed on your account;
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·
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When redemption proceeds are payable or sent to any person, address or bank account not on record;
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·
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If a change of address request has been received by the Transfer Agent within the last 15 calendar days; and
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·
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For all redemptions in excess of $100,000 from any shareholder account.
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Regular Mail | Overnight or Express Mail |
[Name of Fund(s)] | [Name of Fund(s)] |
c/o U.S. Bancorp Fund Services, LLC | c/o U.S. Bancorp Fund Services, LLC |
P.O. Box 701 | 615 East Michigan Street, 3rd Floor |
Milwaukee, WI 53201-0701 | Milwaukee, WI 53202 |
·
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Your Fund account number;
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·
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The name in which your account is registered; and/or
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·
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The Social Security or taxpayer identification number under which the account is registered.
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How to Exch an ge Fund Shares |
Regular Mail | Overnight or Express Mail |
[Name of Fund(s)] | [Name of Fund(s)] |
c/o U.S. Bancorp Fund Services, LLC | c/o U.S. Bancorp Fund Services, LLC |
P.O. Box 701 | 615 East Michigan Street, 3rd Floor |
Milwaukee, WI 53201-0701 | Milwaukee, WI 53202 |
·
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Your account number;
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·
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The names of the Fund and Share Class you are exchanging;
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·
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The dollar amount or number of shares you want to sell (and exchange); and
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·
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A completed Account Application for the Fund into which you want to exchange if you desire different account privileges than those currently associated with your Fund account.
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·
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Your Fund account number;
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·
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The name in which your account is registered; and/or
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·
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The social security or taxpayer identification number under which the account is registered.
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Tools to Co mb at Frequent Transactions |
FOR MORE INFORMATION
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·
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Free of charge from the SEC’s EDGAR database on the SEC’s Internet website at http://www.sec.gov;
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·
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For a fee, by writing to the SEC’s Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549-1520; or
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·
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For a fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
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1.
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Issue senior securities, borrow money or pledge its assets, except that (i) the Fund may borrow from banks in amounts not exceeding one-third of its total assets (including the amount borrowed) less liabilities (other than borrowings); and (ii) this restriction shall not prohibit the Fund from engaging in options transactions, reverse repurchase agreements, purchasing securities on a when-issued, delayed delivery, or forward delivery basis, or short sales in accordance with its objectives and strategies;
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2.
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Underwrite the securities of other issuers (except that the Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act);
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3.
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Purchase or sell real estate or interests in real estate, unless acquired as a result of ownership of securities (although the Fund may purchase and sell securities which are secured by real estate and securities of companies that invest or deal in real estate);
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4.
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Purchase or sell physical commodities or commodities contracts, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving currencies and futures contracts and options thereon or investing in securities or other instruments that are secured by physical commodities;
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5.
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Make loans of money (except for the lending of the Fund’s portfolio securities, repurchase agreements and purchases of debt securities consistent with the investment policies of the Fund);
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6.
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Invest in the securities of any one industry or group of industries if, as a result, 25% or more of the Fund’s total assets would be invested in the securities of such industry or group of industries, except that the foregoing does not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities; or
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7.
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With respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or, to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, securities of other investment companies) if, as a result, (1) more than 5% of the Fund’s total assets would be invested in the securities of that issuer; or (2) the Fund would hold more than 10% of the outstanding voting securities of that issuer.
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Name, Address and
Age
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Position(s)
Held with
the Trust
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Term of
Office and
Length of
Time
Served
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Number of
Portfolios in
Trust
Overseen by
Trustee
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Principal Occupation(s)
During the Past Five
Years
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Other
Directorships
Held by Trustee
During the Past 5
Years
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Independent Trustees
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Leonard M. Rush, CPA
615 E. Michigan St.
Milwaukee, WI 53202
Age: 69
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Lead Independent
Trustee and
Audit
Committee Chairman
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Indefinite Term; Since
April 2011
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29
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Retired, Chief Financial Officer, Robert W. Baird & Co. Incorporated, (2000-2011).
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Independent Trustee,
ETF Series Solutions
(11 Portfolios) (2012-Present);
Director, Anchor Bancorp
Wisconsin, Inc. (2011-2013)
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||||
Roel C. Campos, Esq.
615 E. Michigan St.
Milwaukee, WI 53202
Age: 66
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Trustee
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Indefinite Term; Since
April 2011
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29
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Partner, Locke Lord LLP (a law firm) (2011-present); Partner,
Cooley LLP (a law firm) (2007-2011); Commissioner, U.S.
Securities and Exchange Commission (2002-2007).
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Director, WellCare
Health Plans, Inc.
(2013-Present);
Director, Regional
Management Corp.
(2012-Present)
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David A. Massart
615 E. Michigan St.
Milwaukee, WI 53202
Age: 48
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Trustee and
Valuation
Committee
Chairman
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Indefinite Term; Since
April 2011
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29
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Co-Founder and Chief Investment Strategist, Next
Generation Wealth Management, Inc. (2005-present).
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Independent Trustee,
ETF Series Solutions
(11 Portfolios) (2012-Present)
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||||
David M. Swanson
615 E. Michigan St.
Milwaukee, WI 53202
Age: 58
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Trustee
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Indefinite Term; Since
April 2011
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29
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Founder and Managing Principal, SwanDog Strategic
Marketing, LLC (2006-present); Executive Vice President,
Calamos Investments (2004-2006).
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Independent Trustee,
ALPS Variable
Investment Trust
(9 Portfolios) (2006-Present)
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Interested Trustee
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Robert J. Kern*
615 E. Michigan St.
Milwaukee, WI 53202
Age:
57
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Chairman, and
Trustee
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Indefinite Term; Since
January 2011
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29
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Executive Vice President, U.S. Bancorp Fund Services, LLC
(1994-present).
|
None
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Name, Address and
Age
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Position(s)
Held with
the Trust
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Term of
Office and
Length of
Time
Served
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Number of
Portfolios in
Trust
Overseen by
Trustee
|
Principal Occupation(s)
During the Past Five
Years
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Other
Directorships
Held by Trustee
During the Past 5
Years
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Dollar Range of
Fund Shares Beneficially Owned (None, $1-$10,000,
$10,001-$50,000, $50,001-$100,000, Over $100,000)
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Name
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Great Lakes Disciplined International Small er
Company Fund
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Aggregate Dollar Range of
Shares in the Trust
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Independent Trustees
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||
Roel C. Campos
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None
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None
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David A. Massart
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None
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None
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Leonard M. Rush
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None
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None
|
David M. Swanson
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None
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$50,001-$100,000
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Interested Trustee
|
||
Robert J. Kern
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None
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None
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Name of Person/Position
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Aggregate
Compensation
from the Fund
(1)
|
Pension or
Retirement
Benefits
Accrued as
Part of Fund
Expenses
|
Estimated
Annual
Benefits Upon
Retirement
|
Total
Compensation
from the Fund
and the Trust
(2)
Paid to
Trustees
|
Leonard M. Rush, Lead Independent
Trustee and Audit Committee Chairman
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$578
|
None
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None
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$18,500
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Roel C. Campos,
Independent Trustee
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$492
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None
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None
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$15,750
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David A. Massart, Independent Trustee
and Valuation Committee Chairman
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$531
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None
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None
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$17,000
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David M. Swanson,
Independent Trustee
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$492
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None
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None
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$15,750
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Robert J. Kern,
Interested Trustee
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None
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None
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None
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None
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(1)
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Trustees fees and expenses are allocated among the Fund and any other series comprising the Trust.
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(2)
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The Trust includes other portfolios in addition to the Fund.
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Portfolio Manager(s)
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Disciplined International Small er Company Fund
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Jon E. Quigley, CFA
John D. Bright, CFA
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Name of Manager
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Account Category
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# of
Accounts
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Total Assets
of Accounts
(in millions)
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# of Accounts
Paying a
Performance
Fee
|
Total Assets of
Accounts Paying
a Performance
Fee (in millions)
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Jon E. Quigley, CFA
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Registered investment companies
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0
|
$0
|
0
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$0
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Other pooled investment vehicles
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0
|
$0
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0
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$0
|
|
Other Accounts
|
97
|
$1,084
|
0
|
$0
|
|
John Bright, CFA
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Registered investment companies
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0
|
$0
|
0
|
$0
|
Other pooled investment vehicles
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0
|
$0
|
0
|
$0
|
|
Other Accounts
|
97
|
$1,084
|
0
|
$0
|
·
|
To ensure consistency, the Adviser follows its pre-existing proxy voting guidelines which outlines how certain matters are to be voted;
|
·
|
Issues that fall outside the stated guidelines are reviewed by the Adviser's Proxy Voting Committee, who makes a decision based on information from the company and the Adviser's internal analysts; and
|
·
|
In the event of an actual or potential material conflict of interest regarding a proposal, the Adviser discloses the conflict the Adviser's Proxy Voting Committee, which votes the proxy in accordance with the recommendation of an independent proxy voting service.
|
Net Assets Per Share Class
|
=
|
Net Asset Value Per Share Class
|
Shares
Per Share Class
|
·
|
The name of the Fund you are investing in;
|
·
|
The class of shares to be purchased;
|
·
|
The dollar amount of shares to be purchased;
|
·
|
Your account application or investment stub; and
|
·
|
A check or wire payable to the name of the Fund.
|
·
|
The shareholder’s name;
|
·
|
The name of the Fund;
|
·
|
The class of shares to be redeemed;
|
·
|
The account number;
|
·
|
The share or dollar amount to be redeemed; and
|
·
|
Signatures by all shareholders on the account (with signature(s) guaranteed if applicable).
|
·
|
If ownership is changed on your account;
|
·
|
When redemption proceeds are payable or sent to any person, address or bank account not on record;
|
·
|
If a change of address request was received by the Transfer Agent within the last 15 calendar days; or
|
·
|
For all redemptions in excess of $100,000 from any shareholder account.
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(a)
|
(1)
|
Certificate of Trust – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on February 4, 2011
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(2)
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Amended and Restated Agreement and Declaration of Trust – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
||
(b)
|
Amended and Restated Bylaws – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
||
(c)
|
Instruments Defining Rights of Security Holders – incorporated by reference to the Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws filed on May 5, 2011
|
||
(d)
|
(1)
|
Investment Advisory Agreement between the Trust, on behalf of the Nuance Concentrated Value Fund, and Nuance Investments, LLC – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
|
(i)
|
First Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Nuance Mid Cap Value Fund, and Nuance Investments, LLC – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(ii)
|
Second Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Nuance Concentrated Value Long-Short Fund, and Nuance Investments, LLC – to be filed
|
||
(2)
|
Investment Advisory Agreement between the Trust, on behalf of the Tortoise MLP & Pipeline Fund, and Tortoise Capital Advisors, L.L.C. – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
||
(i)
|
First Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Tortoise North American Energy Independence Fund, and Tortoise Capital Advisors, L.L.C. – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(ii)
|
Second Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Tortoise Select Opportunity Fund, and Tortoise Capital Advisors, L.L.C. – incorporated herein by reference from Post-Effective Amendment No. 90 to Registrant’s Registration Statement on Form N-1A filed on September 27, 2013
|
(iii)
|
Third Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Tortoise VIP MLP & Pipeline Portfolio, and Tortoise Capital Advisors, L.L.C. – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
||
(3)
|
Investment Advisory Agreement between the Trust, on behalf of the Cove Street Capital Small Cap Value Fund (formerly, CSC Small Cap Value Fund), and Cove Street Capital, LLC – incorporated herein by reference from Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2011
|
||
(4)
|
Investment Advisory Agreement between the Trust, on behalf of the AC ONE China Fund, and AC ONE Asset Management, LLC – incorporated herein by reference from Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on May 16, 2012
|
||
(5)
|
Investment Advisory Agreement between the Trust, on behalf of the Reinhart Mid Cap Private Market Value Fund, and Reinhart Partners, Inc. – incorporated herein by reference from Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on May 29, 2012
|
||
(6)
|
Investment Advisory Agreement between the Trust, on behalf of the LK Balanced Fund, and Lawson Kroeker Investment Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 39 to Registrant’s Registration Statement on Form N-1A filed on June 26, 2012
|
||
(7)
|
Investment Advisory Agreement between the Trust, on behalf of the Bushido Capital Long/Short Fund, and Bushido Capital Partners LLC – incorporated herein by reference from Post-Effective Amendment No. 48 to Registrant’s Registration Statement on Form N-1A filed on September 7, 2012
|
||
(8)
|
Investment Advisory Agreement between the Trust, on behalf of the Advantus Strategic Dividend Income Fund, and Advantus Capital Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 50 to Registrant’s Registration Statement on Form N-1A filed on September 11, 2012
|
||
(i)
|
First Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Advantus Short Duration Bond Fund, and Advantus Capital Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 153 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2014
|
||
(ii)
|
Second Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Advantus Dynamic Managed Volatility Fund and the Advantus Managed Volatility Equity Fund, and Advantus Capital Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
(9)
|
Investment Advisory Agreement between the Trust, on behalf of the ATAC Inflation Rotation Fund, and Pension Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A filed on September 10, 2012
|
||
(i)
|
First Amendment to the Investment Advisory Agreement between the Trust, on behalf of the ATAC Beta Rotation Fund, and Pension Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
||
(10)
|
Investment Advisory Agreement between the Trust, on behalf of the Great Lakes Bond Fund, Great Lakes Large Cap Value Fund, Great Lakes Disciplined Equity Fund, and Great Lakes Small Cap Opportunity Fund, and Great Lakes Advisors, LLC – incorporated herein by reference from Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A filed on September 28, 2012
|
||
(i)
|
First Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Great Lakes Disciplined International Smaller Company Fund, and Great Lakes Advisors, LLC – filed herewith
|
||
(11)
|
Investment Advisory Agreement between the Trust, on behalf of the Coho Relative Value Equity Fund, and Coho Partners, Ltd. – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
||
(12)
|
Investment Advisory Agreement between the Trust, on behalf of the Smith Group Large Cap Core Growth Fund and Smith Group Small Cap Focused Growth Fund, and Smith Asset Management Group, LP – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
||
(13)
|
Investment Advisory Agreement between the Trust, on behalf of the Consilium Emerging Market Small Cap Fund, and Montage Investments, LLC– incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(14)
|
Investment Sub-Advisory Agreement between Montage Investments, LLC and Consilium Investment Management, LLC relating to the Consilium Emerging Market Small Cap Fund – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(15)
|
Investment Advisory Agreement between the Trust, on behalf of the Port Street Quality Growth Fund, and Port Street Investments LLC– incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
(i)
|
First Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Port Street Institutional Opportunities Fund, and Port Street Investments LLC – to be filed
|
||
(16)
|
Investment Sub-Advisory Agreement between Port Street Investments LLC and Saratoga Research & Investment Management relating to the Port Street Quality Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(17)
|
Investment Sub-Advisory Agreement between Port Street Investments LLC and Aristotle Capital Management, LLC relating to the Port Street Institutional Opportunities Fund – to be filed
|
||
(18)
|
Investment Sub-Advisory Agreement between Port Street Investments LLC and AMI Asset Management Corp, relating to the Port Street Institutional Opportunities Fund – to be filed
|
||
(19)
|
Investment Sub-Advisory Agreement between Port Street Investments LLC and Vaughan Nelson Investment Management, L.P. relating to the Port Street Institutional Opportunities Fund – to be filed
|
||
(20)
|
Investment Sub-Advisory Agreement between Port Street Investments LLC and Segall Bryant & Hamill, LLC relating to the Port Street Institutional Opportunities Fund – to be filed
|
||
(21)
|
Investment Advisory Agreement between the Trust, on behalf of the Muhlenkamp Fund, and Muhlenkamp & Company, Inc. – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
||
(22)
|
Investment Advisory Agreement between the Trust, on behalf of the TorrayResolute Small/Mid Cap Growth Fund, and TorrayResolute LLC – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(23)
|
Investment Advisory Agreement between the Trust, on behalf of the Infusive Happy Consumer Choices Fund, and Ruby Capital Partners LLP – to be filed
|
||
(24)
|
Investment Advisory Agreement between the Trust, on behalf of the Jackson Square Partners All Cap Growth Fund, Jackson Square Partners Focus Global Growth Fund, Jackson Square Partners Select 20 Fund, Jackson Square Partners SMID Cap Growth Fund, Jackson Square Partners U.S. Growth Fund, and Jackson Square Partners, LLC – to be filed
|
||
(e)
|
(1)
|
Distribution Agreement between the Trust, on behalf of the Nuance Concentrated Value Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-1A, filed with the SEC on May 26, 2011
|
(i)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the Nuance Mid Cap Value Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(ii)
|
Second Amendment to the Distribution Agreement between the Trust, on behalf of the Nuance Concentrated Value Long-Short Fund, and Quasar Distributors, LLC – to be filed
|
||
(2)
|
Distribution Agreement between the Trust, on behalf of the Tortoise MLP & Pipeline Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-1A, filed with the SEC on May 26, 2011
|
||
(i)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the Tortoise MLP & Pipeline Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(ii)
|
Second Amendment to the Distribution Agreement between the Trust, on behalf of the Tortoise MLP & Pipeline Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(iii)
|
Third Amendment to the Distribution Agreement between the Trust, on behalf of the Tortoise North American Energy Independence Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(iv)
|
Fourth Amendment to the Distribution Agreement between the Trust, on behalf of the Tortoise Select Opportunity Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 90 to Registrant’s Registration Statement on Form N-1A filed on September 27, 2013
|
||
(v)
|
Fifth Amendment to the Distribution Agreement between the Trust, on behalf of the Tortoise VIP MLP & Pipeline Portfolio, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
||
(3)
|
Distribution Agreement between the Trust, on behalf of the Cove Street Capital Small Cap Value Fund (formerly, CSC Small Cap Value Fund), and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2011
|
(4)
|
Distribution Agreement between the Trust, on behalf of the AC ONE China Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on May 16, 2012
|
||
(5)
|
Distribution Agreement between the Trust, on behalf of the Reinhart Mid Cap Private Market Value Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on May 29, 2012
|
||
(6)
|
Distribution Agreement between the Trust, on behalf of the LK Balanced Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 39 to Registrant’s Registration Statement on Form N-1A filed on June 26, 2012
|
||
(7)
|
Distribution Agreement between the Trust, on behalf of the Bushido Capital Long/Short Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 48 to Registrant’s Registration Statement on Form N-1A filed on September 7, 2012
|
||
(8)
|
Distribution Agreement between the Trust, on behalf of the Advantus Strategic Dividend Income Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 50 to Registrant’s Registration Statement on Form N-1A filed on September 11, 2012
|
||
(i)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the Advantus Short Duration Bond Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 153 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2014
|
||
(ii)
|
Second Amendment to the Distribution Agreement between the Trust, on behalf of the Advantus Dynamic Managed Volatility Fund and the Advantus Managed Volatility Equity Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(9)
|
Distribution Agreement between the Trust, on behalf of the ATAC Inflation Rotation Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A filed on September 10, 2012
|
||
(i)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the ATAC Beta Rotation Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
(10)
|
Distribution Agreement between the Trust, on behalf of the Great Lakes Bond Fund, Great Lakes Large Cap Value Fund, Great Lakes Disciplined Equity Fund, and Great Lakes Small Cap Opportunity Fund and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A filed on September 28, 2012
|
||
(i)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the Great Lakes Disciplined International Smaller Company Fund, and Quasar Distributors, LLC – filed herewith
|
||
(11)
|
Distribution Agreement between the Trust on behalf of the Coho Relative Value Equity Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
||
(12)
|
Distribution Agreement between the Trust on behalf of the Smith Group Large Cap Core Growth Fund and Smith Group Small Cap Focused Growth Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
||
(13)
|
Distribution Agreement between the Trust on behalf of the Consilium Emerging Market Small Cap Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(14)
|
Distribution Agreement between the Trust on behalf of the Port Street Quality Growth Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(i)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the Port Street Institutional Opportunities Fund, and Quasar Distributors, LLC – to be filed
|
||
(15)
|
Distribution Agreement between the Trust, on behalf of the Muhlenkamp Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
||
(16)
|
Distribution Agreement between the Trust, on behalf of the TorrayResolute Small/Mid Cap Growth Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(17)
|
Distribution Agreement between the Trust, on behalf of the Infusive Happy Consumer Choices Fund, and Quasar Distributors, LLC – to be filed
|
(18)
|
Distribution Agreement between the Trust, on behalf of the Jackson Square Partners All Cap Growth Fund, Jackson Square Partners Focus Global Growth Fund, Jackson Square Partners Select 20 Fund, Jackson Square Partners SMID Cap Growth Fund, Jackson Square Partners U.S. Growth Fund, and Quasar Distributors, LLC – to be filed
|
||
(f)
|
Bonus or Profit Sharing Contracts – not applicable
|
||
(g)
|
(1)
|
Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
|
(2)
|
First Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2011
|
||
(3)
|
Third Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on May 16, 2012
|
||
(4)
|
Fourth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on May 29, 2012
|
||
(5)
|
Fifth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 39 to Registrant’s Registration Statement on Form N-1A filed on June 26, 2012
|
||
(6)
|
Sixth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 48 to Registrant’s Registration Statement on Form N-1A filed on September 7, 2012
|
||
(7)
|
Seventh Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A filed on September 10, 2012
|
||
(8)
|
Eighth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 50 to Registrant’s Registration Statement on Form N-1A filed on September 11, 2012
|
||
(9)
|
Ninth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A filed on September 28, 2012
|
(10)
|
Tenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(11)
|
Eleventh Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
||
(12)
|
Twelfth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 82 to Registrant’s Registration Statement on Form N-1A filed on August 23, 2013
|
||
(13)
|
Thirteenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 90 to Registrant’s Registration Statement on Form N-1A filed on September 27, 2013
|
||
(14)
|
Fourteenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
||
(15)
|
Fifteenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(16)
|
Sixteenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(17)
|
Seventeenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(18)
|
Eighteenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
||
(19)
|
Nineteenth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
||
(20)
|
Twentieth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
(21)
|
Twenty-first Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 153 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2014
|
||
(22)
|
Twenty-second Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(23)
|
Twenty-third Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(24)
|
Twenty-fourth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – filed herewith
|
||
(25)
|
Twenty-fifth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – to be filed
|
||
(26)
|
Twenty-sixth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – to be filed
|
||
(27)
|
Twenty-seventh Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – to be filed
|
||
(28)
|
Twenty-eighth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – to be filed
|
||
(h)
|
(1)
|
Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
|
(i)
|
First Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2011
|
||
(ii)
|
Third Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on May 16, 2012
|
||
(iii)
|
Fourth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on May 29, 2012
|
||
(iv)
|
Fifth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 39 to Registrant’s Registration Statement on Form N-1A filed on June 26, 2012
|
(v)
|
Sixth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 48 to Registrant’s Registration Statement on Form N-1A filed on September 7, 2012
|
||
(vi)
|
Seventh Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A filed on September 10, 2012
|
||
(vii)
|
Eighth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 50 to Registrant’s Registration Statement on Form N-1A filed on September 11, 2012
|
||
(viii)
|
Ninth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A filed on September 28, 2012
|
||
(ix)
|
Tenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(x)
|
Eleventh Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
||
(xi)
|
Twelfth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 82 to Registrant’s Registration Statement on Form N-1A filed on August 23, 2013
|
||
(xii)
|
Thirteenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 90 to Registrant’s Registration Statement on Form N-1A filed on September 27, 2013
|
||
(xiii)
|
Fourteenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
(xiv)
|
Fifteenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(xv)
|
Sixteenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(xvi)
|
Seventeenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(xvii)
|
Eighteenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
||
(xviii)
|
Nineteenth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
||
(xix)
|
Twentieth Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
||
(xx)
|
Twenty-first Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 153 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2014
|
||
(xxi)
|
Twenty-second Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(xxii)
|
Twenty-third Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
(vii)
|
Eighth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 50 to Registrant’s Registration Statement on Form N-1A filed on September 11, 2012
|
||
(viii)
|
Ninth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A filed on September 28, 2012
|
||
(ix)
|
Tenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(x)
|
Eleventh Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
||
(xi)
|
Twelfth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 82 to Registrant’s Registration Statement on Form N-1A filed on August 23, 2013
|
||
(xii)
|
Thirteenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 90 to Registrant’s Registration Statement on Form N-1A filed on September 27, 2013
|
||
(xiii)
|
Fourteenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
||
(xiv)
|
Fifteenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(xv)
|
Sixteenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
(xvi)
|
Seventeenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(xvii)
|
Eighteenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
||
(xviii)
|
Nineteenth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
||
(xix)
|
Twentieth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
||
(xx)
|
Twenty-first Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 153 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2014
|
||
(xxi)
|
Twenty-second Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(xxii)
|
Twenty-third Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(xxiii)
|
Twenty-fourth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – filed herewith
|
||
(xxiv)
|
Twenty-fifth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – to be filed
|
||
(xxv)
|
Twenty-sixth Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – to be filed
|
||
(xxvi)
|
Twenty-seventh Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – to be filed
|
(x)
|
Eleventh Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
||
(xi)
|
Twelfth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 82 to Registrant’s Registration Statement on Form N-1A filed on August 23, 2013
|
||
(xii)
|
Thirteenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 90 to Registrant’s Registration Statement on Form N-1A filed on September 27, 2013
|
||
(xiii)
|
Fourteenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
||
(xiv)
|
Fifteenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(xv)
|
Sixteenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(xvi)
|
Seventeenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(xvii)
|
Eighteenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
||
(xviii)
|
Nineteenth Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
(6)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Cove Street Capital Small Cap Value Fund (formerly, CSC Small Cap Value Fund), and Cove Street Capital Advisors – incorporated herein by reference from Post-Effective Amendment No. 160 to Registrant’s Registration Statement on Form N-1A filed on January 27, 2015
|
||
(7)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the AC ONE China Fund, and AC ONE Asset Management, LLC – incorporated herein by reference from Post-Effective Amendment No. 186 to Registrant’s Registration Statement on Form N-1A filed on October 22, 2015
|
||
(8)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Reinhart Mid Cap Private Market Value Fund, and Reinhart Partners, Inc. – incorporated herein by reference from Post-Effective Amendment No. 172 to Registrant’s Registration Statement on Form N-1A filed on July 23, 2015
|
||
(9)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the LK Balanced Fund, and Lawson Kroeker Investment Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 187 to Registrant’s Registration Statement on Form N-1A filed on October 23, 2015
|
||
(10)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Bushido Capital Long/Short Fund and Bushido Capital Partners LLC – incorporated herein by reference from Post-Effective Amendment No. 159 to Registrant’s Registration Statement on Form N-1A filed on January 26, 2015
|
||
(11)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Advantus Strategic Dividend Income Fund, the Advantus Short Duration Bond Fund, Advantus Dynamic Managed Volatility Fund, Advantus Managed Volatility Equity Fund and Advantus Capital Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(12)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the ATAC Inflation Rotation Fund and the ATAC Beta Rotation Fund, and Pension Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 172 to Registrant’s Registration Statement on Form N-1A filed on July 23, 2015
|
||
(13)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Great Lakes Bond Fund, Great Lakes Large Cap Value Fund, Great Lakes Disciplined Equity Fund, Great Lakes Small Cap Opportunity Fund, and Great Lakes Disciplined International Smaller Company Fund and Great Lakes Advisors, LLC – filed herewith
|
(14)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Coho Relative Value Equity Fund and Coho Partners, Ltd. – incorporated herein by reference from Post-Effective Amendment No. 190 to Registrant’s Registration Statement on Form N-1A filed on November 25, 2015
|
||
(15)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Smith Group Large Cap Core Growth Fund and Smith Group Small Cap Focused Growth, and Smith Asset Management Group, LP – incorporated herein by reference from Post-Effective Amendment No. 172 to Registrant’s Registration Statement on Form N-1A filed on July 23, 2015
|
||
(16)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Consilium Emerging Market Small Cap Fund, and Montage Investments, LLC, and Consilium Investment Management LLC – incorporated herein by reference from Post-Effective Amendment No. 167 to Registrant’s Registration Statement on Form N-1A filed on March 26, 2015
|
||
(17)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Port Street Quality Growth Fund, Port Street Institutional Opportunities Fund, and Port Street Investments LLC – to be filed
|
||
(18)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Muhlenkamp Fund, and Muhlenkamp & Company, Inc. – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
||
(19)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of TorrayResolute Small/Mid Cap Growth Fund, and TorrayResolute LLC – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(20)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Infusive Happy Consumer Choices Fund, and Ruby Capital Partners LLP – to be filed
|
||
(21)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Jackson Square Partners All Cap Growth Fund, Jackson Square Partners Focus Global Growth Fund, Jackson Square Partners Select 20 Fund, Jackson Square Partners SMID Cap Growth Fund, Jackson Square Partners U.S. Growth Fund, and Jackson Square Partners, LLC – to be filed
|
||
(i)
|
(1)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Nuance Concentrated Value Fund and the Tortoise MLP & Pipeline Fund – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
(2)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Cove Street Capital Small Cap Value Fund (formerly, CSC Small Cap Value Fund) – incorporated herein by reference to Registrant’s Registration Statement on Form N-14, filed with the SEC on October 25, 2011
|
||
(3)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the AC ONE China Fund – incorporated herein by reference from Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on May 16, 2012
|
||
(4)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Reinhart Mid Cap Private Market Value Fund – incorporated herein by reference from Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on May 29, 2012
|
||
(5)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Lawson Kroeker Balanced Fund – incorporated herein by reference from Post-Effective Amendment No. 39 to Registrant’s Registration Statement on Form N-1A filed on June 26, 2012
|
||
(6)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Bushido Capital Long/Short Fund – incorporated herein by reference from Post-Effective Amendment No. 48 to Registrant’s Registration Statement on Form N-1A filed on September 7, 2012
|
||
(7)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Advantus Strategic Dividend Income Fund – incorporated herein by reference from Post-Effective Amendment No. 50 to Registrant’s Registration Statement on Form N-1A filed on September 11, 2012
|
||
(8)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the ATAC Inflation Rotation Fund – incorporated herein by reference from Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A filed on September 10, 2012
|
||
(9)
|
Opinion and Consent of Counsel by Richards, Layton & Finger, P.A. for the Great Lakes Bond Fund, Great Lakes Large Cap Value Fund, Great Lakes Disciplined Equity Fund, and Great Lakes Small Cap Opportunity Fund – incorporated herein by reference from Post-Effective Amendment No. 61 to Registrant’s Registration Statement on Form N-1A filed on October 9, 2012
|
||
(10)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Tortoise North American Energy Independence Fund – incorporated herein by reference from Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on March 1, 2013
|
||
(11)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Coho Relative Value Equity Fund – incorporated herein by reference from Post-Effective Amendment No. 80 to Registrant’s Registration Statement on Form N-1A filed on August 8, 2013
|
(12)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Tortoise Select Opportunity Fund – incorporated herein by reference from Post-Effective Amendment No. 91 to Registrant’s Registration Statement on Form N-1A filed on September 30, 2013
|
||
(13)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for Smith Group Large Cap Core Growth Fund – incorporated herein by reference from the Registrant’s Registration Statement filed on Form N-14 filed on October 1, 2013.
|
||
(14)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for Smith Group Small Cap Focused Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 100 to Registrant’s Registration Statement on Form N-1A filed on November 19, 2013
|
||
(15)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Nuance Mid Cap Value Fund – incorporated herein by reference from Post-Effective Amendment No. 101 to Registrant’s Registration Statement on Form N-1A filed on December 9, 2013
|
||
(16)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Consilium Emerging Market Small Cap Fund – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(17)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Port Street Quality Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(18)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the ATAC Beta Rotation Fund – incorporated herein by reference from Post-Effective Amendment No. 129 to Registrant’s Registration Statement on Form N-1A filed on April 9, 2014
|
||
(19)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Tortoise VIP MLP & Pipeline Portfolio – incorporated herein by reference from Post-Effective Amendment No. 134 to Registrant’s Registration Statement on Form N-1A filed on April 23, 2014
|
||
(20)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Muhlenkamp Fund – incorporated herein by reference from Post-Effective Amendment No. 140 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2014
|
||
(21)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Advantus Short Duration Bond Fund – incorporated herein by reference from Post-Effective Amendment No. 153 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2014
|
(22)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the TorrayResolute Small/Mid Cap Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(23)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Advantus Dynamic Managed Volatility Fund and the Advantus Managed Volatility Equity Fund – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(24)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Great Lakes Disciplined International Smaller Company Fund – filed herewith
|
||
(25)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Nuance Concentrated Value Long-Short Fund – to be filed
|
||
(26)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Port Street Institutional Opportunities Fund – to be filed
|
||
(27)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Infusive Happy Consumer Choices Fund – to be filed
|
||
(28)
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Jackson Square Partners All Cap Growth Fund, Jackson Square Partners Focus Global Growth Fund, Jackson Square Partners Select 20 Fund, Jackson Square Partners SMID Cap Growth Fund, and Jackson Square Partners U.S. Growth Fund – to be filed
|
||
(j)
|
(1)
|
Consent of Independent Registered Public Accounting Firm by KPMG LLP for the Cove Street Capital Small Cap Value Fund (formerly, CSC Small Cap Value Fund) – incorporated herein by reference from Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-1A filed on December 16, 2011
|
|
(2)
|
Consent of Independent Registered Public Accounting Firm by Ernst & Young, LLP. for the Tortoise MLP & Pipeline Fund, the Tortoise North American Fund and the Tortoise Select Opportunity Fund – incorporated herein by reference from Post-Effective Amendment No. 168 to Registrant’s Registration Statement on Form N-1A filed on March 30, 2015
|
||
(3)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Nuance Concentrated Value Fund and Nuance Mid Cap Value Fund – incorporated herein by reference from Post-Effective Amendment No. 176 to Registrant’s Registration Statement on Form N-1A filed on August 25, 2015
|
(4)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Cove Street Capital Small Cap Value Fund (formerly, CSC Small Cap Value Fund) – incorporated herein by reference from Post-Effective Amendment No. 160 to Registrant’s Registration Statement on Form N-1A filed on January 27, 2015
|
||
(5)
|
Consent of Independent Registered Public Accounting Firm by Ernst & Young, LLP. for the Great Lakes Bond Fund, the Great Lakes Large Cap Value Fund, the Great Lakes Disciplined Equity Fund, and the Great Lakes Small Cap Opportunity Fund – incorporated herein by reference from Post-Effective Amendment No. 172 to Registrant’s Registration Statement on Form N-1A filed on July 23, 2015
|
||
(6)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Reinhart Midcap Private Market Value Fund – incorporated herein by reference from Post-Effective Amendment No. 178 to Registrant’s Registration Statement on Form N-1A filed on September 23, 2015
|
||
(7)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the LK Balanced Fund – incorporated herein by reference from Post-Effective Amendment No. 187 to Registrant’s Registration Statement on Form N-1A filed on October 23, 2015
|
||
(8)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the AC ONE China Fund – incorporated herein by reference from Post-Effective Amendment No. 186 to Registrant’s Registration Statement on Form N-1A filed on October 22, 2015
|
||
(9)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Advantus Strategic Dividend Income Fund, Advantus Short Duration Bond Fund, Advantus Dynamic Managed Volatility Fund, and Advantus Managed Volatility Equity Fund – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(10)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the ATAC Inflation Rotation Fund and ATAC Beta Rotation Fund – incorporated herein by reference from Post-Effective Amendment No. 155 to Registrant’s Registration Statement on Form N-1A filed on December 22, 2014
|
||
(11)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Bushido Capital Long/Short Fund – incorporated herein by reference from Post-Effective Amendment No. 159 to Registrant’s Registration Statement on Form N-1A filed on January 26, 2015
|
(12)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Coho Relative Value Equity Fund – incorporated herein by reference from Post-Effective Amendment No. 190 to Registrant’s Registration Statement on Form N-1A filed on November 25, 2015
|
||
(13)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Smith Group Large Cap Core Growth Fund and the Smith Group Small Cap Focused Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 161 to Registrant’s Registration Statement on Form N-1A filed on January 28, 2015
|
||
(14)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Muhlenkamp Fund – incorporated herein by reference from Post-Effective Amendment No. 165 to Registrant’s Registration Statement on Form N-1A filed on February 25, 2015
|
||
(15)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Consilium Emerging Market Small Cap Fund – incorporated herein by reference from Post-Effective Amendment No. 167 to Registrant’s Registration Statement on Form N-1A filed on March 26, 2015
|
||
(16)
|
Consent of Independent Registered Public Accounting Firm by Ernst & Young, LLP. for the Tortoise VIP MLP & Pipeline Portfolio – incorporated herein by reference from Post-Effective Amendment No. 168 to Registrant’s Registration Statement on Form N-1A filed on March 30, 2015
|
||
(17)
|
Consent of Independent Registered Public Accounting Firm by Cohen Fund Audit Services, Ltd. for the Port Street Quality Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 173 to Registrant’s Registration Statement on Form N-1A filed on July 29, 2015
|
||
(18)
|
Power of Attorneys for Roel C. Campos, Robert J. Kern, David A. Massart, Leonard M. Rush and David M. Swanson dated April 6, 2011 – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
||
(k)
|
Omitted Financial Statements – not applicable
|
||
(l)
|
Seed Capital Agreements – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011
|
||
(m)
|
Amended and Restated Rule 12b-1 Plan – incorporated herein by reference from Post-Effective Amendment No. 179 to Registrant’s Registration Statement on Form N-1A filed on September 25, 2015
|
||
(n)
|
Amended and Restated Rule 18f-3 Plan – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(o)
|
Reserved
|
(p)
|
(1)
|
Code of Ethics for the Trust – incorporated herein by reference from Post-Effective Amendment No. 190 to Registrant’s Registration Statement on Form N-1A filed on November 25, 2015
|
|
(2)
|
Code of Ethics for Nuance Investments, LLC – filed herewith
|
||
(3)
|
Code of Ethics for Tortoise Capital Advisors, L.L.C. – filed herewith
|
||
(4)
|
Code of Ethics for Cove Street Capital, LLC – incorporated herein by reference from Post-Effective Amendment No. 78 to Registrant’s Registration Statement on Form N-1A filed on July 29, 2013
|
||
(5)
|
Code of Ethics for AC ONE Asset Management, LLC – incorporated herein by reference from Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on May 16, 2012
|
||
(6)
|
Code of Ethics for Reinhart Partners, Inc. – incorporated herein by reference from Post-Effective Amendment No. 78 to Registrant’s Registration Statement on Form N-1A filed on July 29, 2013
|
||
(7)
|
Code of Ethics for Lawson Kroeker Investment Management, Inc. – incorporated herein by reference from Post-Effective Amendment No. 78 to Registrant’s Registration Statement on Form N-1A filed on July 29, 2013
|
||
(8)
|
Code of Ethics for Bushido Capital Partners LLC – incorporated herein by reference from Post-Effective Amendment No. 112 to Registrant’s Registration Statement on Form N-1A filed on January 17, 2014
|
||
(9)
|
Code of Ethics for Advantus Capital Management, Inc. – filed herewith
|
||
(10)
|
Code of Ethics for Pension Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A filed on September 10, 2012
|
||
(11)
|
Code of Ethics for Great Lakes Advisors, LLC and Advanced Investment Partners LLC – filed herewith
|
||
(12)
|
Code of Ethics for Coho Partners, Ltd. – incorporated herein by reference from Post-Effective Amendment No. 190 to Registrant’s Registration Statement on Form N-1A filed on November 25, 2015
|
||
(13)
|
Code of Ethics for Smith Asset Management Group, LP – filed herewith
|
||
(14)
|
Code of Ethics for Montage Investments, LLC – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(15)
|
Code of Ethics for Consilium Investment Management LLC – incorporated herein by reference from Post-Effective Amendment No. 102 to Registrant’s Registration Statement on Form N-1A filed on December 10, 2013
|
||
(16)
|
Code of Ethics for Port Street Investments LLC – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
(17)
|
Code of Ethics for Saratoga Research & Investment Management – incorporated herein by reference from Post-Effective Amendment No. 124 to Registrant’s Registration Statement on Form N-1A filed on March 28, 2014
|
||
(18)
|
Code of Ethics for Muhlenkamp & Company, Inc. – filed herewith
|
||
(19)
|
Code of Ethics for TorrayResolute, LLC – incorporated herein by reference from Post-Effective Amendment No. 156 to Registrant’s Registration Statement on Form N-1A filed on December 30, 2014
|
||
(20)
|
Code of Ethics for Mariner Holdings, LLC – filed herewith
|
||
(21)
|
Code of Ethics for Ruby Capital Partners LLP – to be filed
|
||
(22)
|
Code of Ethics for Jackson Square Partners, LLC – to be filed
|
||
(23)
|
Code of Ethics for the Distributor, Quasar Distributors, LLC – filed herewith
|
(a)
|
Quasar Distributors, LLC, the Registrant’s principal underwriter, acts as principal underwriter for the following investment companies:
|
Academy Funds Trust
|
Jacob Funds, Inc.
|
Advisors Series Trust
|
Jensen Portfolio, Inc.
|
Aegis Funds
|
Kirr Marbach Partners Funds, Inc.
|
Allied Asset Advisors Funds
|
LKCM Funds
|
Alpha Architect ETF Trust
|
LoCorr Investment Trust
|
Alpine Equity Trust
|
Lord Asset Management Trust
|
Alpine Income Trust
|
MainGate Trust
|
Alpine Series Trust
|
Managed Portfolio Series
|
Angel Oak Funds Trust
|
Matrix Advisors Value Fund, Inc.
|
Appleton Funds
|
Merger Fund
|
Barrett Opportunity Fund, Inc.
|
Monetta Trust
|
Bridge Builder Trust
|
Nicholas Family of Funds, Inc.
|
Bridges Investment Fund, Inc.
|
Oaktree Funds
|
Brookfield Investment Funds
|
Permanent Portfolio Family of Funds, Inc.
|
Brown Advisory Funds
|
Perritt Funds, Inc.
|
Buffalo Funds
|
PRIMECAP Odyssey Funds
|
CG Funds Trust
|
Professionally Managed Portfolios
|
Compass EMP Funds Trust
|
Prospector Funds, Inc.
|
DoubleLine Funds Trust
|
Provident Mutual Funds, Inc.
|
ETF Series Solutions
|
Purisima Funds
|
Evermore Funds Trust
|
Rainier Investment Management Mutual Funds
|
FactorShares Trust
|
RBC Funds Trust
|
First American Funds, Inc.
|
Stone Ridge Trust
|
FundX Investment Trust
|
Stone Ridge Trust II
|
Glenmede Fund, Inc.
|
Stone Ridge Trust III
|
Glenmede Portfolios
|
Thompson IM Funds, Inc.
|
Greenspring Fund, Inc.
|
Trust for Professional Managers
|
Guinness Atkinson Funds
|
Trust for Advised Portfolios
|
Harding Loevner Funds, Inc.
|
USA Mutuals
|
Hennessy Funds Trust
|
Wall Street Fund, Inc.
|
Hotchkis & Wiley Funds
|
Westchester Capital Funds
|
Intrepid Capital Management Funds Trust
|
Wisconsin Capital Funds, Inc.
|
IronBridge Funds, Inc.
|
YCG Funds
|
Records Maintained By:
|
Are located at:
|
Registrant’s Investment Advisers
|
AC ONE Asset Management, LLC
444 South Flower Street
Los Angeles, California 90071
|
Advantus Capital Management, Inc.
400 Robert Street North
St. Paul, Minnesota 55101
|
|
Bushido Capital Partners LLC
21 DuPont Circle NW, Suite 500
Washington, D.C. 20036
|
|
Coho Partners, Ltd.
300 Berwyn Park
801 Cassatt Road, Suite 100
Berwyn, Pennsylvania 19312
|
|
Cove Street Capital, LLC
2321 Rosecrans Avenue
El Segundo, California 90245
|
|
Great Lakes Advisors, LLC
222 South Riverside Plaza
Chicago, Illinois 60606
|
|
Jackson Square Partners, LLC
101 California Street, Suite 3750
San Francisco, California 94111
|
|
Lawson Kroeker Investment Management, Inc.
450 Regency Parkway, Suite 410
Omaha, Nebraska 68114
|
|
Montage Investments, LLC
11300 Tomahawk Creek Parkway, Suite 200
Leawood, Kansas 66211
|
|
Muhlenkamp & Company, Inc.
5000 Stonewood Drive, Suite 300
Wexford, Pennsylvania 15090-8395
|
|
Nuance Investments, LLC
One Ward Parkway, Suite 126
Kansas City, Missouri 64112
|
|
Pension Partners, LLC
430 West 14
th
Street, Suite 505
New York, New York 10014
|
|
Port Street Investments LLC
24 Corporate Plaza Drive, Suite 150
Newport Beach, California 92660
|
|
Reinhart Partners, Inc.
1500 West Market Street, Suite 100
Mequon, Wisconsin 53092
|
Records Maintained By:
|
Are located at:
|
Smith Asset Management Group, LP
100 Crescent Court, Suite 1150
Dallas, Texas 75201
|
|
TorrayResolute LLC
11300 Tomahawk Creek Parkway, Suite 200
Leawood, Kansas 66211
|
|
Tortoise Capital Advisors, L.L.C.
11550 Ash Street, Suite 300
Leawood, Kansas 66211
|
|
Ruby Capital Partners LLP
15-16 Seymour Mews
London W1H 6BG, United Kingdom
|
|
Registrant’s Investment Sub-Advisers
|
Consilium Investment Management LLC
3101 N. Federal Hwy, Suite 502
Fort Lauderdale, Florida 33306
|
Saratoga Research & Investment Management
14471 Big Basin Way, Suite E
Saratoga, California 95070
|
|
Aristotle Capital Management, LLC
11100 Santa Monica Blvd.
Los Angeles, California 90025
|
|
AMI Asset Management Corp,
10866 Wilshire Blvd.
Los Angeles, California 90024
|
|
Vaughan Nelson Investment Management, L.P.
600 Travis Street
Houston, Texas 77002
|
|
Segall Bryant & Hamill, LLC,
540 West Madison Street
Chicago, Illinois 60661
|
Managed Portfolio Series
By:
/s/ James R. Arnold
James R. Arnold
President
|
Signature
|
Title
|
||
Roel C. Campos*
|
Trustee
|
||
Roel C. Campos
|
|||
Robert J. Kern*
|
Trustee
|
||
Robert J. Kern
|
|||
David A. Massart*
|
Trustee
|
||
David A. Massart
|
|||
Leonard M. Rush*
|
Trustee
|
||
Leonard M. Rush
|
|||
David M. Swanson*
|
Trustee
|
||
David M. Swanson
|
|||
/s/ James R. Arnold
|
President and Principal Executive Officer
|
||
James R. Arnold
|
|||
/s/ Brian R. Wiedmeyer
|
Treasurer and Principal Financial Officer
|
||
Brian R. Wiedmeyer
|
|||
*By:
|
/s/ James R. Arnold
|
||
James R. Arnold, Attorney-In-Fact
pursuant to Power of Attorney
|
MANAGED PORTFOLIO SERIES: | |||
By:
|
/s/ James R. Arnold | ||
James R. Arnold
|
|||
President and Principal Executive Officer
|
Series of Managed Portfolio Series
|
Annual Fee Rate as % of
Current Net Assets
|
|
Great Lakes Bond Fund
|
0.40%
|
|
Great Lakes Disciplined Equity Fund
|
0.60%
|
|
Great Lakes Large Cap Value Fund
|
0.60%
|
|
Great Lakes Small Cap Opportunity Fund
|
0.60%
|
|
Great Lakes Disciplined International Smaller Company Fund
|
1.00%
|
MANAGED PORTFOLIO SERIES | QUASAR DISTRIBUTORS, LLC |
By: /s/ James R. Arnold | By: /s/ James R. Schoenike |
Name: James R. Arnold | Name: James R. Schoenike |
Title: President | Title: President |
MANAGED PORTFOLIO SERIES | U.S. BANK, N.A. |
By: /s/ James R. Arnold | By: /s/ Michael R. McVoy |
Name: James R. Arnold | Name: Michael R. McVoy |
Title: President | Title: Senior Vice President |
Multiple Series Trust
DOMESTIC CUSTODY SERVICES
FEE SCHEDULE at September, 2012
|
Annual Fee Based Upon Market Value Per Fund*
[…]
basis point on average daily market value
Minimum annual fee per fund - $
[…]
Plus portfolio transaction fees
Portfolio Transaction Fees
$
[…]
/book entry DTC transaction/Federal Reserve transaction/principal paydown
$
[…]
/U.S. Bank repo agreement transaction
$
[…]
/short sale
$
[…]
/option/future contract written, exercised or expired
$
[…]
/mutual fund trade/Fed wire/margin variation Fed wire
$
[…]
/physical transaction
$
[…]
/segregated account per year
§
A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.
§
No charge for the initial conversion free receipt.
§
Overdrafts – charged to the account at prime interest rate plus
[…]
.
Out-Of-Pocket 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, and extraordinary expenses based upon complexity.
*Subject to annual CPI increase, Milwaukee MSA.
Fees are billed monthly.
|
GLOBAL SUB-CUSTODIAL SERVICES
ANNUAL FEE SCHEDULE
|
||||||||
Country
|
Instrument
|
Safekeeping
(BPS)
|
Transaction
Fee
|
Country
|
Instrument
|
Safekeeping
(BPS)
|
Transaction
Fee
|
|
Argentina
|
All
|
12.00
|
$
[…]
|
Lithuania
|
All
|
16.00
|
$
[…]
|
|
Australia
|
All
|
1.00
|
$
[…]
|
Luxembourg
|
All
|
3.20
|
$
[…]
|
|
Austria
|
All
|
1.70
|
$
[…]
|
Malaysia
|
All
|
2.90
|
$
[…]
|
|
Bahrain
|
All
|
40.00
|
$
[…]
|
Mali*
|
All
|
32.00
|
$
[…]
|
|
Bangladesh
|
All
|
32.00
|
$
[…]
|
Malta
|
All
|
17.60
|
$
[…]
|
|
Belgium
|
All
|
1.20
|
$
[…]
|
Mauritius
|
All
|
24.00
|
$
[…]
|
|
Benin*
|
All
|
32.00
|
$
[…]
|
Mexico
|
All
|
1.50
|
$
[…]
|
|
Bermuda
|
All
|
12.00
|
$
[…]
|
Morocco
|
All
|
28.00
|
$
[…]
|
|
Botswana
|
All
|
20.00
|
$
[…]
|
Namibia
|
All
|
24.00
|
$
[…]
|
|
Brazil
|
All
|
7.20
|
$
[…]
|
Netherlands
|
All
|
1.50
|
$
[…]
|
|
Bulgaria
|
All
|
32.00
|
$
[…]
|
New Zealand
|
All
|
2.00
|
$
[…]
|
|
Burkina Faso*
|
All
|
32.00
|
$
[…]
|
Niger*
|
All
|
32.00
|
$
[…]
|
|
Canada
|
All
|
0.75
|
$
[…]
|
Nigeria
|
All
|
24.00
|
$
[…]
|
|
Cayman Islands*
|
All
|
0.80
|
$
[…]
|
Norway
|
All
|
1.50
|
$
[…]
|
|
Channel Islands*
|
All
|
1.20
|
$
[…]
|
Oman
|
All
|
40.00
|
$
[…]
|
|
Chile
|
All
|
16.00
|
$
[…]
|
Pakistan
|
All
|
24.00
|
$
[…]
|
|
China“A” Shares
|
All
|
9.60
|
$
[…]
|
Palestinian Autonomous Area*
|
All
|
36.00
|
$
[…]
|
|
China“B” Shares
|
All
|
9.60
|
$
[…]
|
Peru
|
All
|
35.00
|
$
[…]
|
|
Columbia
|
All
|
32.00
|
$
[…]
|
Philippines
|
All
|
3.90
|
$
[…]
|
|
Costa Rica
|
All
|
12.00
|
$
[…]
|
Poland
|
All
|
12.00
|
$
[…]
|
|
Croatia
|
All
|
28.00
|
$
[…]
|
Portugal
|
All
|
4.80
|
$
[…]
|
|
Cyprus*
|
All
|
12.00
|
$
[…]
|
Qatar
|
All
|
36.00
|
$
[…]
|
|
Czech Republic
|
All
|
9.60
|
$
[…]
|
Romania
|
All
|
28.00
|
$
[…]
|
|
Denmark
|
All
|
1.50
|
$
[…]
|
Russia
|
Equities
|
30.00
|
$
[…]
|
|
Ecuador
|
All
|
28.00
|
$
[…]
|
Russia
|
MINFINs
|
12.00
|
$
[…]
|
|
Egypt
|
All
|
25.60
|
$
[…]
|
Senegal*
|
All
|
32.00
|
$
[…]
|
|
Estonia
|
All
|
5.60
|
$
[…]
|
Serbia*
|
All
|
50.00
|
$
[…]
|
|
Euromarkets**
|
All
|
1.00
|
$
[…]
|
Singapore
|
All
|
1.50
|
$
[…]
|
|
Finland
|
All
|
2.40
|
$
[…]
|
Slovak Republic
|
All
|
20.00
|
$
[…]
|
|
France
|
All
|
1.00
|
$
[…]
|
Slovenia
|
All
|
20.00
|
$
[…]
|
|
Germany
|
All
|
1.00
|
$
[…]
|
South Africa
|
All
|
1.50
|
$
[…]
|
|
Ghana
|
All
|
20.00
|
$
[…]
|
South Korea
|
All
|
4.80
|
$
[…]
|
|
Greece
|
All
|
7.20
|
$
[…]
|
Spain
|
All
|
1.00
|
$
[…]
|
|
Guinea Bissau*
|
All
|
40.00
|
$
[…]
|
Sri Lanka
|
All
|
12.00
|
$
[…]
|
|
Hong Kong
|
All
|
1.50
|
$
[…]
|
Swaziland
|
All
|
24.00
|
$
[…]
|
|
Hungary
|
All
|
20.00
|
$
[…]
|
Sweden
|
All
|
1.00
|
$
[…]
|
|
Iceland
|
All
|
12.00
|
$
[…]
|
Switzerland
|
All
|
1.00
|
$
[…]
|
|
India
|
All
|
8.00
|
$
[…]
|
Taiwan
|
All
|
12.00
|
$
[…]
|
|
Indonesia
|
All
|
5.80
|
$
[…]
|
Thailand
|
All
|
2.90
|
$
[…]
|
|
Ireland
|
All
|
1.50
|
$
[…]
|
Togo*
|
All
|
32.00
|
$
[…]
|
|
Israel
|
All
|
9.60
|
$
[…]
|
Trinidad & Tobago*
|
All
|
24.00
|
$
[…]
|
|
Italy
|
All
|
1.50
|
$
[…]
|
Tunisia
|
All
|
32.00
|
$
[…]
|
|
Ivory Coast
|
All
|
32.00
|
$
[…]
|
Turkey
|
All
|
9.60
|
$
[…]
|
|
Jamaica*
|
All
|
28.00
|
$
[…]
|
UAE
|
All
|
36.00
|
$
[…]
|
|
Japan
|
All
|
0.75
|
$
[…]
|
United Kingdom
|
All
|
0.75
|
$
[…]
|
|
Jordan
|
All
|
32.00
|
$
[…]
|
Ukraine
|
All
|
19.20
|
$
[…]
|
|
Kazakhstan
|
All
|
48.00
|
$
[…]
|
Uruguay
|
All
|
40.00
|
$
[…]
|
|
Kenya
|
All
|
24.00
|
$
[…]
|
Venezuela
|
All
|
32.00
|
$
[…]
|
|
Latvia
|
Equities
|
12.00
|
$
[…]
|
Vietnam*
|
All
|
32.00
|
$
[…]
|
|
Latvia
|
Bonds
|
20.00
|
$
[…]
|
Zambia
|
All
|
24.00
|
$
[…]
|
|
Lebanon
|
All
|
20.00
|
$
[…]
|
§
|
1-25 foreign securities:$
[…]
|
§
|
26-50 foreign securities: $
[…]
|
§
|
Over 50 foreign securities: $
[…]
|
§
|
Euroclear – Eurobonds o
nly. 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 (surcharge schedule available upon request).
|
§
|
For all other markets specified above, surcharges may apply if a security is held outside of the local market.
|
§
|
3
rd
Party Foreign Exchange – a Foreign Exchange transaction undertaken through a 3
rd
party will be charged $[…].
|
§
|
Charges incurred by U.S. Bank, N.A. for local taxes, stamp duties or other local duties and assessments, stock exchange fees, 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.
|
MANAGED PORTFOLIO SERIES | U.S. BANCORP FUND SERVICES, LLC |
By: /s/ James R. Arnold | By: /s/ Michael R. McVoy |
Printed Name: James R. Arnold | Printed Name: Michael R. McVoy |
Title: President | Title: Executive Vice President |
Multiple Series Trust
FUND ACCOUNTING, FUND ADMINISTRATION & PORTFOLIO COMPLIANCE, AND
CHIEF COMPLIANCE OFFICER (CCO) SERVICES FEE SCHEDULE
|
Annual Fee Based Upon Average Net Assets of the funds in total*
9 basis points on the first $[…] million
7 basis points on the next $[…] million
5 basis points on the balance
Minimum annual fee: $[…] per fund
§
Additional fee of $[…] per class
§
Additional fee of $[…] per manager/sub-advisor per fund
Services Included in Annual Fee Per Fund
§
Daily Performance Reporting
§
USBFS Legal Administration (e.g., registration statement update)
Chief Compliance Officer Annual Fees (Per Advisor Relationship/Fund)*
§
$[…] for the first fund (subject to Board approval)
§
$[…] for each additional fund (subject to change based on Board review and approval)
§
$[…] /sub-advisor per fund
Out-Of-Pocket Expenses
Including but not limited to corporate action services, fair value pricing services, factor services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, etc), postage, stationery, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, conversion expenses (if necessary), and CCO team travel related costs to perform due diligence reviews at advisor or sub-advisor facilities.
Additional Services
Available but not included above are the following services –
additional
legal administration (e.g., subsequent new fund launch)
, daily compliance testing (Charles River), Section 15(c) reporting, equity attribution, electronic Board book portal (BookMark), and additional services mutually agreed upon.
*Subject to annual CPI increase, Milwaukee MSA.
Fees are billed monthly.
|
MANAGED PORTFOLIO SERIES | U.S. BANCORP FUND SERVICES, LLC |
By: /s/ James R. Arnold | By: /s/ Michael R. McVoy |
Printed Name: James R. Arnold | Printed Name: Michael R. McVoy |
Title: President | Title: Executive Vice President |
Multiple Series Trust
FUND ACCOUNTING, FUND ADMINISTRATION & PORTFOLIO COMPLIANCE, AND
CHIEF COMPLIANCE OFFICER (CCO) SERVICES FEE SCHEDULE
|
Annual Fee Based Upon Average Net Assets of the funds in total*
9 basis points on the first $[…] million
7 basis points on the next $[…] million
5 basis points on the balance
Minimum annual fee: $[…] per fund
§
Additional fee of $[…] per class
§
Additional fee of $[…] per manager/sub-advisor per fund
Services Included in Annual Fee Per Fund
§
Daily Performance Reporting
§
USBFS Legal Administration (e.g., registration statement update)
Pricing Services**
§
$[…] - Domestic Equities, Options, ADRs
§
$[…] - Domestic Corporate/Convertible/Gov’t/Agency Bonds, Foreign Equities, Futures, Forwards, Currency Rates
§
$[…] - CMOs, Municipal Bonds, Money Market Instruments, Foreign Corporate/Convertible/Gov’t/Agency
Bonds, Asset Backed Securities, Mortgage Backed Securities
§
$[…] - Bank Loans
§
$[…] - Credit Default Swaps
§
$[…] - Swaptions, Index Swaps
§
$[…] - Interest Rate Swaps, Foreign Currency Swaps, Total Return Swaps, Total Return Bullet Swaps
Corporate Action & Manual Pricing Services
§
$[…] /Foreign Equity Security per Month for Corporate Action Service
§
$[…] /Domestic Equity Security per Month for Corporate Action Service
§
$[…] /Month Manual Security Pricing (>10/day)
Fair Value Services (Charged at the Complex Level)**
§
$[…] on the First 100 Securities
§
$[…] on the Balance of Securities
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.
Chief Compliance Officer Annual Fees (Per Advisor Relationship/Fund)*
§
$[…] for the first fund (subject to Board approval)
§
$[…] for each additional fund (subject to change based on Board review and approval)
§
$[…] /sub-advisor per fund
|
Multiple Series Trust
FUND ACCOUNTING, FUND ADMINISTRATION & PORTFOLIO COMPLIANCE,
AND CHIEF COMPLIANCE OFFICER (CCO) SERVICES FEE SCHEDULE (continued)
|
Out-Of-Pocket Expenses
Including but not limited to corporate action services, fair value pricing services, factor services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, etc), postage, stationery, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, conversion expenses (if necessary), and CCO team travel related costs to perform due diligence reviews at advisor or sub-advisor facilities.
Additional Services
Available but not included above are the following services –
additional
legal administration (e.g., subsequent new fund launch)
, daily compliance testing (Charles River), Section 15(c) reporting, equity attribution, electronic Board book portal (BookMark), and additional services mutually agreed upon.
*Subject to annual CPI increase, Milwaukee MSA.
** Per security per fund per pricing day.
Fees are billed monthly.
|
MANAGED PORTFOLIO SERIES | U.S. BANCORP FUND SERVICES, LLC |
By: /s/ James R. Arnold | By: /s/ Michael R. McVoy |
Printed Name: James R. Arnold | Printed Name: Michael R. McVoy |
Title: President | Title: Executive Vice President |
Multiple Series Trust
TRANSFER AGENT & SHAREHOLDER SERVICES ACCOUNT SERVICES
FEE SCHEDULE at September, 2012
|
Annual Service Charges to the Funds*
§
Base Fee Per CUSIP $[…] /year
§
NSCC Level 3 Accounts $[…] /open account
§
No-Load Fund Accounts $[…] /open account
§
Load Fund Accounts $[…] /open account
§
Closed Accounts $[…] /closed account
Activity Charges
§
Manual Shareholder Transaction & Correspondence $[…] /event
§
Omnibus Account Transaction $[…] /transaction
§
Telephone Calls $[…] /minute
§
Voice Response Calls $[…] /call
§
Daily Valuation/Manual 401k Trade $[…] /trade
Out-Of-Pocket Expenses
Including but not limited to telephone toll-free lines, call transfers, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, processing of literature fulfillment kits, lost shareholder search, disaster recovery charges, ACH fees, Fed wire charges, NSCC activity charges (except DST NSCC charges), voice response (VRU) maintenance and development, data communication and implementation charges, specialized programming, and travel.
Additional Services
Available but not included above are the following services - FAN Web shareholder e-commerce, FAN Mail electronic data delivery, Vision intermediary e-commerce, client Web data access, client dedicated line data access, programming charges, outbound calling & marketing campaigns, training, Short-Term Trader reporting, cost basis reporting, Excessive Trader, 12b-1 aging, investor email services, dealer reclaim services, shareholder performance statements, literature fulfillment, money market fund service organizations, charges paid by investors, physical certificate processing, Same Day Cash Management, Real Time Cash Flow, CUSIP setup, CTI reporting, sales reporting & 22c-2 reporting (MARS), electronic statements (Informa), marketing and fulfillment solution (eCONNECT), and additional services mutually agreed upon.
*Subject to annual CPI increase, Milwaukee MSA.
Fees are billed monthly.
|
TRANSFER AGENT & SHAREHOLDER SERVICES
SUPPLEMENTAL SERVICES - E-COMMERCE SERVICES (continued)
FEE SCHEDULE
|
Vision Electronic Statements
Provides the capability for financial intermediaries to access electronic statements via the Vision application.*
§
Implementation Fees
−
Develop eBusiness Solutions Software - $
[…]
/fund group
−
Code Print Software - $
[…]
/fund group
§
Load charges
−
$
[…]
/image
§
Archive charge (for any image stored beyond 2 years)
−
$
[…]
/document
*Normal Vision ID and activity charges also apply.
Client Web Data Access
USBFS client on-line access to fund and investor data through USBFS technology applications and data delivery and security software.
§
Report Source
-
Setup: $
[…]
(Includes access to Fund Source)
-
Service: $
[…]
/user per month
§
BDS – Statement Storage & Retrieval
-
Setup: $
[…]
/user
-
Service: $
[…]
/user per month
§
Ad Hoc/ PowerSelect File Development
-
Setup: $
[…]
/reque
st (Includes up to 2 hours of programming. If beyond, additional time will be $
[…]
/ hour consultation and development.)
-
Service: $
[…]
/file per month
§
Custom Electronic File Exchange (DDS delivery of standard TIP files)
-
$
[…]
one time setup fee
-
$
[…]
/file per month maintenance fee
§
Mail File (DDS mailbox in which clients can pull information): $
[…]
/file setup
§
TIP File Setup
-
Setup & Delivery of Standard TIP Files: $
[…]
/request (Unlimited files per request)
-
Custom TIP File Development: $
[…]
/request (Includes up to 2 hours of programming. If beyond, additional time will be $
[…]
/hour consultation and development.)
Client Dedicated Line Data Access
For USBFS clients requiring continuous on-line access to USBFS shareholder accounting systems, such as for client call center support:
§
$
[…]
/year per workstation for TA2000 AWD access
§
Data communications setup and monthly charges based upon location and bandwidth
§
Training billed at hourly rates plus out-of-pocket expenses
Programming Charges
§
$
[…]
/hour
§
Charges incurred for customized services based upon fund family requirements including but not limited to:
-
Fund setup programming (transfer agent system, statements, options, etc.) – estimate 10 hours per CUSIP
-
Conversion programming
-
Customized service development
-
Voice response system setup (menu selections, shareholder system integration, testing, etc.) – estimated at 3 hours per fund family
-
All other client specific customization and/or development services
Outbound Calling & Marketing Campaigns
– Cost based on project requirements.
|
MANAGED PORTFOLIO SERIES
on behalf of the series listed on Appendix A
|
GREAT LAKES ADVISORS, LLC
|
||||
By:
|
/s/ James R. Arnold |
By:
|
/s/ | ||
Name:
|
James R. Arnold
|
Name:
|
Thomas R. Kiley
|
||
Title:
|
President and Principal Executive Officer
|
Title:
|
CEO
|
||
Series of Managed Portfolio Series
|
Operating Expense Limit
as a Percentage
of Average Daily Net Assets
|
Great Lakes Bond Fund
|
|
Institutional Class
|
0.65% of average daily net assets
|
Investor Class
|
0.90% of average daily net assets
|
Great Lakes Disciplined Equity Fund
|
|
Institutional Class
|
0.85% of average daily net assets
|
Investor Class
|
1.10% of average daily net assets
|
Great Lakes Disciplined International Smaller Company Fund
|
|
Institutional Class
|
1.45% of average daily net assets
|
Investor Class
|
1.70% of average daily net assets
|
Great Lakes Large Cap Value Fund
|
|
Institutional Class
|
0.85% of average daily net assets
|
Investor Class
|
1.10% of average daily net assets
|
Great Lakes Small Cap Opportunity Fund
|
|
Institutional Class
|
0.99% of average daily net assets
|
Investor Class
|
1.24% of average daily net assets
|
|
|
Thomas G. Sheehan
(207) 228-7165 direct
tsheehan@bernsteinshur.com
|
|
Re:
|
Managed
Portfolio Series – Great Lakes Disciplined International Smaller Company Fund
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a)
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The Post-Effective Amendment;
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b)
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The Trust’s Agreement and Declaration of Trust, dated January 25, 2011, as amended and restated by the Trust’s Amended and Restated Agreement and Declaration of Trust dated May 4, 2011 (as so amended and restated, the "Trust Instrument");
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c)
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The Trust’s Certificate of Trust, dated January 27, 2011;
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d)
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The Trust’s By-Laws, dated January 25, 2011, as amended and restated by the Trust’s Amended and Restated Bylaws dated May 4, 2011 (as so amended and restated, the "By-Laws"), each as approved by the Board of Trustees of the Trust (the "Board");
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e)
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Copies of certain resolutions (the "Resolutions") adopted and approved by the Board with respect to the Fund and to the issuance of shares of beneficial interest in the Shares;
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f)
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A Certificate of Good Standing for the Trust, dated December 17, 2015, obtained from the Secretary of State of the State of Delaware; and
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g)
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A certificate of the Secretary of the Trust with respect to certain matters, dated on or about the date hereof.
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To employ any device, scheme or artifice to defraud any client or prospective client of the Firm;
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To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;
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To engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon any client or prospective client of the Firm; or
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To engage in any fraudulent, deceptive, or manipulative practice.
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(i)
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Who has access to nonpublic information regarding any clients’ purchase or sale of securities;
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(ii)
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Who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic;
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(iii)
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Because the Firm’s primary business is providing investment advice, all of the Firm’s directors, officers, partners, Associated Persons and employeesare presumed to be access persons; or
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(iv)
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Such other persons as the Chief Compliance Officer shall designate.
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(i)
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Of any Family Member of the Access Person;
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(ii)
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For which the Access Person acts as a custodian, trustee or other fiduciary;
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(iii)
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Of any corporation, partnership, joint venture, trust, company or other entity which is neither subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 (the “1934 Act”) nor registered under the Investment Company Act of 1940 (the “Company Act”) and in which the Access Person or a Family Member has a direct or indirect Beneficial Ownership; and
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(iv)
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Of any Access Person of the Firm.
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(i)
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That person’s spouse or minor child who resides in the same household;
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(ii)
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Any adult related by blood, marriage or adoption to the Access Person (a “relative”) who shares the Access Person’s household;
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(iii)
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Any relative dependent on the Access Person for financial support; and
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(iv)
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Any other relationship (whether or not recognized by law) which the Chief Compliance Officer determines could lead to the possible conflicts of interest or appearances of impropriety this Code is intended to prevent.
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(i)
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Information is generally deemed “material” if a reasonable investor would consider it important in deciding whether to purchase or sell a company’s securities or information that is reasonably certain to affect the market price of the company's securities, regardless of whether the information is directly related to the company’s business.
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(ii)
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Information is considered “nonpublic” when it has not been effectively disseminated to the marketplace. Information found in reports filed with the Commission or appearing in publications of general circulation would be considered public information.
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(i)
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Direct obligations of the Government of the United States;
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(ii)
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Money market instruments, bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments, including repurchase agreements;
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(iii)
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Shares issued by money market funds;
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(iv)
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Shares issued by other mutual funds; and
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(v)
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Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds.
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·
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while aware of material nonpublic information about a company, may purchase or sell securities of that company until the information becomes publicly disseminated and the market has had an opportunity to react;
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·
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shall disclose material nonpublic information about a company to any person except for lawful purposes;
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·
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may purchase any Restricted Securities, found on the Restricted Securities List (see Restricted Securities List document), as for as long as the publicly traded company (or any member of its senior management) is a client of the Firm, unless expressly approved in advance by the Chief Compliance Officer.
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1.
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Investment opportunities arising as a result of Nuance work and analysis must first be considered for inclusion in our client portfolios.
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2.
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Investment opportunities deemed appropriate for client portfolios should not be executed for personal benefit until after client portfolios have been executed. The only exception to this rule is if an employee or Access Person owns a discretionary account of a specific Nuance composite. In this case, executing simultaneously with our clients is permitted. In no instance is executing before our clients orders are completed allowed.
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3.
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No employee of Nuance or Access Person may purchase or sell, directly or indirectly, any security in which the employee knows or should know that the security is actively purchased or sold on behalf of a client.
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4.
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No employee of Nuance or Access Person may purchase or sell, directly or indirectly, any security owned by Nuance that, after review of liquidity issues, could reasonably be believed to have a material impact on the price of the security. These liquidity tests are as follows:
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a.
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For each stock in the portfolio calculate the number of shares needed to purchase the stock or security.
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b.
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Next calculate the number of shares than can be reasonably purchased within 5 business days by calculating the 30 day average trading volume in shares * .20 *5.
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c.
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If it takes greater than 5 business days to accumulate the position, the employee or Access Person cannot trade in the security.
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5.
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If Nuance is purchasing, selling, or considering for purchase or sale a security on behalf of a client, no employee or Access Person may effect a transaction in that security prior to the client purchase or sale.
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6.
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There will be no investing in Initial Public Offerings of common stocks by Access Persons. These are reserved for clients. If an Access Person owns a discretionary account of a specific Nuance composite, then this is allowed.
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7.
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No Access Person may engage in “front running” – defined as trading for one’s own account before all positions of the firm’s client orders are completed.
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8.
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No Access Person shall trade securities on the basis of material, non-public information.
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1.
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All transactions require an email, letter, or memo, and trading is restricted until official approval is received from the Business Operating Manager, under the supervision of the Chief Compliance Officer and the Chief Investment Officer.
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2.
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Trading Approval Pre-Approval Process
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a.
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Determine if security has been considered for inclusion in all Nuance products or is already in a Nuance product or if it is in the portfolio. If not sure, contact Mr. Moore.
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b.
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If the security is in a Nuance product, the trade is will be executed after ALL Core and Clone transactions have been completed. The Business Operating Manager will send the access person an email documenting when it is appropriate to trade.
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c.
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If the security is not owned by Nuance products, it should be determine if it is being considered for inclusion in Nuance portfolios. If it is being considered for the portfolios, then the purchase or sale cannot be completed.
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d.
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If the security is not owned by Nuance and is not being considered for purchase in a Nuance product, document the purchase and keep in a Personal Trading File for audit purposes.
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1.
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All accounts in which the employee or Access Person has beneficial ownership should have duplicate statements sent to the Business Operating Manager of Nuance Investments, LLC. Further, all pre-clearance approvals should be maintained by the employee in a file for audit purposes.
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2.
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All email/letter/or memo documentation must be kept in a Personal Trading Account file for audit purposes for all trades regardless of size.
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The title, type of security, and as applicable the exchange ticker or CUSIP number, number of shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;
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The name of any broker, dealer or bank in which the Access Person maintains an account in which any securities (including but not limited to Reportable Securities) are held for the Access Person’s direct or indirect Beneficial Ownership; and
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The date the report is being submitted by the Access Person.
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·
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The date of the transaction, the title, the exchange ticker symbol or CUSIP number (if applicable), the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Reportable Security;
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·
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The nature of the transaction (i.e., purchase, sale, gift or any other type of Acquisition or Disposition):
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·
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The price of the Reportable Security at which the transaction was effected;
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·
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The name of the broker, dealer or bank with or through which the transaction was effected; and
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·
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The date the report is being submitted by the Access Person.
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·
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Special circumstances related to the purchase of Securities by Access Persons of the Firm are further discussed in the Personal Trading Policy.
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·
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With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person: The name of the broker, dealer or bank with whom the Access Person Established the Account;
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·
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The date the account was established; and
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·
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The date that the report is submitted by the Access Persons.
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·
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At least once each twelve (12) month period by a date specified by the Chief Compliance Officer, a Certification and Holdings Report as set forth on the CODE OF ETHICS CERTIFICATION AND HOLDINGS REPORT attestation with the following information which must be current as of a date no more than 45 days prior to the date the report is submitted:
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·
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The title, type of security, and as applicable the exchange ticker or CUSIP number, number of shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;
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·
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The name of any broker, dealer or bank in which the Access Person maintains an account in which securities (including but not limited to Reportable Securities) are held for the Access Person’s direct or indirect Beneficial Ownership; and
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·
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The date the report is being submitted by the Access Person.
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Any reports with respect to Securities held in accounts over which the Access Person had no direct or indirect influence or control;
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A transaction report with respect to transactions effected pursuant to an automatic investment plan;
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A transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Firm holds in its records so long as the Firm receives the confirmations or statements no later than 30 days after the close of the calendar quarter in which the transaction takes place.
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Has received, read and understand this Code and recognizes that the Access Person is subject to the Code;
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Has complied with all the requirements of this Code; and
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Has disclosed or reported all personal securities transactions, holdings and accounts required by this Code to be disclosed or reported.
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·
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A copy of the Code of Ethics adopted and implemented and any other Code of Ethics that has been in effect at any time within the past five years;
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·
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A record of any violation of the Code, and of any action taken as a result of the violation;
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·
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A record of all written acknowledgments for each person who is currently, or within the past five years was, an Associated Person of the Firm;
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·
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A record of each Access Person report described in the Code;
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·
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A record of the names of persons who are currently, or within the past five years were, Access Persons; and
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·
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A record of any decision and the reasons supporting the decision, to approve the acquisition of beneficial ownership in any security in an initial public offering or limited offering, for at least five years after the end of the fiscal year in which the approval was granted.
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·
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The name of each supervised person to whom the information was communicated to
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·
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The supervised person’s position within the company
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·
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The name of the security affected
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·
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The name of the person requesting communication of the information
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·
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The reason for the communication
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·
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The nature of the communication
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·
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The date of the communication
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·
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Review trading activity reports or confirmations and statements for each officer, director, investment adviser representative and supervised person of Nuance Investments
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·
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Review and monitor the trading activity of all accounts managed by Nuance Investments
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(c)
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“Beneficial ownership” or “beneficial interest” shall be interpreted in the same manner as beneficial ownership would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person has beneficial ownership of a security for purposes of Section 16 of that Act and the rules and regulations thereunder, which includes any interest in which a person, directly or indirectly, has or shares a direct or indirect pecuniary interest. A pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from any transaction. Each Access Person will be assumed to have a pecuniary interest, and therefore, beneficial interest in or ownership of, all securities held by the Access Person, the Access Person’s spouse, all minor children, all dependent adult children and adults sharing the same household with the Access Person (other than mere roommates) and in all accounts subject to their direct or indirect influence or control and/or through which they obtain the substantial equivalent of ownership, such as trusts in which they are a trustee or beneficiary, partnerships in which they are the general partner (except where the amount invested by the general partner is limited to an amount reasonably necessary in order to maintain the status as a general partner), corporations in which they are a controlling shareholder (except any investment company, trust or similar entity registered under applicable U.S. or foreign law) or any other similar arrangement. Any questions an Access Person may have about whether an interest in a security or an account constitutes beneficial interest or ownership should be directed to the Compliance Officer.
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1
The Adviser generally may recommend the purchase and sale of securities of listed energy companies, including MLPs, pipeline and other energy companies and other companies that benefit from the operations of energy companies, and high quality short-term debt investments.
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·
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The title, type of security, the exchange ticker symbol or CUSIP number (as applicable), number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;
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·
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The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and
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The date that the report is submitted by the Access Person.
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·
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The date of the transaction, the title, the exchange ticker symbol or CUSIP number, as applicable, interest rate and maturity date (if applicable), the number of shares and principal amount of each Covered Security involved;
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·
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The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);
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·
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The price of the Covered Security at which the transaction was effected;
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·
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The name of the broker, dealer or bank with or through which the transaction was effected; and
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·
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The date that the report is submitted by the Access Person.
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·
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The name of the broker, dealer or bank with whom the Access Person established the account;
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·
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The date the account was established; and
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·
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The date that the report is submitted by the Access Person.
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A.
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Supervised Persons
1
will at all times conduct themselves with integrity and distinction, putting first the interests of the clients of the Covered Entities (the “Clients” and each a “Client”). This Code is based on the principle that Supervised Persons owe a fiduciary duty to Clients. Supervised Persons must adhere to this general principle as well as comply with the Code’s specific provisions. It bears emphasis that technical compliance with the Code’s procedures will not automatically insulate from scrutiny, activities which show a pattern of abuse of the individual’s fiduciary duties.
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B.
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Access Persons should conduct their Personal Securities Transactions in a manner which does not interfere with portfolio transactions and in such a manner as to avoid any actual or potential conflict of interest or abuse of such person’s position of trust and responsibility, or otherwise take inappropriate advantage of such person’s position in relation to the Covered Entities. .
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C.
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Each Access Person and Supervised Person must comply with all applicable Federal securities laws.
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D.
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Each Access Person and Supervised Person shall be subject to the provisions of Appendix B the Insider Trading Supplement to the Code.
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E.
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Each Access Person and Supervised Person shall be subject to the provisions of Appendix C the Gifts and Business Entertainment Supplement to the Code.
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A.
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Nondisclosure
of
Information.
Each Access Person and Supervised Person shall not divulge to any person, contemplated or completed securities transactions of Client, except in the performance of his or her duties. This prohibition shall not apply if such information previously has become a matter of public knowledge.
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B.
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Section
17(d) Limitations.
No Affiliated Person of the Trust or Securian or any Affiliated Person of such person or Securian, acting as principal, shall effect any transaction in which the Trust, or a company controlled by the Trust, is a joint or a joint and several participant with such person, Securian or Affiliated Person, in contravention of such rules and regulations as the Securities and Exchange Commission (the “SEC”) may prescribe under Section 17(d) of the Investment Company
Act for the purpose of limiting or preventing participation by the Trust or controlled companies on a basis different from or less advantageous than that of such other participant.
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C.
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Proscribed
Activities
Under
Rule 17j-1(b).
Rule 17j-1(b) under the Investment Company Act provides:
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1.
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To employ any device, scheme or artifice to defraud a Fund;
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2.
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To make to a Fund any untrue statement of a material fact or omit to state to a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;
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3.
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To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Fund; or
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4.
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To engage in any manipulative practice with respect to a Fund.
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D.
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Covenant to
Exercise
Best
Judgment.
An Access Person shall act on his or her best judgment in effecting, or failing to effect, any transaction and such Access Person shall not take into consideration his or her personal financial situation in connection with decisions regarding portfolio transactions.
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E.
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Limitations
on
Personal
Securities
Transactions
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1.
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No
Personal
Securities
Transactions
without Prior Approval
.
No Access Person shall engage in a Personal Securities Transaction without pre-clearance.
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a.
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Prior to placing any order to effect any Personal Securities Transaction, except as provided in Paragraph b. below, an Access Person shall secure pre-clearance utilizing the procedures set forth in (i) or (ii) below.
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i.
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Manual Pre-Clearance.
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ii.
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E-Mail Based Prior Clearance.
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b.
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Personal Securities Transactions in the following securities do not require prior approval pursuant to this section:
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i.
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Direct obligations of the Government of the United States (transactions in securities that are indirect obligations of the U.S. Government such as securities of the Federal National Mortgage Association are not exempted);
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ii.
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Shares issued by open-end investment companies;
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iii.
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Bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;
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iv.
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Shares issued by unit investment trusts that are invested exclusively in one or more open- end funds;
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v.
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Shares issued by a Reportable Fund;
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vi.
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Exchange traded funds and options on exchange traded funds; or
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vii.
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Securities held or to be held in Non-Influence and Non-Control accounts.
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2.
|
Limitations
Related
to
Time
of
Transactions.
|
a.
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No Access Person shall engage in a Personal Securities Transaction involving any Security which, with respect to any Client, has been purchased or sold within the most recent 7 calendar days or which has a pending “buy” or “sell” order.
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b.
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No Access Person who is a portfolio manager or analyst shall engage in a Personal Securities Transaction involving any Security which, with respect to any Client for which they manage or make recommendations, is being considered for purchase or sale within the next 7 calendar days.
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c.
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The restrictions contained in paragraphs a. and b. above will not apply if any such Security:
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i.
|
is no longer held by any Client as a result of a sale within the most recent 7 calendar days (in which case such Security may be sold the next day following the completion of such a transaction by a Client), or
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ii.
|
is purchased or sold on any day, and/or the previous 7 calendar days,
solely
by one or more Clients which track the performance of an index.
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d.
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No Access Person shall profit from the purchase and sale, or sale and purchase, of the same (or an equivalent) Security in a Personal Securities Transaction within sixty calendar days.
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e.
|
The following Personal Securities Transactions are not subject to the limitations set forth in Paragraphs a., b. and d. above:
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i.
|
Transactions in Securities held or to be held in Non-Influence and Non-Control Accounts;
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ii.
|
Transactions in Securities which are not eligible for purchase or sale by any Reportable Fund;
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iii.
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Transactions effected pursuant to an automatic dividend reinvestment plan;
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iv.
|
Transactions effected upon the exercise or rights issued by an issuer
pro
rata
to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;
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v.
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Transactions effected in any exchange traded or open-end investment option or fund.
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3.
|
Initial
Public
Offering
Limitations.
No Access Person shall engage in any Personal Securities Transaction that involves the purchase of a Security which is part of an Initial Public Offering.
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4.
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Limited
Offering
Limitations.
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a.
|
No Access Person shall engage in any Personal Securities Transaction that involves a Limited Offering of Securities without the express prior approval of the Chief Compliance Officer in accordance with the procedures set forth in Section III.E.6. In reviewing any such approval request, the Chief Compliance Officer shall consider, among other factors, whether the investment opportunity should be reserved for a Client, and whether the
opportunity is being offered to the requesting individual by virtue of his or her position with the Covered Entity.
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b.
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Access Persons who have received approval as set forth above and who continue to hold the Security acquired in such Limited Offering, shall disclose any such continuing investment to the Chief Compliance Officer if and when they should become involved in any subsequent consideration of an investment in the same issuer for the portfolio of any Client. In such case the decision to invest in the Securities of such an issuer shall be subject to the approval of the Chief Compliance Officer.
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c.
|
The Chief Compliance Officer shall make written records of actions under this section.
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5.
|
Copies
of
Brokerage Reports.
All Access Persons that engage in a Personal Securities Transaction are required to have the executing broker send a duplicate copy of the confirmation of the transaction to the Chief Compliance Officer at the same time as it is provided to such person. In such event, the Access Person shall also direct such broker to provide duplicate copies of any periodic statements on any account maintained by such person to the Chief Compliance Officer. If a confirmation is not produced by an executing broker in connection with a Personal Securities Transaction, the Access Person shall provide other evidence of such transaction (e.g. a print out of the computer screen confirming a transaction involving shares issued by a Reportable Fund) to the Chief Compliance Officer.
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6.
|
Waivers
.
An Access Person may also request prior approval of a Personal Securities Transaction which, on its face, would be prohibited by the limitations of Section III.E. Such person shall provide to the Chief Compliance Officer a description of the proposed transaction, including the name of the issuer, the title or type of the Security, the number of shares and the price per share or the principal amount of the transaction, and shall also provide a statement why the applicable limitation should be waived in the case of the proposed transaction. The Chief Compliance Officer shall, after investigation, determine that a waiver of the limitations otherwise applicable to the proposed transaction would, may, or would not be consistent with the purpose of this Code. Purchases and sales consistent with the Code shall include those which are only remotely potentially harmful to any Client, those which would be very unlikely to affect a highly institutional market, and those which clearly are not related economically to the securities to be purchased, sold or held by any Client.
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7.
|
Excessive Trading
. Access Persons are prohibited from engaging in a pattern of transactions in Securities which are excessively frequent so as to potentially: (i) impact their ability to carry out their assigned responsibilities, (ii) increase the possibility of actual or apparent conflicts, or violate any of the provisions of this Code or other applicable rules and regulations.
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8.
|
Exclusion
for
Certain
Trust Officers
and
Trustees,
and
Certain
Directors
of
the Adviser
.
|
a.
|
Notwithstanding the above, after notification by the Chief Compliance Officer,
|
i.
|
an officer or a Trustee of the Trust, who is not an employee of a Covered Entity, or
|
ii.
|
an Independent Trustee of the Trust, or
|
iii.
|
any Independent Counsel to the Independent Trustees of the Trust
shall not be subject to the requirements of this Section III.E. If any such person obtains information regarding the future purchase or sale of a Security by the Trust (or a recommendation of the Adviser pertaining to the future purchase or sale of a Security by the Trust) such person shall be subject to the requirements of Section III.E. as to such Security.
|
b.
|
Notwithstanding the above, directors of the Adviser who are not employees of
the
Adviser
, even though they may be employees of an Affiliate of
the
Adviser
, as well as Limited Access Persons will not be required to comply with the requirements of Section III. E. 1. 2., and 7. Such directors and Limited Access Persons will be required to comply with all other provisions of this Section III. E. If any such director or Limited Access Person obtain information regarding the future purchase or sale of a Security by a Client (or a recommendation of the Adviser pertaining to the future purchase or sale of a Security by a Client) such person shall be subject to all of the requirements of Section III.E. as to such Security.
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F.
|
Obligation
to
Report Violations.
Each Supervised Person is obligated to report violations of the Code to the Chief Compliance Officer. Retaliation in any way by an officer, director or employee of a Covered Entity for reporting potential violations of this Code shall be deemed to be a violation of the Code. Any Code violation can also be reported on the Confidential Ethics Line which is 1-877- 215-1322.
|
A.
|
Initial
and
Annual
Reports
by
Personnel
.
All Access Persons shall submit to the Chief Compliance Officer a report of all Securities beneficially owned by them at the time that they commence employment with the Covered Entity (or any affiliated company). This report shall be submitted to the Chief Compliance Officer within 10 calendar days of commencement of employment and the information must be current as of a date no more than 45 calendar days prior to the date the report was submitted. All Access Persons shall submit to the Chief Compliance Officer, within 30 calendar days of the end of each calendar year, a report of all Securities beneficially owned by them as of December 31 of each year or at such other date selected by the Chief Compliance Officer of the Adviser. The initial and annual security holdings report must include the following information:
|
1.
|
the title and type of the security (including the exchange ticker symbol or CUSIP number), number of shares, or principal amount of each Security in which the Access Person has any direct or indirect Beneficial Ownership;
|
2.
|
the name of the broker, dealer, or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person. The initial security holdings report should be as of the date the person became an Access Person; and
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3.
|
the date the report is submitted by the Access Person.
|
B.
|
Quarterly
Report.
Not later than 30 calendar days after the end of each calendar quarter or such shorter time as directed by the compliance department, each Access Person shall submit a report (as shown in Exhibit A) which shall specify the following information with respect to transactions during the then ended calendar quarter in any Security in which such Access Person has, or by reason of such transaction acquired, any direct or indirect Beneficial Ownership in the Security:
|
1.
|
the date of transaction, the name of the issuer, the title or type of Security (and as applicable the exchange ticker symbol or CUSIP number), the interest rate and maturity (if applicable), the number of shares, and the principal amount of each Security involved;
|
2.
|
the nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);
|
3.
|
the price of the Security at which the transaction was effected;
|
4.
|
the name of the broker, dealer, or bank with or through whom the transaction was effected;
|
5.
|
the date that the report is submitted by the Access Person; and
|
6.
|
any account established in the quarter by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person.
|
C.
|
Limitation
on
Reporting
Requirements.
Notwithstanding the provisions of Section IV.A. and B., no Access Person shall be required to make:
|
1.
|
a report with respect to transactions effected pursuant to an automatic investment plan; or
|
2.
|
a quarterly report, initial or annual holdings report, if such person is not an “interested person” of the Trust as defined in Section 2(a)(19) of the Investment Company Act, and would be required to make such a report solely by reason of being a trustee of the Trust,
except
where such trustee knew, or in the ordinary course of fulfilling his or her official duties as a trustee of the Trust should have known, that during the 15 calendar day period immediately preceding or after the date of the transaction in a Security by the trustee, such Security was being purchased or sold by the Trust or such purchase or sale by the Trust was being considered by the Trust or the Adviser.
|
D.
|
Reports
of
Violations.
In addition to the quarterly reports required under this section, each Access Person promptly shall report any transaction which is, or might appear to be, in violation of this Code. Such report shall be made to the Chief Compliance Officer. Retaliation in any way by an officer, trustee, director or employee of a Covered Entity for reporting potential violations of this Code shall be deemed to be an additional violation of the Code.
|
E.
|
Filing
of
Reports.
All reports prepared pursuant to this section shall be filed with the person designated by the Chief Compliance Officer to review these materials.
|
F.
|
Quarterly
Report
by
Adviser.
Each calendar quarter, after the receipt of reports from Access Persons, the Chief Compliance Officer shall prepare a report which shall certify, to the best of his or her knowledge, that all persons required to file a report under Section IV.B. have complied with this Code for such prior quarter or, if unable to make such certification, shall describe in detail incomplete reports, violations or suspected violations of this Code.
|
G.
|
Dissemination
of
Reports.
Any reports submitted pursuant to this section may be disseminated as may be reasonably necessary to accomplish the purposes of this Code.
|
A.
|
The Covered Entities must each at its principal place of business, maintain records in the manner and extent set out in this Section of the Code and must make available to the Securities and Exchange Commission (SEC) or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination:
|
1.
|
A copy of the Code that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;
|
2.
|
A record of all written acknowledgements regarding receipt and review of the Code for each person who is currently, or within the past five years, was an Access Person.
|
3.
|
A record of any violation of the Code, and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;
|
4.
|
A copy of each report made by an Access Person as required, including any information provided in lieu of a quarterly transaction report, see Section IV.A, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;
|
5.
|
A record of all persons, currently or within the past five years, who are or were required to make reports as deemed Access Persons, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place;
|
6.
|
A copy of each report defined in Section VI.B must be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place.
|
B.
|
The Covered Entities must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition of Limited Offering securities or to grant any waiver under this Code, for at least five years after the end of the fiscal year in which the approval is given.
|
A.
|
The Board of Directors or Board of Trustees of each Covered Entity as the case may be (the “Boards,” each a “Board”) must approve the Code and any material change to the Code. In the case of the Trust Board, a majority of the trustees who are not interested persons must approve the Code and material changes. The Boards must base approval of a Code and any material changes to the Code on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by section III.C. Before approving the Code, the Boards must receive a certification from the Covered Entities that each has adopted procedures reasonably necessary to prevent Access Persons from violating its Code. The Boards must approve a material change to the Code no later than six months after adoption of the material change. The Covered Entities must each use reasonable diligence and institute procedures reasonably necessary to prevent violations of its Code.
|
B.
|
No less frequently than annually, each Covered Entity must furnish to the Trust Board a written report that:
|
1.
|
Describes any issues arising under the Code since the last report to such Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and
|
2.
|
Certifies that the Covered Entities have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.
|
C.
|
No less frequently than annually, the Adviser will furnish to the Board of the Trust a written report containing the information described in B. above relating to the Adviser.
|
A.
|
General.
Any Access Person or Affiliated Person who is found to have violated any provision of this Code may be permanently dismissed, reduced in salary or position, temporarily suspended from employment, or sanctioned in such other manner as may be determined by the applicable Covered Entity Board in its discretion. If an alleged violator is not affiliated with a Covered Entity, the Chief Compliance Officer shall have the responsibility for enforcing this Code and determining appropriate sanctions. In determining sanctions to be imposed for violations of this Code, any factors deemed relevant, including but not limited to the following:
|
1.
|
the degree of willfulness of the violation;
|
2.
|
the severity of the violation;
|
3.
|
the extent, if any, to which the violator profited or benefited from the violation;
|
4.
|
the adverse effect, if any, of the violation on a Client;
|
5.
|
the market value and liquidity of the class of Securities involved in the violation;
|
6.
|
the prior violations of the Code, if any, by the violator;
|
7.
|
the circumstances of discovery of the violation; and
|
8.
|
if the violation involved the purchase or sale of Securities in violation of this Code, (a) the price at which the Client purchase or sale was made and (b) the violator’s justification for making the purchase or sale, including the violator’s tax situation, the extent of the appreciation or depreciation of the Securities involved, and the period the Securities have been held.
|
B.
|
Violations
of
Limits
on
Personal
Securities
Transaction
(Section
III.E.)
|
1.
|
At its election, a Covered Entity may choose to treat a transaction prohibited under Section
III.E. of this Code as having been made for the account of a Client. Such an election may be made only by (i) in the case of the Trust, a majority vote of the trustees who are not Affiliated Persons of the Trust, and (ii) in the case of the Adviser and Securian, a majority vote of the directors. Notice of an election under this section shall not be effective unless given to the Chief Compliance Officer within 60 calendar days after the Covered Entity is notified of such transaction. In the event of a violation involving more than one Client, recovery shall be allocated between the affected Clients in proportion to the relative net asset values of the Client portfolios as of the date of the violation.
|
2.
|
If securities purchased in violation of Section III.E. of this Code have been sold in a bona fide sale, the Covered Entity shall be entitled to recover the profit made by the seller. If such securities are still owned by the seller, or have been disposed of by such seller other than by a bona fide sale at the time notice of election is given by the Covered Entity, the Covered Entity shall be entitled to recover from the seller the difference between the cost of such Securities to the violator and the fair market value of such Securities on the date the Covered Entity acquired such Securities. If the violation consists of a sale of Securities in violation of Section III.E. of this Code, the Covered Entity shall be entitled to recover from the violator the difference between the net sale price per share received by the violator and the net sale price per share received by the Covered Entity, multiplied by the number of shares sold by the violator. Each violation shall be treated individually and no offsetting or netting of violations shall be permitted. The sums due from a violator under this paragraph shall include sums due to a Covered Entity as a result of a violation by a member of the immediate family of such violator.
|
3.
|
Knowledge on the part of a trustee, director or officer of a Covered Entity who is an Affiliated Person of the Adviser of a transaction in violation of this Code shall not be deemed to be notice under Section VII.B.1.
|
4.
|
If a Covered Entity Board determines that a violation of this Code has caused financial detriment to a Client, the Adviser shall use its best efforts, including such legal action as may be required, to cause a person who has violated this Code to deliver to such Client such Securities, or to pay to the Client such sums, as the Covered Entity shall declare to be due under this section, provided that:
|
a.
|
the Adviser shall not be required to bring legal action if the amount reasonably recoverable would not be expected to exceed $2,500;
|
b.
|
In lieu of bringing a legal action against the violator, the Adviser may elect to pay to the Client such sums as the Client shall declare to be due under this section; and
|
c.
|
the Adviser shall have no obligation to bring any legal action if the violator was not an Affiliated Person of a Covered Entity.
|
C.
|
Rights
of
Alleged
Violator.
A person charged with a violation of this Code shall be informed of the violation in writing and shall have the opportunity to appear before the applicable Board (or such Board’s designees) as may have authority to impose sanctions pursuant to this Code, at which time such person shall have the opportunity, orally or in writing, to deny any and all charges, set forth mitigating circumstances, and set forth reasons why the sanctions for any violations should not be severe.
|
D.
|
Delegation
of
Duties.
Each Covered Entity Board may delegate its enforcement duties under this section to such officers of any Covered Entity, such as the Chief Compliance Officer, and with such authority as such Board deems appropriate and by adopting this Code such Covered Entities’ Boards have delegated its enforcement duties under this Code to the Chief Compliance Officer who shall undertake the enforcement duties under this Code. If the proposed sanction involves a material penalty, the Chief Compliance Officer shall consult with the Board of the Adviser in making this determination for any Access Person covered by this Code.
|
E.
|
Non-exclusivity
of
Sanctions.
The imposition of sanctions hereunder by one Covered Entity Board will not preclude the imposition of additional sanctions by the Board of another Covered Entity and shall not be deemed a waiver of any rights by the Clients.
|
A.
|
Identification
of
Access
Persons.
The Adviser shall, on behalf of the Covered Entities, identify all Access Persons who are under a duty to make reports under Section IV and shall inform such persons of such duty.
|
B.
|
Maintenance
of
Records.
The Adviser shall, on behalf of the Covered Entities, maintain and make available records as required by Rule 17j-1(d).
|
C.
|
Annual
Certification
of
Compliance.
All Access Persons shall sign a certificate to be presented to the Adviser upon the start of their employment with a Covered Entity and at least annually thereafter certifying that they have read and understood this Code and any amendments to the Code and acknowledging that they are subject to the terms of the Code. The certificate shall additionally provide that such person has disclosed or reported all Personal Securities Transactions required to be disclosed or reported pursuant to the provisions of this Code.
|
D.
|
Service
as
Director.
An Access Person may not serve as a director of a publicly traded company without the prior consent of the Chief Compliance Officer. Service as a director of a publicly traded company shall not be given by the Chief Compliance Officer if the publicly traded company is a Client holding at the time of the approval. The Chief Compliance Officer shall not provide such authorization unless he or she finds that such board service would be consistent with the interests of the Covered Entities and Clients. Should any person receive such authorization, any investment by a Client in the securities of any such publicly traded company while such person is serving as a director shall be previously approved by the Chief Compliance Officer. Notwithstanding the foregoing, service as a director of a portfolio holding in the Advantus Strategic Dividend Income Fund is prohibited.
|
E.
|
Effective Date.
The effective date of this Code shall be February 15, 2014.
|
A.
|
“
Access
Person”
shall mean:
|
1.
|
With Respect to a Fund
|
a.
|
any officer, director, general partner or Employee of the Adviser or
|
b.
|
any officer, director, general partner or Employee of a company in a control relationship to a Fund or investment adviser who, , in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by a Fund or whose functions or duties relate to the making of any recommendations with respect to purchases or sales of a Covered Security by a Fund;
|
c.
|
any natural person in a control relationship to a Fund or the Adviser who obtains information concerning recommendations made to a Fund with regard to the purchase or sale of a Covered Security by the Fund;
|
d.
|
any director, officer or general partner of a principal underwriter of the Trust who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Trust, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Trust regarding the purchase or sale of Covered Securities.
|
2.
|
With respect to the Adviser, is a Supervised Person, who
|
a.
|
has access to nonpublic information regarding any clients’ purchase or sale of securities, or
|
b.
|
has access to nonpublic information regarding portfolio holdings of any Reportable Fund; or
|
c.
|
is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.
|
3.
|
All trustees, directors and officers of the Adviser and the Trust.
|
B.
|
“Affiliated
Person”
means:
|
1.
|
Any person directly or indirectly owning, controlling or holding with power to vote, five percent (5%) or more of the outstanding voting securities of such other person;
|
2.
|
Any person, five percent (5%) or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such other person;
|
3.
|
Any person directly or indirectly controlling, controlled by, or under common control with, such other person;
|
4.
|
Any officer, trustee, director, partner, co-partner, or employee of such other person;
|
5.
|
If such other person is an investment company, any investment adviser thereof or any member of any advisory board thereof; and
|
6.
|
If such other person is an unincorporated investment company not having a board of directors, the depositor thereof.
|
C.
|
“
Beneficial
Ownership
”
shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-1 thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all Securities which the person has or acquires Beneficial Ownership includes, but is not limited to those securities owned by a person who directly or indirectly through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. Direct pecuniary interest includes the opportunity directly or indirectly to profit or share in any profit derived from a transaction in the securities. The term indirect pecuniary interest includes but is not limited to securities held by members of a person’s immediate family sharing the same household. You are generally considered to be the beneficial owner of securities owned by any of the following:
|
1.
|
your spouse/domestic partner;
|
2.
|
minor children of you, your spouse/domestic partner, or both;
|
3.
|
a trust of which you are a trustee or a beneficiary;
|
4.
|
any of your relatives, or relatives of your spouse/domestic partner, that share your home;
|
5.
|
a partnership of which you are a partner;
|
6.
|
a corporation of which you are a substantial shareholder; or
|
7.
|
any other person who relies on you to make investment decisions.
|
D.
|
“Chief
Compliance
Officer”
means the Chief Compliance Officer of the Adviser and his or her designee.
|
E.
|
“Control”
shall have the meaning set forth in Section 2(a)(9) of the Investment Company Act and shall include the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. A person who directly or indirectly owns more than 25% of the voting securities of a company is presumed to control such company.
|
F.
|
“Covered
Security”
shall mean a security as defined in Section 2(a)(9) of the Investment Company Act except that it does not include
:
|
G.
|
“Employee”
means an employee of the Adviser, including employees that meet the definition of “access person” pursuant to Investment Advisers Act Rule 204A-1, or with respect to any other Covered Entity or any other affiliated company, an employee who has been notified that he or she is also subject to this Code.
|
H.
|
“Fund”
means any investment company registered under the Investment Company Act for which the Adviser serves as an adviser or sub-adviser.
|
I.
|
“Initial
Public
Offering”
means an offering of securities registered with the Commission, the issuer of which, immediately before the registration, was not required to file reports with the Commission.
|
J.
|
“
Limited
Access
Person
” means Access Persons designated Limited Access Persons from time to time by the Chief Compliance Officer. The Chief Compliance Officer shall keep records of such designations.
|
K.
|
“Limited
Offering”
means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.
|
L.
|
“Non-Influence
and
Non-Control
Account”
means an account or accounts over which an Access Person has no direct or indirect influence or control. Access Persons wishing to qualify an account as Non-Influence and Non-Control account are required to receive the prior written approval from the Chief Compliance Officer.
|
M.
|
“Personal
Securities
Transaction”
means a transaction in a Security which (i) an Access Person effects for his or her own account or for an account over which he or she has Beneficial Ownership, or (ii) that a person who is not an Access Person effects if an Access Person is a Beneficial Owner of such Security (for example, transactions made by an Access Person’s spouse).
|
N.
|
“Purchase
or
sale
of
a
Security”
also includes the writing of an option to purchase or sell a Security.
|
O.
|
“Reportable
Fund”
means any investment company registered under the Investment Company Act for which a Covered Entity serves as an investment adviser or whose investment adviser or principal underwriter controls, is controlled by or is under common control with a Covered Entity.
|
P.
|
“Security”
means any security as that term is defined in Section 2(a)(36) of the Investment Company Act, or Section 202(a)(18) of the Investment Advisers Act, and includes, but is not limited to: means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, reorganization certificate or subscription, transferable share, investment contract, voting- trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. Indirect obligations of the U.S. Government, such as securities of the Federal National Mortgage Association; shares issued by an open-end fund where such shares are issued by a Reportable Fund; investment options underlying a variable annuity, variable life insurance policy, or 401(k) plan, where such investment options include shares issued by a Reportable Fund; and exchange traded funds are also Securities for the purposes of the Code. Security does
not
include:
|
1.
|
direct obligations of the Government of the United States;
|
2.
|
bankers acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;
|
3.
|
shares issued by money market funds;
|
4.
|
shares issued by open-end funds (other than a Reportable Fund or an exchange traded fund); and
|
5.
|
shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are a Reportable Fund.
|
Q.
|
“
Security
Held
or
to
be
Acquired
”
means any Security which, within the most recent 15 calendar days (i) is or has been held by the Adviser on behalf of a Client, or (ii) is being or has been considered by the Client or Adviser for purchase by or on behalf of a Client, and (iii) includes any option to purchase or sell, and any Security that is exchangeable for or convertible into, any Security that is held by or to be acquired by the Adviser on behalf of a Client.
|
R.
|
“Supervised
Person”
means any partner, officer, director (or person occupying a similar status or performing similar functions), or employee of the Adviser, or other person who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser.
|
Name of Issuer or
Investment
option
|
Type of Security
(Stock/Bond/
Investment Option)
|
Broker/Bank/Fund/ Separate
Account/ Insurance
Co./Employer Plan
|
Number of
Shares/Units
Owned
|
Principal
Amount
|
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
Type of Contract
(Insurance, Annuity,
401(k))
|
Owner of
Contract
|
Policy Number, Contract
Number or Account Number
|
Counterparty (Name of
insurance company or
employer sponsor)
|
|
|||
|
|||
|
Name (Please Print) | Signature | Date |
●
|
Formal adoption of the firm's Code of Ethics by management.
|
●
|
The Chief Compliance Officer annually distributes the current Code of Ethics to all supervised persons and to all new supervised persons upon hire
.
|
●
|
Each supervised person must acknowledge receipt of the firm's Code of Ethics initially upon hire and annually. Acknowledgement records are maintained electronically using the Compliance 11 system.
|
●
|
The Chief Compliance Officer, with other designated officer(s), annually reviews the firm's Code of Ethics and updates the Code of Ethics as may be appropriate.
|
●
|
The Chief Compliance Officer periodically reviews access persons' personal transactions/holdings reports. Exception reports are generated in Compliance 11 which are reviewed by the CCO or designee to ensure compliance with the Code of Ethics.
|
●
|
The Chief Compliance Officer, or his/her designee, retains relevant Code of Ethics records as required, including but not limited to, Codes of Ethics, as amended from time to time, acknowledgement/certification forms, records identifying individuals deemed to be access persons of the firm, initial and annual holdings reports, quarterly reports of personal securities transactions, violations and sanctions, among others.
|
●
|
The firm provides initial and periodic education about the Code of Ethics, and each person's responsibilities and reporting requirements, under the Code of Ethics.
|
●
|
The firm's Form ADV is periodically reviewed and amended, when necessary, reviewed by the Chief Compliance Officer to appropriately disclose a summary of the firm's Code of Ethics which includes an offer to deliver a copy of the Code upon request by an existing or prospective advisory client.
|
●
|
The Chief Compliance Officer is responsible for receiving and responding to any client requests for the firm's Code of Ethics and maintaining required records.
|
This Manual Is The Property Of Smith Asset Management Group, L.P. And Must Be Returned To The Company Should An Employee's Association With The Company Terminate For Any Reason. The Contents Of This Manual Are Confidential, And Should Not Be Revealed To Third Parties Without The Prior Approval Of The Chief Executive Officer Or Chief Compliance Officer.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
P
age
|
|||
1.
|
Code of
Ethics
|
3
|
|
1.1
|
Access Person
|
3
|
|
1.2
|
Standards of Business Conduct
|
3
|
|
2.
|
Personal Securities Transactions
|
5
|
|
2.1
|
Personal Securities Transactions Reporting Requirements
|
5
|
|
2.2
|
Access Person Trade Restrictions
|
7
|
|
2.3
|
Reporting Requirements
|
8
|
|
2.4
|
Confidentiality
|
8
|
|
2.5
|
Additional Restrictions on Certain Access Persons’ Personal Trading
|
8
|
|
3.
|
Insider Information
|
10
|
|
3.1
|
Insider Transactions
|
10
|
|
3.2
|
Use of Non-Public Information Regarding a Smith Group Client
|
10
|
|
3.3
|
Social Media and Networking Policy
|
11
|
|
4.
|
Gifts, Directorships and Regulatory Requirements
|
11
|
|
4.1
|
Gifts
|
11
|
|
4.2
|
Directorships and Other Outside Employment
|
11
|
|
4.3
|
Regulatory Requirements
|
12
|
|
5.
|
Enforcement of the Code
|
12
|
|
5.1
|
Chief Compliance Officer’s Duties and Responsibilities
|
12
|
|
5.2
|
Code Violations
|
13
|
|
5.3
|
Annual Written Reports to Senior Management
|
13
|
|
5.4
|
Effective Date of the Code
|
13
|
|
Definitions
|
14
|
||
Acknowledgement and Certification
|
17
|
||
Quarterly Personal Securities Transactions Report
|
18
|
||
Initial Holdings Report
|
19
|
||
Annual Holdings Report
|
20
|
||
Quarterly Insider transactions and outside employment certification
|
21
|
||
Quarterly Compliance Certification
|
22
|
Smith Asset Management Group, LP
|
Code of Ethics
|
1.
|
C
ode of
E
thics
|
|
●
|
all employees, directors and officers of Smith Group.
|
1.1
|
Access
Person
|
1.2
|
Standards
of
Business
Conduct
|
|
●
|
A duty of loyalty to the Smith Group and its clients requires that Access Persons act for the best interests of the Smith Group and its clients and always place the Smith Group and clients’ interests first and foremost.
|
|
●
|
Access Persons must avoid actions or activities that allow (or appear to allow) them or their family members to profit or benefit from their relationships with the Smith Group and its clients, or that bring into question their independence or judgment.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
|
●
|
Access Persons must always observe the highest standards of business conduct and act in accordance with all applicable laws and regulations.
|
|
●
|
Access Persons must report any violations of this Code of Ethics promptly to the Chief Compliance Officer. All reports of Code of Ethics violations will be treated as being made on an anonymous basis. The Company is required to maintain documentation identifying the individual(s) reporting violations of the Code, however the CCO may choose to do so on a case by case basis. Smith Group has zero tolerance for retaliatory actions against employees reporting violations of the Company’s compliance policies, procedure or Code of Ethics. Offenders may be subject to disciplinary actions.
|
|
●
|
Access Persons cannot, in connection with the purchase or sale, directly or indirectly, of a
security held or to be acquired by any Smith Group client:
|
|
Ø
|
employ any device, scheme or artifice to defraud any Smith Group client;
|
|
Ø
|
make to a Smith Group client any untrue statement of a material fact or omit to state to a Smith Group client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
|
|
Ø
|
engage in any act, practice or course of business which would operate as a fraud or deceit upon any Smith Group client; or
|
|
Ø
|
engage in any manipulative practice with respect to any Smith Group client.
|
|
●
|
Access Persons cannot engage in any inappropriate trading practices. Access Persons must comply with the share trading policies of all mutual funds in which they invest.
|
|
●
|
Access Persons cannot cause or attempt to cause any Smith Group client to purchase, sell, or hold any
security in a manner calculated to create any personal benefit to the Access Person. No Access Person shall recommend any
securities transactions for a Smith Group client without having disclosed his or her interest, if any, in such
securities or the issuer thereof, including, without limitation:
|
|
Ø
|
his or her direct or indirect beneficial ownership of any
securities of such issuer;
|
|
Ø
|
any position with such issuer or its affiliates; and
|
|
Ø
|
any present or proposed business relationship between such issuer or its affiliates and the Access Person or any party in which the Access Person has a significant interest.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
2.
|
P
ERSONAL
S
ECURITIES
T
RANSACTIONS
|
|
Ø
|
Taking an investment opportunity from a Smith Group client for an Access Person’s own portfolio
|
|
Ø
|
Using an Access Person’s advisory position to take advantage of available investments
|
|
Ø
|
Front running, which may involve an Access Person trading before making Smith Group client transactions in the same securities
|
|
Ø
|
Taking advantage of information or using Smith Group client portfolio assets to have an effect on the market that may be used to the Access Person’s benefit
|
2.1
|
Personal
Securities
Transactions
Reporting
Requirements
|
|
a)
|
title and exchange ticker symbol or CUSIP number;
|
|
b)
|
number of shares or principal amount of the
security
involved;
|
|
c)
|
type of
security
;
|
|
d)
|
name of the broker-dealer or bank that maintained the account; and
|
|
e)
|
the date the report is submitted by the Access Person.
|
|
a)
|
title and exchange ticker symbol or CUSIP number;
|
|
b)
|
number of shares or principal amount of the
security involved;
|
|
c)
|
interest rate and maturity date (if applicable);
|
Smith Asset Management Group, LP
|
Code of Ethics
|
|
d)
|
date of the transaction;
|
|
e)
|
nature of the transaction (
purchase
or
sale
);
|
|
f)
|
price at which the trade was effected;
|
|
g)
|
name of the broker-dealer or bank that executed the transaction; and
|
|
h)
|
the date the report is submitted by the Access Person.
|
|
a)
|
name of the broker-dealer or bank with whom the Access Person established the account
|
|
b)
|
the date the account was established; and
|
|
c)
|
the date the report is submitted by the Access Person.
|
|
(1)
|
You are not required to detail or list the following items on your initial and annual holdings reports and quarterly transactions reports:
|
|
(A)
|
Purchases or sales effected for any account over which you have no direct or indirect influence or control;
|
|
(B)
|
Transactions effected pursuant to an automatic investment plan; and
|
|
(C)
|
Purchases or sales of any of the following securities:
|
|
●
|
Direct obligations of the U.S. government;
|
|
●
|
Banker’s acceptances, bank certificates of deposit, commercial paper and
high
quality
short-term
debt
instruments
, including repurchase agreements;
|
|
●
|
shares issued by money market funds, whether affiliated or non-affiliated; and
|
|
●
|
shares issued by open-end investment companies, other than shares of an affiliated fund.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
2.2
|
Access
Person
Trade Restrictions
|
|
(A)
|
An Access Person cannot purchase or sell, directly or indirectly, any
security
in which the person had (or by reason of the transaction acquires) any
beneficial
ownership
and where such person knew, at the time of such purchase or sale, that the
security
:
|
|
●
|
is
being considered
for
purchase
or
sale
by Smith Group on behalf of its clients; or
|
|
●
|
is
being
purchased
or
sold
by Smith Group on behalf of its clients.
|
|
(B)
|
An Access Person cannot purchase or sell, directly or indirectly, any
security
in which the person had (or by reason of such transaction acquires) any
beneficial
ownership
at any time within 7 calendar days before or after
|
|
●
|
the time that the same (or a related)
security
is
being
purchased
or
sold
by any Smith Group client portfolio the person manages or for which such person trades, or
|
|
●
|
the person has issued an investment recommendation regarding that (or a related)
security
.
|
|
(A)
|
purchases or sales of any
securities
that are not eligible for purchase or sale by any Smith Group client;
|
|
(B)
|
purchases or sales which are non-volitional;
|
|
(C)
|
purchases which are part of an automatic dividend investment plan;
|
|
(D)
|
purchases which are effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from the issuer, and sales of such rights; or
|
|
(E)
|
sales that are affected pursuant to a tender offer or similar transaction involving an offer to acquire all or a significant portion of a class of securities.
|
|
(F)
|
purchases, sales, redemptions or transfers of interest in the
SG
Private
Funds
|
Smith Asset Management Group, LP
|
Code of Ethics
|
2.3
|
Reporting
Requirements
|
Security Type
|
Quarterly Reporting
|
Corporate Debt Transactions
|
Yes
|
Equity Transactions
|
Yes
|
Government Bond
|
No
|
Money Market Funds (affiliated and non-affiliated)
|
No
|
Municipal Bond
|
Yes
|
Short Term / Cash Equivalents
|
No
|
SPP / DRIPS* -- automatic purchases
|
No
|
US Treasury / Agencies
|
No
|
Non-affiliated open-end investment companies
|
No
|
Affiliated Funds
|
Yes
|
(other than money market funds)
|
|
SG Private Funds
|
Yes
|
Exchange Traded Funds
|
Yes
|
2.4
|
Confidentiality
|
2.5
|
Add
itional
Restriction
s on
Certain
Acc
ess
Pers
ons’
Pe
rson
al T
rad
in
g
|
Smith Asset Management Group, LP
|
Code of Ethics
|
Security Type
|
Purchase
|
Sale
|
Initial Public Offerings (IPOs)
(An IPO is a corporation’s first offering of a security representing shares of the company to the public.)
|
PROHIBITED*
|
PERMITTED – If security held prior to Smith Group employment, sale permitted subject to advance written approval by the Chief Compliance Officer.
|
Limited Offerings**
(A limited offering is an offer or sale of any security by a brokerage firm not involving a public offering, for example, a venture capital deal.)
|
PERMITTED – Subject to advance written approval by the Chief Compliance Officer.
|
PERMITTED – If security held prior to Smith Group employment, sale permitted subject to advance written approval by the Chief Compliance Officer.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
3.
|
I
NSIDER
I
NFORMATION
|
3.1
|
Insider
Transactions
|
|
●
|
Tipping
of material,
non-public information
is PROHIBITED. An Access Person may not
tip
a trade, either personally or on behalf of others, while in possession of such information.
|
|
●
|
Front
running
involves trading ahead of a Smith Group client order in the same
security
on the basis of
non-public information
regarding impending market transactions.
Front
running
is PROHIBITED;
provided,
however,
that the trading in securities by the
SG Private Funds
is not subject to the policies in the Code regarding front running. Trading in securities by the
SG
Private Funds
is governed by Smith Group’s Trade Rotation Policy.
|
|
●
|
Scalping is PROHIBITED. Scalping occurs when an Access Person purchases shares of a
security for his/her own account prior to recommending/buying that
security for Smith Group client and then immediately selling the shares at profit upon the rise in the market price following the recommendation/purchase.
|
3.2
|
Use
of
Non-Public Information
Regarding
a
Smith
Group
Client
|
|
●
|
Disclose to any other person, except to the extent permitted by law or necessary to carry out his or her duties as an Access Person and as part of those duties, any
non-public information regarding any Smith Group client portfolio, including any
security holdings or transactions of a Smith Group client, any
security recommendation made to a Smith Group client, and any
security transaction by or under consideration by or for a Smith Group client, including information about actual or contemplated investment decisions.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
|
●
|
Use any
non-public information regarding any Smith Group client portfolio in any way that might be contrary to, or in competition with, the interest of such Smith Group client.
|
|
●
|
Use any
non-public information regarding any Smith Group client in any way for personal gain.
|
|
●
|
Use of
non-public information will be grounds for discipline up to and including termination.
|
3.3
|
Social
Media
and
Networking
Policy
|
4.
|
G
IFTS
,
D
IRECTORSHIPS AND
R
EGULATORY
R
EQUIREMENTS
|
4.1
|
Gifts
|
4.2
|
Directorships
and
Other
Outside
Employment
|
Smith Asset Management Group, LP
|
Code of Ethics
|
4.3
|
Regulatory
Requirements
|
|
●
|
Failure to reasonably supervise, with a view to preventing violations of the provisions of the federal securities laws, an employee or an Access Person who commits such a violation.
|
|
a)
|
there have been established procedures, and a system for applying such procedures, which would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person; and
|
|
b)
|
such manager has reasonably discharged the duties and obligations incumbent upon him or her by reason of such procedures and system without reasonable cause to believe that such procedures and system were not complied with.
|
5.
|
E
NFORCEMENT OF THE
C
ODE
|
5.1
|
Chi
ef
Comp
lian
ce
Of
f
icer’s
Duties
and
Resp
onsib
il
ities
|
|
●
|
will provide each Access Person with a copy of the Code and any amendments thereto;
|
|
●
|
shall notify each person in writing who becomes an Access Person and/or
Investment Person
of Smith Group and who is required to report under the Code of his or her reporting requirements no later than 10 business days before the first quarter in which such person is required to begin reporting;
|
|
●
|
shall notify each person in writing who becomes an
Investment Person of Smith Group and who is subject to the provisions of Section 2.5 of this Code;
|
|
●
|
will, on a quarterly basis, compare all reported personal securities transactions with each Smith Group client’s completed portfolio transactions; and
|
|
●
|
will submit his or her own reports, as may be required pursuant to the Code, to an alternate Chief Compliance Officer who shall fulfill the duties of the Chief Compliance Officer with respect to the Chief Compliance Officer’s reports. If a securities transaction of the Chief Compliance Officer is under consideration, the Chief Operating Officer of Smith Group will act as the alternate Chief Compliance Officer for purposes of this Section 5.1.
|
Smith Asset Management Group, LP
|
Code of Ethics
|
|
●
|
Shall certify to the Board of Trustees of
Managed Portfolio Series, or other parties as required, that it has adopted procedures reasonably necessary to prevent its employees from violating the Code of Ethics.
|
|
●
|
Establish procedures for the maintenance of all records in accordance with Rule 204-2 under the Investment Advisers Act of 1940 and Rule 17j-1(f) under the Investment Company Act of 1940.
|
5.2
|
Code
Violations
|
|
●
|
censure you;
|
|
●
|
notify your manager and/or Human Resources of the violation;
|
|
●
|
suspend your authority to act on behalf of Smith Group as an officer, if applicable; and
|
|
●
|
recommend specific sanctions, such as suspension from work for a period of time without pay, reductions in leave, elimination of your bonus, disgorgement of profits, imposition of fines and termination of employment at Smith Group.
|
5.3
|
Annual
Written
Reports
to Senior
Management
|
5.4
|
Effective
Date
of
the Code
|
child
|
grandparent
|
son-in-law
|
stepchild
|
spouse
|
daughter-in-law
|
grandchild
|
sibling
|
brother-in-law
|
parent
|
mother-in-law
|
sister-in-law
|
stepparent
|
father-in-law
|
|
●
|
any Access Person who has access to non-public information regarding any Smith Group
purchase
or
sale
of
securities
, or information regarding the portfolio holdings of any Smith Group client, not to include operations, administrative and business development personnel;
|
|
●
|
any Access Person who is involved in making securities recommendations to the Smith Group, or has access to such recommendations that are non-public;
|
|
●
|
any Access Person of Smith Group who, in connection with his/her regular functions or duties, makes or participates in making recommendations regarding the
purchase
or
sale
of
securities
by a Smith Group client;
|
|
●
|
any natural person who controls Smith Group and who obtains information concerning recommendations made to a Smith Group client regarding the purchase or sale of
securities
by the Smith Group client; and
|
|
●
|
any Access Person otherwise designated by the Chief Compliance Officer in writing that such person is an Investment Person.
|
|
●
|
Your accounts or the accounts of
family members
|
|
●
|
A partnership or limited liability company, if you are or a
family member
is a general partner or a managing member
|
|
●
|
A corporation or similar business entity, if you have or share, or a
family
member
has or shares, investment control
|
|
●
|
A trust, if you are or a
family member
is a beneficiary
|
Smith
Asset
Management
Group,
L.P.
|
●
|
Execute any prohibited purchases and/or sales, directly or indirectly, that are outside those permissible by the Code
|
●
|
Employ any device, scheme or artifice to defraud Smith Group, or any Smith Group client
|
●
|
Engage in any act, practice or course of business, which operates or would operate as a fraud or deceit upon Smith Group or any Smith Group client
|
●
|
Make any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statements, in light of the circumstances under which they are made, not misleading
|
●
|
Engage in any manipulative practice with respect to Smith Group or any Smith Group client
|
●
|
Trade while in possession of material, non-public information
|
●
|
Trade ahead of or front-run any transactions for Smith Group’s managed/advised accounts
|
Signature | Date | ||
Name (Print) |
Smith
Asset
Management
Group,
L.P.
|
Name of Reporting Person: | ||
Calendar Quarter Ended: | ||
Date of
Transaction
|
Name of
Issuer and
Type of
Security
|
No. of
Shares (if
applicable)
|
Principal
Amount,
Maturity Date
and Interest
Rate (if
applicable)
|
Type of
Transaction
|
Price
|
Name of
Broker, Dealer
or Bank
Effecting
Transaction
|
Name of Broker, Dealer or Bank
|
Date Account was Established
|
Name(s) on and Type of Account
|
Signature | Date |
Smith
Asset
Management
Group,
L.P.
|
Name of Reporting Person: | ||
Date Person Became Subject to the
Code’s Reporting Requirements:
|
||
Information in Report Dated As Of: |
Name of Issuer and
Type of Security |
Ticker Symbol
|
No. of Shares
(if applicable) |
Principal Amount, Maturity Date and
Interest Rate
(if applicable)
|
Name of Broker, Dealer or Bank
|
Name(s) on and Type of Account
|
Signature | Date |
Smith
Asset
Management
Group,
L.P.
|
Name of Reporting Person: | ||
Information in Report Dated As Of:
|
||
Calendar Year Ended: December 31, ___ |
Name of Issuer and
Type of Security
|
Ticker Symbol
|
No. of Shares
(if applicable)
|
Principal Amount, Maturity Date and
Interest Rate
(if applicable)
|
Name of Broker, Dealer or Bank
|
Date Account was
Established
|
Name(s) on and Type of Account
|
Signature | Date |
Smith
Asset
Management
Group,
L.P..
|
Name of Reporting Person: | ||
Calendar Quarter Ended: |
Signature | Date |
Smith
Asset
Management
Group,
LP.
|
|
1.
|
I have taken no action, nor am I aware of any actions by any Smith Group employees, owners or directors, that would reasonably be considered a violation of the firm’s Code of Ethics, Compliance Manual or any federal or state securities laws.
|
|
2.
|
I have not solicited or accepted any gift, benefit, compensation, or consideration from any 3
rd
party that could be reasonably expected to compromise my own or another’s independence and objectivity. Additionally, I certify that any gifts, meals, entertainment, compensation or other benefits provided by any vendor or potential vendor during the reporting period have been reported to the CCO and appropriate members of senior management.
|
|
3.
|
I have disclosed all directorships and other outside employment to Smith Group.
|
|
4.
|
I have disclosed all gifts, benefits, compensation, entertainment or other forms of consideration supplied by Smith Group or the employee on an individual basis to any person or organization that is a client or prospective client of Smith Group.
|
|
5.
|
I have not been contacted by the SEC or any other regulatory authority related to Smith Group, its clients, employees, partners or related entities.
|
|
6.
|
I have disclosed all sources of electronic communication such as instant messaging and text messaging utilized for business purposes and provided Smith Group with copies of such communications or made allowance for Smith Group to electronically track all such communications.
|
|
7.
|
I have not discussed Smith Group clients, investment process, performance, employees, or any other information regarding Smith Group or its clients via any social networking media, electronic blogs or other electronic media, except as may have been previously disclosed to Smith Group or authorized by as a standard business practice.
|
|
8.
|
During the previous calendar quarter the total dollar amount spent by me dining with, entertaining, or providing anything else of economic value to an employee, director or trustee of any Taft-Hartley client or prospect is:
|
|
9.
|
I have disclosed all political contributions, benefits, compensation, entertainment, gifts, loans, the payment of debts, the provision of any other thing of value or other forms of consideration supplied by Smith Group or the employee on an individual basis to any official, governmental entity, a related local or state political party, person or organization that could reasonably be deemed to fall under the auspices of the Rule 206(4)- 5 (the “Pay-to-Play Rule”).
|
Signature | Date | ||
Name (Print) |
Section I
|
Statement of General Fiduciary Principles
|
Section II
|
Definitions
|
|
(A)
|
“Access Person” means any director, general partner, member, officer, or Advisory Person (as defined below) of the Adviser.
|
(B)
|
An “Advisory Person” of the Adviser means: (i) any full-time, part-time, temporary or contract employee or intern of the Adviser, or of any company in a control relationship to the Adviser, who in connection with his or her regular functions or duties makes, participates in, or obtains current information regarding the purchase or sale of any Covered Securities by an Advisory Client, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Adviser who obtains information concerning recommendations made to an Advisory Client with regard to the purchase or sale of any Covered Security by the Advisory Client. Only “Advisory Persons” will have access to the Advent Axys Portfolio Management and Moxy Trading software packages.
|
(C)
|
“Advisory Client” means any client (including any series of Managed Portfolio Series (the “Trust” or (the “Fund(s)”) or any managed accounts), for which the Adviser serves as an investment adviser or sub-adviser, renders investment advice, makes investment decisions, or places orders.
|
|
(D)
|
“Beneficial Ownership” has the meaning set forth in paragraph (a)(2) of Rule 16a-1 under the Securities Exchange Act of 1934, and for purposes of this Code shall be deemed to include, but not be limited to, any interest by which an Access Person or any member of his or her immediate family (i.e., a person who is related by blood or marriage to, and who is living in the same household as, the Access Person) can directly or indirectly derive a monetary or other economic benefit from the purchase, sale (or other acquisition or disposition) or ownership of a Security, including for this purpose any such interest that arises as a result of: a general partnership interest in a general or limited partnership; an interest in a trust; a right to dividends that is separated or separable from the underlying Security; a right to acquire equity Securities through the exercise or conversion of any derivative Security (whether or not presently exercisable); and a performance related advisory fee (other than an asset based fee).
1
|
|
(E)
|
“Compliance Officer” means any officer of the Adviser who is specifically designated to perform the functions of compliance officer of the Adviser pursuant to this Code.
|
|
(F)
|
“Control” shall have the same meaning as that set forth in Section 2(a)(9) of the Act.
|
|
(G)
|
"Covered Security" means any Security (as defined below) other than a Security that is: (i) a direct obligation of the Government of the United States; (ii) a bankers acceptance, certificate of deposit, commercial paper, or high quality short-term debt security, including a repurchase agreement; or (iii) a share of an open-end investment company registered under the 1940 Act.
|
|
(H)
|
"Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
|
1
|
Beneficial ownership will not be deemed to exist solely as a result of any indirect interest a person may have in the investment performance of an account managed by such person, or over which such person has supervisory responsibility, which arises from such person’s compensation arrangement with the Adviser or any affiliate of the Adviser under which the performance of the account, or the profits derived from its management, is a factor in the determination of such person’s compensation.
|
|
(I)
|
"Investment Personnel" means: (i) any employee of the Adviser (or of any company controlling, controlled by or under common control with the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities; and (ii) any natural person who controls the Adviser and who obtains information concerning recommendations made regarding the purchase or sale of Securities .(J)"Limited Offering" means an offering of Securities that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) thereof or Rule 504, Rule 505 or Rule 506 thereunder.
|
|
(K)
|
“Material Violation” means a breach of the Code that raises relatively serious issues including but not limited to a conflict of interest, front running, short-term trading, market timing or other circumstances or patterns of incidents or transactions that suggest the possibility of a violation of this Code or the securities laws, particularly Section 17(j) of the Act, Rule 17j-1 under the Act or Section 206 of the Investment Advisers Act of 1940, or a series of minor violations which in their aggregate may constitute a serious violation, or raise a question of the sufficiency of procedures.
|
|
(L)
|
“Security” includes all stock, debt obligations and other securities and similar instruments of whatever kind, including any warrant or option to acquire or sell a security. References to a Security in this Code (e.g., a prohibition or requirement applicable to the purchase or sale of a Security) shall be deemed to refer to and to include any warrant for, option in, or Security immediately convertible into that Security, and shall also include any instrument (whether or not such instrument itself is a Security) which has an investment return or value that is based, in whole or part, on that Security (collectively, “Derivatives”). Therefore, except as otherwise specifically provided by this Code: (i) any prohibition or requirement of this Code applicable to the purchase or sale of a Security shall also be applicable to the purchase or sale of a Derivative relating to that Security; and (ii) any prohibition or requirement of this Code applicable to the purchase or sale of a Derivative shall also be applicable to the purchase or sale of a Security relating to that Derivative.
|
|
(M)
|
A Covered Security is “being considered for purchase or sale” when a recommendation to purchase or sell that Covered Security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.
|
|
(N)
|
“Employee” means any person who is a director, officer or employee of the Adviser.
|
Section III
|
Objective and General Prohibitions
|
|
(i)
|
employ any device, scheme or artifice to defraud the Advisory Client;
|
|
(ii)
|
make any untrue statement of a material fact to the Advisory Client or omit to state to the Advisory Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
|
|
(iii)
|
engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Advisory Client; or
|
|
(iv)
|
engage in any manipulative practice with respect to the Advisory Client.
|
Section IV
|
Prohibited Transactions
2
|
|
(A)
|
Investment Personnel and Access Persons may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Covered Security in an Initial Public Offering or a Limited Offering unless he or she obtains pre-clearance pursuant to Section V and reports to the Trust the information described in Section VI of this Code.
|
2
|
The prohibitions of this Section IV apply to Securities acquired or disposed of in any type of transaction, including but not limited to non-brokered transactions, such as purchases and sales of privately placed Securities and Securities acquired directly from an issuer, except to the extent that one of the exemptions from the prohibitions set forth in Section IV(C) is applicable.
|
|
(B)
|
An Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Security, and may not sell or otherwise dispose of any Covered Security in which he or she has direct or indirect Beneficial Ownership, if he or she knows or should know at the time of entering into the transaction that: (1) the Advisory Client has purchased or sold the Covered Security within the last 5 calendar days, or is purchasing or selling or is going to purchase or sell the Covered Security in the next 5 calendar days; or (2) the Adviser has within the last 5 calendar days considered purchasing or selling the Covered Security for the Advisory Client or is considering purchasing or selling the Covered Security for the Advisory Client or within the next 5 calendar days is going to consider purchasing or selling the Covered Security for the Advisory Client, unless such Access Person:
|
|
(i)
|
obtains
pre-clearance of such transaction pursuant to Section V; and
|
|
(ii)
|
reports to the Adviser the information described in Section VI of this Code.
|
|
(C)
|
The prohibitions of this Section IV do not apply to:
|
|
(1)
|
Purchases that are made by reinvesting cash dividends pursuant to an automatic dividend reinvestment program (“DRIP”) (however, this exception does not apply to optional cash purchases pursuant to a DRIP);
|
|
(2)
|
Purchases and redemptions of shares of registered, open-end mutual funds (but not shares of closed-end funds), including shares of the Trust;
|
|
(3)
|
Bank certificates of deposit and bankers’ acceptances;
|
|
(4)
|
Commercial paper and high quality debt instruments (including repurchase agreements) with a stated maturity of 12 months or less;
|
|
(5)
|
U.S. Treasury obligations;
|
|
(6)
|
Purchases of rights issued by an issuer pro rata to all holders of a class of its Securities, if such rights are acquired from such issuer, and the exercise of such rights;
|
|
(7)
|
Transactions in exchange traded futures contracts;
|
|
(8)
|
Involuntary (
i.e.
, non-volitional) purchases, sales and transfers of Securities;
|
|
(9)
|
Transactions in an account over which the Access Person does not exercise, directly or indirectly, any influence or control; provided, however, that such influence or control shall be presumed to exist in the case of the account of an immediate family member of the Access Person who lives in the same household as the Access Person, absent a written determination by the Compliance Officer to the contrary; and
|
|
(10)
|
Transactions in Securities of a type that are not permissible investments for the Trust.
|
1.
|
Trading by an insider on the basis of material non-public information;
|
2.
|
Trading by a non-insider on the basis of material non-public information, where the information either was disclosed to the non-insider in violation of an insider’s duty to keep it confidential or was misappropriated; or,
|
3.
|
Communicating material non-public information to others.
|
Section VIII
|
Pre-clearance Procedures
|
|
(A)
|
Obtaining Pre-Clearance.
|
|
(B)
|
Time of Clearance
.
|
|
(1)
|
An Access Person may pre-clear trades only in cases where such person has a present intention to effect a transaction in the Security for which pre-clearance is sought. It is not appropriate for an Access Person to obtain a general or open-ended pre-clearance to cover the eventuality that he or she may buy or sell a Security at some future time depending upon market developments. Consistent with the foregoing, an Access Person may not simultaneously request pre-clearance to buy and sell the same Security.
|
|
(2)
|
Pre-clearance of a trade shall be valid and in effect only for a period of 24 hours from the time pre-clearance is given
until the trade is entered into the MCI order management system
provided, however, that a pre-clearance expires upon the person becoming aware of facts or circumstances that would prevent a proposed trade from being pre-cleared were such facts or circumstances made known to a Clearing Officer. Accordingly, if an Access Person becomes aware of new or changed facts or circumstances that give rise to a question as to whether pre-clearance could be obtained if a Clearing Officer was aware of such facts or circumstances, the person shall be required to so advise a Clearing Officer before proceeding with such transaction.
|
|
(3)
|
Orders for transactions that have been pre-cleared may only be entered as market orders, or day limit orders. Stop orders, stop-limit orders and good-till cancelled orders are prohibited.
|
|
(C)
|
Form
.
|
|
(D)
|
Filing
.
|
|
(E)
|
Factors Considered in Pre-Clearance of Personal Transactions
.
|
(1)
|
Accounts must be
individually
listed together with all pertinent transaction information on all Request for Permission to Engage in Personal Transaction Forms. Single transaction approvals cannot pertain to more than one account, even at the same broker dealer.
|
(2)
|
Each transaction execution must be traceable to a single Request to Engage in Personal Transaction Form. Where a single transaction approval results in multiple executions, the Access Person must render an appropriate trade report at the end of the trading day.
|
(3)
|
Transfers of open options positions from one account to another, even within the same broker/dealer are prohibited.
|
(4)
|
Whether the amount or nature of the transaction or person making it is likely to affect the price or market for the Covered Security; and
|
(5)
|
Whether the person making the proposed purchase or sale is likely to benefit from purchases or sales being made or being considered on behalf of the Advisory Client; and
|
(6)
|
Whether the transaction is likely to adversely affect the Advisory Client.
|
|
(F)
|
Monitoring of Personal Transactions after Pre-Clearance
.
|
Section IX
|
Certifications and Reports by Access Persons
3
|
|
(A)
|
Initial Certifications and Initial Holdings Reports
|
|
(1)
|
Within 10 days after a person becomes an Access Person, except as provided in Section VI (D), such person shall complete and submit to the Compliance Officer an Initial Certification and Holdings Report on the form attached as Schedule C.
|
|
(B)
|
Quarterly Transaction Reports
|
|
(1)
|
Within 30 days after the end of each calendar quarter, each Access Person shall make a written report to the Compliance Officer of all transactions in Covered Securities occurring in the quarter in which he or she had any direct or indirect Beneficial Ownership, except that the report need not set forth information regarding the following types of transactions:
|
|
(a)
|
Purchases and redemptions of shares of registered, open-end mutual funds (but not shares of closed-end funds), including shares of the Trust;
|
|
(b)
|
Bank certificates of deposit and bankers’ acceptances;
|
|
(c)
|
Commercial paper and high quality debt instruments (including repurchase agreements) with a stated maturity of 12 months or less;
|
|
(d)
|
U.S. Treasury obligations; and
|
|
(e)
|
Transactions in an account over which the Access Person does not exercise, directly or indirectly, any influence or control provided, however, that such influence or control shall be presumed to exist in the case of the account of an immediate family member of the Access Person who lives in the same household as the Access Person, absent a written determination by the Compliance Officer to the contrary.
|
3
|
The reporting requirements of this Section VI apply to Securities acquired or disposed of in all types of transactions, including but not limited to non-brokered transactions, such as purchases and sales of privately placed Securities and Securities acquired directly from an issuer, except to the extent that one of the exemptions from the reporting requirements applies.
|
|
Such report is hereinafter called a “Quarterly Transaction Report.”
|
|
(2)
|
Except as provided in Section VI (D), a Quarterly Transaction Report shall be on the form attached as Schedule B, or substantially equivalent thereto, and must contain the following information with respect to each reportable transaction:
|
|
(a)
|
Date and nature of the transaction (purchase, sale or any other type of acquisition or disposition);
|
|
(b)
|
Title, number of shares or principal amount of each Security and the price at which the transaction was effected; and
|
|
(c)
|
Name of the broker, dealer or bank with or through whom the transaction was effected.
|
|
(3)
|
A Quarterly Transaction Report may contain a statement that the report is not to be construed as an admission that the person making it has or had any direct or indirect Beneficial Ownership of any Security to which the report relates.
|
|
(4)
|
With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:
|
|
(a)
|
The name of the broker, dealer or bank with whom the Access Person established the account;
|
|
(b)
|
The date the account was established; and
|
|
(c)
|
The date that the report is submitted by the Access Person.
|
|
(C)
|
Annual Certifications and Annual Holdings Reports
|
|
(1)
|
Annually, by January 30 of each year, except as provided in Section VI (D), each Access Person shall complete and submit to the Compliance Officer an Annual Certification and Holdings Report on the form attached as Schedule D, or substantially equivalent thereto.
|
|
(D)
|
Exceptions from Reporting Requirements
|
|
(1)
|
In lieu of submitting a Quarterly Transaction Report, an Access Person may arrange for the Compliance Officer to be sent duplicate confirmations and statements for accounts through which transactions in Securities in which the Access Person has any direct or indirect Beneficial Ownership are effected. However, a Quarterly Transaction Report must be submitted for any quarter during which the Access Person has acquired or disposed of direct or indirect Beneficial Ownership of any Security if such transaction was not in an account for which duplicate confirmations and statements are being sent. Access Persons who are associated persons of the Adviser and who provide duplicate confirmations and statements for their accounts to the Adviser will be deemed to satisfy the requirement to submit a Quarterly Transaction Report if such confirmations and statements reflect all transactions in Securities required to be reported by them hereunder. The Adviser shall deliver such confirmations and statements or analysis thereof to permit the Compliance Officer to ascertain compliance with this Code. Any Access Person relying on this Section VI(D)(1) shall be required to certify as to the identity of all accounts through which Covered Securities in which they have direct or indirect Beneficial Ownership are purchased, sold and held.
|
(E)
|
It is the responsibility of each Access Person to take the initiative to comply with the requirements of this Section VI. Any effort by the Adviser to facilitate the reporting process does not change or alter that responsibility. The Head Trader is responsible for reviewing the personal securities transaction and holdings reports of the CCO.
|
(F)
|
Monitoring of Holdings Reports
.
|
Section X
|
Additional Prohibitions
|
|
(A)
|
Confidentiality of Advisory Client Transactions
.
|
|
(B)
|
Outside Business Activities, Relationships and Directorships
.
|
|
(C)
|
Gratuities
.
|
Section XI
|
Certification by Access Persons
|
Section XII
|
Sanctions
|
Section XIII
|
Administration and Construction
|
|
(A)
|
The administration of this Code shall be the responsibility of the Compliance Officer.
|
|
(B)
|
The duties of the Compliance Officer are as follows:
|
|
(1)
|
Continuous maintenance of current lists of the names of all Employees and Access Persons with an appropriate description of their title or employment, including a notation of any directorships held by Access Persons who are partners, members, officers, or employees of the Adviser or of any company which controls the Adviser, and the date each such person became an Access Person;
|
|
(2)
|
On an annual basis, providing each Employee with a copy of this Code and informing such persons of their duties and obligations hereunder;
|
|
(3)
|
Obtaining the certifications and reports required to be submitted by Access Persons under this Code and reviewing the reports submitted by Access Persons.
|
|
(4)
|
Maintaining or supervising the maintenance of all records and reports required by this Code;
|
|
(5)
|
Preparing listings of all securities transactions reported by Access Persons and reviewing such transactions against a listing of transactions effected by Advisory Clients;
|
|
(6)
|
Issuance, either personally or with the assistance of counsel as may be appropriate, of any interpretation of this Code which may appear consistent with the objectives of Rule 17j-1 and this Code; and
|
|
(7)
|
Conduct of such inspections or investigations as shall reasonably be required to detect and report, with recommendations.
|
|
(C)
|
The Compliance Officer shall maintain and cause to be maintained in an easily accessible place, the following records:
|
|
(1)
|
A copy of this Code and any other codes of ethics adopted pursuant to Rule 17j-1 by the Adviser for a period of 5 years;
|
|
(2)
|
A record of each violation of this Code and any other code specified in (C)(1) above, and of any action taken as a result of such violation for a period of not less than 5 years following the end of the fiscal year t in which the violation occurred;
|
|
(3)
|
A copy of each report made pursuant to this Code and any other code specified in (C)(1) above, by an Access Person or the Compliance Officer, for a period of not less than 5 years from the end of the fiscal year in which such report or interpretation was made or issued, the most recent 2 years of which shall be kept in a place that is easily accessible; and
|
|
(4)
|
A list of all persons, currently or within the past 5 years, who are or were required to make reports pursuant to Rule 17j-1 and this Code or any other code specified in (C)(1) above, or who are or were responsible for reviewing such reports.
|
|
(5)
|
A record of any decision, and the reasons supporting the decision, to approve any investment in an Initial Public Offering or a Limited Offering by Investment Personnel, for at least 5 years after the end of the fiscal year in which such approval was granted.
|
|
(1)
|
Describes any issues arising under the Code or related procedures during the past year, including, but not limited to, information about material violations of the Code or any procedures adopted in connection therewith and that describes the sanctions imposed in response to material violations; and
|
|
(2)
|
Certifies that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.
|
|
(E)
|
This Code may not be amended or modified except in a written form. In connection with any such amendment or modification, the Adviser provides a certification that procedures reasonably necessary to prevent Access Persons from violating the Code, as proposed to be amended or modified, have been adopted.
|
April 2003
|
October 2014
|
July 2015
|
Date
|
No. of Shares or
Principal
Amount
|
Name of Security
|
Current Market
Price Per Share
or Unit
|
Account
|
|
||||
|
||||
|
Date
|
No. of Shares or
Principal
Amount
|
Name of Security
|
Current Market
Price Per Share
or Unit
|
Account
|
|
||||
|
||||
|
¨
|
(check if applicable) If I have responsibility for the determination by the Adviser of Securities to be purchased or sold by an Advisory Client, I have noted (by means of an asterisk) those Securities noted above which are owned by an Advisory Client.
|
Date: | Signature: | |
Print Name: | ||
Permission Granted | Permission Denied | |
Date and Time: |
Signature:
(Clearing Officer)
|
Portfolio: | Report Date: | |||||||
Report Time: | ||||||||
Side | Security Destription |
Shares
Ordered
|
Shares
Executed
|
MV
(Cash Impact)
|
||||
Date: | Signature: | |
Print Name: | ||
Permission Granted | Permission Denied | |
Date and Time: |
Signature:
(Clearing Officer)
|
1.
|
TRANSACTIONS
|
Name of Covered Security and/or Reportable Fund, Interest Rate and Maturity Date
|
Ticker Symbol or CUSIP
|
Broker
|
Number of Shares and Principal Amount
|
Nature of Transaction
(i.e., buy, sale)
|
Purchase Price
|
Date of Transaction
|
|
||||||
|
||||||
|
||||||
|
||||||
|
||||||
|
2.
|
BROKERAGE ACCOUNTS OPENED DURING QUARTER
|
Name of Institution and
Account Holder’s Name (i.e., you, spouse, child)
|
Account Number
|
Have you requested
duplicate statements?
|
|
||
|
||
|
||
|
||
|
||
|
Date Completed: ____________________________________________________________________ | Signature: ___________________________________________________________________ |
Print Name: __________________________________________________________________ |
Title of Covered Security
|
Number of Shares
|
Principal Amount
|
Date Completed: ____________________________________________________________________ | Signature: ___________________________________________________________________ |
Print Name: __________________________________________________________________ |
Title of Covered Security
|
Number of Shares
|
Principal Amount
|
Date Completed: ____________________________________________________________________ | Signature: ___________________________________________________________________ |
Print Name: __________________________________________________________________ |
CODE OF ETHICS
|
1
|
INTRODUCTION
|
1
|
DEFINITIONS
|
1
|
INSIDER TRADING
|
4
|
PROHIBITED PURCHASES, SALES AND PRACTICES
|
7
|
REPORTING
|
8
|
OUTSIDE BUSINESS ACTIVITIES
|
11
|
CONFIDENTIALITY
|
11
|
GIFTS AND ENTERTAINMENT
|
12
|
SANCTIONS
|
13
|
DUTIES OF THE CHIEF COMPLIANCE OFFICER AND APPROPRIATE DESIGNEES
|
13
|
RESTRICTED SECURITIES LIST
|
15
|
OVERVIEW OF REPORTING / PRE-CLEARANCE REQUIREMENTS
|
17
|
·
|
To employ any device, scheme or artifice to defraud any client or prospective client of the Firm;
|
·
|
To make any untrue statement of a material fact to any client or prospective client of the Firm or omit to state a material fact necessary in order to make statements made to a client or prospective client of the Firm, in light of the circumstances under which they are made, not misleading;
|
·
|
To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any client or prospective client of the Firm; or
|
·
|
To engage in any fraudulent, deceptive or manipulative practice.
|
(i)
|
Any Supervised Person of the Firm:
|
a.
|
Who has access to nonpublic information regarding any clients’ purchase or sale of securities; or
|
Code of Ethics
September 2015
|
-1- |
b.
|
Who has access to nonpublic information regarding portfolio holdings of affiliated mutual funds; or
|
c.
|
Who is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic;
|
(ii)
|
Because the Firm’s primary business is providing investment advice, all of the Firm’s directors, officers and partners are presumed to be Access Persons; and
|
(iii)
|
Such other persons as the Chief Compliance Officer, or appropriate designee, shall designate.
|
(i)
|
Of any Family Member of the Access Person;
|
(ii)
|
For which the Access Person acts as a custodian, trustee or other fiduciary;
|
(iii)
|
Of any corporation, partnership, joint venture, trust, company or other entity which is neither subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 (the “1934 Act”) nor registered under the Investment Company Act of 1940 (the “Company Act”) and in which the Access Person or a Family Member has a direct or indirect Beneficial Ownership; and
|
(iv)
|
Of any Access Person of the Firm.
|
(i)
|
That person’s spouse or minor child who resides in the same household;
|
(ii)
|
Any adult related by blood, marriage or adoption to the Access Person (a “relative”) who shares the Access Person’s household;
|
(iii)
|
Any relative dependent on the Access Person for financial support; and
|
(iv)
|
Any other relationship (whether or not recognized by law) which the Chief Compliance Officer, or appropriate designee, determines could lead to the possible conflicts of interest or appearances of impropriety this Code is intended to prevent.
|
(i)
|
Information is generally deemed “material” if a reasonable investor would consider it important in deciding whether to purchase or sell a company’s securities or information that is reasonably certain to affect the market price of the company's securities, regardless of whether the information is directly related to the company’s business.
|
(ii)
|
Information is considered “nonpublic” when it has not been effectively disseminated to the marketplace. Information found in reports filed with the Commission or appearing in publications of general circulation would be considered public information.
|
(i)
|
Direct obligations of the Government of the United States;
|
(ii)
|
Money market instruments, bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments;
|
(iii)
|
Shares issued by money market funds;
|
(iv)
|
Shares issued by other mutual funds that are not advised or sub-advised by the Firm or its affiliates;
|
(v)
|
Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds, none of which are funds advised or sub-advised by the Firm or its affiliates; and
|
(vi)
|
Shares issued by an exchange traded fund if structured as an open-end mutual fund; however, shares issued by an exchange traded fund structured as a unit investment trust are considered reportable securities.
|
(i)
|
Directors, officers and partners of the adviser (or other persons occupying a similar status or performing similar functions);
|
(ii)
|
Employees of the adviser; and
|
(iii)
|
Any other person who provides advice on behalf of the adviser and is subject to the adviser’s supervision and control, including interns, temporary workers, consultants, independent contractors, certain employees of affiliates or particular persons designated by the Chief Compliance Officer, or appropriate designee.
|
1.
|
What is Material Information?
|
2.
|
What is Nonpublic Information?
|
3.
|
Identifying Inside Information
|
·
|
Report the information and proposed trade immediately to the Chief Compliance Officer, or appropriate designee.
|
·
|
Do not purchase or sell the securities on behalf of yourself or others, including investment funds or private accounts managed by the Firm.
|
·
|
Do not communicate the information inside or outside the Firm, other than to the Chief Compliance Officer, or appropriate designee.
|
·
|
After the Chief Compliance Officer, or appropriate designee, has reviewed the issue, the Firm will determine whether the information is material and nonpublic and, if so, what action the Firm will take.
|
4.
|
Contacts with Public Companies
|
5.
|
Tender Offers
|
·
|
While aware of Material, Nonpublic Information about a company, may purchase or sell securities of that company until the information becomes publicly disseminated and the market has had an opportunity to react;
|
·
|
Shall disclose Material, Nonpublic Information about a company to any person except for lawful purposes; or
|
·
|
May purchase any Restricted Securities as defined above, and including, for particular Access Persons, Restricted Securities included in the list attached as Exhibit A, which may be updated from time to time, unless expressly cleared and approved in writing in advance by the Chief Compliance Officer, or appropriate designee.
|
·
|
The purchase or sale of mutual funds managed by Mariner affiliates made in the account of an Access Person through the Firm’s 401(k) platform; and
|
·
|
Transactions involving affiliated private funds for which the Access Person’s subscription agreement was approved by the Chief Compliance officer, or appropriate designee.
|
·
|
The title and type of Security, and as applicable the exchange ticker or CUSIP number, number of shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;
|
·
|
The name of any broker, dealer or bank in which the Access Person maintains an account in which any securities (including but not limited to Reportable Securities) are held for the Access Person’s direct or indirect Beneficial Ownership; and
|
·
|
The date the report is being submitted by the Access Person.
|
·
|
The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each Reportable Security;
|
·
|
The nature of the transaction (i.e., purchase, sale, gift or any other type of Acquisition or Disposition):
|
·
|
The price of the Reportable Security at which the transaction was effected;
|
·
|
The name of the broker, dealer or bank with or through which the transaction was effected;
|
·
|
For any new account(s), the date the account(s) was established and the name of the firm with which the account(s) was established; and
|
·
|
The date the report is being submitted by the Access Person.
|
·
|
The title, type of Security, and as applicable the exchange ticker or CUSIP number, number of shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;
|
·
|
The name of any broker, dealer or bank in which the Access Person maintains an account in which securities (including but not limited to Reportable Securities) are held for the Access Person’s direct or indirect Beneficial Ownership; and
|
·
|
The date the report is being submitted by the Access Person.
|
·
|
Any reports with respect to Securities held in accounts over which the Access Person had no direct or indirect influence or control, such as variable annuity accounts or Section 529 qualified tuition plans (unless such accounts or plans are managed, distributed, marketed, or underwritten by the Firm or its affiliates);
|
·
|
A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;
|
·
|
A transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Firm holds in its records so long as the Firm receives the confirmations or statements no later than thirty days after the close of the calendar quarter in which the transaction takes place.
|
·
|
A transaction report if the report would duplicate information obtained through a direct feed from any account linked through MyComplianceOffice.
|
·
|
Has received, has read and understands this Code and recognizes that the Access Person is subject to the Code;
|
·
|
Has complied with all the requirements of this Code; and
|
·
|
Has disclosed or reported all personal securities transactions, holdings and accounts required by this Code to be disclosed or reported.
|
·
|
Describes any issues arising under this Code of Ethics or procedures since the last report to the board of directors, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and
|
·
|
Certifies that the investment adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the code.
|
·
|
A copy of the Code of Ethics adopted and implemented and any other Code of Ethics that has been in effect at any time within the past five years;
|
·
|
A copy of each written report required for affiliates serving as investment adviser to mutual fund(s) for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place;
|
·
|
A record of any violation of the Code, and of any action taken as a result of the violation;
|
·
|
A record of all written acknowledgments for each person who is currently, or within the past five years was, a Supervised Person of the Firm;
|
·
|
A record of each Supervised Person report described in the Code;
|
·
|
A record of the names of persons who are currently, or within the past five years were, Access Persons; and
|
·
|
A record of any decision and the reasons supporting the decision, to approve the acquisition of Beneficial Ownership in any Security in an Initial Public Offering or Limited Offering, for at least five years after the end of the fiscal year in which the approval was granted.
|
Palmer Square Capital Management Restricted Securities List:
|
|
Security Description
|
SYMBOL
|
Palmer Square Opportunistic Income Fund
|
PSOIX
|
All equities
|
Montage Investments Restricted Securities List:
|
|
Security Description
|
SYMBOL
|
Tortoise Energy Independence
|
NDP
|
Tortoise Energy Infrastructure Corp
|
TYG
|
Tortoise MLP Fund Inc.
|
NTG
|
Tortoise Pipeline & Energy Fund
|
TTP
|
Tortoise Power and Energy
|
TPZ
|
Palmer Square Opportunistic Income Fund
|
PSOIX
|
MWA-Manasquan Specific Restricted Securities List:
|
|
Security Description
|
SYMBOL
|
OceanFirst Financial Corp.
|
OCFC
|
Two River Bancorp
|
TRCB
|
SECURITY
|
REPORTABLE*
|
PRE-CLEARANCE
REQUIRED**
|
Direct obligations of the Government of the United States
|
No
|
No
|
Money market instruments
|
No
|
No
|
Bankers’ acceptances
|
No
|
No
|
Bank certificates of deposit
|
No
|
No
|
Commercial paper
|
No
|
No
|
Repurchase agreements
|
No
|
No
|
High-quality short-term debt instruments
|
No
|
No
|
Shares issued by money market funds
|
No
|
No
|
Shares issued by other mutual funds that are not advised or sub-advised by the Firm or its affiliates
|
No
|
No
|
Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds, none of which are funds advised or sub-advised by the Firm or its affiliates
|
No
|
No
|
Restricted Securities
|
Yes
|
Yes
|
Initial Public Offerings
|
Yes
|
Yes
|
Limited Offerings
|
Yes
|
Yes
|
ALL OTHER SECURITIES
|
Yes
|
No
|
·
|
Any reports with respect to Securities held in accounts over which the Access Person had no direct or indirect influence or control, such as variable annuity accounts or Section 529 qualified tuition plans (unless such accounts or plans are managed, distributed, marketed, or underwritten by the Firm or its affiliates). Access person may be required to submit a certification that you cannot influence or control such accounts.
|
·
|
A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;
|
·
|
A transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Firm holds in its records so long as the Firm receives the confirmations or statements no later than thirty days after the close of the calendar quarter in which the transaction takes place.
|
·
|
Transactions executed by Access Persons through the Firm’s 401(k) platform; and
|
·
|
Transactions involving affiliated private funds for which the Access Person’s subscription agreement was approved by the Chief Compliance officer, or appropriate designee.
|
Code of Ethics
September 2015
|
-17- |
Code of Ethics for Access Persons
|
I.
|
Definitions
|
A.
|
“Access Person” means any director, officer or employee of the Underwriter who in the ordinary course of his or her business makes, participates in or obtains non-public information regarding the purchase or sale of securities for a Fund, or the portfolio holdings of a fund, or whose functions or duties as part of the ordinary course of his or her business relate to the making of any recommendation to a Fund regarding the purchase or sale of securities.
|
B.
|
“Act” means the Investment Company Act of 1940, as amended.
|
C.
|
“Beneficial ownership” shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has or acquires. As a general matter, “beneficial ownership” will be attributed to an Access Person in all instances where the person (i) possesses the ability to purchase or sell the security (or the ability to direct the disposition of the security); (ii) possesses the voting power (including the power to vote or to direct the voting) over such security; or (iii) receives any benefits substantially equivalent to those of ownership.
|
·
|
securities held in the person’s own name;
|
·
|
securities held with another in joint tenancy, as tenants in common, or in other joint ownership arrangements;
|
·
|
securities held by a bank or broker as a nominee or custodian on such person’s behalf or pledged as collateral for a loan;
|
·
|
securities held by members of the person’s immediate family sharing the same household (“immediate family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships);
|
1 |
·
|
securities held by a relative not residing in the person’s home if the person is a custodian, guardian, or otherwise has controlling influence over the purchase, sale, or voting of such securities;
|
·
|
securities held by a trust for which the person serves as a trustee and in which the person has a pecuniary interest (including pecuniary interests by virtue of performance fees and by virtue of holdings by the person’s immediate family);
|
·
|
securities held by a trust in which the person is a beneficiary and has or shares the power to make purchase or sale decisions;
|
·
|
securities held by a general partnership or limited partnership in which the person is a general partner; and
|
·
|
securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person.
|
D.
|
“Compliance Officer” means the person designated from time to time by the Underwriter to receive and review reports in accordance with Section VI below.
|
E.
|
“Control” shall have the same meaning as that set forth in Section 2(a)(9) of the Act. As a general matter, “control” means the power to exercise a controlling influence. The “power to exercise a controlling influence” is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power. Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity shall be presumed to control such entity.
|
F.
|
“Fund” means an investment fund registered under the Act that has retained Quasar Distributors, LLC as its principal underwriter.
|
G.
|
“Purchase or sale of a security” includes, among other things, the writing of an option to purchase or sell a security.
|
H.
|
“Restricted List” means a list of securities that from time to time are not to be acquired by Access Persons and which list will be maintained by the Underwriter.
|
I.
|
“Covered Security” shall have the meaning set forth in Section 2(a)(36) of the Act and shall include: common stocks, preferred stocks, and debt securities; options on and warrants to purchase common stocks, preferred stocks or debt securities; and shares of closed-end investment companies and Related Securities. “Related Securities” are instruments and securities that are related to, but not the same as, a security. For example, a Related Security may be convertible into a security, or give its holder the right to purchase the security. The term “Security” also includes private investments, including oil and gas ventures, real estate syndicates and other investments which are not publicly traded. It shall not include shares of registered open-end investment companies; direct obligations of the Government of the United States; bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and such other money market instruments as designated by the Underwriter’s Board of Directors.
|
J.
|
“Underwriter” means Quasar Distributors, LLC.
|
II.
|
General Fiduciary Principles
|
A.
|
to at all times place the interests of Fund shareholders ahead of personal interests;
|
B.
|
to conduct all personal securities transactions consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual’s position of trust and responsibility;
|
2 |
C.
|
to not take inappropriate advantage of their positions; and
|
D.
|
to comply with all applicable federal and state securities laws.
|
III.
|
Exempted Transactions
|
A.
|
Purchases or sales of securities which are not eligible for purchase or sale by any Fund;
|
B.
|
Purchases or sales which are non-volitional on the part of either the Access Person or a Fund;
|
C.
|
Purchases which are part of an automatic dividend reinvestment plan;
|
D.
|
Purchases effected upon the exercise of rights issued by an issuer
pro
rata
to all holders of a class of its securities, to the extent such rights were acquired from such issuer and sales of such rights so acquired;
|
E.
|
Purchases or sales which receive the prior approval of the President of the Underwriter, after consultation with the Compliance Officer, because they are only remotely harmful to the Underwriter or a Fund; they would be very unlikely to affect a highly institutional market; or they clearly are not related economically to the securities to be purchased, sold or held by a Fund.
|
IV.
|
Prohibited Activities and Conduct
|
A.
|
No Access Person shall purchase or sell any securities which were purchased or sold by the Fund within seven (7) days of the purchase or sale of the security by the Fund.
|
B.
|
No Access Person shall sell any security which was originally purchased within the previous sixty (60) days.
|
C.
|
No Access Person shall acquire any securities in an initial public offering or limited offering
|
D.
|
No Access Person shall acquire securities pursuant to a private placement without prior approval from the Underwriter’s President after consultation with the Compliance Officer. In determining whether approval should be granted, the following should be considered:
|
·
|
whether the investment opportunity should be reserved for a Fund and its shareholders; and
|
·
|
whether the opportunity is being offered to an individual by virtue of his/her position with the Underwriter.
|
E.
|
No Access Person shall profit from the purchase and sale, or sale and purchase, of the same, or equivalent, securities within sixty (60) calendar days unless the security is purchased and sold by a Fund within sixty (60) calendar days and the Access Person complies with Section IV(B). For purposes of applying the 60-day period, securities will be subject to this 60-day short-term trading ban only if the actual lot was purchased and sold, or sold and purchased, within such period. Any profits realized on such short-term trades must be disgorged by the Access Person; provided, however, that the Underwriter’s Board of Managers may make exceptions to this prohibition on a case-by-case basis in situations where no abuse is involved, and the equities strongly support an exception.
|
F.
|
No Access Person shall receive any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Underwriter. Such prohibition shall not apply to seasonal gifts made generally available to all employees at the Underwriter’s business office or to meals and/or entertainment provided in the ordinary course of business and consistent in cost with the Underwriter’s standards for employee expenditures.
|
3 |
G.
|
No Access Person shall serve on the board of directors of publicly traded companies, unless the access person receives prior authorization from the Underwriter’s Board of Managers based upon a determination that the board service would be consistent with the interests of the Underwriter. In the event the board service is authorized, Access Persons serving as directors must be isolated from those making investment decisions by a “Chinese wall.”
|
H.
|
No Access Person shall employ any device, scheme or artifice to defraud the Fund.
|
I.
|
No Access Person shall make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading.
|
J.
|
No Access Person shall engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund.
|
K.
|
No Access Person shall engage in any manipulative practice with respect to the Fund.
|
V.
|
Policy on Security Ownership
|
VI.
|
Access Person Reporting
|
A.
|
All securities transactions in which an Access Person has a direct or indirect beneficial ownership interest will be monitored by the Compliance Officer. The Compliance Officer’s compliance with this Code of Ethics shall be monitored by the Underwriter’s President.
|
B.
|
Every Access Person shall, at least on a quarterly basis, report to the Compliance Officer the information described in Section VI(C) of this Code of Ethics with respect to the transactions and accounts in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership; provided, however, that an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.
|
C.
|
Quarterly Transaction Reports. Every report required to be made by Sections VI(B) and VI(C) of this Code of Ethics shall be made not later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:
|
|
Reports containing personal securities transacations;
|
·
|
The date of the transaction, the title an type of the security, and as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares, and the principal amount of each security involved;
|
·
|
The nature of the transaction (
i.e.
, purchase, sale or any other type of acquisition or disposition);
|
·
|
The price at which the transaction was effected;
|
·
|
The name of the broker, dealer or bank with or through whom the transaction was effected; and
|
4 |
·
|
The date that the report is submitted by the Access Person.
|
|
Reports by Access Persons having zero transactions
|
·
|
Individual transaction information reporting obligations may be met by forwarding a duplicate confirmation to the Compliance Officer.
|
·
|
The report shall also contain the following information with respect to any account established by an Access Person or other beneficial account during the quarter:
|
a)
|
The name of the broker, dealer or bank with whom the Access Person established the account;
|
b)
|
The date the account was established; and
|
c)
|
The date that the report is submitted by the Access Person
.
|
D.
|
Initial Holdings and Annual Reports. In addition to the reporting requirements of Sections VI(B), and VI(C), every Access Person shall also disclose to the Compliance Officer all beneficial securities holdings within ten calendar days after becoming an Access Person (and the information must be current as of no more than forty-five (45) days prior to becoming an Access Person) and thereafter on an annual basis (for Annual Reports the information must be current as of a date no more than forty-five (45) days prior to the date of the Report). Such disclosures shall be made on the form attached hereto as
Appendix 3
. Each such Access Person also shall sign an acknowledgment, attached hereto as
Appendix 4
, to affirm that they have received and reviewed this Code of Ethics and any amendments hereto.
|
E.
|
Any report filed pursuant to this Section VI may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.
|
F.
|
In addition to the reporting requirements of Sections VI(B), VI(C) and VI(D), every Access Person shall direct his or her brokers to supply to the Compliance Officer, on a timely basis, duplicate copies of all beneficial securities transactions and copies of periodic statements for all securities accounts in which such Access Person has a beneficial ownership interest. Attached hereto as
Appendix 2
is a form of letter that may be used to request such documents from the respective broker, dealer, or bank. It is the responsibility of the Access Person to make sure that his or her broker does in fact send to the Compliance Officer the duplicate confirmations and the duplicate statements. The attached forms, confirmations and statements will be maintained in strictest confidence in the files of the Compliance Officer.
|
G.
|
Every Access Person subject to the Code shall report any violations of the Code to the firm’s Chief Compliance Officer or a designee.
|
H.
|
All information supplied under these procedures, including transaction and holdings reports (initial, quarterly and annual reports), will be reviewed by the Compliance Officer for compliance with these policies and procedures. The Compliance Officer will review all account statements and reports within 30 days after receipt. Such review shall:
|
|
Address whether Access Persons followed internal procedures, such as pre-clearance;
|
|
Compare Access Person transactions to any restrictions in effect at the time of the trade, including securities on the Restricted List; and
|
|
Periodically analyze the Access Person’s overall trading for patterns that may indicate abuse.
|
VII.
|
Advance Clearance
|
A.
|
Advance clearance is required for all securities transactions in which an Access Person has or as a result of such transaction will have a beneficial ownership interest, excluding (i) transactions exempt under Sections III(B) and III(C), provided the Access Person is not advised of the transactions in advance and does not participate in the decision-making related thereto or transactions exempt under Sections III(D). A form provided for advance clearance is attached hereto as
Appendix 5
.
|
5 |
B.
|
Advance clearance requests should be submitted in writing in duplicate to the Compliance Officer who may approve or disapprove such transactions on the grounds of compliance with this Code of Ethics or otherwise. Approval shall only be given when the compliance officer or designee giving it has determined that the intended transaction does not fall within any of the prohibitions in this Code of Ethics. One copy of the advance clearance request will be returned to the Access Person showing approval or disapproval and one copy will be retained by the Compliance Officer.
|
C.
|
The authorization provided by the Compliance Officer is effective until the earlier of (i) its revocation, (ii) the close of business on the third trading day after the authorization is granted (for example, if authorization is provided on a Monday, it is effective until the close of business on Thursday), or (iii) the Access Person learns that the information in the advance clearance request is not accurate. If the order for the securities transaction is not placed within that period, a new advance authorization must be obtained before the transaction is placed. If the transaction is placed but has not been executed within three trading days after the day the authorization is granted (as, for example, in the case of a limit order), no new authorization is necessary unless the person placing the original order amends it in any way.
|
VIII.
|
Insider Trading
|
IX.
|
Compliance with the Code of Ethics
|
A.
|
The Compliance Officer shall identify each Access Person and notify them of their reporting obligations under the Code. The Compliance Officer shall maintain a list of all Access Persons of the Underwriter in substantially the form set forth in
Appendix 6
.
|
B.
|
All Access Persons shall certify annually in the form attached hereto as
Appendix 7
that:
|
·
|
They have read and understand this Code of Ethics and any amendments hereto and recognize that they are subject thereto; and
|
·
|
They have complied with the requirements of this Code of Ethics and any amendments and disclosed or reported all personal securities transactions and accounts required to be disclosed or reported pursuant thereto.
|
C.
|
The Underwriter’s compliance officer, President, or other designee shall prepare a quarterly report to the Fund’s Board of Directors, and an annual report to the Underwriter’s Board of Managers, which shall:
|
·
|
Summarize existing procedures concerning personal investing and any changes in the procedures made during the past quarter (year);
|
·
|
Identify any violations requiring significant remedial action during the past quarter (year); and
|
·
|
Identify any recommended changes in existing restrictions or procedures based upon the Underwriter’s experience under this Code of Ethics, evolving industry practices or developments in laws or regulations; and
|
·
|
Identify any exceptions to the Code of Ethics that were granted during the past quarter (year).
|
6 |
X.
|
Recordkeeping Requirements
|
·
|
This Code of Ethics;
|
·
|
Records of each Code violation and of any action taken as a result of the violation;
|
·
|
Copies of each Access Person report;
|
·
|
Record of all Access Persons subject to the Code; and
|
·
|
Copies of annual compliance reports.
|
XI.
|
Sanctions
|
XII.
|
Other Procedures
|
7 |
ACCESS PERSON TRANSACTION RECORD for | (Name) | |
FOR CALENDAR QUARTER ENDED | (Date) |
Check if applicable:
|
( )
|
I had no reportable transactions during the quarter.
|
|
( )
|
All transactions required to be reported have been provided to the Compliance Officer through duplicate confirmations and statements.
|
Date |
Secuity Name
|
Ticker Symbol or
CUSIP Number
|
Nature of Transaction
|
Price
|
Broker Name
|
o | I did not open any securities account with any broker, dealer or bank during the quarter; or |
o | I opened a securities account with a broker, dealer or bank during the quarter as indicated below. |
o | There have been no securities accounts in which I have no direct or indirect beneficial interest with any broker, dealer or bank open during the quarter. |
Date Account Was Established
|
Broker, Dealer or Bank Name
|
Date:
|
X: | (Access Person's Signature) |
Compliance Officer Use Only
REVIEWED:
|
|||
(Date) |
(Signature)
|
FOLLOW-UP ACTION (if any) (attach additional sheet if required) | ||
9 |
10 |
(7)
|
For each account, if not previously provided to the Compliance Officer, attach the most recent account statement listing securities in that account. If you have a beneficial interest in securities that are not listed in an attached account statement, list them below:
|
Title/Name of Security | Number of Shares | Value/Principal Amount | Broker-dealer or bank |
Access Person's Signature
|
|||
Dated: |
Print Name
|
11 |
|
1.
|
In accordance with Section VI of the Code of Ethics, I will report all required securities transactions and securities accounts in which I have a beneficial interest.
|
|
2.
|
I will comply with the Code of Ethics in all other respects.
|
Access Person's Signature
|
|||
Dated: |
Print Name
|
12 |
Access Person Signature: | |||
Date: |
Approved:
¨
No:
¨
Compliance Officer Signature:
|
|
||
Date: |
13 |
Name | Status |
Date Added
|
|||
14 |
|
1.
|
I have read and I understand the Code of Ethics and any amendments and I recognize that I am subject thereto for the periods that they are in effect.
|
|
2.
|
I have read and I understand any amendments to the Code of Ethics and any amendments.
|
|
3.
|
In accordance with Section VI of the Code of Ethics, I have reported all securities transactions and securities accounts in which I have a beneficial interest, except to the extent disclosed on the attached schedule if applicable and any amendments.
|
|
4.
|
I have complied with the Code of Ethics and any amendments in place during the year.
|
Access Person's Signature
|
|||
Dated: |
Print Name
|
15 |