THE SECURITIES ACT OF 1933 | ☒ |
Pre-Effective Amendment No. | ☐ |
Post-Effective Amendment No. 395 | ☒ |
THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
Amendment No. 399 | ☒ |
Daniel
J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210 |
Ryan
C. Larrenaga, Esq. c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210 |
Exhibit
Number |
Exhibit Description | Filed
Herewith or Incorporated by Reference |
Information About the Filing that Includes the Document Incorporated by Reference | ||||
Registrant
that Made the Filing |
File
No. of Such Registrant |
Type
of Filing |
Exhibit
of Document in that Filing |
Filing
Date | |||
(a)(1) | Second Amended and Restated Agreement and Declaration of Trust, effective August 10, 2005 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #40 on Form N-1A | (a)(1) | 9/16/2005 |
(a)(2) | Amendment No. 1 to Second Amended and Restated Agreement and Declaration of Trust, effective September 19, 2005 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #40 on Form N-1A | (a)(2) | 9/16/2005 |
(a)(3) | Amendment No. 2 to Second Amended and Restated Agreement and Declaration of Trust, effective December 13, 2017 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #313 on Form N-1A | (a)(3) | 1/16/2018 |
(a)(4) | Amendment No. 3 to Second Amended and Restated Agreement and Declaration of Trust, effective March 7, 2018 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #318 on Form N-1A | (a)(4) | 3/29/2018 |
(a)(5) | Amendment No. 4 to Second Amended and Restated Agreement and Declaration of Trust, effective December 13, 2018 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #342 on Form N-1A | (a)(5) | 12/21/2018 |
(a)(6) | Amendment No. 5 to Second Amended and Restated Agreement and Declaration of Trust, effective June 12, 2019 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #351 on Form N-1A | (a)(6) | 6/21/2019 |
(a)(7) | Amendment No. 6 to Second Amended and Restated Agreement and Declaration of Trust, effective December 11, 2019 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #369 on Form N-1A | (a)(7) | 12/20/2019 |
(a)(8) | Amendment No. 7 to Second Amended and Restated Agreement and Declaration of Trust, effective October 9, 2020 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #383 on Form N-1A | (a)(8) | 12/23/2020 |
(a)(9) | Amendment No. 8 to Second Amended and Restated Agreement and Declaration of Trust, effective July 19, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #386 on Form N-1A | (a)(9) | 7/28/2021 |
(a)(10) | Amendment No. 9 to Second Amended and Restated Agreement and Declaration of Trust, effective June 23, 2022 | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (a)(10) | 7/18/2022 |
(b) | By-Laws as amended November 2020 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #383 on Form N-1A | (b) | 12/23/2020 |
(c) | Not Applicable. | ||||||
(d)(1) | Amended and Restated Management Agreement, as of April 25, 2016, between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #257 on Form N-1A | (d)(1) | 4/27/2016 |
(d)(1)(i) | Schedule A and Schedule B, effective July 1, 2022, to the Management Agreement (amended and restated), dated April 25, 2016, between Columbia Management Investment Advisers, LLC, the Registrant, and Columbia Funds Variable Insurance Trust | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (d)(1)(i) | 7/18/2022 |
Exhibit
Number |
Exhibit Description | Filed
Herewith or Incorporated by Reference |
Information About the Filing that Includes the Document Incorporated by Reference | ||||
Registrant
that Made the Filing |
File
No. of Such Registrant |
Type
of Filing |
Exhibit
of Document in that Filing |
Filing
Date | |||
(h)(4) | Agreement and Plan of Reorganization, dated October 9, 2012 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #175 on Form N-1A | (h)(8) | 5/30/2013 |
(h)(5) | Agreement and Plan of Reorganization, dated December 20, 2010 | Incorporated by Reference | Columbia Funds Variable Series Trust II | 333-146374 | Post-Effective Amendment #15 on Form N-1A | (h)(9) | 4/29/2011 |
(h)(6) | Agreement and Plan of Reorganization, dated December 17, 2015 | Incorporated by Reference | Columbia Funds Series Trust | 333-208706 | Registration Statement on Form N-14 | (4) | 12/22/2015 |
(h)(7) | Agreement and Plan of Reorganization, dated February 20, 2020 | Incorporated by Reference | Columbia Funds Series Trust II | 333-236646 | Registration Statement on Form N-14 | (4) | 2/26/2020 |
(h)(8) | Agreement and Plan of Reorganization, dated October 5, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #390 on Form N-1A | (h)(8) | 12/22/2021 |
(h)(9) | Amended and Restated Credit Agreement, as of October 28, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #389 on Form N-1A | (h)(8) | 11/23/2021 |
(h)(10) | Master Inter-Fund Lending Agreement, dated May 1, 2018 | Incorporated by Reference | Columbia Funds Series Trust II | 333-131683 | Post-Effective Amendment #179 on Form N-1A | (h)(11) | 5/25/2018 |
(h)(10)(i) | Schedule A and Schedule B, effective July 1, 2022, to the Master Inter-Fund Lending Agreement dated May 1, 2018 | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (h)(10)(i) | 7/18/2022 |
(h)(11) | Fund of Fund Investment Management Agreement, dated January 19, 2022, between BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., IShares U.S. ETF Trust and Columbia Funds Series Trust, Columbia Funds Series Trust I, Columbia Funds Series Trust II, Columbia Funds Variable Insurance Trust and Columbia Funds Variable Series Trust II | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #392 on Form N-1A | (h)(11) | 2/17/2022 |
(h)(12) | Fund of Fund Investment Management Agreement, dated December 21, 2021, between Fidelity Rutland Square Trust II and Columbia Funds Series Trust I and Columbia Funds Series Trust II | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #392 on Form N-1A | (h)(12) | 2/17/2022 |
(h)(13) | Fund of Fund Investment Management Agreement, dated January 19, 2022, between Vanguard Funds and Columbia Funds Series Trust I, Columbia Funds Variable Insurance Trust and Columbia Funds Variable Series Trust II | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #392 on Form N-1A | (h)(13) | 2/17/2022 |
(i)(1) | Opinion of Counsel of Ropes & Gray LLP | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #40 on Form N-1A | (i) | 9/16/2005 |
(i)(2) | Opinion of Counsel of Ropes & Gray LLP | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #68 on Form N-1A | (i)(2) | 1/16/2008 |
(i)(3) | Opinion of Counsel of Ropes & Gray LLP | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #81 on Form N-1A | (i)(3) | 11/25/2008 |
Exhibit
Number |
Exhibit Description | Filed
Herewith or Incorporated by Reference |
Information About the Filing that Includes the Document Incorporated by Reference | ||||
Registrant
that Made the Filing |
File
No. of Such Registrant |
Type
of Filing |
Exhibit
of Document in that Filing |
Filing
Date | |||
(i)(4) | Opinion of Counsel of Ropes & Gray LLP | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #95 on Form N-1A | (i)(4) | 11/20/2009 |
(i)(5) | Opinion of Counsel of Ropes & Gray LLP | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #143 on Form N-1A | (i)(5) | 3/14/2012 |
(i)(6) | Opinion of Counsel of Ropes & Gray LLP, with respect to Columbia Adaptive Risk Allocation Fund | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #153 on Form N-1A | (i)(6) | 6/15/2012 |
(i)(7) | Opinion of Counsel of Ropes & Gray LLP, with respect to Columbia Multi Strategy Alternatives Fund | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #219 on Form N-1A | (i)(8) | 1/27/2015 |
(i)(8) | Opinion of Counsel of Ropes & Gray LLP, with respect to Columbia Multi-Asset Income Fund and Columbia U.S. Social Bond Fund | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #223 on Form N-1A | (i)(9) | 3/24/2015 |
(i)(9) | Opinion of Counsel of Ropes & Gray LLP, with respect to Multi-Manager Directional Alternative Strategies Fund | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #276 on Form N-1A | (i)(10) | 9/30/2016 |
(i)(10) | Opinion of Counsel of Ropes & Gray LLP, with respect to Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2060 Fund, Columbia Solutions Aggressive Portfolio and Columbia Solutions Conservative Portfolio | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #308 on Form N-1A | (i)(11) | 10/20/2017 |
(i)(11) | Opinion of Counsel of Ropes & Gray LLP, with respect to Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2045 Fund and Columbia Adaptive Retirement 2055 Fund | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #313 on Form N-1A | (i)(12) | 1/16/2018 |
(i)(12) | Opinion of Counsel of Ropes & Gray LLP, with respect to Multi-Manager International Equity Strategies Fund | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #324 on Form N-1A | (i)(13) | 5/4/2018 |
(i)(13) | Opinion of Counsel of Ropes & Gray LLP, with respect to Overseas SMA Completion Portfolio | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #357 on Form N-1A | (i)(13) | 9/3/2019 |
(i)(14) | Opinion of Counsel of Ropes & Gray LLP, with respect to Multisector Bond SMA Completion Portfolio | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #364 on Form N-1A | (i)(14) | 10/25/2019 |
(j)(1) | Consent of Morningstar, Inc. | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #21 on Form N-1A | 11(b) | 8/30/1996 |
(j)(2) | Consent of PricewaterhouseCoopers LLP: Not Applicable | ||||||
(k) | Omitted Financial Statements: Not Applicable. | ||||||
(l) | Initial Capital Agreement: Not Applicable. |
Exhibit
Number |
Exhibit Description | Filed
Herewith or Incorporated by Reference |
Information About the Filing that Includes the Document Incorporated by Reference | ||||
Registrant
that Made the Filing |
File
No. of Such Registrant |
Type
of Filing |
Exhibit
of Document in that Filing |
Filing
Date | |||
(m)(1) | Amended and Restated Distribution Plan, as of June 15, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #387 on Form N-1A | (m)(1) | 8/26/2021 |
(m)(2) | Amended and Restated Shareholder Servicing Plan, as of July 1, 2022, for certain Fund share classes of the Registrant | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (m)(2) | 7/18/2022 |
(m)(3) | Amended and Restated Shareholder Services Plan, as of July 10, 2020, for Registrant’s Class V (formerly known as Class T) | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #376 on Form N-1A | (m)(3) | 7/28/2020 |
(m)(4) | Shareholder Servicing Plan Implementation Agreement, amended and restated as of June 14, 2017, for Registrant’s Class V (formerly known as Class T) shares between the Registrant and Columbia Management Investment Distributors, Inc | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #299 on Form N-1A | (m)(4) | 7/28/2017 |
(m)(4)(i) | Restated Schedule I, effective July 1, 2022 to Shareholder Servicing Plan Implementation Agreement for Registrant’s Class V (formerly known as Class T) shares between the Registrant and Columbia Management Investment Distributors, Inc | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (m)(4)(i) | 7/18/2022 |
(m)(5) | Shareholder Servicing Plan Implementation Agreement between Registrant and Columbia Management Investment Distributors, Inc. | Incorporated by Reference | Columbia Funds Series Trust | 333-89661 | Post-Effective Amendment #82 on Form N-1A | (m)(4) | 5/28/2010 |
(m)(5)(i) | Restated Schedule I, dated July 1, 2022, to Shareholder Servicing Plan Implementation Agreement, between the Registrant, Columbia Funds Series Trust and Columbia Management Investment Distributors, Inc. | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (m)(5)(i) | 7/18/2022 |
(n) | Rule 18f – 3 Multi-Class Plan, amended and restated as of June 17, 2020 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #376 on Form N-1A | (n) | 7/28/2020 |
(o) | Reserved | ||||||
(p)(1) | Code of Ethics of Columbia Atlantic Board Funds adopted under Rule 17j-1, effective March 2019 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #349 on Form N-1A | (p)(1) | 4/25/2019 |
(p)(2) | Columbia Threadneedle Investments Global Personal Account Dealing and Code of Ethics, effective December 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #392 on Form N-1A | (p)(2) | 2/17/2022 |
(p)(3) | Code of Ethics of AQR Capital Management, LLC (a subadviser of Columbia Multi Strategy Alternatives Fund, Multi-Manager Alternative Strategies Fund and Multi-Manager Directional Alternative Strategies Fund), effective September 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #389 on Form N-1A | (p)(3) | 11/23/2021 |
(p)(4) | Code of Ethics of Prudential Financial (for PGIM, Inc., a subadviser of Multi-Manager Total Return Bond Strategies Fund), dated August 29, 2018 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #338 on Form N-1A | (p)(6)(i) | 11/27/2018 |
Exhibit
Number |
Exhibit Description | Filed
Herewith or Incorporated by Reference |
Information About the Filing that Includes the Document Incorporated by Reference | ||||
Registrant
that Made the Filing |
File
No. of Such Registrant |
Type
of Filing |
Exhibit
of Document in that Filing |
Filing
Date | |||
(p)(4)(i) | Code of Ethics of Prudential Financial, dated January 10, 2022 | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (p)(4)(i) | 7/18/2022 |
(p)(4)(ii) | Personal Securities Trading Standards of Prudential Financial (for PGIM, Inc., a subadviser of Multi-Manager Total Return Bond Strategies Fund), dated July 28, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #389 on Form N-1A | (p)(4)(ii) | 11/23/2021 |
(p)(4)(iii) | U.S. Information Barrier Standards of Prudential Financial, dated January 17, 2020 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #376 on Form N-1A | (p)(4)(iii) | 7/28/2020 |
(p)(5) | Code of Ethics of TCW Investment Management Company LLC (a subadviser of Multi-Manager Alternative Strategies Fund and Multi-Manager Total Return Bond Strategies Fund), dated September 30, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #389 on Form N-1A | (p)(5) | 11/23/2021 |
(p)(6) | Code of Ethics of Water Island Capital, LLC (a subadviser of Multi-Manager Alternative Strategies Fund), effective June 7, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #387 on Form N-1A | (p)(6) | 8/26/2021 |
(p)(7) | Code of Ethics of Conestoga Capital Advisors, LLC (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), dated April 13, 2022 | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (p)(7) | 7/18/2022 |
(p)(8) | Code of Ethics of Loomis, Sayles and Company, L.P. (a subadviser of Multi-Manager Growth Strategies Fund and Multi-Manager Total Return Bond Strategies Fund), effective January 14, 2000, as amended December 16, 2020 | Incorporated by Reference | Columbia Funds Variable Series Trust II | 333-146374 | Post-Effective Amendment #76 on Form N-1A | (p)(12) | 4/1/2021 |
(p)(9) | Code of Ethics of Boston Partners Global Investors Inc. (a subadviser of Multi-Manager Directional Alternative Strategies Fund), effective May 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #387 on Form N-1A | (p)(10) | 8/26/2021 |
(p)(10) | Code of Ethics of Allspring Global Investments, LLC (a subadviser of Multi-Manager Directional Alternative Strategies Fund) | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #389 on Form N-1A | (p)(11) | 11/23/2021 |
(p)(11) | Code of Ethics of Los Angeles Capital Management LLC (a subadviser of Multi-Manager Growth Strategies Fund), effective June 24, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #387 on Form N-1A | (p)(12) | 8/26/2021 |
(p)(12) | Code of Ethics of Manulife Asset Management (US) LLC (a subadviser of Multi-Manager Alternative Strategies Fund), effective January 20, 2020 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #380 on Form N-1A | (p)(13) | 9/25/2020 |
(p)(13) | Code of Ethics of Arrowstreet Capital, Limited Partnership (a subadviser of Multi-Manager International Equity Strategies Fund), effective April 1, 2019 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #356 on Form N-1A | (p)(14) | 8/27/2019 |
(p)(14) | Code of Ethics of Baillie Gifford Overseas Limited (a subadviser of Multi-Manager International Equity Strategies Fund), effective March 2022 | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (p)(14) | 7/18/2022 |
Exhibit
Number |
Exhibit Description | Filed
Herewith or Incorporated by Reference |
Information About the Filing that Includes the Document Incorporated by Reference | ||||
Registrant
that Made the Filing |
File
No. of Such Registrant |
Type
of Filing |
Exhibit
of Document in that Filing |
Filing
Date | |||
(p)(15) | Code of Ethics of Causeway Capital Management LLC (a subadviser of Multi-Manager International Equity Strategies Fund), effective June 30, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #387 on Form N-1A | (p)(16) | 8/26/2021 |
(p)(16) | Code of Ethics of AlphaSimplex Group, LLC (a subadviser of Multi-Manager Alternative Strategies Fund) | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #327 on Form N-1A | (p)(20) | 5/23/2018 |
(p)(17) | Code of Ethics of Voya Investment Management Co. LLC (a subadviser of Multi-Manager Total Return Bond Strategies Fund), effective October 12, 2020 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #385 on Form N-1A | (p)(18) | 4/26/2021 |
(p)(18) | Code of Ethics of J.P. Morgan Investment Management Inc. (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), effective February 1, 2005, last revised December 18, 2020 | Incorporated by Reference | Columbia Funds Variable Series Trust II | 333-146374 | Post-Effective Amendment #76 on Form N-1A | (p)(10) | 4/1/2021 |
(p)(19) | Code of Ethics of Hotchkis and Wiley Capital Management, LLC (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), as of September 1, 2021 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #389 on Form N-1A | (p)(20) | 11/23/2021 |
(p)(20) | Code of Ethics of PGIM Quantitative Solutions LLC, (a subadviser of Columbia Multi Strategy Alternatives Fund) | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #392 on Form N-1A | (p)(20) | 2/17/2022 |
(p)(21) | Code of Ethics of Crabel Capital Management, LLC, (a subadviser of Multi-Manager Alternative Strategies Fund), effective April 2019 | Incorporated by Reference | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #391 on Form N-1A | (p)(21) | 1/12/2022 |
(p)(22) | Code of Ethics of Jacobs Levy Investment Management, Inc. (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), effective January 2016 | Filed Herewith | Columbia Funds Series Trust I | 2-99356 | Post-Effective Amendment #395 on Form N-1A | (p)(22) | 7/18/2022 |
(a) | Columbia Management, a wholly owned subsidiary of Ameriprise Financial, Inc., performs investment advisory services for the Registrant and certain other clients. Information regarding the business of Columbia Management and the directors and principal officers of Columbia Management is also included in the Form ADV filed by Columbia Management with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-25943), which information is incorporated herein by reference. In addition to their position with Columbia Management, certain directors and officers of Columbia Management also hold various positions with, and engage in business for, Ameriprise Financial, Inc. or its other subsidiaries. |
(b) | Allspring Global Investments, LLC (formerly known as Wells Capital Management Incorporated), performs investment management services for the Registrant and certain other clients. Information regarding the business of Allspring Global Investments, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Allspring Global Investments, LLC and is incorporated herein by reference. Information about the business of Allspring Global Investments, LLC and the directors and principal executive officers of Allspring Global Investments, LLC is also included in the Form ADV filed by Allspring Global Investments, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-21122), which information is incorporated herein by reference. |
(c) | Alpha Simplex Group, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Alpha Simplex Group, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Alpha Simplex Group, LLC and is incorporated herein by reference. Information about the business of Alpha Simplex Group, LLC and the directors and principal executive officers of Alpha Simplex Group, LLC is also included in the Form ADV filed by Alpha Simplex Group, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-62448), which information is incorporated herein by reference. |
(d) | AQR Capital Management, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of AQR Capital Management, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by AQR Capital Management, LLC and is incorporated herein by reference. Information about the business of AQR Capital Management, LLC and the directors and principal executive officers of AQR Capital Management, LLC is also included in the Form ADV filed by AQR Capital Management, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-55543), which information is incorporated herein by reference. |
(e) | Arrowstreet Capital, Limited Partnership performs investment management services for the Registrant and certain other clients. Information regarding the business of Arrowstreet Capital, Limited Partnership and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Arrowstreet Capital, Limited Partnership and is incorporated herein by reference. Information about the business of Arrowstreet Capital, Limited Partnership and the directors and principal executive officers of Arrowstreet Capital, Limited Partnership is also included in the Form ADV filed by Arrowstreet Capital, Limited Partnership with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-56633), which information is incorporated herein by reference. |
(f) | Baillie Gifford Overseas Limited performs investment management services for the Registrant and certain other clients. Information regarding the business of Baillie Gifford Overseas Limited and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Baillie Gifford Overseas Limited and is incorporated herein by reference. Information about the business of Baillie Gifford Overseas Limited and the directors and principal executive officers of Baillie Gifford Overseas Limited is also included in the Form ADV filed by Baillie Gifford Overseas Limited with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-21051), which information is incorporated herein by reference. |
(g) | Boston Partners Global Investors, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of Boston Partners Global Investors, Inc. and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Boston Partners Global Investors, Inc. and is incorporated herein by reference. Information about the business of Boston Partners Global Investors, Inc. and the directors and principal executive officers of Boston Partners Global Investors, Inc. is also included in the Form ADV filed by Boston Partners Global Investors, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-61786), which information is incorporated herein by reference. |
(h) | Causeway Capital Management LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Causeway Capital Management LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Causeway Capital Management LLC and is incorporated herein by reference. Information about the business of Causeway Capital Management LLC and the directors and principal executive officers of Causeway Capital Management LLC is also included in the Form ADV filed by Causeway Capital Management LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-60343), which information is incorporated herein by reference. |
(i) | Conestoga Capital Advisors, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Conestoga Capital Advisors, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Conestoga Capital Advisors, LLC and is incorporated herein by reference. Information about the business of Conestoga Capital Advisors, LLC and the directors and principal executive officers of Conestoga Capital Advisors, LLC is also included in the Form ADV filed by Conestoga Capital Advisors, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-60133), which information is incorporated herein by reference. |
(j) | Crabel Capital Management, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Crabel Capital Management, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Crabel Capital Management, LLC and is incorporated herein by reference. Information about the business of Crabel Capital Management, LLC and the directors and principal executive officers of Crabel Capital Management, LLC is also included in the Form ADV filed by Crabel Capital Management, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-110141), which information is incorporated herein by reference. |
(k) | Hotchkis and Wiley Capital Management, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Hotchkis and Wiley Capital Management, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Hotchkis and Wiley Capital Management, LLC and is incorporated herein by reference. Information about the business of |
Hotchkis and Wiley Capital Management, LLC and the directors and principal executive officers of Hotchkis and Wiley Capital Management, LLC is also included in the Form ADV filed by Hotchkis and Wiley Capital Management, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-60512), which information is incorporated herein by reference. |
(l) | Jacobs Levy Equity Management, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of Jacobs Levy Equity Management, Inc. and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Jacobs Levy Equity Management, Inc. and is incorporated herein by reference. Information about the business of Jacobs Levy Equity Management, Inc. and the directors and principal executive officers of Jacobs Levy Equity Management, Inc. is also included in the Form ADV filed by Jacobs Levy Equity Management, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-28257), which information is incorporated herein by reference. |
(m) | J.P. Morgan Investment Management Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of J.P. Morgan Investment Management Inc. and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by J.P. Morgan Investment Management Inc. and is incorporated herein by reference. Information about the business of J.P. Morgan Investment Management Inc. and the directors and principal executive officers of J.P. Morgan Investment Management Inc. is also included in the Form ADV filed by J.P. Morgan Investment Management Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-21011), which information is incorporated herein by reference. |
(n) | Loomis, Sayles and Company, L.P. performs investment management services for the Registrant and certain other clients. Information regarding the business of Loomis, Sayles and Company, L.P. and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Loomis, Sayles and Company, L.P. and is incorporated herein by reference. Information about the business of Loomis, Sayles and Company, L.P. and the directors and principal executive officers of Loomis, Sayles and Company, L.P. is also included in the Form ADV filed by Loomis, Sayles and Company, L.P. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-170), which information is incorporated herein by reference. |
(o) | Los Angeles Capital Management and Equity Research, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of Los Angeles Capital Management and Equity Research, Inc. and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Los Angeles Capital Management and Equity Research, Inc. and is incorporated herein by reference. Information about the business of Los Angeles Capital Management and Equity Research, Inc. and the directors and principal executive officers of Los Angeles Capital Management and Equity Research, Inc. is also included in the Form ADV filed by Los Angeles Capital Management and Equity Research, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-60934), which information is incorporated herein by reference. |
(p) | Manulife Investment Management (US) LLC (formerly known as Manulife Asset Management (US) LLC) performs investment management services for the Registrant and certain other clients. Information regarding the business of Manulife Investment Management (US) LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Manulife Investment Management (US) LLC and is incorporated herein by reference. Information about the business of Manulife Investment Management (US) LLC and the directors and principal executive officers of Manulife Investment Management (US) LLC is also included in the Form ADV filed by Manulife Investment Management (US) LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-42023), which information is incorporated herein by reference. |
(q) | PGIM, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of PGIM, Inc. and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by PGIM, Inc. and is incorporated herein by reference. Information about the business of PGIM, Inc. and the directors and principal executive officers of PGIM, Inc. is also included in the Form ADV filed by PGIM, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-22808), which information is incorporated herein by reference. |
(r) | PGIM Quantitative Solutions LLC (formerly known as QMA LLC), performs investment management services for the Registrant and certain other clients. Information regarding the business of PGIM Quantitative Solutions LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by PGIM Quantitative Solutions LLC and is incorporated herein by reference. Information about the business of PGIM Quantitative Solutions LLC and the directors and principal executive officers of PGIM Quantitative Solutions LLC is also included in the Form ADV filed by PGIM Quantitative Solutions LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-62692), which information is incorporated herein by reference. |
(s) | TCW Investment Management Company LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of TCW Investment Management Company LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by TCW Investment Management Company LLC and is incorporated herein by reference. Information about the business of TCW Investment Management Company LLC and the directors and principal executive officers of TCW Investment Management Company LLC is also included in the Form ADV filed by TCW Investment Management Company LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-29075), which information is incorporated herein by reference. |
(t) | Threadneedle International Limited may perform investment management services for the Registrant and certain other clients. Information regarding the business of Threadneedle International Limited and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Threadneedle International Limited and is incorporated herein by reference. Information about the business of Threadneedle International Limited and the directors and principal executive officers of Threadneedle International Limited is also included in the Form ADV filed by Threadneedle International Limited with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-63196), which information is incorporated herein by reference. |
(u) | Voya Investment Management Co. LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Voya Investment Management Co. LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Voya Investment Management Co. LLC and is incorporated herein by reference. Information about the business of Voya Investment Management Co. LLC and the directors and principal executive officers of Voya Investment Management Co. LLC is also included in the Form ADV filed by Voya Investment Management Co. LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-9046), which information is incorporated herein by reference. |
(v) | Water Island Capital, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Water Island Capital, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant’s series subadvised by Water Island Capital, LLC and is incorporated herein by reference. Information about the business of Water Island Capital, LLC and the directors and principal executive officers of Water Island Capital, LLC is also included in the Form ADV filed by Water Island Capital, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-57341), which information is incorporated herein by reference. |
(a) | Columbia Management Investment Distributors, Inc. acts as principal underwriter for the following investment companies, including the Registrant: |
Columbia Acorn Trust; Columbia Funds Series Trust; Columbia Funds Series Trust I; Columbia Funds Series Trust II; Columbia Funds Variable Series Trust II; Columbia Funds Variable Insurance Trust and Wanger Advisors Trust. |
(b) | As to each director, principal officer or partner of Columbia Management Investment Distributors, Inc. |
Name
and Principal Business Address* |
Position
and Offices with Principal Underwriter |
Positions and Offices with Registrant | ||
William F. Truscott | Chief Executive Officer and Director | Senior Vice President | ||
Scott E. Couto | President and Director | None | ||
Jason S. Bartylla | Chief Financial Officer | None | ||
Michael E. DeFao | Vice President, Chief Legal Officer and Assistant Secretary | Vice President and Assistant Secretary | ||
Stephen O. Buff | Vice President, Chief Compliance Officer | None | ||
James Bumpus | Vice President and Head of Intermediary Markets | None | ||
Thomas A. Jones | Vice President and Head of Strategic Relations | None | ||
Gary Rawdon | Vice President – Sales Governance and Administration | None | ||
Leslie A. Walstrom | Global Head of Marketing | None | ||
Daniel J. Beckman | Vice President and Head of North America Product and Director | Board
Member, President and Principal Executive Officer | ||
Marc Zeitoun | Chief Operating Officer, North American Distribution | None | ||
Wendy B. Mahling | Secretary | None | ||
Amy L. Hackbarth | Vice President and Assistant Secretary | None | ||
Mark D. Kaplan | Vice President and Assistant Secretary | None | ||
Nancy W. LeDonne | Vice President and Assistant Secretary | None |
Name
and Principal Business Address* |
Position
and Offices with Principal Underwriter |
Positions and Offices with Registrant | ||
Ryan C. Larrenaga | Vice President and Assistant Secretary | Senior Vice President, Chief Legal Officer and Secretary | ||
Joseph L. D’Alessandro | Vice President and Assistant Secretary | Assistant Secretary | ||
Christopher O. Petersen | Vice President and Assistant Secretary | Senior Vice President and Assistant Secretary | ||
Shweta J. Jhanji | Vice President and Treasurer | None | ||
Michael Tempesta | Anti-Money Laundering Officer and Identity Theft Prevention Officer | None | ||
Kevin Wasp | Ombudsman | None | ||
Kristin Weisser | Conflicts Officer | None |
* | The principal business address of Columbia Management Investment Distributors, Inc. is 290 Congress Street, Boston, MA 02210. |
(c) | Not Applicable. |
■ | Registrant, 290 Congress Street, Boston, MA, 02210; |
■ | Registrant’s investment adviser and administrator, Columbia Management Investment Advisers, LLC, 290 Congress Street, Boston, MA, 02210; |
■ | Registrant’s subadviser, Allspring Global Investments, LLC (formerly known as Wells Capital Management Incorporated), 525 Market Street, San Francisco, CA 94105; |
■ | Registrant’s subadviser, Alpha Simplex Group, LLC, 200 State Street, Boston MA 02109; |
■ | Registrant’s subadviser, Arrowstreet Capital, Limited Partnership, 200 Clarendon Street, 30th Floor, Boston, MA 02116; |
■ | Registrant’s subadviser, AQR Capital Management, LLC, Two Greenwich Plaza, 3rd Floor, Greenwich, CT 06830; |
■ | Registrant’s subadviser, Baillie Gifford Overseas Limited, Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom; |
■ | Registrant’s subadviser, Boston Partners Global Investors, Inc., 1 Beacon Street, 30th Floor, Boston, MA 02108; |
■ | Registrant’s subadviser, Causeway Capital Management LLC, 11111 Santa Monica Blvd., 15th Floor, Los Angeles, CA 90025; |
■ | Registrant’s subadviser, Conestoga Capital Advisors, LLC, 550 East Swedesford Road, Suite 120, Wayne, PA 19087; |
■ | Registrant’s subadviser, Crabel Capital Management, LLC, 1999 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067; |
■ | Registrant’s subadviser, Hotchkis and Wiley Capital Management, LLC, 601 South Figueroa Street, Los Angeles, CA 90017; |
■ | Registrant’s subadviser, Jacobs Levy Equity Management, Inc., 100 Campus Drive, 4th Floor East, Florham Park, NJ 07932; |
■ | Registrant’s subadviser, J.P. Morgan Investment Management Inc., 383 Madison Avenue, New York, NY 10179; |
■ | Registrant’s subadviser, Loomis, Sayles and Company, L.P., One Financial Center, Boston, MA 02111; |
■ | Registrant’s subadviser, Los Angeles Capital Management LLC, 11150 Santa Monica Blvd., Suite 200, Los Angeles, CA 90025; |
■ | Registrant’s subadviser, Manulife Investment Management (US) LLC, 197 Clarendon St # 4, Boston, MA 02116; |
■ | Registrant’s subadviser, PGIM, Inc./Prudential Financial, Inc., 655 Broad Street, Newark, NJ 07102; |
■ | Registrant’s subadviser, PGIM Quantitative Solutions LLC (formerly known as QMA LLC), Gateway Center Two, Newark, NJ 07102; |
■ | Registrant’s subadviser, TCW Investment Management Company LLC, 865 South Figueroa Street, Suite 1800, Los Angeles, CA 90017; |
■ | Registrant’s subadviser, Voya Investment Management Co. LLC, 230 Park Avenue, New York, NY 10169; |
■ | Registrant’s subadviser, Water Island Capital, LLC, 41 Madison Avenue, 42nd floor, New York, NY 10010; |
■ | Registrant’s former provider of advisory service as delegated by former subadviser, DGHM, Real Estate Management Services Group, LLC, 1100 Fifth Avenue South, Suite 305, Naples, FL 34102; |
■ | Registrant’s former subadviser, BMO Asset Management Corp., 115 South LaSalle Street, 11th Floor, Chicago, IL 60603; |
■ | Registrant’s former subadviser, Dalton, Greiner, Hartman, Maher & Co., 565 Fifth Avenue, Suite 2101, New York, NY 10017; |
■ | Registrant’s former subadviser, EAM Investors, LLC, 2533 South Coast Highway 101, Suite 240, Cardiff-by-the-Sea, CA 92007; |
■ | Registrant’s former subadviser, Federated Investment Management Company, Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779; |
■ | Registrant’s former subadviser, Wasatch Advisors Inc, 505 Wakara Way, 3rd Floor, Salt Lake City, UT 84108; |
■ | Registrant’s principal underwriter, Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA, 02210; |
■ | Registrant’s transfer agent, Columbia Management Investment Services Corp., 290 Congress Street, Boston, MA, 02210; |
■ | Registrant’s sub-transfer agent, DST Asset Manager Solutions, Inc., 2000 Crown Colony Dr., Quincy, MA 02169; |
■ | Registrant’s custodian, JP Morgan Chase Bank, N.A., 1 Chase Manhattan Plaza 19th Floor, New York, NY 10005; and |
■ | Registrant’s former custodian, State Street Bank and Trust Company, State Street Financial Center, One Lincoln Street, Boston, MA 02111. |
COLUMBIA FUNDS SERIES TRUST I | |
By: | /s/ Daniel J. Beckman |
Daniel
J. Beckman Trustee and President |
Signature | Capacity | Signature | Capacity |
/s/ Daniel J. Beckman | Trustee
and President (Principal Executive Officer) |
/s/ J. Kevin Connaughton* | Trustee |
Daniel J. Beckman | J. Kevin Connaughton | ||
/s/ Michael G. Clarke* | Chief
Financial Officer, Principal Financial Officer and Senior Vice President |
/s/ Olive M. Darragh* | Trustee |
Michael G. Clarke | Olive M. Darragh | ||
/s/ Joseph Beranek* | Treasurer,
Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer |
/s/ Patricia M. Flynn* | Trustee |
Joseph Beranek | Patricia M. Flynn | ||
/s/ Catherine James Paglia* | Co-Chair of the Board | /s/ Brian J. Gallagher* | Trustee |
Catherine James Paglia | Brian J. Gallagher | ||
/s/ Douglas A. Hacker* | Co-Chair of the Board | /s/ Nancy T. Lukitsh* | Trustee |
Douglas A. Hacker | Nancy T. Lukitsh | ||
/s/ George S. Batejan* | Trustee | /s/ David M. Moffett* | Trustee |
George S. Batejan | David M. Moffett | ||
/s/ Kathleen A. Blatz* | Trustee | /s/ Minor M. Shaw* | Trustee |
Kathleen A. Blatz | Minor M. Shaw | ||
/s/ Pamela G. Carlton* | Trustee | /s/ Natalie A. Trunow* | Trustee |
Pamela G. Carlton | Natalie A. Trunow | ||
/s/ Janet Langford Carrig* | Trustee | /s/ Sandra Yeager* | Trustee |
Janet Langford Carrig | Sandra Yeager |
* | By:
Name: |
/s/ Joseph D’Alessandro | |
Joseph
D’Alessandro** Attorney-in-fact |
|||
** | Executed by Joseph D’Alessandro on behalf of Michael G. Clarke pursuant to a Power of Attorney, dated February 1, 2021, on behalf of Joseph Beranek pursuant to a Power of Attorney, dated January 3, 2020, and on behalf of each of the Trustees pursuant to a Trustees Power of Attorney, dated January 1, 2021. |
/s/ George S. Batejan | Trustee | /s/ Nancy T. Lukitsh | Trustee |
George S. Batejan | Nancy T. Lukitsh | ||
/s/ Kathleen A. Blatz | Trustee | /s/ David M. Moffett | Trustee |
Kathleen A. Blatz | David M. Moffett | ||
/s/ Pamela G. Carlton | Trustee | /s/ Patricia M. Flynn | Trustee |
Pamela G. Carlton | Patricia M. Flynn | ||
/s/ Janet L. Carrig | Trustee | /s/ Catherine James Paglia | Trustee |
Janet L. Carrig | Catherine James Paglia | ||
/s/ J. Kevin Connaughton | Trustee | /s/ Christopher O. Petersen | Trustee |
J. Kevin Connaughton | Christopher O. Petersen | ||
/s/ Olive M. Darragh | Trustee | /s/ Anthony M. Santomero | Trustee |
Olive M. Darragh | Anthony M. Santomero | ||
/s/ Patricia M. Flynn | Trustee | /s/ Minor M. Shaw | Trustee |
Patricia M. Flynn | Minor M. Shaw | ||
/s/ Brian J. Gallagher | Trustee | /s/ Natalie A. Trunow | Trustee |
Brian J. Gallagher | Natalie A. Trunow | ||
/s/ Douglas Hacker | Trustee | /s/ Sandra Yeager | Trustee |
Douglas Hacker | Sandra Yeager |
(a)(10) | Amendment No. 9 to Second Amended and Restated Agreement and Declaration of Trust, effective June 23, 2022 |
(d)(1)(i) | Schedule A and Schedule B, effective July 1, 2022, to the Management Agreement (amended and restated), dated April 25, 2016, between Columbia Management Investment Advisers, LLC, the Registrant, and Columbia Funds Variable Insurance Trust |
(d)(23) | Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Jacobs Levy Equity Management, Inc., effective July 18, 2022 |
(e)(1)(i) | Schedule I, effective July 1, 2022, and Schedule II as of September 7, 2010 to the Distribution Agreement by and between the Registrant, Columbia Funds Series Trust, Columbia Funds Series Trust II and Columbia Management Investment Distributors, Inc., dated June 15, 2021 |
(h)(1)(i) | Schedule A, and Schedule B, effective July 1, 2022, to the Transfer and Dividend Disbursing Agent Agreement by and between Columbia Management Investment Services Corp., the Registrant, Columbia Funds Series Trust and Columbia Funds Series Trust II, dated June 15, 2021 |
(h)(3)(i) | Amendment to the Amended and Restated Fee Waiver and Expense Cap Agreement, effective, January 19, 2022, between Columbia Management Investment Advisers, LLC, Columbia Management Investment Distributors, Inc., Columbia Management Investment Services Corp., the Registrant, Columbia Funds Series Trust, Columbia Funds Series Trust II, Columbia Funds Variable Insurance Trust and Columbia Funds Variable Series Trust II |
(h)(3)(ii) | Schedule A, as of July 1, 2022, to the Amended and Restated Fee Waiver and Expense Cap Agreement, effective January 19, 2022, between Columbia Management Investment Advisers, LLC, Columbia Management Investment Distributors, Inc., Columbia Management Investment Services Corp., the Registrant, Columbia Funds Series Trust, Columbia Funds Series Trust II, Columbia Funds Variable Insurance Trust and Columbia Funds Variable Series Trust II |
(h)(10)(i) | Schedule A and Schedule B, effective July 1, 2022, to the Master Inter-Fund Lending Agreement dated May 1, 2018 |
(m)(2) | Amended and Restated Shareholder Servicing Plan, as of July 1, 2022, for certain Fund share classes of the Registrant |
(m)(4)(i) | Restated Schedule I, effective July 1, 2022 to Shareholder Servicing Plan Implementation Agreement for Registrant’s Class V (formerly known as Class T) shares between the Registrant and Columbia Management Investment Distributors, Inc |
(m)(5)(i) | Restated Schedule I, dated July 1, 2022, to Shareholder Servicing Plan Implementation Agreement, between the Registrant, Columbia Funds Series Trust and Columbia Management Investment Distributors, Inc. |
(p)(4)(i) | Code of Ethics of Prudential Financial, dated January 10, 2022 |
(p)(7) | Code of Ethics of Conestoga Capital Advisors, LLC, dated April 13, 2022 |
(p)(14) | Code of Ethics of Baillie Gifford Overseas Limited, effective March 2022 |
(p)(22) | Code of Ethics of Jacobs Levy Investment Management, Inc., effective January 2016 |
COLUMBIA FUNDS SERIES TRUST I
AMENDMENT NO. 9 TO THE
SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST
WHEREAS, Section 5 of Article III of the Second Amended and Restated Agreement and Declaration of Trust (the Declaration of Trust) of Columbia Funds Series Trust I (the Trust), dated August 10, 2005, as amended from time to time, a copy of which is on file in the Office of the Secretary of The Commonwealth of Massachusetts, authorizes the Trustees of the Trust to amend the Declaration of Trust to establish, to change or to abolish and rescind the designation of any Series or class of Shares without authorization by vote of the Shareholders of the Trust; and
NOW, THEREFORE, The undersigned, being at least a majority of the Trustees of the Trust, do hereby certify that we have authorized the amendment to said Declaration of Trust to reflect the renaming of Columbia Mid Cap Growth Fund to Columbia Select Mid Cap Growth Fund:
1. | Section 6 of Article III is hereby amended by replacing the text preceding paragraph (a) with the following: |
Without limiting the authority of the Trustees set forth in Section 5, inter alia, to establish and designate any further Series or classes or to modify the rights and preferences of any Series or class, the following Series shall be, and are hereby, established and designated:
Columbia Adaptive Retirement 2020 Fund
Columbia Adaptive Retirement 2025 Fund
Columbia Adaptive Retirement 2030 Fund
Columbia Adaptive Retirement 2035 Fund
Columbia Adaptive Retirement 2040 Fund
Columbia Adaptive Retirement 2045 Fund
Columbia Adaptive Retirement 2050 Fund
Columbia Adaptive Retirement 2055 Fund
Columbia Adaptive Retirement 2060 Fund
Columbia Adaptive Risk Allocation Fund
Columbia Balanced Fund
Columbia Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia Contrarian Core Fund
Columbia Corporate Income Fund
Columbia Dividend Income Fund
Columbia Emerging Markets Fund
Columbia Global Technology Growth Fund
Columbia Greater China Fund
Columbia High Yield Municipal Fund
Columbia Intermediate Municipal Bond Fund
Columbia International Dividend Income Fund
Columbia Large Cap Growth Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Multi-Asset Income Fund
Columbia Multi Strategy Alternatives Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund
Columbia Pacific/Asia Fund
Columbia Real Estate Equity Fund
Columbia Select Large Cap Growth Fund
Columbia Select Mid Cap Growth Fund
Columbia Small Cap Growth Fund
Columbia Small Cap Value Fund I
Columbia Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio
Columbia Strategic California Municipal Income Fund
Columbia Strategic Income Fund
Columbia Strategic New York Municipal Income Fund
Columbia Tax-Exempt Fund
Columbia Total Return Bond Fund
Columbia U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund
Multi-Manager Alternative Strategies Fund
Multi-Manager Directional Alternative Strategies Fund
Multi-Manager Growth Strategies Fund
Multi-Manager International Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund
Multi-Manager Total Return Bond Strategies Fund
Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio
Shares of each Series established in this Section 6 shall have the following rights and preferences relative to Shares of each other Series, and Shares of each class of a Multi-Class Series shall have such rights and preferences relative to other classes of the same Series as are set forth in the Declaration of Trust, together with such other rights and preferences relative to such other classes as are set forth in the Trusts Rule 18f-3 Plan, registration statement as from time to time amended, and any applicable resolutions of the Trustees establishing and designating such class of Shares.
The rest of this Section 6 remains unchanged.
The rest of the Declaration of Trust remains unchanged.
The foregoing amendment is effective as of June 23, 2022.
[The remainder of this page intentionally left blank.]
IN WITNESS WHEREOF, the undersigned has signed this Amendment No. 9 to the Declaration of Trust on June 23, 2022.
/s/ George S. Batejan George S. Batejan |
/s/ Brian J. Gallagher Brian J. Gallagher | |
/s/ Kathleen A. Blatz Kathleen A. Blatz
/s/ Daniel J. Beckman |
/s/ Douglas A. Hacker Douglas A. Hacker
/s/ Nancy T. Lukitsh | |
Daniel J. Beckman
/s/ Pamela G. Carlton |
Nancy T. Lukitsh
/s/ David M. Moffett | |
Pamela G. Carlton | David M. Moffett | |
/s/ Janet Langford Carrig Janet Langford Carrig |
/s/ Catherine James Paglia Catherine James Paglia | |
/s/ J. Kevin Connaughton J. Kevin Connaughton |
/s/ Minor M. Shaw Minor M. Shaw | |
/s/ Olive M. Darragh Olive M. Darragh
/s/ Patricia M. Flynn |
/s/ Natalie A. Trunow Natalie A. Trunow
/s/ Sandra L. Yeager | |
Patricia M. Flynn | Sandra L. Yeager |
Registered Agent: Corporation Service Company 84 State Street Boston, MA 02109
Schedules A and B Management Agreement CFST I and CFVIT
SCHEDULE A
As of July 1, 2022
Series |
Effective Date | |
Columbia Funds Series Trust I | ||
Columbia Adaptive Risk Allocation Fund | October 1, 2015 | |
Columbia Balanced Fund | January 1, 2016 | |
Columbia Bond Fund | September 1, 2015 | |
Columbia Connecticut Intermediate Municipal Bond Fund | March 1, 2016 | |
Columbia Contrarian Core Fund | January 1, 2016 | |
Columbia Corporate Income Fund | September 1, 2015 | |
Columbia Dividend Income Fund | October 1, 2015 | |
Columbia Emerging Markets Fund | January 1, 2016 | |
Columbia Global Technology Growth Fund | January 1, 2016 | |
Columbia Greater China Fund | January 1, 2016 | |
Columbia High Yield Municipal Fund | October 1, 2015 | |
Columbia Intermediate Municipal Bond Fund | March 1, 2016 | |
Columbia International Dividend Income Fund | January 1, 2016 | |
Columbia Large Cap Growth Fund | December 1, 2015 | |
Columbia Massachusetts Intermediate Municipal Bond Fund | March 1, 2016 | |
Columbia Multi Strategy Alternatives Fund | October 1, 2015 | |
Columbia New York Intermediate Municipal Bond Fund | March 1, 2016 | |
Columbia Oregon Intermediate Municipal Bond Fund | December 1, 2015 | |
Columbia Real Estate Equity Fund | May 1, 2016 | |
Columbia Select Large Cap Growth Fund | August 1, 2015 | |
Columbia Select Mid Cap Growth Fund | January 1, 2016 | |
Columbia Small Cap Growth Fund | January 1, 2016 | |
Columbia Small Cap Value Fund I | September 1, 2015 | |
Columbia Strategic California Municipal Income Fund | March 1, 2016 | |
Columbia Strategic Income Fund | March 1, 2016 | |
Columbia Strategic New York Municipal Income Fund | March 1, 2016 | |
Columbia Tax-Exempt Fund | December 1, 2015 | |
Columbia Total Return Bond Fund | September 1, 2015 | |
Columbia U.S. Social Bond Fund | December 1, 2015 | |
Columbia U.S. Treasury Index Fund | September 1, 2015 | |
Columbia Ultra Short Term Bond Fund | December 1, 2015 | |
Columbia Value and Restructuring Fund | July 1, 2015 | |
Multi-Manager Alternative Strategies Fund | January 1, 2016 | |
Multi-Manager Growth Strategies Fund | August 1, 2015 | |
Multi-Manager Small Cap Equity Strategies Fund | January 1, 2016 | |
Multi-Manager Total Return Bond Strategies Fund | January 1, 2016 |
Columbia Funds Variable Insurance Trust | Effective Date | |
Columbia Variable Portfolio Contrarian Core Fund | May 1, 2016 | |
Columbia Variable Portfolio Long Government/Credit Bond Fund | May 1, 2016 | |
Columbia Variable Portfolio Small Cap Value Fund | May 1, 2016 | |
Columbia Variable Portfolio Small Company Growth Fund | May 1, 2016 | |
Columbia Variable Portfolio Strategic Income Fund | May 1, 2016 | |
Variable Portfolio Managed Volatility Conservative Fund | May 1, 2016 | |
Variable Portfolio Managed Volatility Conservative Growth Fund | May 1, 2016 | |
Variable Portfolio Managed Volatility Growth Fund | May 1, 2016 |
Schedules A and B Management Agreement CFST I and CFVIT
SCHEDULE B
Fee Schedule
As of July 1, 2022
For the following funds, the asset charge for each calendar day of each year shall be equal to the total of 1/365th (1/366th in each leap year) of the amount computed in accordance with the fee schedule in the table below:
Fund |
Schedule B Effective Date | Net Assets (millions) |
Annual rate at each asset level Asset Charge |
|||||
Multi-Manager Alternative Strategies Fund* |
January 1, 2016 | $0 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 > $12,000 |
|
1.100 1.050 1.020 0.990 0.960 0.950 |
% % % % % % | |||
Columbia Contrarian Core Fund Columbia VP Contrarian Core |
July 1, 2021 July 1, 2022 |
$0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 - $15,600 >$15,600 - $20,300 >$20,300 - $26,400 >$26,400 - $34,300 >$34,300 - $44,600 >$44,600 - $58,000 >$58,000 |
|
0.7700 0.7200 0.6700 0.6200 0.6000 0.5800 0.5700 0.5675 0.5650 0.5625 0.5600 0.5575 0.5550 |
% % % % % % % % % % % % % | |||
Multi-Manager Total Return Bond Strategies Fund Columbia VP Long Government/Credit Bond Fund |
January 1, 2016 May 1, 2016 |
$0 - $500 >$500 - $1,000 >$1,000 - $2,000 >$2,000 - $3,000 >$3,000 - $6,000 >$6,000 - $7,500 >$7,500 - $9,000 >$9,000 - $12,000 >$12,000 - $20,000 >$20,000 - $24,000 >$24,000 - $50,000 >$50,000 |
|
0.500 0.495 0.480 0.460 0.450 0.430 0.415 0.410 0.390 0.380 0.360 0.340 |
% % % % % % % % % % % % |
B-1
Schedules A and B Management Agreement CFST I and CFVIT
Fund |
Schedule B Effective Date | Net Assets (millions) |
Annual rate at each asset level Asset Charge |
|||||
Multi-Manager Growth Strategies Fund Columbia Select Large Cap Growth Fund Columbia Large Cap Growth Fund Columbia International Dividend Income Fund |
August 1, 2015 December 1, 2015 |
$0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 |
|
0.770 0.720 0.670 0.620 0.600 0.580 0.570 |
% % % % % % % | |||
Columbia Ultra Short Term Bond Fund |
December 1, 2018 | All | 0.21 | % | ||||
Columbia Multi Strategy Alternatives Fund* |
October 1, 2016 | $0 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $12,000 >$12,000 |
|
0.960 0.955 0.950 0.940 0.930 |
% % % % % | |||
Columbia Adaptive Risk Allocation Fund |
October 1, 2015 | Category 1 Assets invested in affiliated mutual funds, exchange-traded funds and closed-end funds that pay a management fee (or advisory fee, as applicable) to the Investment Manager. $0 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $12,000 >$12,000 |
|
0.060 0.055 0.050 0.040 0.030 |
% % % % % | |||
Category 2 Assets invested in exchange-traded funds and mutual funds that are not managed by the Investment Manager or its affiliates. $0 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $12,000 >$12,000 |
|
0.160 0.155 0.150 0.140 0.130 |
% % % % % | |||||
Category 3 Securities, instruments and other assets not described above, including without limitation affiliated mutual funds, exchange-traded funds and closed-end funds that do not pay a management fee to the Investment Manager, third party closed-end funds, derivatives and individual securities. $0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 |
|
0.760 0.745 0.730 0.720 0.690 0.665 0.630 |
% % % % % % % |
B-2
Schedules A and B Management Agreement CFST I and CFVIT
Fund |
Schedule B Effective Date | Net Assets (millions) |
Annual rate at each asset level Asset Charge |
|||||
Columbia Oregon Intermediate Municipal Bond Fund Columbia Connecticut Intermediate Municipal Bond Fund Columbia Massachusetts Intermediate Municipal Bond Fund Columbia New York Intermediate Municipal Bond Fund Columbia Strategic California Municipal Income Fund Columbia Strategic New York Municipal Income Fund |
December 1, 2015 March 1, 2016 |
$0 - $250 >$250 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $6,000 >$6,000 - $7,500 >$7,500 - $12,000 >$12,000 |
|
0.470 0.465 0.415 0.380 0.340 0.330 0.320 0.310 |
% % % % % % % % | |||
Columbia Tax-Exempt Fund Columbia Intermediate Municipal Bond Fund Columbia U.S. Social Bond Fund |
December 1, 2015 March 1, 2016 December 1, 2016 |
$0 - $500 >$500 - $1,000 >$1,000 - $2,000 >$2,000 - $3,000 >$3,000 - $6,000 >$6,000 - $9,000 >$9,000 - $10,000 >$10,000 - $12,000 >$12,000 - $15,000 >$15,000 - $24,000 >$24,000 - $50,000 >$50,000 |
|
0.480 0.475 0.445 0.420 0.385 0.360 0.350 0.340 0.330 0.320 0.300 0.290 |
% % % % % % % % % % % % | |||
Columbia Balanced Fund |
July 1, 2022 | $0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 - $15,600 >$15,600 - $20,300 >$20,300 - $26,400 >$26,400 - $34,300 >$34,300 - $44,600 >$44,600 |
|
0.7200 0.6700 0.6200 0.5700 0.5500 0.5300 0.5200 0.5175 0.5150 0.5125 0.5100 0.5075 |
% % % % % % % % % % % % | |||
Columbia Dividend Income Fund |
July 1, 2022 | $0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 - $15,600 >$15,600 - $20,300 >$20,300 - $26,400 >$26,400 - $34,300 >$34,300 - $44,600 >$44,600 - $58,000 >$58,000 - 75,400 >$75,400 |
|
0.7200 0.6700 0.6200 0.5700 0.5500 0.5300 0.5200 0.5175 0.5150 0.5125 0.5100 0.5075 0.5050 0.5025 |
% % % % % % % % % % % % % % |
B-3
Schedules A and B Management Agreement CFST I and CFVIT
Fund |
Schedule B Effective Date | Net Assets (millions) |
Annual rate at each asset level Asset Charge |
|||||
Columbia Bond Fund Columbia Corporate Income Fund Columbia Total Return Bond Fund |
September 1, 2015 | $0 - $500 >$500 - $1,000 >$1,000 - $2,000 >$2,000 - $3,000 >$3,000 - $6,000 >$6,000 - $7,500 >$7,500 - $9,000 >$9,000 - $12,000 >$12,000 - $20,000 >$20,000 - $24,000 >$24,000 - $50,000 >$50,000 |
|
0.500 0.495 0.480 0.460 0.450 0.430 0.415 0.410 0.390 0.380 0.360 0.340 |
% % % % % % % % % % % % | |||
Columbia Emerging Markets Fund |
July 1, 2017 | $0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 |
|
1.100 1.060 0.870 0.820 0.770 0.720 0.700 |
% % % % % % % | |||
Columbia Global Technology Growth Fund |
July 1, 2021 | $0 - $500 >$500 - $1,000 >$1,000 -$3,000 >$3,000-$12,000 >$12,000 |
|
0.870 0.820 0.770 0.760 0.750 |
% % % % % | |||
Columbia Greater China Fund |
January 1, 2016 | $0 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 |
|
0.950 0.870 0.820 0.770 0.720 |
% % % % % | |||
Columbia High Yield Municipal Fund |
October 1, 2015 | $0 - $500 >$500 - $1,000 >$1,000 - $2,000 >$2,000 - $3,000 >$3,000 - $6,000 >$6,000 - $7,500 >$7,500 - $10,000 >$10,000 - $12,000 >$12,000 - $15,000 >$15,000 - $24,000 >$24,000 - $50,000 >$50,000 |
|
0.540 0.535 0.505 0.480 0.445 0.420 0.410 0.400 0.390 0.380 0.360 0.340 |
% % % % % % % % % % % % |
B-4
Schedules A and B Management Agreement CFST I and CFVIT
Fund |
Schedule B Effective Date | Net Assets (millions) |
Annual rate at each asset level Asset Charge |
|||||
Columbia Real Estate Equity Fund |
May 1, 2016 | $0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 |
|
0.750 0.745 0.720 0.670 0.660 |
% % % % % | |||
Columbia Select Mid Cap Growth Fund |
January 1, 2016 | $0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $12,000 >$12,000 |
|
0.820 0.770 0.720 0.670 0.660 0.650 |
% % % % % % | |||
Columbia Small Cap Value Fund I |
July 8, 2020 | $0 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $12,000 >$12,000 |
|
0.850 0.800 0.750 0.740 0.730 |
% % % % % | |||
Columbia Small Cap Growth Fund Columbia VP Small Cap Value Fund Columbia VP Small Company Growth Fund Multi-Manager Small Cap Equity Strategies Fund |
January 1, 2016 May 1, 2016 July 1, 2017 |
$0 - $500 >$500 - $1,000 >$1,000 - $3,000 >$3,000 - $12,000 >$12,000 |
|
0.870 0.820 0.770 0.760 0.750 |
% % % % % | |||
Columbia Strategic Income Fund Columbia VP Strategic Income Fund |
March 1, 2016 May 1, 2016 |
$0 - $500 >$500 - $1,000 >$1,000 - $2,000 >$2,000 - $3,000 >$3,000 - $6,000 >$6,000 - $7,500 >$7,500 - $9,000 >$9,000 - $10,000 >$10,000 - $12,000 >$12,000 - $15,000 >$15,000 - $20,000 >$20,000 - $24,000 >$24,000 - $50,000 >$50,000 |
|
0.600 0.590 0.575 0.555 0.530 0.505 0.490 0.481 0.469 0.459 0.449 0.433 0.414 0.393 |
% % % % % % % % % % % % % % | |||
Columbia U.S. Treasury Index Fund(1) |
September 1, 2015 |
All | 0.400 | % | ||||
VP Managed Volatility Conservative Fund VP Managed Volatility Conservative Growth Fund VP Managed Volatility Growth Fund |
May 1, 2016 | Category 1 Assets invested in affiliated underlying funds (including ETFs and closed-end funds) that pay a management fee (or advisory fee, as applicable) to the Investment Manager |
0.02 | % |
B-5
Schedules A and B Management Agreement CFST I and CFVIT
Fund |
Schedule B Effective Date | Net Assets (millions) |
Annual rate at each asset level Asset Charge |
|||||||
Category 2 Assets invested in securities (other than affiliated underlying funds (including ETFs and closed end funds) that pay a management fee (or advisory fee, as applicable) to the Investment Manager), including other funds advised by the Investment Manager that do not pay a management fee, third party funds, derivatives and individual securities
$0 - $500 >$500 - $1,000 >$1,000 - $1,500 >$1,500 - $3,000 >$3,000 - $6,000 >$6,000 - $12,000 >$12,000 |
|
0.720 0.670 0.620 0.570 0.550 0.530 0.520 |
% % % % % % % |
* | When calculating asset levels for purposes of determining fee breakpoints, asset levels are based on net assets of the Fund, including assets invested in any wholly-owned subsidiary advised by the Investment Manager (Subsidiaries). Fees payable by the Fund under this agreement shall be reduced by any management fees paid to the Investment Manager by any Subsidiaries under separate management agreements with the Subsidiaries. |
(1) | The Investment Manager has agreed to pay all operating expenses of the Fund with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution (12b-1) and/or shareholder servicing fees, and any extraordinary non-recurring expenses that may arise, including but not limited to, litigation expenses. |
The computation shall be made for each calendar day on the basis of net assets as of the close of the preceding day. In the case of the suspension of the computation of net asset value, the fee for each calendar day during such suspension shall be computed as of the close of business on the last full day on which the net assets were computed. Net assets as of the close of a full day shall include all transactions in shares of the Fund recorded on the books of the Fund for that day.
B-6
Schedules A and B Management Agreement CFST I and CFVIT
IN WITNESS THEREOF, the parties hereto have executed the foregoing Schedule A and Schedule B as of July 1, 2022.
COLUMBIA FUNDS SERIES TRUST I COLUMBIA FUNDS VARIABLE INSURANCE TRUST | ||
By: | /s/ Daniel J. Beckman | |
Name: Daniel J. Beckman | ||
Title: President | ||
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC | ||
By: | /s/ Michael G. Clarke | |
Name: Michael G. Clarke | ||
Title: Head of Global Operations & Investor Services |
B-7
SUBADVISORY AGREEMENT
Agreement made as of the 23rd day of June, 2022 by and between Columbia Management Investment Advisers, LLC, a Minnesota limited liability company (Investment Manager), and Jacobs Levy Equity Management Inc., a New Jersey corporation. (Subadviser).
WHEREAS, the Fund listed in Schedule A is a series of an investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).
WHEREAS, Investment Manager entered into a Management Agreement (the Advisory Agreement) with the Fund pursuant to which Investment Manager provides investment advisory services to the Fund.
WHEREAS, Investment Manager and the Fund each desire to retain Subadviser to provide investment advisory services to the Fund, and Subadviser is willing to render such investment advisory services.
WHEREAS, the effective date of this Agreement is July 18, 2022.
NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:
1. | Subadvisers Duties. |
(a) | Portfolio Management. Subject to supervision by Investment Manager and the Funds Board of Directors/Trustees (the Board), Subadviser shall manage the investment operations and the composition of that portion of the assets of the Fund which is allocated to Subadviser from time to time by Investment Manager (which portion may include any or all of the Funds assets), including the purchase, retention, and disposition thereof, in accordance with the Funds investment objectives, policies, and restrictions (in each case, to the extent such objectives, policies and restrictions have been communicated to the Subadviser), and subject to the following understandings: |
(i) | Investment Decisions. Subadviser shall determine from time to time what investments and securities will be purchased, retained, or sold with respect to that portion of the Fund allocated to it by Investment Manager, and what portion of such assets will be invested or held uninvested as cash. Subadviser is prohibited from consulting with any other subadviser of the Fund concerning transactions of the Fund in securities or other assets, other than for purposes of complying with the conditions of Rule 12d3-1(a) or (b) of the 1940 Act. Subadviser will not be responsible for voting proxies issued by companies held in the Fund although Investment Manager may consult with Subadviser from time to time regarding the voting of proxies of securities owned by the Fund. Subadviser will not be responsible for filing claims in class action settlements related to securities currently or previously held by that portion of the Fund allocated to it by Investment Manager, although Investment Manager may consult with Subadviser from time to time regarding the filing of claims in class action settlements. |
1 | Page
(ii) | Investment Limits. In the performance of its duties and obligations under this Agreement, Subadviser shall act in conformity with applicable limits and requirements, as amended from time to time, as set forth in the (a) Funds prospectus (Prospectus) and the Funds Statement of Additional Information (SAI); (b) instructions and directions of Investment Manager and of the Board; and (c) requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended (the Code), as applicable to the Fund, and all other applicable federal and state laws and regulations. Investment Manager agrees to give Subadviser prompt written notice if Investment Manager believes any recommendations, advice or investments to be in violation of (a), (b) or (c) above. Instructions and directions as described in subsection (b) shall be communicated in writing to the Subadvisor and shall make due allowance for the time in which the Subadvisor shall have to come into compliance. |
(iii) | Portfolio Transactions. |
(A) | Trading. With respect to the securities and other investments to be purchased or sold for the Fund, Subadviser shall place orders with or through such persons, brokers, dealers, or futures commission merchants (including, but not limited to, broker-dealers that are affiliated with Investment Manager or Subadviser) selected by Subadviser; provided, however, that such orders shall be consistent with Subadvisers brokerage policy; conform with federal securities laws; and be consistent with seeking best execution. The Subadviser may consider the research, investment information, and other services provided by, and the financial responsibility of, brokers, dealers, or futures commission merchants who may effect, or be a party to, any such transaction or other transactions to which Subadvisers other clients may be a party in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended. To the extent permitted by law, and consistent with its obligation to seek best execution, Subadviser may execute transactions or pay a broker-dealer a commission, spread or markup in excess of that which another broker-dealer might have charged for executing a transaction provided that Subadviser determines, in good faith, that the execution is appropriate or the commission, spread or markup is reasonable in relation to the value of the brokerage and/or research services provided, viewed in terms of either that particular transaction or Subadvisers overall responsibilities with respect to |
2 | Page
the Fund and other clients. Notwithstanding anything herein to the contrary, to the extent Subadviser is directed by Investment Manager to use a particular broker or brokers to borrow securities to cover securities sold short, Subadviser shall have no responsibility for setting the rate charged to borrow a security or otherwise ensuring that the rate charged by such broker to borrow a security is favorable. |
(B) | Aggregation of Trades. Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or other investments to be sold or purchased for the Fund with purchases or sales for other accounts managed by Subadviser in order to seek best execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by Subadviser in the manner Subadviser considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients. |
(C) | Subadviser will not arrange purchases or sales of securities or other investments between the Fund and other accounts advised by Subadviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Funds policies and procedures as provided in writing to Subadviser along with any amendments, and (b) Subadviser determines the purchase or sale is in the best interests of the Fund. |
(iv) | Records and Reports. Subadviser (a) shall maintain such books and records for such time periods as are required of a Securities and Exchange Commission (SEC)-registered investment adviser to an investment company registered under the 1940 Act, (b) shall render to the Board such periodic and special reports as the Board (or a Committee thereof) or Investment Manager may reasonably request in writing, and (c) shall meet with any persons at the request of Investment Manager or the Board for the purpose of reviewing Subadvisers performance under this Agreement at reasonable times and upon reasonable advance notice. |
(v) | Transaction Reports. Subadviser shall provide Investment Manager a daily trade file with information relating to all transactions concerning the allocated portion of the Funds assets for which Subadviser is responsible and shall provide Investment Manager with such other information regarding the Fund upon Investment Managers reasonable request. Subadviser shall affirm or send a trade file of these transactions as instruction to the custodian of the Fund. |
3 | Page
1. | (vi) Management of Funds with Multiple Subadvisers. Subadvisers responsibilities for providing services to a Fund shall be limited to the portion of the Funds assets allocated to Subadviser (Subadviser Account or Subadviser Assets). Subadviser shall not, without the prior approval of Investment Manager, effect any transactions that would cause the Subadviser Account, treated as a separate fund, to be out of compliance with the Funds investment objectives, policies and restrictions. Subadviser shall not consult with any other subadviser of a Fund concerning transactions for the Fund in securities or other assets. |
(b) | Compliance Program and Ongoing Certification(s). As requested by the Investment Manager or Board, Subadviser shall timely provide to Investment Manager (i) information and commentary for the Funds annual and semi-annual reports, in a format approved by Investment Manager, and shall (a) certify that such information and commentary does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the information and commentary not misleading, in a format reasonably requested by Investment Manager, as it may be amended from time to time, and (b) provide (i) additional certifications related to Subadvisers management of the Fund in order to support the Funds filings on Form N-CSR and Form N-Q, and the Funds Principal Executive Officers and Principal Financial Officers certifications under Rule 30a-2 of the 1940 Act, thereon; in a format reasonably requested by Investment Manager, as it may be amended from time to time, (ii) a quarterly sub-certification with respect to compliance matters related to Subadviser and Subadvisers management of the Fund, in a format reasonably requested by Investment Manager, as it may be amended from time to time; (iii) an annual certification from Subadvisers Chief Compliance Officer, appointed under Rule 206(4)-7 of the Investment Advisers Act of 1940 (the Advisers Act), or his or her designee with respect to the design and operation of Subadvisers compliance program, in a format reasonably requested by Investment Manager, as it may be amended from time to time; and (iv) from time to time Subadviser shall provide such certifications to assist Investment Manager in fulfilling Investment Managers obligations under Rule 38a-1 of the 1940 Act, as are reasonably requested by the Fund or Investment Manager. In addition, Subadviser will, from time to time, provide a written assessment of its compliance program in conformity with current industry standards that is reasonably acceptable to Investment Manager to enable the Fund to fulfill its obligations under Rule 38a-1 of the 1940 Act. |
(c) | Maintenance of Records. Subadviser shall timely furnish to Investment Manager all information relating to Subadvisers services hereunder which Subadviser is required by law or regulation to keep and which are needed by Investment Manager to maintain the books and records of the Fund required under the 1940 Act. Subadviser agrees that all records which it maintains for the Fund are the property of the Fund and Subadviser will surrender promptly to the Fund any of such records upon the Funds request; provided, however, that Subadviser may retain a copy of such records. Subadviser further agrees to preserve for the |
4 | Page
periods prescribed under the 1940 Act any such records as are required to be maintained by it pursuant to paragraph 1(a) hereof. It is understood that this provision is intended to relate to Subadviser Account records and is not intended to provide a right to access proprietary information regarding the Subadvisers investment process, models or systems, or its other clients. |
(d) | Insurance and Code of Ethics. Subadviser will provide the Fund with reasonable evidence that, with respect to its activities on behalf of the Fund, Subadviser is maintaining (i) adequate errors and omissions insurance and (ii) an appropriate Code of Ethics and related reporting procedures. |
(e) | Confidentiality. Each of the parties hereto agrees that it shall exercise the same standard of care that it uses to protect its own confidential and proprietary information (Confidential Information), but no less than reasonable care, to protect the Confidential Information of the other party. As used herein, Confidential Information, includes, but is not limited, to Fund Portfolio Information, which refers to confidential and proprietary information with regard to (i) the portfolio holdings and characteristics of the portion of the Fund allocated to Subadviser that Subadviser manages under the terms of this Agreement, and (ii) any copies of any agreements between the Investment Manager and its various counterparties and all the terms and provisions contained therein, which the Investment Manager (which term shall include the Investment Managers directors, officers, employees, agents, advisors, proposed financing sources, attorneys and accountants) may furnish, disclose or reveal to Subadviser (which term shall include Subadvisers directors, officers, employees, agents, advisors, proposed financing sources, attorneys and accountants). Each party hereby agrees to restrict access to the other partys Confidential Information to its employees who will use it only for the purpose of providing services under this Agreement. The foregoing shall not prevent a party from disclosing Confidential Information (1) that is publicly known or becomes publicly known through no unauthorized act; (2) that is rightfully received from a third party without obligation of confidentiality; (3)(a) that, in the case of Investment Managers Confidential Information, is approved in writing by Investment Manager for disclosure, (3)(b) that, in the case of Subadvisers Confidential Information, is approved in writing by Subadviser for disclosure; (4) that is disclosed in the course of a regulatory examination or that is required or requested to be disclosed pursuant to a requirement or request of a governmental or regulatory agency or law, so long as the disclosing party provides (to the extent permitted under applicable law) the non-disclosing party (i.e., the party whose Confidential Information would be disclosed) with prompt written notice of such requirement or request prior to any such disclosure; however, Subadviser is not required to provide such notice if information is provided on an aggregate basis without specific attribution to the Fund; (5) to affiliates that have a reason to know such information in connection with the services provided hereunder; (6) to the custodian of the Fund; (7) to brokers and dealers that are counterparties or agents for trades for the Fund; (8) to futures commission merchants executing or clearing transactions in connection |
5 | Page
with the Fund, if applicable; and (9) to third party service providers to Subadviser subject to confidentiality agreements or duties. Notwithstanding the foregoing, to the extent Fund Portfolio Information is similar to investments for other clients of Subadviser, Subadviser may disclose such investments without direct reference to the Fund. Investment Manager agrees that Subadviser may identify Investment Manager or the Fund by name in Subadvisers current client list. Such list may be used with third parties. |
For the avoidance of doubt, any investment recommendations and any information relating to Subadvisers business and/or operations, investment strategies, trading activity, investment performance, investment process, models and/or systems, and/or output and analysis related thereto, and any other proprietary information of Subadviser that is supplied by Subadviser and is not otherwise in the public domain shall be treated by the Investment Manager and the Fund as confidential.
(f) | Cooperation. As reasonably requested by Investment Manager or the Board and in accordance with (and if relevant to) the scope of Subadvisers obligations and responsibilities contained in this Agreement, Subadviser will cooperate with, and provide reasonable assistance to, Investment Manager or the Fund as needed in order for Investment Manager and the Fund to comply with applicable laws, rules and regulations, including, but not limited to, compliance with the Sarbanes-Oxley Act and the rules and regulations promulgated by the SEC thereunder and the evaluation of any actions under U.S. or foreign securities laws pursuant to which the Fund may be able to assert a potential claim (to the extent such action or claim relates to the Subadviser Assets). |
(g) | Legal Proceedings. Responsibility to initiate, consider or participate in any bankruptcy, securities class action or other litigation on behalf of the Investment Manager or the Fund against or involving any issuer of securities held in or formerly held in the Subadviser Assets or to advise or take any action with respect to any bankruptcy, class action or litigation on behalf of the Investment Manager or the Fund shall remain with the Investment Manager. |
2. | Investment Managers Duties. Investment Manager shall continue to have responsibility for all other services to be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review Subadvisers performance of its duties under this Agreement. Investment Manager shall also retain direct portfolio management responsibility with respect to any assets of the Fund which are not allocated by it to the portfolio management of Subadviser as provided in paragraph 1(a) hereof or to any other subadviser. Investment Manager will periodically provide to Subadviser a list of the affiliates of Investment Manager or the Fund to which investment restrictions apply, and will specifically identify in writing (a) all publicly traded companies that issue securities in which the Fund may not invest, together with ticker symbols for all such companies, and (b) any affiliated brokers and any restrictions that apply to the use of those brokers by Subadviser. Neither Subadviser nor any of its directors, officers, partners, principals, employees or agents shall have responsibility whatsoever for, and shall incur no liability |
6 | Page
on account of (i) diversification, selection or establishment of such investment objectives, policies and restrictions of the Fund, (ii) advice on, or management of, any assets for the Fund other than the assets for which Investment Manager has delegated investment discretion to Subadviser, (iii) filing of any tax or information returns or forms, withholding or paying any taxes, or seeking any exemption or refund, (iv) registration of the Fund with any government or agency, (v) administration of the plans and trusts investing in the Fund, or (vi) overall Fund compliance with requirements of the 1940 Act and Subchapter M of the Code, relating to percentage limitations applicable to the Funds assets that would require knowledge of the Funds holdings other than the assets subject to this Agreement. |
3. | Documents Provided to Subadviser. Investment Manager has delivered or will deliver to Subadviser current copies and supplements thereto of each of the Prospectus and SAI pertaining to the Fund, and will promptly deliver to it all future amendments and supplements, if any. |
4. | Compensation of Subadviser. For the services provided and the expenses assumed pursuant to this Agreement, Investment Manager will pay to Subadviser, effective from the date of this Agreement, a fee which shall be determined daily and paid monthly, on or before the last business day of the next succeeding calendar month, at the annual rates set forth in the attached Schedule A which Schedule can be modified from time to time upon mutual agreement of the parties to reflect changes in annual rates, subject to appropriate approvals required by the 1940 Act, if any. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion that such portion of the month bears to the full month in which such effectiveness or termination occurs. During the term of this Agreement, Subadviser will pay all expenses incurred by it in connection with its activities under this Agreement other than custodial costs and costs and expenses in connection with the purchase or sale of securities and other assets (including brokerage commissions, if any) for the Fund. |
5. | Expenses. Except as set forth in paragraph 4, Subadviser shall bear all expenses incurred by it and its staff with respect to all activities in connection with the performance of Subadvisers services under this Agreement, including but not limited to salaries, overhead, travel, preparation of Board materials, review of marketing materials relating to Subadviser or other information provided by Subadviser to Investment Manager and/or the Funds distributor, and marketing support. Subadviser agrees to pay to Investment Manager the cost of generating a prospectus supplement, which includes preparation, filing, printing, and distribution (including mailing) of the supplement, if the Subadviser makes any changes that counsel to the Fund deems to require disclosure in the prospectus or any required regulatory documents that may be caused by changes to its structure or ownership, to investment personnel, to investment style or management, or otherwise (Changes), and at the time of notification to the Fund or Investment Manager by the Subadviser of such Changes, the Fund is not generating a supplement for other purposes or the Fund or the Investment Manager does not wish to add such Changes to a pending |
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supplement. In the event two or more subadvisers, if applicable, each require a supplement simultaneously, the expense (other than the costs of printing and mailing) of a combined supplement will be shared pro rata with such other subadviser(s) based upon the number of pages required by each such subadviser, and each such subadviser shall pay its pro rata share of printing and mailing costs and expenses based upon the number of supplements required to be printed and mailed. All other expenses not specifically assumed by Subadviser hereunder or by Investment Manager under the Advisory Agreement are borne by the applicable Fund. |
In the event that there is a proposed change in control of Subadviser that would act to terminate this Agreement, if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Fund to be required by the 1940 Act or any rule or regulation thereunder, Subadviser agrees to assume all reasonable costs associated with soliciting shareholders of the appropriate Fund(s), to approve continuation of this Agreement. Such expenses include the reasonable costs of preparation, filing and mailing of a proxy statement, and of soliciting proxies.
In the event that such proposed change in control of Subadviser shall occur and the Fund is operating under an exemptive order issued by the SEC to Investment Manager with respect to the appointment of subadvisers absent shareholder approval, Subadviser agrees to assume all reasonable costs and expenses (including the costs of preparation, mailing and filing) associated with the preparation of an information statement, required by the exemptive order containing all information that would be included in a proxy statement.
6. | Representations of Subadviser. Subadviser represents and warrants as follows: |
(a) | Subadviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not an affiliated person of the Investment Manager or of the Fund within the meaning of Section 2(a)(3) of the 1940 Act (other than by virtue of serving as a Subadviser to the Fund); (iii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iv) has appointed a Chief Compliance Officer under Rule 206(4)-7 of the Advisers Act; (v) has adopted written policies and procedures that are reasonably designed to prevent violations of the Advisers Act from occurring, detect violations that have occurred, correct promptly any violations that have occurred, and will provide prompt notice of any material violations relating to the Fund to Investment Manager; (vi) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (vii) has the authority to enter into and perform the services contemplated by this Agreement; and (viii) will promptly notify Investment Manager (to the extent permitted by law and regulation) (1) in the event that Subadviser becomes an affiliated person of the Investment Manager or of the |
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Fund within the meaning of Section 2(a)(3) of the 1940 Act; (2) of the occurrence of any event that would disqualify Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act, (3) in the event the SEC or other governmental authority has: censured Subadviser; placed limitations upon the activities, functions or operations of Subadviser; or has commenced proceedings or an investigation that may result in any of these actions, (4) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code and (5) of any material fact known to Subadviser respecting or relating to Subadviser that is not contained in the Prospectus, and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement relating to Subadviser contained therein that becomes untrue in any material respect. |
(b) | Subadviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Investment Manager with a copy of the code of ethics. Within 60 days of the end of the last calendar quarter of each year that this Agreement is in effect, a duly authorized officer of Subadviser shall certify to Investment Manager that there has been no material violation of Subadvisers code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. To the extent Subadviser has approved any material changes to its code of ethics, such revised code together with an explanation of such amendments shall be promptly (but in no event later than 60 days) provided to Investment Manager. |
(c) | Subadviser has provided Investment Manager with a copy of a document intended to address the disclosures specified in Form ADV Part 2A, and promptly will furnish a copy of any amendments to such document to Investment Manager (at least annually). Investment Manager acknowledges that, under Rule 204-3 under the Advisers Act, as amended, to the extent Subadvisers only clients are registered investment companies, Subadviser is not required to file a Form ADV, Part 2A, with the SEC. Investment Manager acknowledges receipt of Subadvisers Form ADV Part 2A. |
(d) | Subadviser will promptly notify Investment Manager of any changes in the controlling shareholder, in the key personnel who are either the portfolio manager(s) responsible for the Fund or the Chief Executive Officer of Subadviser, or if there is otherwise an actual change in control or management of Subadviser. |
7. | Representations of Investment Manager. Investment Manager represents and warrants as follows: |
(a) | Investment Manager (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has appointed a Chief |
9 | Page
Compliance Officer under Rule 206(4)-7 of the Advisers Act; (iv) has adopted written policies and procedures that are reasonably designed to prevent violations of the Advisers Act from occurring, detect violations that have occurred, correct promptly any violations that have occurred, and will provide prompt notice of any material violations relating to the Fund to the Subadviser; (v) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (vi) has the authority to enter into and perform the services contemplated by this Agreement; and (vii) will promptly notify Subadviser (to the extent permitted by law and regulation) (1) of the occurrence of any event that would disqualify Investment Manager from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise, (2) in the event the SEC or other governmental authority has: censured Investment Manager; placed limitations upon its activities, functions or operations; or has commenced proceedings or an investigation that may result in any of these actions or (3) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code. |
(b) | Investment Manager agrees that neither it nor any of its affiliates will in any way refer directly or indirectly to its relationship with Subadviser, or any of its affiliates in offering, marketing, or other promotional materials without the prior written consent of Subadviser; provided that Investment Manager shall not be required to obtain Subadvisers prior written consent to make factual statements regarding the fact that Subadviser serves as subadviser to the Fund, in responding to requests for information, in required disclosures or in responding to regulatory inquiries. |
(c) | The Fund is and will continue to be the owner of all assets for which Investment Manager delegates investment discretion to Subadviser from time to time, and there are and will continue to be no restrictions on the pledge, hypothecation, transfer, sale or public distribution of such assets. |
(d) | Investment Manager is establishing and will be maintaining the Funds account with Subadviser solely for the purpose of investing the relevant assets and not with a view to obtaining information regarding portfolio holdings or investment decisions in order to effect securities transactions based upon such information or to provide such information to another party, and that Investment Manager and its employees, officers and directors shall not use account holdings information for any of the foregoing purposes. |
(e) | The Board has approved the appointment of Subadviser pursuant to this Agreement. |
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(f) | The Investment Manager has adopted policies and procedures to comply with applicable anti-money laundering and customer identification program requirements, and to the best of the Investment Managers knowledge, (i) the Subadviser Assets are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country under a U.S. embargo enforced by Office of Foreign Assets Control (OFAC); (ii) the Subadviser Assets have not been and will not be derived from or related to any illegal activities, including but not limited to, money laundering activities or a country embargoed by the United States; and (iii) the proceeds from the Fund will not be used by the Fund, the Investment Manager, or their affiliates to finance any illegal activities. |
8. | Liability and Indemnification. |
(a) | Except as may otherwise be provided by the 1940 Act or any other applicable federal securities law, Subadviser, any of its affiliates and any of the officers, principals, partners, employees, consultants, or agents thereof shall not be liable for any losses, claims, damages, liabilities, or litigation (including legal and other expenses) incurred or suffered by the Fund, Investment Manager, or any affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) or controlling persons thereof (as described in Section 15 of the Securities Act of 1933, as amended (the 1933 Act) ) (collectively, Fund and Investment Manager Indemnitees) as a result of any error of judgment or mistake of law by Subadviser with respect to the Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive, or limit the liability of Subadviser for, and Subadviser shall indemnify and hold harmless the Fund and Investment Manager Indemnitees against any and all losses, claims, damages, liabilities, or litigation (including reasonable legal and other expenses) to which any of the Fund and Investment Manager Indemnitees may become subject under the 1933 Act, the 1940 Act, the Advisers Act, or under any other statute, at common law, or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard, or negligence of Subadviser in the performance of any of its duties or obligations hereunder; (ii) any untrue statement of a material fact regarding Subadviser contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials, in each case, pertaining to the Fund or the omission to state therein a material fact regarding Subadviser known to Subadviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon written information furnished to Investment Manager or the Fund by Subadviser Indemnitees (as defined below) for use therein; provided, however, that Subadviser has had a reasonable opportunity to review information regarding Subadviser contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund as set forth in section 11; or (iii) any violation of federal or state statutes or regulations by Subadviser related to its performance of this Agreement. It is further understood and agreed that Subadviser may rely upon information furnished to it by Investment Manager that it reasonably believes to |
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be accurate and reliable. Subadviser shall be liable for any loss incurred by the Fund, the Investment Manager or their respective affiliates to the extent such losses arise out of any act or omission directly attributable to Subadviser which results, directly or indirectly, in an error in the net asset value of the Fund. The federal securities laws impose liabilities in certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which Investment Manager may have under any securities laws. Neither Subadviser nor any Subadviser Indemnitees (as defined below) shall be liable for any loss or damage arising or resulting from the acts or omissions of the custodian of the Fund, any broker, financial institution or any other third party with or through whom Subadviser arranges or enters into a transaction in respect of the Fund, except to the extent that Subadviser or its affiliate instructed such broker, financial institution or third party to take such action or omission, and such instruction constituted willful misconduct, bad faith, reckless disregard, or negligence. Investment Manager understands and acknowledges that Subadviser does not warrant that the portion of the assets of the Fund managed by Subadviser will achieve any particular rate of return or that its performance will match any benchmark index or other standard or objective. |
(b) | Except as may otherwise be provided by the 1940 Act or any other federal securities law, Investment Manager and the Fund shall not be liable for any losses, claims, damages, liabilities, or litigation (including legal and other expenses) incurred or suffered by Subadviser or any of its affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) or controlling persons (as described in Section 15 of the 1933 Act) (collectively, Subadviser Indemnitees) as a result of any error of judgment or mistake of law by Investment Manager with respect to the Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive, or limit the liability of Investment Manager for, and Investment Manager shall indemnify and hold harmless Subadviser Indemnitees against any and all losses, claims, damages, liabilities, or litigation (including reasonable legal and other expenses) to which any of Subadviser Indemnitees may become subject under the 1933 Act, the 1940 Act, the Advisers Act, or under any other statute, at common law, or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard, or negligence of Investment Manager in the performance of any of its duties or obligations hereunder; (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact known to Investment Manager which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission concerned Subadviser and was made in reliance upon written information furnished to Investment Manager or the Fund by a Subadviser Indemnitee for use therein, or (iii) any violation of federal or state statutes or regulations by Investment Manager or the Fund. |
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(c) | After receipt by Investment Manager or Subadviser, its affiliates, or any officer, director, employee, or agent of any of the foregoing, or any other party entitled to indemnification as stated in (a) or (b) above (Indemnified Party) of notice of the commencement of any action, if a claim in respect thereof is to be made against any person obligated to provide indemnification under this section (Indemnifying Party), such Indemnified Party shall notify the Indemnifying Party in writing of the commencement thereof as soon as practicable after the summons or other first written notification giving information of the nature of the claim that has been served upon the Indemnified Party; provided that the failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability under this section, except to the extent that the omission results in damages to the Indemnifying Party caused solely as a result of the failure to give such notice or otherwise prejudices the Indemnifying Party. The Indemnifying Party, upon the request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party in the proceeding, and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (1) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, or (2) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation by both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment. Neither party hereto shall admit fault or wrongdoing of the other party publicly or in any settlement without such other partys prior written consent. |
9. | Duration and Termination. |
(a) | Unless sooner terminated as provided herein, this Agreement shall continue for two years from the date written above. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of 12 months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of the Board members who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party, and (ii) by the Board or by a vote of the holders of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund. |
(b) | Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by the Board or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund on 60 days |
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written notice to Subadviser. This Agreement may also be terminated, without the payment of any penalty, by Investment Manager (i) upon 60 days written notice to Subadviser; (ii) upon material breach by Subadviser of any representations and warranties set forth in this Agreement, if such breach has not been cured within 20 days after written notice of such breach; or (iii) immediately, upon notice to the Subadviser, if, in the reasonable judgment of Investment Manager, Subadviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as the insolvency of Subadviser or other circumstances that could adversely affect the Fund. Subadviser may terminate this Agreement at any time, without payment of any penalty, (1) upon 60 days written notice to Investment Manager; or (2) upon material breach by Investment Manager of any representations and warranties set forth in the Agreement, if such breach has not been cured within 20 days after written notice of such breach. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) or upon the termination of the Advisory Agreement. For the avoidance of doubt, any termination shall be without prejudice to amounts due to Subadviser as described in paragraph 4.
(c) | In the event of termination of the Agreement, those paragraphs of the Agreement which govern conduct of the parties future interactions with respect to Subadviser having provided investment management services to the Fund(s) for the duration of the Agreement, including, but not limited to, paragraphs 1(a)(iv)(a), 1(c), 1(d), 1(e), 1(f), 8(a), 8(b), 8(c), 15, 17, 18, 20 and 21 shall survive such termination of the Agreement. |
10. | Subadvisers Services Are Not Exclusive. Nothing in this Agreement shall limit or restrict the right of Subadviser or any of its partners, officers, principals or employees to engage in any other business or to devote its, his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, or limit or restrict Subadvisers right to engage in any other business or to render services of any kind to any other mutual fund, corporation, firm, individual, or association or other entity. Subadviser acts as adviser to other clients and may, subject to compliance with its fiduciary obligations, give advice, and take action, with respect to any of those which may differ from (or may be the same as) the advice given, or the timing or nature of action taken, with respect to the Fund. Subject to its fiduciary obligation to the Fund, Subadviser shall have no obligation to purchase or sell for the Fund, or to recommend for purchase or sale by the Fund, any security which Subadviser, its principals, affiliates or employees may purchase or sell for themselves or for any other clients. |
11. | References to Subadviser. Subadviser hereby grants to Investment Manager during the term of this Agreement, the right to use Subadvisers name as required for public filings and marketing materials for the Fund in accordance with the terms described herein and the right to display Subadvisers logo on the Investment Managers website. Investment Manager agrees to furnish to Subadviser at its principal office all prospectuses, SAIs, proxy statements, reports to shareholders, sales literature, screenshot images (with respect to the display of Subadvisers logo on Investment Managers website) or other material |
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prepared for distribution to sales personnel, shareholders of the Fund or the public, that refer to Subadviser prior to the use thereof, and not to use such material if Subadviser reasonably objects in writing five (5) business days (or such other time as may be mutually agreed upon) after receipt thereof. Such materials may be furnished to Subadviser hereunder by first-class or overnight mail, electronic or facsimile transmission, or hand delivery.
12. | Notices. Any notice, statement, consent or approval required or permitted to be given in connection with this Agreement (Notice) shall be in writing and shall be sufficiently given if delivered (whether in person, by post, by courier service or other personal method of delivery), or if transmitted by facsimile or other electronic means of communication: |
In the case of Subadviser:
Jacobs Levy Equity Management, Inc.
100 Campus Drive
P.O. Box 650
Florham Park, NJ 07932-0650
Attention: Kenneth Levy
Tel: (973) 410 9222
E-mail: ken.levy@jlem.com
with a copy to:
Jacobs Levy Equity Management Inc.
100 Campus Drive
P.O. Box 650
Florham Park, NJ 07932-0650
Attention: General Counsel
Tel: (973) 410-9222
E-mail: jason.hoberman@jlem.com
In the case of Investment Manager:
David Weiss
Head of Sub-Advisory Management
Ameriprise Financial, Inc.
290 Congress Street
Boston, MA 02210 Tel: (617) 385-9606
Email: David.Weiss@columbiathreadneedle.com
with a copy to:
Ryan C. Larrenaga
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Vice President and Chief Counsel
Ameriprise Financial, Inc.
290 Congress Street
Boston, MA 02210
Tel: (617) 385-9536
Email: RYAN.C.LARRENAGA@columbiathreadneedle.com
Any Notice delivered or transmitted to a party as provided above shall be deemed to have been given and received on the day it is delivered or transmitted, provided that it is delivered or transmitted on any day that is not a Saturday, Sunday, or statutory holiday in the jurisdiction where the Notice is received (Business Day) prior to 5:00 p.m. local time in the place of delivery or receipt. However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a Business Day then the Notice shall be deemed to have been given and received on the next Business Day.
Any party may, from time to time, change its address by giving Notice to the other party in accordance with the provisions of this section.
13. | Amendments. This Agreement may be amended by mutual consent, subject to approval by the Board and the Funds shareholders to the extent required by the 1940 Act. |
14. | Assignment. No assignment (as defined in the 1940 Act, as amended) of this Agreement shall be made by Investment Manager or Subadviser without the prior written consent of the Fund, and, if required by law, the Funds shareholders, and Investment Manager or Subadviser (as applicable). Notwithstanding the foregoing, no assignment shall be deemed to result from any changes in the directors, officers, or employees of Investment Manager or Subadviser except as may be provided to the contrary in the 1940 Act or the rules and regulations thereunder. |
15. | Governing Law. This Agreement, and, in the event of termination of the Agreement, those paragraphs that survive such termination of the Agreement under paragraph 9(c), shall be governed by the laws of the commonwealth of Massachusetts, without giving effect to the conflicts of laws principles thereof, or any applicable provisions of the 1940 Act. To the extent that the laws of the commonwealth of Massachusetts, or any of the provision of this Agreement, conflict with applicable provisions of the 1940 Act, the latter shall control. The Investment Manager and Subadviser hereby consent to the jurisdiction of a state or federal court situated in the Commonwealth of Massachusetts in connection with any dispute arising hereunder. Any action or dispute between the Investment Manager and the Subadviser arising out of this Agreement shall be brought exclusively in the state or federal courts of the Commonwealth of Massachusetts. The Investment Manager and Subadviser hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which either party may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. |
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16. | Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. |
17. | Severability. Should any part of this Agreement be held invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement and, in the event of termination of the Agreement, those paragraphs that survive such termination of the Agreement under paragraph 9(c), shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. |
18. | Interpretation. Any questions of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision in the 1940 Act and to interpretation thereof, if any, by the federal courts or, in the absence of any controlling decision of any such court, by rules, regulations, or orders of the SEC validly issued pursuant to the 1940 Act. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation, or order. |
19. | Headings. The headings in this Agreement are intended solely as a convenience and are not intended to modify any other provision herein. |
20. | Authorization. Each of the parties represents and warrants that the execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate action by such party and when so executed and delivered, this Agreement will be the valid and binding obligation of such party in accordance with its terms. |
2. |
21. | No Third-Party Beneficiaries. The Fund is intended to be a third-party beneficiary of this Agreement. For the avoidance of doubt, and without in any way implying that there are any other third-party beneficiaries to the Agreement or any other agreement with respect to the Trust or any of its series, no person other than the Investment Manager and the Subadviser is a party to this Agreement or shall be entitled to any right or benefit arising under or in respect of this Agreement (with the exception of the Fund), and there are no other third-party beneficiaries of this Agreement. Without limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall be read to, (i) create in any other person (including without limitation any shareholder of any Fund) any direct, indirect, derivative, or other rights against the Investment Manager or Subadviser, or (ii) create or give rise to any duty or obligation on the part of the Investment Manager or Subadviser (including without limitation any fiduciary duty) to any person other than the Fund, all of which rights, benefits, duties, and obligations are hereby expressly excluded. |
3. |
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22. | Electronic Communications. The Subadviser may provide the Investment Manager all communications relating to the Subadviser Account and/or the Subadviser (including, without limitation, the Form ADV Part 2 and any other communication required under the Investment Advisers Act of 1940, as amended, or otherwise), in electronic form, such as through a file attached to an e-mail sent to the e-mail address of Investment Manager representative(s) provided to the Subadviser, or over a private internet site, in lieu of or in addition to sending such information as hard copies via facsimile or mail. If information is made available over the internet, the designated representatives of the Investment Manager may be notified of its availability through an e-mail sent to the e-mail addresses for such representatives. E-mail messages and electronic communications generally are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. The Investment Manager may revoke its consent to electronic delivery of Subadviser Account and Subadviser information at any time upon written notice to the Investment Manager and receive all such information in paper format. |
4. |
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.
Columbia Management Investment Advisers, LLC |
Jacobs Levy Equity Management, Inc. | |||||
By: | /s/ David Weiss |
By: | /s/ Kenneth N. Levy | |||
Signature | Signature | |||||
Name: | David Weiss |
Name: | Kenneth N. Levy | |||
Printed | Printed | |||||
Title: | Assistant Secretary | Title: | Vice President |
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SUBADVISORY AGREEMENT
SCHEDULE A
[SCHEDULE LISTING FUND AND FEE RATE OMITTED]
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Distribution Agreement - Schedules CFST CFST I CFST II
Schedule I
As of July 1, 2022
Columbia Funds Series Trust
Columbia California Intermediate Municipal Bond Fund
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Convertible Securities Fund
Columbia Large Cap Enhanced Core Fund
Columbia Large Cap Growth Opportunity Fund
Columbia Large Cap Index Fund
Columbia Mid Cap Index Fund
Columbia North Carolina Intermediate Municipal Bond Fund
Columbia Overseas Value Fund
Columbia Select Large Cap Equity Fund
Columbia Select Mid Cap Value Fund
Columbia Short Term Bond Fund
Columbia Short Term Municipal Bond Fund
Columbia Small Cap Index Fund
Columbia Small Cap Value Fund II
Columbia South Carolina Intermediate Municipal Bond Fund
Columbia Virginia Intermediate Municipal Bond Fund
Columbia Funds Series Trust I
Columbia Adaptive Risk Allocation Fund
Columbia Adaptive Retirement 2020 Fund
Columbia Adaptive Retirement 2025 Fun
Columbia Adaptive Retirement 2030 Fund3
Columbia Adaptive Retirement 2035 Fund
Columbia Adaptive Retirement 2040 Fund
Columbia Adaptive Retirement 2045 Fund
Columbia Adaptive Retirement 2050 Fund
Columbia Adaptive Retirement 2055 Fund
Columbia Adaptive Retirement 2060 Fund
Columbia Balanced Fund
Columbia Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia Contrarian Core Fund
Columbia Corporate Income Fund
Columbia Dividend Income Fund
Columbia Emerging Markets Fund1
Columbia Global Technology Growth Fund
Columbia Greater China Fund
Columbia High Yield Municipal Fund
Columbia Intermediate Municipal Bond Fund
Columbia International Dividend Income Fund
Columbia Large Cap Growth Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Multi Strategy Alternatives Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund
Columbia Real Estate Equity Fund
Columbia Select Mid Cap Growth Fund
Distribution Agreement - Schedules CFST CFST I CFST II
Columbia Select Large Cap Growth Fund
Columbia Small Cap Growth Fund
Columbia Small Cap Value Fund I
Columbia Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio
Columbia Strategic California Municipal Income Fund
Columbia Strategic Income Fund
Columbia Strategic New York Municipal Income Fund
Columbia Tax-Exempt Fund
Columbia Total Return Bond Fund
Columbia U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund
Multi-Manager Alternative Strategies Fund
Multi-Manager Directional Alternatives Strategies Fund
Multi-Manager Growth Strategies Fund
Multi-Manager International Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund
Multi-Manager Total Return Bond Strategies Fund
Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio
Columbia Funds Series Trust II
Columbia Capital Allocation Aggressive Portfolio
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Commodity Strategy Fund
Columbia Disciplined Core Fund
Columbia Disciplined Growth Fund
Columbia Disciplined Value Fund
Columbia Dividend Opportunity Fund
Columbia Emerging Markets Bond Fund
Columbia Flexible Capital Income Fund
Columbia Floating Rate Fund
Columbia Global Opportunities Fund
Columbia Global Value Fund
Columbia High Yield Bond Fund
Columbia Income Builder Fund
Columbia Income Opportunities Fund
Columbia Integrated Large Cap Growth Fund
Columbia Integrated Large Cap Value Fund
Columbia Integrated Small Cap Growth Fund
Columbia Large Cap Value Fund
Columbia Limited Duration Credit Fund
Columbia Minnesota Tax-Exempt Fund
Columbia Money Market Fund
Columbia Mortgage Opportunities Fund
Columbia Overseas Core Fund
Columbia Pyrford International Stock Fund
Columbia Quality Income Fund
Columbia Select Global Equity Fund
Columbia Select Large Cap Value Fund
Columbia Select Small Cap Value Fund
Columbia Seligman Global Technology Fund
Columbia Seligman Technology and Information Fund
Columbia Short-Term Cash Fund
Columbia Strategic Municipal Income Fund
Columbia Ultra Short Municipal Bond Fund
Multi-Manager Value Strategies Fund
Distribution Agreement - Schedules CFST CFST I CFST II
IN WITNESS THEREOF, the parties hereto have executed the foregoing Schedule I as of July 1, 2022.
COLUMBIA FUNDS SERIES TRUST COLUMBIA FUNDS SERIES TRUST I COLUMBIA FUNDS SERIES TRUST II on behalf of its respective Funds | ||
By: | /s/ Daniel J. Beckman | |
Name: Daniel J. Beckman | ||
Title: President | ||
COLUMBIA MANAGEMENT INVESTMENT DISTRIBUTORS, INC. | ||
By: | /s/ Scott E. Couto | |
Name: Scott E. Couto | ||
Title: President |
Distribution Agreement - Schedules CFST CFST I CFST II
SCHEDULE II
COMPENSATION
COMPENSATION TO DISTRIBUTOR. In connection with the distribution of Shares, Distributor will be entitled to receive (i) payments pursuant to any Distribution Plan and related agreement from time to time in effect between any Fund and Distributor or any particular class of shares of a Fund (12b-1 Plan), (ii) any CDSC applicable to the redemption of a Funds Shares, determined in the manner set forth in the then current prospectus and Statement of Additional Information of that Fund, and (iii) any applicable front-end sales charges applicable to the sale of Shares, less any applicable dealer discount.
Approved as of: September 7, 2010
TA Schedule CFST, CFST I and CFST II
SCHEDULE A
Effective July 1, 2022
Columbia Funds Series Trust
Columbia California Intermediate Municipal Bond Fund
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Convertible Securities Fund
Columbia Large Cap Enhanced Core Fund
Columbia Large Cap Growth Opportunity Fund
Columbia Large Cap Index Fund
Columbia Mid Cap Index Fund
Columbia North Carolina Intermediate Municipal Bond Fund
Columbia Overseas Value Fund
Columbia Select Large Cap Equity Fund
Columbia Select Mid Cap Value Fund
Columbia Short Term Bond Fund
Columbia Short Term Municipal Bond Fund
Columbia Small Cap Index Fund
Columbia Small Cap Value Fund II
Columbia South Carolina Intermediate Municipal Bond Fund
Columbia Virginia Intermediate Municipal Bond Fund
Columbia Funds Series Trust I
Columbia Adaptive Retirement 2020 Fund
Columbia Adaptive Retirement 2025 Fund
Columbia Adaptive Retirement 2030 Fund
Columbia Adaptive Retirement 2035 Fund
Columbia Adaptive Retirement 2040 Fund
Columbia Adaptive Retirement 2045 Fund
Columbia Adaptive Retirement 2050 Fund
Columbia Adaptive Retirement 2055 Fund
Columbia Adaptive Retirement 2060 Fund
Columbia Adaptive Risk Allocation Fund
Columbia Balanced Fund
Columbia Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia Contrarian Core Fund
Columbia Corporate Income Fund
Columbia Dividend Income Fund
Columbia Emerging Markets Fund
Columbia Global Technology Growth Fund
Columbia Greater China Fund
Columbia High Yield Municipal Fund
Columbia Intermediate Municipal Bond Fund
Columbia International Dividend Income Fund
Columbia Large Cap Growth Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Multi Strategy Alternatives Fund
TA Schedule CFST, CFST I and CFST II
Columbia New York Intermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund
Columbia Real Estate Equity Fund
Columbia Select Large Cap Growth Fund
Columbia Select Mid Cap Growth Fund
Columbia Small Cap Growth Fund
Columbia Small Cap Value Fund I
Columbia Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio
Columbia Strategic California Municipal Income Fund
Columbia Strategic Income Fund
Columbia Strategic New York Municipal Income Fund
Columbia Tax-Exempt Fund
Columbia Total Return Bond Fund
Columbia U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund
Multi-Manager Alternative Strategies Fund
Multi-Manager Directional Alternatives Strategies Fund
Multi-Manager Growth Strategies Fund
Multi-Manager International Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund
Multi-Manager Total Return Bond Strategies Fund
Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio
Columbia Funds Series Trust II
Columbia Capital Allocation Aggressive Portfolio
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Commodity Strategy Fund
Columbia Disciplined Core Fund
Columbia Disciplined Growth Fund
Columbia Disciplined Value Fund
Columbia Dividend Opportunity Fund1
Columbia Emerging Markets Bond Fund1
Columbia Flexible Capital Income Fund1
Columbia Floating Rate Fund
Columbia Global Opportunities Fund
Columbia Global Value Fund
Columbia Government Money Market Fund
Columbia High Yield Bond Fund
Columbia Income Builder Fund
Columbia Income Opportunities Fund
Columbia Integrated Large Cap Growth Fund
Columbia Integrated Large Cap Value Fund
Columbia Integrated Small Cap Growth Fund
Columbia Large Cap Value Fund
Columbia Limited Duration Credit Fund
Columbia Minnesota Tax-Exempt Fund
Columbia Mortgage Opportunities Fund
TA Schedule CFST, CFST I and CFST II
Columbia Overseas Core Fund
Columbia Pyrford International Stock Fund
Columbia Quality Income Fund
Columbia Select Global Equity Fund
Columbia Select Large Cap Value Fund
Columbia Select Small Cap Value Fund
Columbia Seligman Global Technology Fund
Columbia Seligman Technology and Information Fund
Columbia Short-Term Cash Fund
Columbia Strategic Municipal Income Fund
Columbia Ultra Short Municipal Bond Fund
Multi-Manager Value Strategies Fund
TA Schedule CFST, CFST I and CFST II
SCHEDULE B
Effective July 1, 2022
Payments under the Agreement are payable to CMISC monthly.
Transfer agency costs are calculated separately for each of (i) Institutional 3 (Inst3) Class shares, (ii) Institutional 2 (Inst 2) Class shares, and (iii) all other classes of shares.
Each Fund shall pay to CMISC for the services to be provided by CMISC under the Agreement an amount equal to the sum of the following:
(a) | (i) | Base transfer agency fee paid monthly of: | ||
1. an annual per account fee equal to the Direct Account Fee for accounts established directly with the Fund (direct accounts); and | ||||
2. an annual rate equal to the Intermediary Controlled Account Rate on the daily value of accounts of intermediaries established with the Fund, including accounts established or maintained pursuant to the National Securities Clearing Corporations networking system (network accounts and, together with omnibus accounts, intermediary controlled accounts); PLUS | ||||
(ii) | The Funds Allocated Share of CMISC Reimbursable Out-of-Pocket Expenses; PLUS | |||
(iii) | Sub-transfer agency fees (generally intended to offset amounts paid by CMISC to intermediaries for services they provide), subject to the limits set forth below | |||
1. For all classes other than Inst2 or Inst 3: the amount charged by an intermediary up to the following sub-transfer agency fee limits, which vary among distribution channels as follows: |
Distribution Channel |
Sub-Transfer Agency Fee Limit | |
Retirement Channel Intermediary platforms that primarily service retirement accounts, including accounts of retirement plans qualified under sections 401(a), 401(k), 457 or 403(b) of the Internal Revenue Code of 1986, as amended (the Code), non-qualified deferred compensation plans governed by section 409A of the Code and individual retirement plans | (i) 0.25% of Fund assets held by Retirement Channel intermediaries or platforms charging an asset-based fee or (ii) $20 per account held by Retirement Channel intermediaries charging a per account fee |
TA Schedule CFST, CFST I and CFST II Distribution Channel Sub-Transfer Agency Fee Limit
Supermarket Transaction Fee (TF) Channel Accounts in mutual fund platforms of the type commonly referred to as fund supermarkets that charge participants a transaction fee
(i) 0.12% of Fund assets held by Supermarket TF Channel intermediaries or platforms charging an asset-based fee or (ii) $20 per Supermarket TF Account held for intermediaries charging a per account fee
Supermarket No-Transaction Fee (NTF) Channel Accounts in mutual fund platforms of the type commonly referred to as fund supermarkets that do not charge participants a transaction fee
(i) 0.25% of Fund assets held by Supermarket NTF Channel intermediaries or platforms charging an asset based fee or (ii) $20 per account held by Supermarket NTF Channel intermediaries or platforms charging a per account
fee
Bank Channel Accounts maintained by banks offering financial and banking services to high net worth clients (commonly referred to as private bank accounts)
(i) 0.20% of Fund assets held by Private Bank Channel intermediaries or platforms or (ii) $20 per account held by Bank Channel intermediaries or platforms charging a per account fee
Section 529 Plan Assets Accounts of portfolios of college saving plans authorized under section 529 of the Code (commonly referred to as Section 529 plans) (529 Plan Accounts)
0.20% on Fund assets held in 529 Plan Accounts
Broker-Dealer Channel Intermediary platforms offering mutual funds in brokerage accounts or through advisory programs, including independent, regional and wirehouses firms
(i) 0.15% of Fund assets held by Broker-Dealer Channel intermediaries or platforms charging an asset-based fee or (ii) $20 per account held by Broker-Dealer Channel intermediaries or platforms charging a per account fee
Insurance Channel Insurance companies offering mutual funds in retirement/recordkeeping-type platforms, products and accounts.
(i) 0.25% of Fund assets held by Insurance Channel intermediaries on platforms charging an asset-based fee or (ii) $20 per account held by Insurance Channel intermediaries or platforms charging a per account fee
The sub-transfer agency fee limit is applied by intermediary (or by platforms within an intermediary, where applicable), by Fund and by share class and not in the aggregate by distribution channel. For avoidance of doubt, per account limits applicable to certain channels are applied at the level of the underlying accounts serviced by the intermediary, not at the level of the omnibus account maintained by CMISC.
2. | For Inst2 Class shares: 0.05% of the average aggregate value of the Funds shares maintained in omnibus accounts (subject to paragraph (b) below). |
3. | For Inst3 Class shares: Inst3 Class shares do not pay sub-transfer agency fees set forth in paragraph (a)(iii). |
(b) | For Inst2 Class shares, the annual rate for the fees set forth in paragraphs (a)(i) (a)(iii)(2) shall not exceed 0.070%. |
TA Schedule CFST, CFST I and CFST II
(c) | For Inst3 Class shares, the annual rate for the fees set forth in paragraphs (a)(i) (a)(ii) shall not exceed 0.020%. |
In addition, CMISC shall be entitled to retain as additional compensation/reimbursement for its services all CMISC revenues for fees for wire, telephone, and redemption orders, IRA trustee agent fees and account transcripts due CMISC from shareholders of the Fund and interest (net of bank charges) earned with respect to balances in the accounts referred to in paragraph 2 of the Agreement. All determinations hereunder shall be in accordance with generally accepted accounting principles and subject to audit by the Funds independent accountants.
Definitions
Allocated Share for any month means that percentage of CMISC Reimbursable Out-of-Pocket Expenses which would be allocated to a Fund for such month in accordance with the methodology described below under the heading Methodology of Allocating CMISC Reimbursable Out-of-Pocket Expenses.
CMISC Reimbursable Out-of-Pocket Expenses means (i) networking account fees paid to dealer firms by CMISC on shareholder accounts established or maintained pursuant to the National Securities Clearing Corporations networking system, subject to a maximum annual rate of up to 0.20% of the month end value of the Funds shares maintained in networked accounts of each dealer firm, and (ii) out-of-pocket expenses incurred on behalf of the Funds by CMISC for stationery, forms, postage and similar items and those expenses identified as Out-of-Pocket Expenses below.
Direct Account Fee means $32.30 for the period from July 1, 2022 through June 30, 2023, and such other amount as may be set annually based on actual costs incurred by CMIS in servicing direct accounts (including an agreed-upon margin).
Intermediary Controlled Account Rate means 0.0062% for the period from June 1, 2022 through June 30, 2022, and thereafter shall be the rate equal to (x) the amount approved or ratified by the Board to approximate the projected expenses of servicing intermediary controlled accounts (including an agreed-upon margin), divided by (y) the net assets of intermediary controlled accounts invested in funds within the Columbia Fund complex for which CMISC serves as transfer agent (excluding any variable portfolio funds). For any given month, CMISC shall calculate the Intermediary Controlled Account Rate based on net assets of applicable Columbia Funds as of the 15th day of the month preceding such month (or the next succeeding business day if the 15th day of the preceding month is not a business day). For example, the Intermediary Controlled Account Rate effective September 1, 2022 shall be calculated based on net assets as of August 15, 2022.
Out-of-Pocket Expenses also include, but are not limited to, the following items:
| Printing, storage and programming costs associated with, but not limited to envelopes, checks, confirmations and stationery |
| Postage bulk, pre-sort, ZIP+4, barcoding, first class |
TA Schedule CFST, CFST I and CFST II
| Telephone and telecommunication costs, including all lease, maintenance and line costs |
| Proxy solicitations, mailings and tabulations |
| Daily & Distributions advice mailings |
| Implementing, monitoring or processing any Stop Orders |
| Shipping, Certified and Overnight mail and insurance |
| Year-end forms and mailings |
| Duplicating services |
| Courier services |
| National Securities Clearing Corporation charges related to fund transactions |
| Record retention costs including but not limited to the storage, movement, destruction, retrieval and handling charges |
| Data processing and storage for anti-market timing omnibus monitoring |
| Creation and maintenance of on-line records including reports, shareholder and dealer statements, year-end forms, and regulatory mailings |
| Third party quality control assessments |
| Compliance items including, but not limited to, lost shareholder review, lost certificate filings and compliance programs |
| Electronic website linkages to third party account management applications |
| Regulatory mailings inclusive of costs related to electronic delivery of such documents. |
| At the request, or with the consent of the Trust, such other miscellaneous expenses reasonably incurred by CMISC in performing its duties and responsibilities under this Agreement. |
The Funds agree that postage and mailing expenses will be paid on the day of or prior to mailing as agreed with CMISC. In addition, the Funds will promptly reimburse CMISC for any other unscheduled expenses incurred by CMISC whenever the Funds and CMISC mutually agree that such expenses are not otherwise properly borne by CMISC as part of its duties under the Agreement.
TA Schedule CFST, CFST I and CFST II
Methodology of Allocating CMISC Reimbursable Out-of-Pocket Expenses
CMISC Reimbursable Out-of-Pocket Expenses are allocated to the Funds as follows:
A. | Identifiable | Based on actual services performed and invoiced to a Fund. | ||
B. | Unidentifiable | Allocation will be based on three evenly weighted factors.
number of shareholder accounts
Number of transactions
Average net assets |
TA Schedule CFST, CFST I and CFST II
IN WITNESS WHEREOF, the parties hereto have caused the forgoing Schedule A and Schedule B to be duly executed as of July 1, 2022.
COLUMBIA FUNDS SERIES TRUST COLUMBIA FUNDS SERIES TRUST I COLUMBIA FUNDS SERIES TRUST II, on behalf of their respective series listed on Schedule A | ||
By: | /s/ Daniel J. Beckman | |
Name: Daniel J. Beckman | ||
Title: President | ||
COLUMBIA MANAGEMENT INVESTMENT SERVICES CORP. | ||
By: | /s/ Lyn Kephart-Strong | |
Name: Lyn Kephart-Strong | ||
Title: President |
AMENDMENT
TO THE AMENDED AND RESTATED FEE WAIVER AND EXPENSE CAP AGREEMENT
This Amendment, made and entered into as of January 19, 2022, is made a part of the Amended and Restated Fee Waiver and Expense Cap Agreement dated as of June 15, 2021 (the Agreement) by and among each of Columbia Funds Series Trust, Columbia Funds Series Trust I, Columbia Funds Series Trust II, Columbia Funds Variable Insurance Trust and Columbia Funds Variable Series Trust II (each a Registrant), on behalf of its underlying series funds, as listed in Schedule A thereto (the term Fund is used to refer to either the Registrant or the series, as the context requires), Columbia Management Investment Advisers, LLC, a Minnesota limited liability company (CMIA), Columbia Management Investment Distributors, Inc., a Delaware corporation (CMID), and Columbia Management Investment Services Corp., a Minnesota corporation (CMISC) (CMIA, CMID, and CMISC, collectively referred to as the Service Providers).
WHEREAS, the Service Providers have agreed to waive certain fees payable to them under separate agreements with the Funds under the Agreement; and
WHEREAS, CMIA has entered into management agreements with the Funds (Management Agreements) pursuant to which CMIA provides investment management services to the Funds in return for a fee (Management Fee) and the Funds may invest in other Funds to the extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act) and the rules issued thereunder; and
WHEREAS, CMIA has agreed to waive a portion of its Management Fees when certain Funds hold, pursuant to Rule 12d1-4 under the 1940 Act, more than 3% of another Fund or other registered investment company managed by an investment adviser that is directly or indirectly controlling, controlled by, or under common control with, CMIA (each an Affiliated Underlying Fund);
NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:
1. | Section 1 of the Agreement shall be, and is hereby, amended and restated to read as follows: |
1. Fee Waivers. The parties hereby agree that the Service Providers shall waive fees (each a Fee Waiver) payable to them under their separate agreements with the Funds to the extent reflected for each Fund, as agreed to by the applicable Service Provider(s) and the Board and reflected in the minutes of Board meetings. In addition, unless an acquiring Fund has a Management Fee schedule that expressly contemplates investment in Affiliated Underlying Funds (as identified on Schedule A) , CMIA agrees to the following waiver in the event the acquiring Fund holds more than 3% of an Affiliated Underlying Fund pursuant to Rule 12d1-4 under the 1940 Act: CMIA will waive its Management Fee for each day in an amount equal to the product of (a) the net assets of the acquiring Fund invested in the Affiliated Underlying Fund and (b) the Management Fee rate payable by the Affiliated Underlying Fund to CMIA (or an affiliated investment adviser) less any waiver or reimbursement applicable to the share class held by the acquiring Fund (expressed as a percentage of daily net assets attributable to such class) divided by the number of days in the year. For these purposes, the acquiring Funds net assets will be the net assets from the prior business day and the effective Management Fee rate and waiver/reimbursement rate will be updated monthly using the Affiliated Underlying Funds fiscal year to date as of each month-end expense ratios (annualized).
1
2. | Schedule A to the Agreement is replaced with Schedule A to this Amendment. |
3. | This Agreement constitutes the entire agreement of the parties with respect to its subject matter. Each provision herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the enforceability of any such other provision or agreement. In addition, each provision herein shall be treated as separate and independent with respect to each Fund and shall be treated as separate and independent from such provision or agreement with respect to each of the other Funds. No modification or amendment of this Agreement shall be binding unless in writing and executed by the parties affected thereby. |
[Signature Page Follows]
2
IN WITNESS WHEREOF, the parties hereto have caused the forgoing Agreement as of January 19, 2022.
COLUMBIA FUNDS SERIES TRUST COLUMBIA FUNDS SERIES TRUST I COLUMBIA FUNDS SERIES TRUST II COLUMBIA FUNDS VARIABLE INSURANCE TRUST COLUMBIA FUNDS VARIABLE SERIES TRUST II Each for itself and on behalf of its respective series listed on this Schedule A | ||
By: | /s/ Daniel J. Beckman | |
Name: | Daniel J. Beckman | |
Title: | President | |
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC | ||
By: | /s/ Michael J. Clarke | |
Name: | Michael G. Clarke | |
Title: | Head of Global Operations & Investor Services | |
COLUMBIA MANAGEMENT INVESTMENT DISTRIBUTORS, INC. | ||
By: | /s/ Scott E. Couto | |
Name: | Scott E. Couto | |
Title: | President | |
COLUMBIA MANAGEMENT INVESTMENT SERVICES CORP. | ||
By: | /s/ Lyn Kephart-Strong | |
Name: | Lyn Kephart-Strong | |
Title: | President |
3
SCHEDULE A
As of January 19, 2022
Columbia Funds Series Trust
Columbia California Intermediate Municipal Bond Fund1
Columbia Capital Allocation Moderate Aggressive Portfolio2,4
Columbia Capital Allocation Moderate Conservative Portfolio2,4
Columbia Convertible Securities Fund1
Columbia Large Cap Growth Opportunity Fund1
Columbia Large Cap Enhanced Core Fund1
Columbia Large Cap Index Fund1
Columbia Mid Cap Index Fund1
Columbia North Carolina Intermediate Municipal Bond Fund1
Columbia Overseas Value Fund1
Columbia Select Large Cap Equity Fund1
Columbia Select Mid Cap Value Fund1
Columbia Short Term Bond Fund1
Columbia Short Term Municipal Bond Fund1
Columbia Small Cap Index Fund1
Columbia Small Cap Value Fund II1
Columbia South Carolina Intermediate Municipal Bond Fund1
Columbia Virginia Intermediate Municipal Bond Fund1
Columbia Funds Series Trust I
Columbia Adaptive Risk Allocation Fund3,4
Columbia Adaptive Retirement 2020 Fund3,4
Columbia Adaptive Retirement 2025 Fund3,4
Columbia Adaptive Retirement 2030 Fund3,4
Columbia Adaptive Retirement 2035 Fund3,4
Columbia Adaptive Retirement 2040 Fund3,4
Columbia Adaptive Retirement 2045 Fund3,4
Columbia Adaptive Retirement 2050 Fund3,4
Columbia Adaptive Retirement 2055 Fund3,4
Columbia Adaptive Retirement 2060 Fund3,4
Columbia Balanced Fund1
Columbia Bond Fund1
Columbia Connecticut Intermediate Municipal Bond Fund1
Columbia Contrarian Core Fund1
Columbia Corporate Income Fund1
Columbia Dividend Income Fund1
Columbia Emerging Markets Fund1
Columbia Global Technology Growth Fund1
Columbia Greater China Fund1
Columbia High Yield Municipal Fund1
Columbia Intermediate Municipal Bond Fund1
Columbia International Dividend Income Fund1
Columbia Large Cap Growth Fund1
Columbia Massachusetts Intermediate Municipal Bond Fund1
Columbia Mid Cap Growth Fund1
Columbia Multi Strategy Alternatives Fund1
Columbia New York Intermediate Municipal Bond Fund1
Columbia Oregon Intermediate Municipal Bond Fund1
Columbia Real Estate Equity Fund1
Columbia Select Large Cap Growth Fund1
Columbia Small Cap Growth Fund1
Columbia Small Cap Value Fund I1
Columbia Solutions Aggressive Portfolio1
Columbia Solutions Conservative Portfolio1
Columbia Strategic California Municipal Income Fund1
Columbia Strategic Income Fund1
Columbia Strategic New York Municipal Income Fund1
Columbia Tax-Exempt Fund1
Columbia Total Return Bond Fund1
Columbia U.S. Social Bond Fund1
Columbia U.S. Treasury Index Fund1
Columbia Ultra Short Term Bond Fund1
Multi-Manager Alternative Strategies Fund1
Multi-Manager Directional Alternatives Strategies Fund1
Multi-Manager Growth Strategies Fund1
Multi-Manager International Equity Strategies Fund1
Multi-Manager Small Cap Equity Strategies Fund1
Multi-Manager Total Return Bond Strategies Fund1
Multisector Bond SMA Completion Portfolio3
Overseas SMA Completion Portfolio3
Columbia Funds Series Trust II
Columbia Capital Allocation Aggressive Portfolio2,4
Columbia Capital Allocation Conservative Portfolio2,4
Columbia Capital Allocation Moderate Portfolio2,4
Columbia Commodity Strategy Fund1
Columbia Disciplined Core Fund1
Columbia Disciplined Growth Fund1
Columbia Disciplined Value Fund1
Columbia Dividend Opportunity Fund1
Columbia Emerging Markets Bond Fund1
Columbia Flexible Capital Income Fund1
Columbia Floating Rate Fund1
Columbia Global Opportunities Fund1,4
Columbia Global Value Fund1
Columbia Government Money Market Fund1
Columbia High Yield Bond Fund1
Columbia Income Builder Fund1,4
Columbia Income Opportunities Fund1
Columbia Integrated Large Cap Growth Fund1
Columbia Integrated Large Cap Value Fund1
Columbia Integrated Small Cap Growth Fund1
Columbia Large Cap Value Fund1
Columbia Limited Duration Credit Fund1
Columbia Minnesota Tax-Exempt Fund1
Columbia Mortgage Opportunities Fund1
Columbia Overseas Core Fund1
Columbia Pyrford International Stock Fund1
Columbia Quality Income Fund1
Columbia Select Global Equity Fund1
Columbia Select Large Cap Value Fund1
Columbia Select Small Cap Value Fund1
Columbia Seligman Global Technology Fund1
Columbia Seligman Technology and Information Fund1
Columbia Short-Term Cash Fund1
Columbia Strategic Municipal Income Fund1
Columbia Ultra Short Municipal Bond Fund1
Multi-Manager Value Strategies Fund1
Columbia Funds Variable Insurance Trust
Columbia Variable Portfolio Contrarian Core Fund1
Columbia Variable Portfolio Long Government/Credit Bond Fund1
Columbia Variable Portfolio Small Cap Value Fund1
Columbia Variable Portfolio Small Company Growth Fund1
Columbia Variable Portfolio Strategic Income Fund1
Variable Portfolio Managed Risk Fund3,4
Variable Portfolio Managed Risk U.S. Fund3,4
Variable Portfolio Managed Volatility Conservative Fund3,4
Variable Portfolio Managed Volatility Conservative Growth Fund3,4
Variable Portfolio Managed Volatility Growth Fund3,4
Variable Portfolio U.S. Flexible Conservative Growth Fund3,4
Variable Portfolio U.S. Flexible Growth Fund3,4
Variable Portfolio U.S. Flexible Moderate Growth Fund3,4
4
Columbia Funds Variable Series Trust II
Columbia Variable Portfolio Balanced Fund1
Columbia Variable Portfolio Commodity Strategy Fund1
Columbia Variable Portfolio Core Equity Fund1
Columbia Variable Portfolio Disciplined Core Fund1
Columbia Variable Portfolio Dividend Opportunity Fund1
Columbia Variable Portfolio Emerging Markets Bond Fund1
Columbia Variable Portfolio Emerging Markets Fund1
Columbia Variable Portfolio Global Strategic Income Fund1
Columbia Variable Portfolio Government Money Market Fund1
Columbia Variable Portfolio High Yield Bond Fund1
Columbia Variable Portfolio Income Opportunities Fund1
Columbia Variable Portfolio Intermediate Bond Fund1
Columbia Variable Portfolio Large Cap Growth Fund1
Columbia Variable Portfolio Large Cap Index Fund1
Columbia Variable Portfolio Limited Duration Credit Fund1
Columbia Variable Portfolio Mid Cap Growth Fund1
Columbia Variable Portfolio Overseas Core Fund1
Columbia Variable Portfolio Select Large Cap Equity Fund1
Columbia Variable Portfolio Select Large Cap Value Fund1
Columbia Variable Portfolio Select Mid Cap Value Fund1
Columbia Variable Portfolio Select Small Cap Value Fund1
Columbia Variable Portfolio Seligman Global Technology Fund1
Columbia Variable Portfolio U.S. Government Mortgage Fund1
CTIVP® Allspring Short Duration Government Fund1
CTIVP® American Century Diversified Bond Fund1
CTIVP® BlackRock Global Inflation-Protected Securities Fund1
CTIVP® CenterSquare Real Estate Fund1
CTIVP® Loomis Sayles Growth Fund1
CTIVP® MFS® Value Fund1
CTIVP® Morgan Stanley Advantage Fund1
CTIVP® T. Rowe Price Large Cap Value Fund1
CTIVP® TCW Core Plus Bond Fund1
CTIVP® Victory Sycamore Established Value Fund1
CTIVP® Westfield Mid Cap Growth Fund1
Variable Portfolio Aggressive Portfolio1,4
Variable Portfolio Conservative Portfolio1,4
Variable Portfolio Managed Volatility Moderate Growth Fund3,4
Variable Portfolio Moderate Portfolio1,4
Variable Portfolio Moderately Aggressive Portfolio1,4
Variable Portfolio Moderately Conservative Portfolio1,4
Variable Portfolio Partners Core Bond Fund1
Variable Portfolio Partners Core Equity Fund1
Variable Portfolio Partners International Core Equity Fund1
Variable Portfolio Partners International Growth Fund1
Variable Portfolio Partners International Value Fund1
Variable Portfolio Partners Small Cap Growth Fund1
Variable Portfolio Partners Small Cap Value Fund1
1 | The following fees and expenses are excluded from the Funds operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds Board. |
2 | The following fees and expenses are excluded from the Funds operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: management service fee, taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds Board. |
3 | The following fees and expenses are excluded from the Funds operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds Board. |
4 | Fund has a Management Fee schedule that explicitly contemplates investment in Affiliated Underlying Funds. |
5
Fee Waiver Schedule
SCHEDULE A
As of July 1, 2022
Columbia Funds Series Trust
Columbia California Intermediate Municipal Bond Fund1
Columbia Capital Allocation Moderate Aggressive Portfolio2
Columbia Capital Allocation Moderate Conservative Portfolio2
Columbia Convertible Securities Fund1
Columbia Large Cap Growth Opportunity Fund1
Columbia Large Cap Enhanced Core Fund1
Columbia Large Cap Index Fund1
Columbia Mid Cap Index Fund1
Columbia North Carolina Intermediate Municipal Bond Fund1
Columbia Overseas Value Fund1
Columbia Select Large Cap Equity Fund1
Columbia Select Mid Cap Value Fund1
Columbia Short Term Bond Fund1
Columbia Short Term Municipal Bond Fund1
Columbia Small Cap Index Fund1
Columbia Small Cap Value Fund II1
Columbia South Carolina Intermediate Municipal Bond Fund1
Columbia Virginia Intermediate Municipal Bond Fund1
Columbia Funds Series Trust I
Columbia Adaptive Risk Allocation Fund3
Columbia Adaptive Retirement 2020 Fund3
Columbia Adaptive Retirement 2025 Fund3
Columbia Adaptive Retirement 2030 Fund3
Columbia Adaptive Retirement 2035 Fund3
Columbia Adaptive Retirement 2040 Fund3
Columbia Adaptive Retirement 2045 Fund3
Columbia Adaptive Retirement 2050 Fund3
Columbia Adaptive Retirement 2055 Fund3
Columbia Adaptive Retirement 2060 Fund3
Columbia Balanced Fund1
Columbia Bond Fund1
Columbia Connecticut Intermediate Municipal Bond Fund1
Columbia Contrarian Core Fund1
Columbia Corporate Income Fund1
Columbia Dividend Income Fund1
Columbia Emerging Markets Fund1
Columbia Global Technology Growth Fund1
Columbia Greater China Fund1
Columbia High Yield Municipal Fund1
Columbia Intermediate Municipal Bond Fund1
Columbia International Dividend Income Fund1
Columbia Large Cap Growth Fund1
Columbia Massachusetts Intermediate Municipal Bond Fund1
Columbia Multi Strategy Alternatives Fund1
Columbia New York Intermediate Municipal Bond Fund1
Columbia Oregon Intermediate Municipal Bond Fund1
Columbia Real Estate Equity Fund1
Columbia Select Large Cap Growth Fund1
Columbia Select Mid Cap Growth Fund1
Columbia Small Cap Growth Fund1
Columbia Small Cap Value Fund I1
Columbia Solutions Aggressive Portfolio1
Columbia Solutions Conservative Portfolio1
Columbia Strategic California Municipal Income Fund1
Columbia Strategic Income Fund1
Columbia Strategic New York Municipal Income Fund1
Columbia Tax-Exempt Fund1
Columbia Total Return Bond Fund1
Columbia U.S. Social Bond Fund1
Columbia U.S. Treasury Index Fund1
Columbia Ultra Short Term Bond Fund1
Multi-Manager Alternative Strategies Fund1
Fee Waiver Schedule
Multi-Manager Directional Alternatives Strategies Fund1
Multi-Manager Growth Strategies Fund1
Multi-Manager International Equity Strategies Fund1
Multi-Manager Small Cap Equity Strategies Fund1
Multi-Manager Total Return Bond Strategies Fund1
Multisector Bond SMA Completion Portfolio3
Overseas SMA Completion Portfolio3
Columbia Funds Series Trust II
Columbia Capital Allocation Aggressive Portfolio2
Columbia Capital Allocation Conservative Portfolio2
Columbia Capital Allocation Moderate Portfolio2
Columbia Commodity Strategy Fund1
Columbia Disciplined Core Fund1
Columbia Disciplined Growth Fund1
Columbia Disciplined Value Fund1
Columbia Dividend Opportunity Fund1
Columbia Emerging Markets Bond Fund1
Columbia Flexible Capital Income Fund1
Columbia Floating Rate Fund1
Columbia Global Opportunities Fund1
Columbia Global Value Fund1
Columbia Government Money Market Fund1
Columbia High Yield Bond Fund1
Columbia Income Builder Fund1
Columbia Income Opportunities Fund1
Columbia Integrated Large Cap Growth Fund1
Columbia Integrated Large Cap Value Fund1
Columbia Integrated Small Cap Growth Fund1
Columbia Large Cap Value Fund1
Columbia Limited Duration Credit Fund1
Columbia Minnesota Tax-Exempt Fund1
Columbia Mortgage Opportunities Fund1
Columbia Overseas Core Fund1
Columbia Pyrford International Stock Fund1
Columbia Quality Income Fund1
Columbia Select Global Equity Fund1
Columbia Select Large Cap Value Fund1
Columbia Select Small Cap Value Fund1
Columbia Seligman Global Technology Fund1
Columbia Seligman Technology and Information Fund1
Columbia Short-Term Cash Fund1
Columbia Strategic Municipal Income Fund1
Columbia Ultra Short Municipal Bond Fund1
Multi-Manager Value Strategies Fund1
Columbia Funds Variable Insurance Trust
Columbia Variable Portfolio Contrarian Core Fund1
Columbia Variable Portfolio Long Government/Credit Bond Fund1
Columbia Variable Portfolio Small Cap Value Fund1
Columbia Variable Portfolio Small Company Growth Fund1
Columbia Variable Portfolio Strategic Income Fund1
Variable Portfolio Managed Risk Fund3
Variable Portfolio Managed Risk U.S. Fund3
Variable Portfolio Managed Volatility Conservative Fund3
Variable Portfolio Managed Volatility Conservative Growth Fund3
Variable Portfolio Managed Volatility Growth Fund3
Variable Portfolio U.S. Flexible Conservative Growth Fund3
Variable Portfolio U.S. Flexible Growth Fund3
Variable Portfolio U.S. Flexible Moderate Growth Fund3
Columbia Funds Variable Series Trust II
Columbia Variable Portfolio Balanced Fund1
Columbia Variable Portfolio Commodity Strategy Fund1
Columbia Variable Portfolio Core Equity Fund1
Columbia Variable Portfolio Disciplined Core Fund1
Columbia Variable Portfolio Dividend Opportunity Fund1
Columbia Variable Portfolio Emerging Markets Bond Fund1
Columbia Variable Portfolio Emerging Markets Fund1
Fee Waiver Schedule
Columbia Variable Portfolio Global Strategic Income Fund1
Columbia Variable Portfolio Government Money Market Fund1
Columbia Variable Portfolio High Yield Bond Fund1
Columbia Variable Portfolio Income Opportunities Fund1
Columbia Variable Portfolio Intermediate Bond Fund1
Columbia Variable Portfolio Large Cap Growth Fund1
Columbia Variable Portfolio Large Cap Index Fund1
Columbia Variable Portfolio Limited Duration Credit Fund1
Columbia Variable Portfolio Overseas Core Fund1
Columbia Variable Portfolio Select Large Cap Equity Fund1
Columbia Variable Portfolio Select Large Cap Value Fund1
Columbia Variable Portfolio Select Mid Cap Growth Fund1
Columbia Variable Portfolio Select Mid Cap Value Fund1
Columbia Variable Portfolio Select Small Cap Value Fund1
Columbia Variable Portfolio Seligman Global Technology Fund1
Columbia Variable Portfolio U.S. Government Mortgage Fund1
CTIVP® American Century Diversified Bond Fund1
CTIVP® BlackRock Global Inflation-Protected Securities Fund1
CTIVP® CenterSquare Real Estate Fund1
CTIVP® MFS® Value Fund1
CTIVP® Morgan Stanley Advantage Fund1
CTIVP® Principal Blue Chip Growth Fund1
CTIVP® T. Rowe Price Large Cap Value Fund1
CTIVP® TCW Core Plus Bond Fund1
CTIVP® Victory Sycamore Established Value Fund1
CTIVP® Westfield Mid Cap Growth Fund1
Variable Portfolio Aggressive Portfolio1
Variable Portfolio Conservative Portfolio1
Variable Portfolio Managed Volatility Moderate Growth Fund3
Variable Portfolio Moderate Portfolio1
Variable Portfolio Moderately Aggressive Portfolio1
Variable Portfolio Moderately Conservative Portfolio1
Variable Portfolio Partners Core Bond Fund1
Variable Portfolio Partners Core Equity Fund1
Variable Portfolio Partners International Core Equity Fund1
Variable Portfolio Partners International Growth Fund1
Variable Portfolio Partners International Value Fund1
Variable Portfolio Partners Small Cap Growth Fund1
Variable Portfolio Partners Small Cap Value Fund1
1 | The following fees and expenses are excluded from the Funds operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds Board. |
2 | The following fees and expenses are excluded from the Funds operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: management service fee, taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds Board. |
3 | The following fees and expenses are excluded from the Funds operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Funds Board. |
Fee Waiver Schedule
IN WITNESS THEREOF, the parties hereto have executed the foregoing Schedule A as of July 1, 2022.
COLUMBIA FUNDS SERIES TRUST COLUMBIA FUNDS SERIES TRUST I COLUMBIA FUNDS SERIES TRUST II COLUMBIA FUNDS VARIABLE INSURANCE TRUST COLUMBIA FUNDS VARIABLE SERIES TRUST II Each for itself and on behalf of its respective series listed on this Schedule A | ||
By: | /s/ Daniel J. Beckman | |
Name: | Daniel J. Beckman | |
Title: | President | |
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC | ||
By: | /s/ Michael J. Clarke | |
Name: | Michael G. Clarke | |
Title: | Head of Global Operations & Investor Services | |
COLUMBIA MANAGEMENT INVESTMENT DISTRIBUTORS, INC. | ||
By: | /s/ Scott E. Couto | |
Name: | Scott E. Couto | |
Title: | President | |
COLUMBIA MANAGEMENT INVESTMENT SERVICES CORP. | ||
By: | /s/ Lyn Kephart-Strong | |
Name: | Lyn Kephart-Strong | |
Title: | President |
SCHEDULE A
BORROWING FUNDS
(As of July 1, 2022)
Columbia Funds Series Trust
Fund |
Effective Date | |
Columbia California Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Capital Allocation Moderate Aggressive Portfolio | May 1, 2018 | |
Columbia Capital Allocation Moderate Conservative Portfolio | May 1, 2018 | |
Columbia Convertible Securities Fund | May 1, 2018 | |
Columbia Large Cap Enhanced Core Fund | May 1, 2018 | |
Columbia Large Cap Index Fund | May 1, 2018 | |
Columbia Mid Cap Index Fund | May 1, 2018 | |
Columbia North Carolina Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Overseas Value Fund | May 1, 2018 | |
Columbia Select Large Cap Equity Fund | May 1, 2018 | |
Columbia Select Mid Cap Value Fund | May 1, 2018 | |
Columbia Short Term Bond Fund | May 1, 2018 | |
Columbia Short Term Municipal Bond Fund | May 1, 2018 | |
Columbia Small Cap Index Fund | May 1, 2018 | |
Columbia Small Cap Value Fund II | May 1, 2018 | |
Columbia South Carolina Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Virginia Intermediate Municipal Bond Fund | May 1, 2018 |
Columbia Funds Series Trust I
Fund |
Effective Date | |
Columbia Adaptive Retirement 2020 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2025 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2030 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2035 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2040 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2045 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2050 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2055 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2060 Fund | May 1, 2018 | |
Columbia Adaptive Risk Allocation Fund | May 1, 2018 | |
Columbia Balanced Fund | May 1, 2018 | |
Columbia Bond Fund | May 1, 2018 | |
Columbia Connecticut Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Contrarian Core Fund | May 1, 2018 | |
Columbia Corporate Income Fund | May 1, 2018 | |
Columbia Dividend Income Fund | May 1, 2018 | |
Columbia Emerging Markets Fund | May 1, 2018 | |
Columbia Global Technology Growth Fund | May 1, 2018 | |
Columbia Greater China Fund | May 1, 2018 | |
Columbia High Yield Municipal Fund | May 1, 2018 |
Fund |
Effective Date | |
Columbia Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia International Dividend Income Fund | May 1, 2018 | |
Columbia Large Cap Growth Fund | May 1, 2018 | |
Columbia Massachusetts Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Multi Strategy Alternatives Fund | May 1, 2018 | |
Columbia New York Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Oregon Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Real Estate Equity Fund | May 1, 2018 | |
Columbia Select Large Cap Growth Fund | May 1, 2018 | |
Columbia Select Mid Cap Growth Fund | May 1, 2018 | |
Columbia Small Cap Growth Fund | May 1, 2018 | |
Columbia Small Cap Value Fund I | May 1, 2018 | |
Columbia Solutions Aggressive Portfolio | May 1, 2018 | |
Columbia Solutions Conservative Portfolio | May 1, 2018 | |
Columbia Strategic California Municipal Income Fund | May 1, 2018 | |
Columbia Strategic Income Fund | May 1, 2018 | |
Columbia Strategic New York Municipal Income Fund | May 1, 2018 | |
Columbia Tax-Exempt Fund | May 1, 2018 | |
Columbia Total Return Bond Fund | May 1, 2018 | |
Columbia U.S. Social Bond Fund | May 1, 2018 | |
Columbia U.S. Treasury Index Fund | May 1, 2018 | |
Columbia Ultra Short Term Bond Fund | May 1, 2018 | |
Multi-Manager Alternative Strategies Fund | May 1, 2018 | |
Multi-Manager Directional Alternative Strategies Fund | May 1, 2018 | |
Multi-Manager Growth Strategies Fund | May 1, 2018 | |
Multi-Manager International Equity Strategies Fund | May 1, 2018 | |
Multi-Manager Small Cap Equity Strategies Fund | May 1, 2018 | |
Multi-Manager Total Return Bond Strategies Fund | May 1, 2018 | |
Multisector Bond SMA Completion Portfolio | June 17, 2020 | |
Overseas SMA Completion Portfolio | June 17, 2020 |
Columbia Funds Series Trust II
Fund |
Effective Date | |
Columbia Capital Allocation Aggressive Portfolio | May 1, 2018 | |
Columbia Capital Allocation Conservative Portfolio | May 1, 2018 | |
Columbia Capital Allocation Moderate Portfolio | May 1, 2018 | |
Columbia Commodity Strategy Fund | May 1, 2018 | |
Columbia Disciplined Core Fund | May 1, 2018 | |
Columbia Disciplined Growth Fund | May 1, 2018 | |
Columbia Disciplined Value Fund | May 1, 2018 | |
Columbia Dividend Opportunity Fund | May 1, 2018 | |
Columbia Emerging Markets Bond Fund | May 1, 2018 | |
Columbia Flexible Capital Income Fund | May 1, 2018 | |
Columbia Floating Rate Fund | May 1, 2018 | |
Columbia Global Value Fund | May 1, 2018 | |
Columbia Global Opportunities Fund | May 1, 2018 | |
Columbia High Yield Bond Fund | May 1, 2018 |
Fund |
Effective Date | |
Columbia Income Builder Fund | May 1, 2018 | |
Columbia Income Opportunities Fund | May 1, 2018 | |
Columbia Integrated Large Cap Growth Fund | December 1, 2021 | |
Columbia Integrated Large Cap Value Fund | December 1, 2021 | |
Columbia Integrated Small Cap Growth Fund | December 1, 2021 | |
Columbia Large Cap Value Fund | May 1, 2018 | |
Columbia Limited Duration Credit Fund | May 1, 2018 | |
Columbia Minnesota Tax-Exempt Fund | May 1, 2018 | |
Columbia Mortgage Opportunities Fund | May 1, 2018 | |
Columbia Overseas Core Fund | May 1, 2018 | |
Columbia Pyrford International Stock Fund | December 7, 2021 | |
Columbia Quality Income Fund | May 1, 2018 | |
Columbia Select Global Equity Fund | May 1, 2018 | |
Columbia Select Large Cap Value Fund | May 1, 2018 | |
Columbia Select Small Cap Value Fund | May 1, 2018 | |
Columbia Seligman Global Technology Fund | May 1, 2018 | |
Columbia Seligman Technology and Information Fund | May 1, 2018 | |
Columbia Strategic Municipal Income Fund | May 1, 2018 | |
Columbia Ultra Short Municipal Bond Fund | December 7, 2021 | |
Multi-Manager Value Strategies Fund | May 1, 2018 |
Columbia Funds Variable Insurance Trust
Fund |
Effective Date | |
Columbia Variable Portfolio Contrarian Core Fund | May 1, 2018 | |
Columbia Variable Portfolio Long Government/Credit Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Small Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Small Company Growth Fund | May 1, 2018 | |
Columbia Variable Portfolio Strategic Income Fund | May 1, 2018 | |
Variable Portfolio Managed Risk Fund | May 1, 2018 | |
Variable Portfolio Managed Risk U.S. Fund | May 1, 2018 | |
Variable Portfolio Managed Volatility Conservative Fund | May 1, 2018 | |
Variable Portfolio Managed Volatility Conservative Growth Fund | May 1, 2018 | |
Variable Portfolio Managed Volatility Growth Fund | May 1, 2018 | |
Variable Portfolio U.S. Flexible Conservative Growth Fund | May 1, 2018 | |
Variable Portfolio U.S. Flexible Growth Fund | May 1, 2018 | |
Variable Portfolio U.S. Flexible Moderate Growth Fund | May 1, 2018 |
Columbia Funds Variable Series Trust II
Fund |
Effective Date | |
Columbia Variable Portfolio Balanced Fund | May 1, 2018 | |
Columbia Variable Portfolio Commodity Strategy Fund | May 1, 2018 | |
Columbia Variable Portfolio Core Equity Fund | May 1, 2018 | |
Columbia Variable Portfolio Disciplined Core Fund | May 1, 2018 | |
Columbia Variable Portfolio Dividend Opportunity Fund | May 1, 2018 | |
Columbia Variable Portfolio Emerging Markets Bond Fund | May 1, 2018 |
Fund |
Effective Date | |
Columbia Variable Portfolio Emerging Markets Fund | May 1, 2018 | |
Columbia Variable Portfolio Global Strategic Income Fund | May 1, 2018 | |
Columbia Variable Portfolio High Yield Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Income Opportunities Fund | May 1, 2018 | |
Columbia Variable Portfolio Intermediate Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Large Cap Growth Fund | May 1, 2018 | |
Columbia Variable Portfolio Large Cap Index Fund | May 1, 2018 | |
Columbia Variable Portfolio Limited Duration Credit Fund | May 1, 2018 | |
Columbia Variable Portfolio Overseas Core Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Large Cap Equity Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Large Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Mid Cap Growth Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Mid Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Small Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Seligman Global Technology Fund | May 1, 2018 | |
Columbia Variable Portfolio U.S. Government Mortgage Fund | May 1, 2018 | |
CTIVP® American Century Diversified Bond Fund | May 1, 2018 | |
CTIVP® BlackRock Global Inflation-Protected Securities Fund | May 1, 2018 | |
CTIVP® CenterSquare Real Estate Fund | May 1, 2018 | |
CTIVP® MFS® Value Fund | May 1, 2018 | |
CTIVP® Morgan Stanley Advantage Fund | May 1, 2018 | |
CTIVP® Principal Blue Chip Growth Fund | May 1, 2018 | |
CTIVP® T. Rowe Price Large Cap Value Fund | May 1, 2018 | |
CTIVP® TCW Core Plus Bond Fund | May 1, 2018 | |
CTIVP® Victory Sycamore Established Value Fund | May 1, 2018 | |
CTIVP® Westfield Mid Cap Growth Fund | May 1, 2018 | |
Variable Portfolio Aggressive Portfolio | May 1, 2018 | |
Variable Portfolio Conservative Portfolio | May 1, 2018 | |
Variable Portfolio Managed Volatility Moderate Growth Fund | May 1, 2018 | |
Variable Portfolio Moderate Portfolio | May 1, 2018 | |
Variable Portfolio Moderately Aggressive Portfolio | May 1, 2018 | |
Variable Portfolio Moderately Conservative Portfolio | May 1, 2018 | |
Variable Portfolio Partners Core Bond Fund | May 1, 2018 | |
Variable Portfolio Partners Core Equity Fund | May 1, 2018 | |
Variable Portfolio Partners International Core Equity Fund | May 1, 2018 | |
Variable Portfolio Partners International Growth Fund | May 1, 2018 | |
Variable Portfolio Partners International Value Fund | May 1, 2018 | |
Variable Portfolio Partners Small Cap Growth Fund | May 1, 2018 | |
Variable Portfolio Partners Small Cap Value Fund | May 1, 2018 |
SCHEDULE A Borrowing Funds
For each Fund, the Master Agreement was effective as of the date set forth on Schedule A.
COLUMBIA FUNDS SERIES TRUST
COLUMBIA FUNDS SERIES TRUST I
COLUMBIA FUNDS SERIES TRUST II
COLUMBIA FUNDS VARIABLE INSURANCE TRUST
COLUMBIA FUNDS VARIABLE SERIES TRUST II
EACH TRUST ABOVE, ON BEHALF OF EACH OF ITS SERIES SET FORTH ON SCHEDULE A HERETO
By: | /s/ Michael G. Clarke | |
Name: | Michael G. Clarke | |
Title: | Senior Vice President and Head of Global Operations & Investor Services |
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC
By: | /s/ Ryan C. Larrenaga | |
Name: | Ryan C. Larrenaga | |
Title: | Vice President |
SCHEDULE B
LENDING FUNDS
(As of July 1, 2022)
Columbia Funds Series Trust
Fund |
Effective Date | |
Columbia California Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Capital Allocation Moderate Aggressive Portfolio | May 1, 2018 | |
Columbia Capital Allocation Moderate Conservative Portfolio | May 1, 2018 | |
Columbia Convertible Securities Fund | May 1, 2018 | |
Columbia Large Cap Enhanced Core Fund | May 1, 2018 | |
Columbia Large Cap Growth Opportunity Fund | May 1, 2018 | |
Columbia Large Cap Index Fund | May 1, 2018 | |
Columbia Mid Cap Index Fund | May 1, 2018 | |
Columbia North Carolina Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Overseas Value Fund | May 1, 2018 | |
Columbia Select Global Growth Fund | May 1, 2018 | |
Columbia Select Large Cap Equity Fund | May 1, 2018 | |
Columbia Select Mid Cap Value Fund | May 1, 2018 | |
Columbia Short Term Bond Fund | May 1, 2018 | |
Columbia Short Term Municipal Bond Fund | May 1, 2018 | |
Columbia Small Cap Index Fund | May 1, 2018 | |
Columbia Small Cap Value Fund II | May 1, 2018 | |
Columbia South Carolina Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Virginia Intermediate Municipal Bond Fund | May 1, 2018 |
Columbia Funds Series Trust I
Fund |
Effective Date | |
Columbia Adaptive Retirement 2020 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2025 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2030 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2035 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2040 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2045 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2050 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2055 Fund | May 1, 2018 | |
Columbia Adaptive Retirement 2060 Fund | May 1, 2018 | |
Columbia Adaptive Risk Allocation Fund | May 1, 2018 | |
Columbia Balanced Fund | May 1, 2018 | |
Columbia Bond Fund | May 1, 2018 | |
Columbia Connecticut Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Contrarian Core Fund | May 1, 2018 | |
Columbia Corporate Income Fund | May 1, 2018 | |
Columbia Dividend Income Fund | May 1, 2018 | |
Columbia Emerging Markets Fund | May 1, 2018 | |
Columbia Global Technology Growth Fund | May 1, 2018 |
Fund |
Effective Date | |
Columbia Greater China Fund | May 1, 2018 | |
Columbia High Yield Municipal Fund | May 1, 2018 | |
Columbia Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia International Dividend Income Fund | May 1, 2018 | |
Columbia Large Cap Growth Fund | May 1, 2018 | |
Columbia Massachusetts Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Multi Strategy Alternatives Fund | May 1, 2018 | |
Columbia New York Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Oregon Intermediate Municipal Bond Fund | May 1, 2018 | |
Columbia Real Estate Equity Fund | May 1, 2018 | |
Columbia Select Large Cap Growth Fund | May 1, 2018 | |
Columbia Select Mid Cap Growth Fund | May 1, 2018 | |
Columbia Small Cap Growth Fund | May 1, 2018 | |
Columbia Small Cap Value Fund I | May 1, 2018 | |
Columbia Solutions Aggressive Portfolio | May 1, 2018 | |
Columbia Solutions Conservative Portfolio | May 1, 2018 | |
Columbia Strategic California Municipal Income Fund | May 1, 2018 | |
Columbia Strategic Income Fund | May 1, 2018 | |
Columbia Strategic New York Municipal Income Fund | May 1, 2018 | |
Columbia Tax-Exempt Fund | May 1, 2018 | |
Columbia Total Return Bond Fund | May 1, 2018 | |
Columbia U.S. Social Bond Fund | May 1, 2018 | |
Columbia U.S. Treasury Index Fund | May 1, 2018 | |
Columbia Ultra Short Term Bond Fund | May 1, 2018 | |
Multi-Manager Alternative Strategies Fund | May 1, 2018 | |
Multi-Manager Directional Alternative Strategies Fund | May 1, 2018 | |
Multi-Manager Growth Strategies Fund | May 1, 2018 | |
Multi-Manager International Equity Strategies Fund | May 1, 2018 | |
Multi-Manager Small Cap Equity Strategies Fund | May 1, 2018 | |
Multi-Manager Total Return Bond Strategies Fund | May 1, 2018 | |
Multisector Bond SMA Completion Portfolio | June 17, 2020 | |
Overseas SMA Completion Portfolio | June 17, 2020 |
Columbia Funds Series Trust II
Fund |
Effective Date | |
Columbia Capital Allocation Aggressive Portfolio | May 1, 2018 | |
Columbia Capital Allocation Conservative Portfolio | May 1, 2018 | |
Columbia Capital Allocation Moderate Portfolio | May 1, 2018 | |
Columbia Commodity Strategy Fund | May 1, 2018 | |
Columbia Contrarian Asia Pacific Fund | May 1, 2018 | |
Columbia Contrarian Europe Fund | May 1, 2018 | |
Columbia Disciplined Core Fund | May 1, 2018 | |
Columbia Disciplined Growth Fund | May 1, 2018 | |
Columbia Disciplined Value Fund | May 1, 2018 | |
Columbia Dividend Opportunity Fund | May 1, 2018 | |
Columbia Emerging Markets Bond Fund | May 1, 2018 | |
Columbia Flexible Capital Income Fund | May 1, 2018 |
Fund |
Effective Date | |
Columbia Floating Rate Fund | May 1, 2018 | |
Columbia Global Opportunities Fund | May 1, 2018 | |
Columbia Global Value Fund | May 1, 2018 | |
Columbia Government Money Market Fund | May 1, 2018 | |
Columbia High Yield Bond Fund | May 1, 2018 | |
Columbia Income Builder Fund | May 1, 2018 | |
Columbia Income Opportunities Fund | May 1, 2018 | |
Columbia Integrated Large Cap Growth Fund | December 7, 2021 | |
Columbia Integrated Large Cap Value Fund | December 7, 2021 | |
Columbia Integrated Small Cap Growth Fund | December 7, 2021 | |
Columbia Large Cap Value Fund | May 1, 2018 | |
Columbia Limited Duration Credit Fund | May 1, 2018 | |
Columbia Minnesota Tax-Exempt Fund | May 1, 2018 | |
Columbia Mortgage Opportunities Fund | May 1, 2018 | |
Columbia Overseas Core Fund | May 1, 2018 | |
Columbia Pyrford International Stock Fund | December 7, 2021 | |
Columbia Quality Income Fund | May 1, 2018 | |
Columbia Select Global Equity Fund | May 1, 2018 | |
Columbia Select Large Cap Value Fund | May 1, 2018 | |
Columbia Select Small Cap Value Fund | May 1, 2018 | |
Columbia Seligman Global Technology Fund | May 1, 2018 | |
Columbia Seligman Technology and Information Fund | May 1, 2018 | |
Columbia Short-Term Cash Fund | May 1, 2018 | |
Columbia Strategic Municipal Income Fund | May 1, 2018 | |
Columbia Ultra Short Municipal Bond Fund | December 7, 2021 | |
Multi-Manager Value Strategies Fund | May 1, 2018 |
Columbia Funds Variable Insurance Trust
Fund |
Effective Date | |
Columbia Variable Portfolio Contrarian Core Fund | May 1, 2018 | |
Columbia Variable Portfolio Long Government/Credit Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Small Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Small Company Growth Fund | May 1, 2018 | |
Columbia Variable Portfolio Strategic Income Fund | May 1, 2018 | |
Variable Portfolio Managed Risk Fund | May 1, 2018 | |
Variable Portfolio Managed Risk U.S. Fund | May 1, 2018 | |
Variable Portfolio Managed Volatility Conservative Fund | May 1, 2018 | |
Variable Portfolio Managed Volatility Conservative Growth Fund | May 1, 2018 | |
Variable Portfolio Managed Volatility Growth Fund | May 1, 2018 | |
Variable Portfolio U.S. Flexible Conservative Growth Fund | May 1, 2018 | |
Variable Portfolio U.S. Flexible Growth Fund | May 1, 2018 | |
Variable Portfolio U.S. Flexible Moderate Growth Fund | May 1, 2018 |
Columbia Funds Variable Series Trust II
Fund |
Effective Date | |
Columbia Variable Portfolio Balanced Fund | May 1, 2018 | |
Columbia Variable Portfolio Commodity Strategy Fund | May 1, 2018 | |
Columbia Variable Portfolio Core Equity Fund | May 1, 2018 | |
Columbia Variable Portfolio Disciplined Core Fund | May 1, 2018 | |
Columbia Variable Portfolio Dividend Opportunity Fund | May 1, 2018 | |
Columbia Variable Portfolio Emerging Markets Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Emerging Markets Fund | May 1, 2018 | |
Columbia Variable Portfolio Global Strategic Income Fund | May 1, 2018 | |
Columbia Variable Portfolio Government Money Market Fund | May 1, 2018 | |
Columbia Variable Portfolio High Yield Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Income Opportunities Fund | May 1, 2018 | |
Columbia Variable Portfolio Intermediate Bond Fund | May 1, 2018 | |
Columbia Variable Portfolio Large Cap Growth Fund | May 1, 2018 | |
Columbia Variable Portfolio Large Cap Index Fund | May 1, 2018 | |
Columbia Variable Portfolio Limited Duration Credit Fund | May 1, 2018 | |
Columbia Variable Portfolio Overseas Core Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Large Cap Equity Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Large Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Mid Cap Growth Fund | May 1, 2018 | |
Columbia Variable Portfolio Select Small Cap Value Fund | May 1, 2018 | |
Columbia Variable Portfolio Seligman Global Technology Fund | May 1, 2018 | |
Columbia Variable Portfolio U.S. Government Mortgage Fund | May 1, 2018 | |
CTIVP® American Century Diversified Bond Fund | May 1, 2018 | |
CTIVP® BlackRock Global Inflation-Protected Securities Fund | May 1, 2018 | |
CTIVP® CenterSquare Real Estate Fund | May 1, 2018 | |
CTIVP® MFS® Value Fund | May 1, 2018 | |
CTIVP® Morgan Stanley Advantage Fund | May 1, 2018 | |
CTIVP® Principal Blue Chip Growth Fund | May 1, 2018 | |
CTIVP® T. Rowe Price Large Cap Value Fund | May 1, 2018 | |
CTIVP® TCW Core Plus Bond Fund | May 1, 2018 | |
CTIVP® Victory Sycamore Established Value Fund | May 1, 2018 | |
CTIVP® Westfield Mid Cap Growth Fund | May 1, 2018 | |
Variable Portfolio Aggressive Portfolio | May 1, 2018 | |
Variable Portfolio Conservative Portfolio | May 1, 2018 | |
Variable Portfolio Managed Volatility Moderate Growth Fund | May 1, 2018 | |
Variable Portfolio Moderate Portfolio | May 1, 2018 | |
Variable Portfolio Moderately Aggressive Portfolio | May 1, 2018 | |
Variable Portfolio Moderately Conservative Portfolio | May 1, 2018 | |
Variable Portfolio Partners Core Bond Fund | May 1, 2018 | |
Variable Portfolio Partners Core Equity Fund | May 1, 2018 | |
Variable Portfolio Partners International Core Equity Fund | May 1, 2018 | |
Variable Portfolio Partners International Growth Fund | May 1, 2018 | |
Variable Portfolio Partners International Value Fund | May 1, 2018 | |
Variable Portfolio Partners Small Cap Growth Fund | May 1, 2018 | |
Variable Portfolio Partners Small Cap Value Fund | May 1, 2018 |
Tri-Continental Corporation
Fund |
Effective Date | |
Tri-Continental Corporation | May 1, 2018 |
Columbia Seligman Premium Technology Growth Fund, Inc.
Fund |
Effective Date | |
Columbia Seligman Premium Technology Growth Fund, Inc. | September 1, 2018 |
SCHEDULE B Lending Funds
Except as otherwise indicated below, for each Fund, the Master Agreement was effective as of the date set forth on Schedule B.
TRI-CONTINENTAL CORPORATION
COLUMBIA SELIGMAN TECHNOLOGY GROWTH FUND
AND
COLUMBIA FUNDS SERIES TRUST
COLUMBIA FUNDS SERIES TRUST I
COLUMBIA FUNDS SERIES TRUST II
COLUMBIA FUNDS VARIABLE INSURANCE TRUST
COLUMBIA FUNDS VARIABLE SERIES TRUST II
ON BEHALF OF EACH OF ITS SERIES LISTED ON SCHEDULE B
By: | /s/ Michael G. Clarke | |
Name: | Michael G. Clarke | |
Title: | Senior Vice President and Head of Global Operations & Investor Services |
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC
By: | /s/ Ryan C. Larrenaga | |
Name: |
Ryan C. Larrenaga | |
Title: | Vice President |
AMENDED AND RESTATED SHAREHOLDER SERVICING PLAN
This Shareholder Servicing Plan (the Plan) relating to the shares (collectively, the Shares) of Columbia Funds Series Trust I (the Trust), on behalf of each series thereof listed on Exhibit I hereto (each a Fund), has been adopted by the trustees of the Trust (the Trustees). The terms and conditions of this Plan shall apply with respect to the Trust on behalf of each Fund.
Section 1. The Trust, on behalf of each Fund, will pay to the Distributor (as defined below) and such persons as may from time to time be engaged and appointed by the Trust or the Distributor to act as a shareholder servicing agent with respect to its Shares, a fee (the Service Fee) as compensation for the provision of personal services provided to investors in the Shares and/or the maintenance of shareholder accounts, at an aggregate annual rate not to exceed the percentage of the Funds average daily net assets attributable to such Shares set forth for such Fund on Exhibit II hereto. Subject to such limit and subject to the provisions of Section 6 hereof, the Service Fee shall be as approved from time to time by (a) the Trustees and (b) the Disinterested Trustees (as defined below). The Service Fee shall be accrued daily and paid monthly or at such other intervals as the Trustees shall determine. All payments under this Service Plan are intended to qualify as service fees as defined in Rule 2830 of the NASD Manual of the Financial Industry Regulatory Authority (FINRA).
Section 2. The Service Fee may be used by the Distributor, or any other recipient, for any purpose, including but not limited to (i) payment of expenses (including overhead expenses) of the Distributor or such other recipient for providing personal services to investors in the Fund and/or in connection with the maintenance of shareholder accounts, or (ii) payments made (or directed to be made) by the Distributor to any securities dealer or other organization (including, but not limited to, any affiliate of the Distributor) with which the Distributor has entered into a written agreement for this purpose, for providing personal services to investors in the Fund and/or the maintenance of shareholder accounts. The Service Fee may be in excess of the cost incurred by the Distributor or any other recipient in connection with the provision of personal services to investors in the Shares and/or the maintenance of shareholder accounts.
Section 3. Any officer designated by the Trust is authorized to execute and deliver, in the name of and on behalf of the Trust, a written agreement with the Distributor and one or more shareholder servicing agents in such a form as may be approved by the Trustees from time to time and on such additional forms of agreement as such officer deems appropriate, provided that the officer determines that the Trusts responsibility or liability to any person under, or on account of any acts or statements of any such shareholder servicing agent under, any such shareholder servicing agreement does not exceed its responsibility or liability under the form(s) approved by the Trustees, and provided further that such officer determines that the overall terms of any such shareholder servicing agreement are not materially less advantageous to the Trust than the overall terms of the form(s) approved by the Trustees. In addition, the Trust may, pursuant to an agreement with the Distributor, authorize the Distributor to enter into agreements on behalf of the Trust with one or more shareholder servicing agents in such a form as may be approved by the Trustees from time to time and on such additional forms of agreement as the
Distributor deems appropriate, provided that the Distributor determines that the Trusts responsibility or liability to any person under, or on account of any acts or statements of any such shareholder servicing agent under, any such shareholder servicing agreement does not exceed its responsibility or liability under the form(s) approved by the Trustees, and provided further that the Distributor determines that the overall terms of any such shareholder servicing agreement are not materially less advantageous to the Trust than the overall terms of the form(s) approved by the Trustees.
Section 4. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees of the Trust, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.
Section 5. This Plan shall continue in effect with respect to any class of Shares of a Fund for a period of more than one year only so long as such continuance is specifically approved at least annually by votes of the majority (or whatever other percentage may, from time to time, be required by Section 12(b) of the Investment Company Act of 1940, as amended (the Act), or the rules and regulations thereunder) of the Trustees and a majority of the Disinterested Trustees (as defined below), cast in person at a meeting called for the purpose of voting on this Plan.
Section 6. This Plan may not be amended to increase materially the amount of expenses permitted to be sent with respect to any class of Shares of a Fund pursuant to Section 1 hereof without approval by a vote of at least a majority of the outstanding Shares of such class, and all material amendments of this Plan shall be approved in the manner provided for continuation of this Plan in Section 5.
Section 7. This Plan is terminable at any time with respect to any class of Shares by vote of a majority of the Disinterested Trustees, or by vote of a majority of the outstanding Shares of such class.
Section 8. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide:
A. That such agreement may be terminated with respect to any class of Shares of a Fund at any time, without payment of any penalty, by vote of a majority of the Disinterested Trustees or by vote of a majority of the outstanding Shares of the Fund, on not more than 60 days written notice to any other party to the agreement; and
B. That such agreement shall terminate automatically in the event of its assignment.
Section 9. The Trust will preserve copies of this Plan, any agreements, and any written reports regarding this Plan presented to the Trustees for a period of not less than six years.
Section 10. As used in this Plan, (a) the term Disinterested Trustees shall mean those Trustees who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms assignment and interested person shall have the respective meanings specified in the Act and the rules and regulations thereunder, and the term majority of the outstanding Shares of the Fund shall mean the lesser of the 67% or the 50% voting requirements specified in clauses (A) and (B), respectively, of the third sentence of Section 2(a)(42) of the Act, all subject to such exemptions as may be granted by the Securities and Exchange Commission, and (c) the term Distributor shall mean Columbia Management Investment Distributors, Inc. or such other person(s) as may from time to time be appointed to serve as a principal underwriter of a Fund pursuant to Section 15(b) of the 1940 Act.
Section 11. A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of The Commonwealth of Massachusetts. This Plan is adopted by the Trustees as Trustees of the Trust, and not individually, and the obligations of the Trust hereunder are not binding upon any of the Trustees, shareholders, officers, representatives or agents of the Trust personally, but bind only the assets of the Trust, and all persons dealing with the Trust or a Fund or a class of Shares thereof must look solely to the property belonging to the Trust, such Fund or such class of Shares, respectively, for the enforcement of any claims against the Trust, such Fund or such class of Shares.
Approved as of: | September 7, 2010 | |
Revised: | March 14, 2012 (to reflect fund reorganizations, fund name changes and share class name changes and to add new funds) | |
March 10, 2014 (to reflect name change and add new fund) | ||
December 19, 2014 (to add new funds) | ||
March 4, 2015 (to add new funds) | ||
June 6, 2015 (to add a new fund) | ||
May 1, 2016 (to reflect name changes) | ||
August 17, 2016 (to reflect fund liquidation, fund name change and to add a new fund) | ||
January 25, 2017 (to reflect the addition of new Class T shares) | ||
June 14, 2017 to reflect Class W redesignation | ||
March 7, 2018 (to update fund name change and to add a new fund) | ||
December 13, 2018 (to add Class A of Ultra Short Term Bond Fund) | ||
December 15, 2018 (to reflect Class T merger (into Class A)) | ||
June 12, 2019 (to update fund name change) | ||
August 7, 2019 (to add Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio) | ||
July 10, 2020 (to update fund list) | ||
June 15, 2021 (to reflect reduction in fees for certain funds) | ||
July 1, 2022 (updated fund list) |
EXHIBIT I
FUNDS
Columbia Adaptive Risk Allocation Fund
Columbia Balanced Fund
Columbia Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia Contrarian Core Fund
Columbia Corporate Income Fund
Columbia Dividend Income Fund
Columbia Emerging Markets Fund
Columbia Global Technology Growth Fund
Columbia Greater China Fund
Columbia High Yield Municipal Fund
Columbia Intermediate Municipal Bond Fund
Columbia International Dividend Income Fund
Columbia Large Cap Growth Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Multi Strategy Alternatives Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund
Columbia Real Estate Equity Fund
Columbia Select Large Cap Growth Fund
Columbia Select Mid Cap Growth Fund
Columbia Small Cap Growth Fund
Columbia Small Cap Value Fund I
Columbia Strategic California Municipal Income Fund
Columbia Strategic Income Fund
Columbia Strategic New York Municipal Income Fund
Columbia Tax-Exempt Fund
Columbia Total Return Bond Fund
Columbia U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund
Multi-Manager Alternative Strategies Fund
Multi-Manager Directional Alternative Strategies Fund
Multi-Manager Growth Strategies Fund
Multi-Manager International Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund
Multi-Manager Total Return Bond Strategies Fund
Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio
EXHIBIT II
COMPENSATION
Classes A, C and E Shares of a Columbia Fund except as otherwise specifically identified below:
The Service Fee shall be, with respect to each applicable Fund, an annual rate not to exceed 0.25% of the average daily net assets of such Share classes, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Service Fee shall be accrued daily and paid monthly in arrears.
Classes A and C of Columbia High Yield Municipal Fund, Columbia Intermediate Municipal Bond Fund and Columbia Tax-Exempt Fund:
The Service Fee shall be, with respect to each applicable Fund, an annual rate not to exceed 0.20% of the average daily net assets of such Share classes, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Service Fee shall be accrued daily and paid monthly in arrears.
Class A of Columbia Strategic California Municipal Income Fund and Columbia Strategic New York Municipal Income Fund:
The Service Fee shall be an annual rate not to exceed 0.10% of the average daily net assets attributable to Shares issued prior to December 1, 1994, and an annual rate not to exceed 0.25%* of the average daily net assets attributable to Shares issued thereafter, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Service Fee shall be accrued daily and paid monthly in arrears.
* | Effective March 1, 2022, for Columbia Strategic California Municipal Income Fund, an annual rate not to exceed 0.20% of the average daily net assets attributable to Shares issued after December 1, 1994. |
Class A of Columbia Strategic Income Fund:
The Service Fee shall be an annual rate not to exceed 0.15% of the average daily net assets attributable to Shares issued prior to January 1, 1993, and an annual rate not to exceed 0.25% of the average daily net assets attributable to Shares issued thereafter, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Service Fee shall be accrued daily and paid monthly in arrears.
Class A and Class C of Columbia U.S. Treasury Index Fund:
Effective September 1, 2021, The Service Fee shall be an annual rate not to exceed 0.15% of the average daily net assets of such Share classes, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Service Fee shall be accrued daily and paid monthly in arrears.
Shares of Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio:
The Service Fee shall be an annual rate not to exceed 0.25% of the average daily net assets attributable to shares of the Fund, provided, that the Funds combined Service Fee and distribution fee shall not exceed 0.25% of the average daily net assets of such Fund.
Class A of Columbia Ultra Short Term Bond Fund:
The Service Fee shall be an annual rate not to exceed 0.15% of the average daily net assets attributable to such shares, provided, that the Funds combined Service Fee and distribution fee shall not exceed 0.15% of the average daily net assets attributable to such shares.
SCHEDULE I
Effective July 1, 2022
COMPENSATION
Equity Funds
Columbia Dividend Income Fund
Columbia Contrarian Core Fund
Columbia Large Cap Growth Fund
Columbia Select Mid Cap Growth
Bond Funds
Columbia Connecticut Intermediate Muni Bond Fund
Columbia Intermediate Municipal Bond Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Bond Fund
FEE RATE
With respect to each Equity Fund above, the fee with respect to Class V Shares (formerly Class T Shares) shall be an aggregate annual rate of not more than 0.25% of the Funds average daily net assets attributable to Class V Shares for shareholder liaison services and administrative support services; provided that the fee rate for Columbia Contrarian Core Fund and Columbia Mid Cap Growth Fund shall be 0.30% until January 1, 2015; and provided, further, that the fee rate for Columbia Large Cap Growth Fund shall be 0.30% until December 1, 2014.
With respect to each Bond Fund above, the fee with respect to Class V Shares shall be an aggregate annual rate of not more than 0.15% of the Funds average daily net assets attributable to Class V Shares for shareholder liaison services and administrative support services.
IN WITNESS THEREOF, the parties hereto have executed the foregoing Schedule I as of June 23, 2022.
COLUMBIA FUNDS SERIES TRUST I
By: | /s/ Daniel J. Beckman | |
Name: | Daniel J. Beckman | |
Title: | President |
COLUMBIA MANAGEMENT INVESTMENT DISTRIBUTORS, INC.
By: | /s/ Scott E. Couto | |
Name: | Scott E. Couto | |
Title: | President |
COLUMBIA FUNDS SERIES TRUST
COLUMBIA FUNDS SERIES TRUST I
As of July 1, 2022
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Attn: President
Re: | Restated Schedule I to Shareholder Servicing Plan Implementation Agreement |
Dear Sir:
Reference is made to that certain Shareholder Servicing Plan Implementation Agreement by and among Columbia Funds Series Trust and Columbia Funds Series Trust I and Columbia Management Investment Distributors, Inc. effective on May 1, 2010 (the Agreement). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement.
Schedule I to the Agreement is hereby replaced by Schedule I hereto effective as of the date set forth above.
Very truly yours,
COLUMBIA FUNDS SERIES TRUST
COLUMBIA FUNDS SERIES TRUST I
each on behalf of its respective Funds
By: | /s/ Daniel J. Beckman | |
Name: Daniel J. Beckman | ||
Title: President |
Accepted and Agreed to:
COLUMBIA MANAGEMENT INVESTMENT DISTRIBUTORS, INC.
By: | /s/ Scott E. Couto | |
Name: Scott E. Couto | ||
Title: President |
SCHEDULE I
COMPENSATION
Classes A,1 C and E Shares of a Columbia Fund except as otherwise specifically identified below:
The Servicing Fee shall be, with respect to each applicable Fund, an annual rate not to exceed 0.25% of the average daily net assets of such Fund Share classes, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Servicing Fee shall be accrued daily and paid monthly in arrears.
For Class A Shares of Columbia Balanced Fund, Columbia Contrarian Core Fund, Columbia Dividend Income Fund, Columbia Global Technology Growth Fund, Columbia Oregon Intermediate Municipal Bond Fund, Columbia Large Cap Growth Fund, Columbia Real Estate Equity Fund, Columbia Select Mid Cap Growth Fund, Columbia Small Cap Growth Fund and Columbia Total Return Bond Fund, each a series of Columbia Funds Series Trust I, the Board of Trustees of Columbia Funds Series Trust I limits total payments for distribution and service fees for each applicable Fund to 0.25% of such Funds average daily net assets attributable to Class A Shares, and therefore any amounts payable by Class A Shares of such Fund pursuant to Columbia Funds Series Trust Is Distribution Plan shall directly reduce the maximum allowable rate of the Servicing Fee. For example, payment of a 0.10% distribution fee would reduce the maximum allowable rate of the Servicing Fee to 0.15%.
Classes A and C of Columbia Intermediate Municipal Bond Fund, Columbia Tax-Exempt Fund and Columbia High Yield Municipal Fund:
The Servicing Fee shall be, with respect to each applicable Fund, an annual rate not to exceed 0.20% of the average daily net assets of such Fund Share classes, other than Shares with respect to which the Fund is paying a shareholder servicing fee directly to a third party. The Servicing Fee shall be accrued daily and paid monthly in arrears.
Shares of Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio:
The Service Fee shall be an annual rate not to exceed 0.25% of the average daily net assets attributable to shares of the Fund, provided, that the Funds combined Service Fee and distribution fee shall not exceed 0.25% of the average daily net assets of such Fund.
1 | Class A Shares of each Fund that is a series of Columbia Funds Series Trust have a combined shareholder servicing and distribution plan pursuant to which the aggregate annual fee rate listed above represents total compensation for services rendered in connection with (i) the sale of such Shares; (ii) the personal services and/or the maintenance of shareholder accounts holding such Shares; or (iii) any combination thereof. |
INVESTMENT ADVISER CODE OF ETHICS
INTRODUCTION
Rule 204A-1 under the Advisers Act requires each federally registered investment adviser to adopt a written code of ethics (the Code) designed to prevent fraud by reinforcing the principles that govern the conduct of investment advisory firms and their personnel. In addition, the Code must set forth specific requirements relating to personal securities trading activity including reporting transactions and holdings.
Generally, the Code applies to directors, officers and employees acting in an investment advisory capacity who are known as Supervised Persons and, in some cases, also as Access Persons of the adviser. Supervised Persons covered by more than one code of ethics meeting the requirements of Rule 204A-1 will be subject to the code of the primary entity with which the Supervised Person is associated. Employees identified as Supervised and Access Persons must comply with the Code. Compliance is responsible for notifying each individual who is subject to the Code. Supervised Persons must be provided and must acknowledge receipt of this Code and any amendments to the Code. They must also comply with the federal securities laws.
GENERAL ETHICAL STANDARDS
Prudential holds its employees to the highest ethical standards. Maintaining high standards requires a total commitment to sound ethical principles and Prudentials values. It also requires nurturing a business culture that supports decisions and actions based on what is right, not simply what is expedient.
It is the responsibility of management to make the Companys ethical standards clear. At every level, employees must set the right example in their daily conduct. Prudential expects employees to be honest and forthright and to use good judgment. We expect them to deal fairly with customers, suppliers, competitors, and one another. We expect them to avoid taking unfair advantage of others through manipulation, concealment, abuse of confidential information or misrepresentation. Moreover, employees must understand the expectations of the Company and apply these guidelines to analogous situations or seek guidance if they have questions about conduct in given circumstances.
It is each employees responsibility to ensure that we:
| Nurture a company culture that is highly moral and make decisions based on what is right. |
| Build lasting customer relationships by offering only those products and services that are appropriate to customers needs and provide fair value. |
| Maintain an environment where employees conduct themselves with courage, integrity, honesty and fair dealing at all times. |
| Ensure no individuals personal success or business groups bottom line is more important than preserving the name and goodwill of Prudential. |
| Regularly monitor and work to improve our ethical work environment. |
Because Ethics is not a science, there may be gray areas. We encourage individuals to ask for help in making the right decisions. Business Management, Business Ethics Officers, and our Human Resources, Law and Compliance and Enterprise Ethics professionals are all available for guidance at any time.
1
revised 01/10/2022
INVESTMENT ADVISER FIDUCIARY STANDARDS
Investment advisers are fiduciaries for clients. Fiduciary status may exist under contract; common law; state law; or federal laws, such as the Investment Advisers Act of 1940, the Investment Company Act of 1940 and ERISA.
Whenever a Prudential adviser acts in a fiduciary capacity, it will endeavor to consistently put the clients interest ahead of the firms. It will disclose actual and potential meaningful conflicts of interest. It will manage actual conflicts in accordance with applicable legal standards. If applicable legal standards do not permit management of a conflict, the adviser will avoid the conflict. Adviser personnel will not engage in fraudulent, deceptive or manipulative conduct. Advisers will act with appropriate care, skill and diligence.
Advisory personnel are required to know when an adviser is acting as a fiduciary with respect to the work they are doing. In such cases, advisory personnel are expected to comply with all fiduciary standards applicable to the firm in performing their duties. In addition, they must also put the clients interest ahead of their own personal interest. An employees fiduciary duty is a personal obligation. While advisory personnel may rely upon subordinates to perform many tasks that are part of their responsibilities, they are personally responsible for fiduciary obligations even if carried out through subordinates. Employees should be aware that failure to adhere to the standards under this Code might lead to disciplinary action up to and including termination of employment.
REPORTING VIOLATIONS OF THE CODE
It is the responsibility of each Supervised Person and Access Person to promptly report any violations of this Code to his/her Chief Compliance Officer. The investment adviser will provide disclosure of issues to clients upon request.
INCORPORATED POLICIES
In addition to this document, the following policies are also considered part of this Code:
| Information Barrier Standards. It is each Supervised and Access Persons responsibility to know whether their investment management unit is subject to the information barrier restrictions under the Information Barrier Standards. Compliance will provide training to inform employees of their obligations. |
| Personal Securities Trading Standards. All investment advisory personnel are subject to the Personal Securities Trading Standards and must comply with all requirements therein unless otherwise notified by Compliance. |
ADDITIONAL RESOURCES
Although not part of this Code, Prudentials Code of Conduct, titled Making the Right Choices, applies to all Prudential employees, including those affiliated with an investment adviser. In addition to the Code, employees in the investment advisory business are also subject to all applicable compliance manuals, policies and procedures.
If you have any questions as to your requirements under the Code or as to which registered investment adviser(s) you are affiliated with, you should contact your business unit compliance officer.
2
revised 01/10/2022
CONESTOGA CAPITAL ADVISORS, LLC
APRIL 13, 2022
Code of Ethics
1. GOVERNING STANDARDS
This Code of Ethics (the Code) has been adopted by Conestoga Capital Advisors, LLC (CCA), the Conestoga Small Cap Fund, Conestoga SMid Cap Fund, Conestoga Mid Cap Fund and Conestoga Micro Cap Fund (the Funds) to comply with Rule 204A-1 under the Investment Advisers Act of 1940 (Advisers Act) and Rule 17j-1 under the Investment Company Act of 1940, as amended (the 1940 Act). The Code, which has been designed to identify potential conflicts of interests that may exist when employees execute transactions on behalf of their personal accounts or those over which they maintain beneficial ownership, contains procedures that have been reasonably designed to prevent and detect fraudulent, deceptive or manipulative acts by Access Persons (as defined below) of CCA and the Funds.
2. GENERAL PRINCIPLES:
At all times, CCA and its officers, directors, partners, and employees must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets. The CCO administers the Code. All questions regarding the Code should be directed to the CCO. All officers, directors, partners, and employees must cooperate to the fullest extent reasonably requested by the CCO to enable (i) CCA to comply with all applicable Federal Securities Laws and (ii) the CCO to discharge his duties under the Manual.
CCA requires that all officers, directors, partners, and employees act with integrity, competence, dignity and in an ethical manner when dealing with the public, clients, prospects, third-party service providers, employers and fellow employees. It is the explicit policy of CCA that officers, directors, partners, and employees should at all times:
A. | place the interest of their clients first; |
B. | conduct all personal securities transactions in a manner consistent with the Code of Ethics; |
C. | avoid any actual or potential conflict of interest or any abuse of the individuals position of trust and responsibility; and |
D. | adhere to the fundamental standard that CCA personnel should not take inappropriate advantage of their positions. |
3. DEFINITIONS
Access Person means any director, officer, trustee, general partner, managing member, or Advisory Person (as defined below) of CCA.
Advisory Person means (1) any employee of CCA (or of any company in a control relationship to CCA) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security (as defined in this Code) by any CCA Client (including the Funds), or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to CCA who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of a security by the Funds.
Page 1
Beneficial ownership shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) in determining whether a person is subject to the provision of Section 16 of the Securities Exchange Act of 1934, and the rules and regulations thereunder, which generally encompasses those situations in which the beneficial owner has the right to enjoy some direct or indirect pecuniary interest (i.e., some economic benefit) from the ownership of a security. It also includes securities held by members of an Access Persons immediate family sharing the same household; provided however, this presumption may be rebutted. The term 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 and includes adoptive relationships. Any report of beneficial ownership required thereunder shall not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Securities to which the report relates.
Chief Compliance Officer means, with respect to CCA, that person who is responsible for the development of CCAs supervisory procedures, for the prevention and detection of insider trading, and for monitoring Access Persons reporting and certification requirements. At the current time, Duane R. DOrazio has been appointed by CCA as Chief Compliance Officer (CCO).
Control has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that control means 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. Any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25 percent of the voting securities of any company shall be presumed not to control such company.
Covered Security shall have the meaning set forth in Section 2(a)(36) of the 1940 Act, and generally includes all securities, whether publicly or privately traded, and any option, future, forward contract or other obligation involving a security or index thereof, including an instrument whose value is derived or based on any of the above (i.e., a derivative). The term Covered Security also includes any separate security, which is convertible into or exchangeable for, or which confers a right to purchase such security. A Covered Security does not include: (a) direct obligations of the Government of the United States; (b) bankers acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, (c) shares of registered open-end investment companies (i.e., mutual funds), except that the Funds shall be considered a Covered Security for the purpose of this Code of Ethics, or (d) such other securities as may be excepted under the provisions of Rule 17j-1.
Funds mean any investment companies registered under the 1940 Act that are advised by CCA, including the Conestoga Small Cap Fund, Conestoga SMid Cap Fund, Conestoga Mid Cap Fund and Conestoga Micro Cap Fund.
Independent Director means a director of CCA or the Funds who is not an interested person of CCA or the Funds within the meaning of Section 2(a)(19) of the 1940 Act.
Interested Director means a director of CCA or the Funds who is an interested person of CCA or the Funds within the meaning of Section 2(a)(19) of the 1940 Act.
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Non-Covered Security shall mean those securities not included in the definition of a Covered Security, such as: (a) direct obligations of the Government of the United States; (b) bankers acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, (c) shares of registered open-end investment companies (i.e., mutual funds) other than the Funds, or (d) such other securities as may be excepted under the provisions of Rule 17j-1.
Portfolio Manager means an employee of CCA who is primarily responsible for the day-to-day management of CCAs Client portfolios.
Purchase or Sale for purposes of this Code and each Appendix hereto includes, among other things, the writing of an option to purchase or sell a security.
Review Officer means, with respect to the pre-clearance of all Access Persons personal securities transactions, Head Trader, or in his absence, the Managing Partner-Research.
A Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 (Securities Act) pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.
An 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 Sections 13 or 15(d) of the Securities Exchange Act.
A security held or to be acquired means: (1) any security which, within the most recent 15 days: (a) is or has been held by CCAs Clients; or (b) is or has been considered by CCA or the Funds for purchase by CCAs Clients; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in clause (1) above.
4. LEGAL REQUIREMENTS
Rule 17j-1 under the 1940 Act makes it unlawful for CCA, as investment adviser to the Funds, or any affiliated person of CCA in connection with the purchase or sale by such person of a security held or to be acquired by the Funds:
A. | To employ any device, scheme or artifice to defraud the Funds; |
B. | To make any untrue statement of a material fact or omit to state to the Funds a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; |
C. | To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a client portfolio or the Funds; or |
D. | To engage in any manipulative practice with respect to a client portfolio or the Funds. |
5. SUBSTANTIVE RESTRICTIONS
A. | Blackout Period & Inappropriate Advantage. The price paid or received by the CCA client (including the Funds) for any investment should not be affected by a buying or selling interest on the part of an Access Person, or otherwise result in an inappropriate advantage to the Access Person. Thus, to that end: |
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1. | No Access Person shall enter an order for the purchase or sale of a Covered Security on the day during which a CCA Client has a pending buy or sell order in that same Covered Security or in the 15 days following the day in which the CCA Clients order is executed or withdrawn. Such personal transactions will not be pre-cleared. CCA shall maintain a Restriction List that tracks Client transactions to monitor this restriction period. |
2. | In order for an Access Person to buy or sell a Covered Security, the CCO must determine that it is clear that, in view of the nature of the investment and the market for such investment, the order of the Access Person will not affect the price paid or received by a CCA Client. |
3. | No Access Person shall enter an order in any related personal account for the purchase or sale of a security that a CCA Client is considered an insider. |
4. When a security is liquidated from a CCA Strategy, Access Persons are not permitted to purchase the security for a period of six months.
B. | Disclosure of Interested Transactions. No Access Person shall recommend any transactions with respect to a Covered Security by a CCA Client without first disclosing his or her interest, if any, in such Covered Securities or the issuer thereof, including without limitation: |
1. | Any direct or indirect Beneficial Ownership of any Covered Securities of such issuer; |
2. | Any contemplated transaction by such Access Person in such Covered Securities; |
3. | Any position with the issuer of the Covered Securities or its affiliates; and |
4. | Any present or proposed business relationship between the issuer of the Covered Securities or its affiliates and such Access Person or any entity in which such Access Person has a significant interest. |
C. | Initial Public Offerings (IPOs). No Access Person shall acquire, directly or indirectly, any Beneficial Ownership in any IPO with respect to any security without first obtaining prior approval of the CCO in order to preclude any possibility of their profiting improperly from their positions on behalf of a CCA Client. The CCO shall (a) obtain from such Access Person full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Persons activities on behalf of a CCA Client; and (b) conclude, after consultation with a Portfolio Manager(s) (who has no personal interest in the issuer of the IPO) of the relevant CCA Clients that might be eligible to receive the IPO, that no CCA Client has a foreseeable interest in purchasing such security. A record of such approval by the CCO and the reasons supporting those decisions shall be kept as required in Section 9.F. |
D. | Limited Offerings. No Access Person shall acquire, directly or indirectly, Beneficial Ownership of any security in a Limited Offering without first obtaining the prior written approval of CCAs CCO, which CCO: (a) has been provided by such Access Person with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Persons activities on behalf of a CCA Client, and (b) has concluded, after consultation with a Portfolio Manager(s) (who has no personal interest in the issuer involved in the private placement) of the relevant CCA Clients that might be eligible to receive the Limited Offering, that no CCA Client has a foreseeable interest in purchasing such security. A record of such approval by the CCO and the reasons supporting those decisions must be kept as required in Section 9.F. |
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E. | Watch List. CCAs investment management personnel will maintain a Watch List of Covered Securities that CCA is actively evaluating for purchase or sale in Client accounts, including the Funds, or about which CCA might have received Material Non-Public Information. Personal transactions in Covered Securities that are associated with any issuers on the Watch List will not be pre-cleared. If a security is removed from the watch-list and has not been purchased in client accounts, there is a 30 day period where the security is prohibited from being purchased in CCA personal accounts. The Watch List will be maintained at CCAs office in Wayne, PA, and updated as necessary, by the CCO. CCA will retain copies of all Watch Lists and their effective dates. |
F. | Short-Term Trading Ban. Access Persons are prohibited from profiting in the purchase and sale, or sale and purchase, of any security within thirty (30) calendar days, whether or not the security is also held by a CCA Client.1 This provision is designed to prohibit potential scalping and frontrunning and to minimize the possibility that an Access Person will attempt to capitalize inappropriately on the market impact of trades in securities that may be held by CCA Clients. Any profits realized by an Access Person on any inadvertent short-term trades may be required to be disgorged after review by the CCO. |
G. | Acceptance or Giving of Gifts and Entertainment. Access Persons must not accept or give gifts and entertainment of more than a de minimus value (currently $250 or less) from any entity doing business with or on behalf of the Funds or CCA, unless pre-approved by the CCO. |
a. | Gifts and Entertainment Given to Union Officials. Any gift or entertainment provided by CCA to a labor union or a union official in excess of $250 per fiscal year must be reported on Department Labor Form LM-10 within 90 days following the end of CCAs fiscal year. Consequently, Access Persons must obtain approval before giving any gifts or entertainment to labor unions or union officials. |
b. | Gifts and Entertainment Given to Foreign Governments and Government Instrumentalities. The Foreign Corrupt Practices Act (FCPA) prohibits the direct or indirect giving of, or a promise to give, things of value in order to corruptly obtain a business benefit from an officer, employee, or other instrumentality of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an instrumentality of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party |
The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipients country, as well as bona-fide travel costs for certain legitimate business purposes. However the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.
1 | In the event of a financial hardship, an employee may provide supporting documentation to request approval from the CCO to sell a security within the thirty (30) day holding period. |
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Civil and criminal penalties for violating the FCPA can be severe. CCA and its employees must comply with the spirit and the letter of the FCPA at all times. Access Persons must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA except food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.
c. | Gifts and Entertainment Given to ERISA Plan Fiduciaries. CCA is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, Access Persons must obtain approval from the CCO before giving any gifts or entertainment to ERISA plan fiduciaries. |
d. | Gifts and Entertainment Given to State and Local Pension Officials. CCA must be mindful that myriad state and municipal regulations exist around the exchange of gifts and entertainment with such officials. Accordingly, Employees must consult with the CCO before providing any gifts or entertainment in connection with the solicitation of state and municipal pension, and similar plans. |
e. | Acceptance of Gifts or Entertainment by Fund Advisory Personnel. The receipt of gifts or entertainment by fund advisory personnel, among others, may violate section 17(e)(1) of the 1940 Act. The prohibition in section 17(e)(1) generally applies whenever fund advisory personnel, acting as agent accept from any source any compensation (other than regular salary or wages from the fund) for the purchase or sale of any property to or for the fund. In order for the Company to assess whether fund advisory personnels acceptance of gifts or entertainment would be for the purchase or sale of any property to or for the fund, CCA requires fund advisory personnel to seek pre-approval from the CCO before accepting any gifts or entertainment. |
H. | Service on Boards. Access Persons shall not serve on the boards of directors of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the CCO following the receipt of a written request for such approval. Approval by the CCO shall only be granted after a determination has been made that an Access Persons board service would be consistent with the interests of CCAs Clients and the Funds shareholders. In the event such a request is approved, procedures shall be developed to avoid potential conflicts of interest and language will be added to CCAs disclosure brochure regarding such conflicts. Three examples of potential conflicts of interest regarding such service: (1) conflicting fiduciary duties to the company and to CCAs Clients and Fund shareholders that have invested in the company; (2) the receipt of options or other rights with respect to securities of the company that might influence investment decisions concerning CCAs Clients; and (3) the receipt of material, nonpublic information about the company. |
6. EXEMPTIONS
The restrictions noted above shall not apply to the following transactions unless the CCO determines that such transactions violate the provisions enumerated in Section 2 of this Code:
A. | purchases, sales or other transactions effected in any account over which an Access Person has no direct or indirect influence or control. For example, presuming that such relatives do not reside in the same household as the Employee, accounts of family members outside of the immediate family would not be subject to review; |
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B. purchases that are part of an automatic dividend reinvestment plan (DRIP);
In making this determination for accounts managed by a third-party investment adviser on a discretionary basis, the CCO may ask for supporting documentation, such as a copy of the discretionary account management agreement, and/or a written certification from an unaffiliated investment adviser. Employees who claim they have no direct or indirect influence or control over an account are also required to complete the attached Exhibit C Exempt Accounts Certification upon commencement of their employment and on an annual basis thereafter.
From time to time, CCAs CCO may exempt certain transactions from the restrictions noted above on a trade-by-trade basis after careful review and consideration of the particular situation. A record of any exceptions to CCAs Substantive Restrictions noted above shall be properly documented by the CCO.
7. PROCEDURES
A. | Pre-Clearance. All Access Persons are required to obtain pre-approval to place a personal securities transaction for a Covered Security from CCAs Review Officer via MyComplianceOffice. CCAs primary Review Officers are Christina Kowalski (Kowalski) and John E. Schipper (Schipper), or in their absence, Duane R. DOrazio (DOrazio). Kowalski is responsible for pre-approving DOrazios transactions and vice-versa. Once pre-approval is granted to an Access Person, such Access Person may only transact in that security for the remainder of the day. If the Access Person wishes to transact in that security the following day, they must again obtain pre-approval from the Review Officer. |
B. | Reporting. In order to provide CCA with information to enable it to determine with reasonable assurance whether the provisions of Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Advisers Act are being observed by its Access Persons, each Access Person of CCA shall submit the following reports through MyComplianceOffice to the CCO showing all transactions in securities in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership except for exempt transactions listed in Section 6 above. |
An Independent Director of CCA or the Funds, who would be required to make a report solely by reason of being a Fund director, need not make an initial holdings report under paragraph (d)(1)(i) of Rule 17j-1 and an annual holdings report under paragraph (d)(1)(iii) of Rule 17j-1. Additionally, an Independent Director need not make a quarterly transaction report under paragraph (d)(1)(ii) of this Rule 17j-1, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the directors transaction in a Covered Security, the Funds purchased or sold the Covered Security, or the Funds or its investment adviser considered purchasing or selling the Covered Security.
1. | Initial Holdings Report. Via MyComplianceOffice), every Access Person must report to the CCO no later than ten (10) days after that person becomes an Access Person, the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person): (a) the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership when the person became an Access Person; (b) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities, including Covered Securities, held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and (c) the date the report is submitted by the Access Person. |
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2. | Quarterly Transaction Reports. Quarterly personal securities transaction reports shall be submitted by Access Persons on the form provided in Exhibit A (or via MyComplianceOffice) not later than ten (10) days after the end of the most recent calendar quarter in which a transaction was effected. No such periodic report needs to be made if information contained in duplicate broker trade confirmations or account statements of the Access Person are received by the CCO no later than thirty (30) days after the end of each calendar quarter and/or if CCA maintains all of an Access Persons personal trading information in other of its required books and records (i.e., securities transaction journal). |
The quarterly transaction reports shall contain at least the following information for each transaction in a Covered Security in which the Access Person had any direct or indirect beneficial ownership: (a) the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved; (b) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (c) the price of the Covered Security at which the transaction was effected; (d) the name of the broker, dealer or bank with or through which the transaction was effected; and (e) the date that the report is submitted. Access Persons shall be reminded that they must also report transactions by members of the Access Persons immediate family including spouse, children and other members of the household in accounts over which the Access Person has direct or indirect influence or control.
On a quarterly basis Access Persons must also disclose, through MyComplianceOffice, the name of any account established by the Access Person during the quarter in which any securities, including Covered Securities, were held for the direct or indirect benefit of the Access Person and include: (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.
3. | Annual Holdings Report. On an annual basis, Access Persons shall report the following information in MyComplianceOffice (which information must be current as of a date no more than 45 days before the report is submitted): (a) the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership; (b) 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 (c) the date that the report is submitted. |
C. | Notification; Annual Certification. The CCO shall notify each Access Person of CCA who may be required to make reports pursuant to this Code, that such person is subject to reporting requirements and shall deliver a copy of this Code to each such person. The CCO shall annually obtain written assurances in MyComplianceOffice from each Access Person that he or she is aware of his or her obligations under this Code and has complied with the Code and with its reporting requirements. The annual certification shall be completed online through MyComplianceOffice within ten (10) days after calendar year end. |
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D. | Duplicate Copies. A form brokerage letter is attached to this Code as Exhibit B. In order to help ensure that duplicate brokerage confirmations are received for all accounts pertaining to a particular Access Person, such Access Person may complete and send a brokerage letter similar to Exhibit B to each bank, broker or dealer maintaining an account on behalf of the Access Person. |
E. | Disclaimer of Beneficial Ownership. Any report under this Section 7 may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates. |
8. REPORTING VIOLATIONS
Improper actions by CCA or its Access Persons could have severe negative consequences for CCA, its Clients, and its Access Persons. Impropriety, or even the appearance of impropriety, could negatively impact all Access Persons, including people who had no involvement in the problematic activities.
Access Persons must promptly report any improper or suspicious activities, including any suspected violations of the Code, to the CCO. Issues can be reported to the CCO in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO, who will report directly to CCAs management on the matter. Any problems identified during the review will be addressed in ways that reflect CCAs fiduciary duty to its Clients.
An Access Persons identification of a material compliance issue will be viewed favorably by the CCAs management. Retaliation against any Access Person who reports a violation of the Code in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If an Access Person believes that he or she has been retaliated against, he or she should notify a Managing Partner directly.
A. Whistleblower
For the avoidance of doubt, nothing in this Manual prohibits Employees/Supervised-Persons from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agencys inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Employees/Supervised-Persons do not need prior authorization from their supervisor, the Board of Managers, the CCO, or any other person or entity affiliated with CCA to make any such reports or disclosures and do not need to notify CCA that they have made such reports or disclosures. Additionally, nothing in this Manual prohibits Employees/Supervised-Persons from recovering an award pursuant to a whistleblower program of a government agency or entity.
9. REVIEW AND ENFORCEMENT
A. | Report Review. |
1. | The CCO shall review the reports required by Section 7 for compliance with this Code. The Section 7 reports of the CCO will be reviewed by another Managing Partner. The CCO shall keep all reports confidential except as disclosure thereof to CCA or the Funds Board of Directors, Regulators, or other appropriate persons may be reasonable and necessary to accomplish the purposes of this Code. |
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2. | If the CCO determines that a violation of the Code may have occurred, before making a final determination that a material violation has been committed by an individual, the CCO may give such person an opportunity to supply additional information regarding the matter in question. |
B. Enforcement.
1. | If any violation of this Code is determined to have occurred, the Compliance Officer may impose sanctions and take such other actions as he or she deems appropriate, including, among other things, requiring that the trades in question be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations. Any profits or gifts forfeited shall be paid to the applicable CCA Client or Funds shareholders or given to a charity, as the CCO shall determine is appropriate. |
2. | If the CCO determines that a material violation of this Code has occurred, he shall promptly report the violation and any enforcement action taken to CCAs management. If management determines that the material violation may involve a fraudulent, deceptive or manipulative act, CCA will report its findings to the Funds Board pursuant to Rule 17j-1. |
3. | No person shall participate in a determination of whether he or she has committed a violation of this Code or in the imposition of any sanction against himself or herself. |
C. | Reporting to Board. At least annually, CCA shall furnish to the Funds Board a written report that: (a) describes any issues arising under the Code or procedures since the last report to the Funds 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 (b) certifies in the form provided in Exhibit I that CCA has adopted procedures reasonably necessary to prevent Access Persons from violating the Code. |
9. RECORDS
CCA shall maintain records in the manner and to the extent set forth below, which records shall be available for appropriate examination by representatives of the Securities and Exchange Commission or the Funds Board.
A. | A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place; |
B. | A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs, the first two years in an appropriate office of CCA; |
C. | A copy of each report made pursuant to this Code by an Access Person, including any information provided in lieu of reports, shall be preserved by CCA 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; |
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D. | A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place; |
E. | A copy of each report under Section 8.C. of this Code to the Funds Board shall be preserved by CCA for at least five years after the end of the fiscal year in which the record is made, the first two years in an easily accessible place; and |
F. | CCA shall preserve a record of any decision, and the reasons supporting the decision, to approve the acquisition by Access Persons of securities under Section 5.C. and 5.D. of this Code for at least five years after the end of the fiscal year in which the approval is granted, the first two years in an easily accessible place. |
G. | Any other information as may be required by Rule 17j-1(f) under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940. |
10. CONFIDENTIALITY
All reports of securities transactions and any other information filed with CCA pursuant to this Code shall be treated as confidential, except that the same may be disclosed to CCA management, the Funds Board, any regulatory or self-regulatory authority or agency upon its request, or as required by law or court or administrative order.
11. AMENDMENT
CCA may, from time to time, amend this Code, and/or adopt such interpretations of this Code as it deems appropriate provided, however, the Conestoga Funds Board, including a majority of the Independent Directors must approve any material change to this Code within six (6) months after adoption of the
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EXHIBIT A
Conestoga Capital Advisors, LLC
Personal Securities Report
For the calendar quarter ending | ||
(month/day/year) |
As an employee or director of Conestoga Capital Advisors, LLC, I am disclosing the following information regarding my personal securities holdings to comply with the companys Code of Ethics. I further understand that the Code of Ethics does not require me to report (1) securities issued or guaranteed by the United States Government, its agencies or instrumentalities; (2) bankers acceptances; (3) bank certificates of deposits; (4) commercial paper; (5) and shares of registered open-end investment companies, other than the Funds.
CHECK ONE OF THE FOLLOWING:
☐ A. I certify that I have no personal securities holdings that require reporting for the year ending |
.
Signature | Date | |
Print Name |
☐ B. All purchases and sales have been reported via duplicate monthly statements which are on file with compliance information at Conestoga Capital Advisors. |
Signature | Date | |
Print Name |
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EXHIBIT B
FORM OF BROKERAGE LETTER
<DATE>
<NAME OF CUSTODIAN>
<ADDRESS>
<CITY, STATE ZIP>
Re: | Account No. |
|
||||
Account Name |
|
Dear <NAME>,
As of <DATE>, please send to the Chief Compliance Officer of CCA a duplicate confirmation of each transaction in the above named account and monthly brokerage account statements for the above named account.
Please mail the confirmations and account statements to:
Conestoga Capital Advisors, LLC
Attn: Chief Compliance Officer
550 E. Swedesford Rd. Suite 120
Wayne, PA
19087
If you have any questions or concerns, please feel free to give me a call at (484) 654-1380.
Thank you for your immediate attention to this matter.
Sincerely,
Duane R. DOrazio
cc: | Chief Compliance Officer |
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EXHIBIT C
Exempt Accounts Certification
Dear Duane DOrazio,
In accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the Rule), I am considered to be an access person of Conestoga Capital Advisors, LLC (CCA) and subject to the Rules terms and conditions. The Rule requires periodic reporting of my personal securities transactions and holdings to be made to CCA. However, as specified in the Rule, I am not required to submit any report with respect to securities held in accounts over which I have no direct or indirect influence or control.
I have retained a trustee or third-party manager (the Manager) to manage certain of my accounts. Following is a list of the accounts over which I have no direct or indirect influence or control (the Accounts):
Name of Broker, Dealer,
or |
Account Name |
Relationship to Manager (independent professional, friend, relative, etc.) | ||
By signing below, I acknowledge and certify that:
| I have no direct or indirect influence or control over the Accounts; |
| If my control over the Accounts should change in any way, I will immediately notify you in writing of such a change and will provide any required information regarding holdings and transactions in the Accounts pursuant to the Rule; and |
| I agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account statements and trade confirmations) made in the Accounts at the request of CCAs Chief Compliance Officer. |
Access persons completing this certification on an annual basis, also acknowledge and certify the following:
| I did not direct or suggest any purchases or sales of specific securities for the Accounts during the period <Month YEAR to Month YEAR>; |
| Any discussions with the Manager about my Accounts related to general guidelines involving my investment objectives, risk tolerance and investment timeline. |
Name: |
| |
Signature: |
| |
Date: |
|
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EXHIBIT I
ANNUAL CERTIFICATION OF CCA
The undersigned hereby certifies on behalf of Conestoga Capital Advisors, LLC (CCA) to the Board of Trustees of the Conestoga Funds pursuant to Rule 17j-1(c)(2)(ii)(B) under the Investment Company Act of 1940, and pursuant to Section 8.C. of CCAs Code of Ethics, that CCA has adopted procedures that are reasonably necessary to prevent Access Persons from violating the Code of Ethics.
Date: _____________ | Signature:___________________________________ | |
Print Name:___________________________________ | ||
(Chief Compliance Officer) |
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CODE OF ETHICS | 2022 |
INDEX OF UPDATES |
3 | |||||||
1. | INTRODUCTION | 6 | ||||||
1.1 | APPLICATION | 6 | ||||||
1.2 | SCOPE | 6 | ||||||
1.3 | PURPOSE | 6 | ||||||
1.4 | STAFF OBLIGATIONS | 6 | ||||||
1.5 | VIOLATIONS | 7 | ||||||
1.6 | INTERPRETATION AND WAIVER | 7 | ||||||
1.7 | MONITORING | 7 | ||||||
1.8 | MATERIAL CHANGES | 7 | ||||||
2. | ETHICAL PRINCIPLES | 8 | ||||||
2.1 | INTRODUCTION | 8 | ||||||
2.2 | GUIDING ETHICAL PRINCIPLES | 8 | ||||||
2.3 | RESOLVING ETHICAL ISSUES | 10 | ||||||
3. | CONFLICTS OF INTEREST | 10 | ||||||
3.1 | INTRODUCTION | 10 | ||||||
3.2 | IDENTIFICATION AND TYPES OF CONFLICT OF INTEREST | 10 | ||||||
3.3 | DUTY TO DISCLOSE | 11 | ||||||
3.4 | OUTSIDE BUSINESS INTERESTS AND PERSONAL ASSOCIATIONS | 12 | ||||||
4. | PERSONAL ACCOUNT DEALING POLICY | 16 | ||||||
4.1 | HIGH LEVEL OVERVIEW | 16 | ||||||
4.2 | GENERAL RULE ON PA DEALING | 16 | ||||||
4.3 | APPLICATION OF PERSONAL ACCOUNT DEALING POLICY | 17 | ||||||
4.4 | PROHIBITED AND EXEMPT SECURITIES AND TRANSACTIONS | 18 | ||||||
4.5 | PROCEDURES FOR OBTAINING PERMISSION | 19 | ||||||
4.6 | PRACTICAL PROCEDURES TO BE FOLLOWED IN SPECIAL CIRCUMSTANCES | 20 | ||||||
4.7 | REPORTING REQUIREMENTS | 21 | ||||||
4.8 | SUMMARY TABLE OF SECURITY TYPES AND PRE-CLEARANCE AND REPORTING REQUIREMENTS | 21 | ||||||
5. | INDUCEMENTS POLICY | 23 | ||||||
5.1 | GUIDELINES | 23 | ||||||
5.2 | RESTRICTIONS IN CONNECTION WITH THE SALE OF PACKAGE PRODUCTS, I.E. OEICS | 27 | ||||||
5.3 | PACKAGED PRODUCTS GUIDANCE ON REASONABLE INDIRECT BENEFITS | 28 | ||||||
5.4 | FINRA SPECIFIC REQUIREMENTS FOR REGISTERED PERSONS OF BGFS | 29 | ||||||
5.5 | SPECIFIC REQUIREMENTS FOR BGA(HK) | 29 | ||||||
6. | ACKNOWLEDGEMENT AND CERTIFICATION | 30 | ||||||
6.1 | RECEIPT AND ACKNOWLEDGEMENT OF THE CODE | 30 | ||||||
6.2 | ANNUAL REPORT TO BAILLIE GIFFORD BOARDS | 30 |
2
Index of Updates Date Reason for change Material Change Regulatory Requirement 4.5.1. Separate broker notification letter for BGFS representatives no longer required. 4.5.1. New paragraph added about broker confirmations. 4.8. Minor updates to description of unlisted investments in the summary table. Minor housekeeping changes throughout the policy to change all references to holdings
reports to Code of Ethics Declarations. Additional client requirement added to the list of clients with specific requirements link in section 5.1.15. Change of job title for Lindsay Gold from Head of Compliance to Compliance Director
(Page 5). Reference to CFTC added in Section 6.0. Changes to ensure BGE is covered by the policy. No No No No No No Yes No
CODE OF ETHICS
2022
October 2017
Changes made to reflect MiFID II requirements. New requirements on Inducements relating to MiFID, equivalent third country or optional exemption business under FCA COBS 2.3A for firms which make personal recommendations to a retail
client in the UK and, in particular, rules on inducements relating to the provision of investment services and ancillary services that the FCA will adopt under new FCA COBS 2.3A 5R. Chapter 5 updated with minor housekeeping changes throughout.
Yes
Yes
May 2018
No
No
August 2018
Minor updates to summary table in section 4.8 to include references to cryptocurrencies and structured deposits.
No
No
September 2018
Removal of references to Baillie Gifford Life Limited. This entity is no longer carrying out insurance business and has applied for the cancellation of all its regulatory permissions.
No
No
October 2018
New Guidance for partners and staff considering external appointments section added to the Conflicts of Interest chapter of the Code of Ethics Policy, plus a link to the guidance note. Not a material change as this is the
publication of guidance and not a Code of Ethics Policy change. Summary table in section 4.8 updated to consolidate the two rows relating to exchange traded funds into one row.
No
No
November 2018
Housekeeping update to the PA dealing policy following changes to the workplace pension arrangements.
No
No
January 2019
March 2019
Updates to summary table in section 4.8 to reflect the 3 security types added. Certificate of Deposit, Fixed Term Deposit and Fixed Term Bond.
No
No
April 2019
Changed Lindsay Golds title from Head of Compliance to Compliance Director and changed Monitoring, Ethics Conduct and Assurance team name to Monitoring and Ethics team.
No
No
July 2019
Update political contributions sections to confirm that pre-clearance can be obtained from US based Compliance Counsel and the Code of Ethics team, rather than the Compliance Director.
No
No
September 2019
Updates made to reference the new FCA Conduct Rules introduced under SMCR and make enhancements to the Outside Business Interests section.
Yes
Yes
September 2019
OBI section of the policy updates to include a new table of examples and a new streamlined process which consolidates the pre-existing Code of Ethics policy and the HR OBI and Employment
Policy which has since been decommissioned.
Yes
No
September 2019
Whistleblowing Policy removed (now standalone), BGA(HK) semi-annual declaration process referenced and various housekeeping amendments.
No
No
March 2020
Additional conflict disclosure requirements for investment decision makers to reflect an increased industry focus in this area.
Yes
No.
December 2020
Housekeeping changes to change unlisted investments to private companies and clarifying personal associations
No
No
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CODE OF ETHICS | 2022 |
January 2021 | Alastair Maclean replaces Lindsay Gold, as Director, Group Compliance and Legal. | No | Yes | |||
May 2021 | Addition of section 3.4.3 Disclosure Procedures for External Board/Committee Appointments.
Minor housekeeping updates to clarify the policy which included: adding ETFs to the section in 4.3; FX and cryptocurrency in 4.4.2.1; Automatic sales for fees in 4.4.2.2; updating various links throughout the policy; updating the Group Compliance and Legal Director title throughout. |
No | No | |||
August 2021 | Housekeeping changes: No change to process, tidying up policy wording and making it clearer. | No | No | |||
January 2022 | References to: 1) Compliance Monitoring and Ethics Team updated to Compliance Code of Ethics Team; and 2) Head of Compliance Monitoring and Ethics updated to Head of Group Compliance Staff Regulatory Responsibilities. | No | No | |||
March 2022 | Post-Brexit updates made for UK/EU MiFID references throughout the policy. Name change for the Policies Training & Reporting team to Compliance Admin and Comms. | No | No |
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Letter from the Joint Senior Partner and Compliance and Legal Director
Dear Colleagues,
The Code of Ethics Policy is a very important area for us because our clients have put a great deal of trust in Baillie Gifford to manage their assets in their long-term interests. For us to respect that trust there are two things that we must focus on:
| Firstly, making sure that we put clients interests at the heart of everything that we do; and |
| Secondly, making sure that we identify and manage any conflicts of interest between our interests and those of the client. |
The compliance culture and ethics of a firm are vitally important to clients and regulators alike. Our clients refer to the Code of Ethics Policy as the window on the culture of the firm. They are interested in adherence with the policy and often ask for information on code violations as an indicator of the overall culture of the firm.
Regulators have also put culture and conduct at the centre of their agenda. Culture is regarded as the DNA of the business; shaping behaviours and ethics. At Baillie Gifford we have built our reputation by our conduct as individuals, acting with integrity and in the interests of our clients.
The Code of Ethics Policy sets out the processes, procedures and principles in this area and we ask you to give it your full attention. If you have any questions, please do not hesitate to contact a member of the Compliance Code of Ethics team or email CodeofEthicsQueries@bailliegifford.com.
Thank you.
Andrew Telfer | Alastair Maclean | |
Joint Senior Partner of Baillie Gifford & Co | Director, Group Compliance and Legal |
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1. Introduction Application The Code of Ethics applies to All employees of Baillie Gifford entities
CODE OF ETHICS
2022
1.1
| Partners |
| Fixed term, temporary and agency staff |
| Interns and summer students |
| Secondees |
| Individuals providing services via Personal Service Companies |
| Contractors (with systems access) |
Each of these individuals and in some specified cases, persons who are connected to the individual, are required to comply with the Code of Ethics which forms part of the Personal Responsibilities section of the Group Compliance Manual (located via the Landing Page on the Loop) and their employment contract. These individuals are known as access persons for the purposes of US securities laws.
1.2 | Scope |
The Code covers all firms within the Baillie Gifford Group and has been adopted by the relevant Boards of Baillie Gifford regulated entities within the Group and the Groups Compliance Committee. It is designed to ensure compliance with relevant regulatory requirements applicable to the Baillie Gifford Group and in particular UK FCA, CBI and US SEC requirements.
The Code of Ethics covers:
| the FCA Conduct Rules which apply to the vast majority of staff11 |
| guiding ethical principles which apply to all staff |
| managing conflicts of interest which may occur between Baillie Gifford and the personal interests of members of staff |
| personal dealings in shares |
| receiving and giving of gifts, hospitality and other forms of inducement. |
1.3 | Purpose |
At Baillie Gifford we have a fiduciary duty to our clients when acting as their investment manager or adviser. This requires us at all times to act in the best interests of our clients and to treat them fairly. We must avoid situations where we place our own interests ahead of the interests of clients. The Code of Ethics is designed to assist us in ensuring we meet these fiduciary standards when acting for clients.
1.4 | Staff Obligations |
As a member of staff, you are obliged to comply with your regulatory obligations under the various regulatory systems to which the Group is subject, including applicable federal securities laws. You are required to:
| Read and adhere to the Code of Ethics. If you have any questions, please email CodeofEthicsQueries@bailliegifford.com (secure mailbox); and |
1 | The Conduct Rules do not apply to ancillary staff not performing a financial services role. This would cover our mailroom staff, security guards, cleaning and catering staff. |
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| Complete and submit a Code of Ethics Declaration and submit a Certificate of Compliance on first becoming a member of staff and annually thereafter. |
You will be provided with details of any changes to the Code at the time these are made. Training will be provided on the terms of the Code as part of your staff induction and annually thereafter, or more frequently in the event of a material change.
1.5 | Violations |
Failure on the part of members of staff or their Connected Persons (where applicable) to follow these procedures will be taken seriously and regarded as a disciplinary matter under the rules and procedures set out in the Staff Handbook. If it is determined that gross misconduct has taken place, the member of staff may be subject to instant dismissal without payment in lieu of notice.
In addition, any conduct by a member of staff that violates the Code of Ethics, including the Ethical Principles, will be considered from an FCA Conduct Rule Breach perspective (see section 2.1 below for details of the FCA Conduct Rules). If it is deemed that a Code of Ethics violation is significant in nature (e.g. evidence of intent; client materially affected; trend of repeated violations etc.), it may be escalated within Baillie Gifford to be assessed further by senior members of the HR, Compliance and Business Risk departments. Depending on the severity of the case, a formal Conduct Rule Breach may subsequently be reported to the FCA in accordance with regulatory reporting timelines.
Any member of staff who becomes aware of a violation of the Code of Ethics must promptly report that violation to the Group Compliance and Legal Director , who may, at his discretion, refer the violation to the Legal and Compliance Partner as well as the relevant Board and Compliance Committee for resolution in terms of section 1.6 below.
1.6 | Interpretation and Waiver |
With respect to matters of interpretation or dispute arising under the Code of Ethics, the Group Compliance and Legal Director may refer to the Compliance Committee of Baillie Gifford who may, exercising their reasonable judgment, make determinations as to the meaning and effect of the Code of Ethics. The Group Compliance and Legal Director may, in consultation with the Compliance Committee, grant written waivers of the provisions of the Code in appropriate instances. However, waivers will be granted only in rare instances and some provisions of the Code that are mandated by law or regulation cannot be waived. The Group Compliance and Legal Director is responsible for maintaining appropriate records of and preparing any reports required with respect to, any waivers of provisions of the Code.
1.7 | Monitoring |
Adherence by staff to the terms of the Code will be monitored by the Compliance Department. The issue, receipt and content of Code of Ethics Declarations and Certificates will be co-ordinated and monitored by that Department. Regular monitoring of personal account dealing, gifts and entertainment records and other forms of inducements will also be undertaken to ensure there are no actions which are contrary to our regulatory obligations and that we always act in the best interests of clients. The results of this monitoring will be reported to the relevant Boards and Compliance Committee.
1.8 | Material Changes |
Material changes to the Code of Ethics must be ratified by the relevant Boards of the SEC regulated firms and investment companies within the Group and the Groups Compliance Committee.
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CODE OF ETHICS | 2022 |
2. Ethical Principles
2.1 | Introduction |
Baillie Giffords reputation and success is based upon its professional conduct and maintenance of high ethical standards. It is expected and indeed demanded from our clients that we adhere to robust ethical standards in all aspects of our activities.
This section of the Code of Ethics sets out guiding principles which apply to all staff relating to ethical conduct. It also provides some guidance on addressing and resolving ethical issues.
In addition, many individuals within the Group will be subject to ethical principles and codes of conduct which are adopted by various professional organisations to which they are members. Baillie Giffords Code of Ethics is designed to be complementary to, and consistent, with these other standards.
The FCAs Senior Managers and Certification Regime (SMCR) introduces a set of Conduct Rules which reflect the core standards expected of staff who work within the Financial Services industry. These can be found in the FCAs Code of Conduct sourcebook (COCON) and are composed of nine rules, five of which are applicable to all staff (other than ancillary staff referred to earlier) and four additional rules applicable only to Senior Managers. The five Conduct Rules which are applicable to all staff are as follows:
1. | You must act with integrity; |
2. | You must act with due care, skill and diligence; |
3. | You must be open and cooperative with the FCA, PRA and other regulators; |
4. | You must pay due regard to the interests of customers and treat them fairly; and |
5. | You must observe proper standards of market conduct. |
These conduct rules compliment Baillie Giffords own guiding ethical principles and are embedded within these. The four additional rules applicable only to Senior Managers are covered separately in the SMCR Policy.
The Code of Ethics cannot cover every ethical situation that might arise at Baillie Gifford. After having read and understood the content of the Code of Ethics Policy, all members of staff will be responsible for complying not only with its letter, but also with its spirit and principles. These are set out in the Guiding Ethical Principles below.
2.2 | Guiding Ethical Principles |
Each member of staff must follow these guiding principles:
2.2.1. | Fairness |
To act fairly at all times when dealing with clients and counterparties of Baillie Gifford. Fairness requires impartiality, objectivity, and honesty.
For example, when communicating with clients you should make every reasonable effort to provide full, fair and accurate information and should avoid withholding any relevant information.
A non-exhaustive list of other examples of conduct that might breach the fairness principle is as follows:
| Misleading a client about the risks of an investment; |
| Misleading a client about the likely performance of a product by providing inappropriate projections of future returns; or |
| Failing to acknowledge, or seek to resolve, mistakes in dealing with clients. |
2.2.2. | Honesty and integrity |
To act honestly and with integrity in fulfilling the responsibilities of your role and seek to avoid any acts or omissions or business practices which damage Baillie Giffords reputation or which are deceitful, oppressive, or improper.
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CODE OF ETHICS | 2022 |
For example, Baillie Gifford should only employ fair methods to win or retain business for the firm. Staff should avoid offering unduly lavish or overly frequent gifts and hospitality and should avoid pay to play practices, i.e. making political contributions to those in a position to influence the selection of Baillie Gifford. Baillie Gifford is committed to carrying on business fairly, honestly and openly and has a zero-tolerance approach to bribery.
A non-exhaustive list of other examples of conduct that might breach the honesty and integrity principle is as follows:
| Falsifying documents; |
| Providing false or inaccurate information to a client, regulator, auditor, Baillie Gifford itself or a third party; |
| Mismarking the value of investments; |
| Misleading others in Baillie Gifford about the nature of risks being accepted; or |
| Failing to disclose personal dealing activity; receipt or provision of gifts and entertainment; political contributions or other outside business interests as required by the Code of Ethics. |
2.2.3. Adherence to law and regulation
To observe applicable law, regulations and professional conduct standards when carrying out your activities and to interpret and apply them to the best of your knowledge and ability according to these guiding ethical principles. To be open and cooperative with Baillie Giffords regulators.
For example, you must familiarise yourself with, and adhere to at all times, the requirements contained in the: Anti-Financial Crime Policy; the Anti-Money Laundering, Counter-Terrorist Financing & Sanctions Policy; the Anti-Bribery & Corruption Policy; the Code of Ethics Policy; the Market Abuse and Insider Dealing Policy; Data Protection Policy; and Information Security & Electronic Communications Policy. These policies set out your personal compliance responsibilities and are available to all staff in the Personal Responsibilities section of the Group Compliance Manual.
A non-exhaustive list of conduct that might breach the open and cooperative with regulators principle is as follows:
| Providing false or inaccurate information to regulators; |
| Failing to supply a regulator with appropriate documents or information when requested or required to do so and within the time limits attaching to that request or requirement; or |
| Failing to attend an interview or answer questions put by a regulator. |
2.2.4. Market conduct
When executing transactions or engaging in any form of market dealings, to observe the standards of market integrity, good practice and conduct required by, or expected of, participants in that market. To comply with relevant market codes and exchange rules.
2.2.5. Loyalty to clients
To place the interests of our clients ahead of your own interests and to manage fairly and effectively, and to the best of your ability, any relevant conflict of interest. To the extent feasible, conflicts of interest should be avoided or at least appropriately managed and disclosed in accordance with Baillie Giffords conflicts procedures.
Baillie Giffords investment recommendations and other proprietary information are for the exclusive use of our clients. We should not use this proprietary information for personal benefit. If in doubt, refer to the Compliance Department for guidance.
2.2.6. Maintaining confidentiality
To respect the confidentiality of information on current, former and prospective clients which is obtained through your work and refrain from using or disclosing this for unethical purposes or illegal advantage.
For example, you must be extremely careful when sharing confidential client data with an outside party and should only do so if it is absolutely necessary. Authorisation may be required from your Head of Department for this. If in doubt, you should refer to the Information Security and Electronic Communications Policy (located in the Staff Handbook on the Loop) which includes the three levels of data security classification and rules on how to handle this data.
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CODE OF ETHICS | 2022 |
2.2.7. Transparency
If you are in any doubt that you may have a conflict of interest, or if you think that there could be a perception of one, you should disclose the details to your Head of Department, to the Compliance Department or to the relevant chairperson of the board, committee or group concerned, as appropriate.
For example, consider the situation where you have a personal shareholding in a company and you are contributing to an investment discussion on whether to buy or sell this company for clients. It is essential to disclose this potential conflict to the chairperson and other members of that decision-making group. Please see section 3.3 for further details on additional disclosure requirements for investment decision makers (investors and CD staff on Portfolio Construction Groups).
2.3 | Resolving Ethical Issues |
In business life we will be confronted from time to time with ethical issues to determine. In dealing with these an important consideration is any impact the decision may have on clients. Also, has the process of coming to the decision been fair, with full consideration of the facts, issues and alternatives? Has it involved all stakeholders with an interest? Have you identified any competing interests or conflicts of interest? These questions would be relevant where considering whether to accept a gift or entertainment, and also considering the implications of an incident.
3. Conflicts of Interest
3.1 | Introduction |
Inherent throughout the Code of Ethics is the principle that all members of staff have a responsibility to place the interests of the Groups clients ahead of their own and resolve conflicts in favour of the Groups clients. In order to achieve this, all activities undertaken by members of staff must be conducted in such a manner as to avoid any actual or potential conflicts of interest or any abuse of an individuals position of trust and responsibility. Furthermore, all action taken by staff must be undertaken in a manner which does not interfere with the interests of Baillie Giffords clients or take unfair advantage of Baillie Giffords relationship with its clients.
3.2 | Identification and Types of Conflict of Interest |
3.2.1. What is a conflict of interest?
A conflict of interest arises when personal matters or obligations interfere with business activities and influence the decisions made by members of staff, which have or could have a detrimental effect on the firms clients. When considering conflicts of interest, it is important to consider how the situation would be viewed by an independent party.
3.2.2. Identification of conflicts of interest
Conflicts of interests which require to be identified by members of staff are those which arise between:
| the Group, its connected persons and a client of the Group; or |
| one client of the Group and another client of the Group. |
3.2.3. Types of conflicts of interest
When identifying whether a conflict of interest arises in the course of business and whether the existence of this conflict may adversely affect the interests of a client, staff should consider whether the individual, firm or certain persons connected with the firm:
| are likely to make a financial gain or avoid a financial loss at the expense of a client; |
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CODE OF ETHICS | 2022 |
| has an interest in the outcome of the service provided to the client or of a transaction carried out on behalf of the client; |
| has a financial or other incentive to favour the interest of another client or group of clients over the interests of the client; |
| carries on the same business as the client; or |
| receives or will receive from a person (other than the client) an inducement in relation to the service provided, in the form of monies, goods or services, other than the standard commission or fee. |
The Group Compliance Manual (located via the Landing Page on the Loop) contains Baillie Giffords conflicts policy and matrix. This matrix details potential and actual conflicts of interest which have been recognised by the firm. Please refer to this document for further information regarding the types of conflict which have been identified.
If you are in doubt about whether a conflict has arisen please consult the Group Compliance and Legal Director.
3.3 | Duty to Disclose |
All members of staff have in the first instance an obligation to manage or avoid all conflicts of interest. If it is not possible to manage or avoid a conflict of interest, then the potential or actual conflict which may impair your objectivity when undertaking your daily activities must be disclosed. All disclosures should be made to your Head of Department and the Group Compliance and Legal Director.
Baillie Gifford does not prohibit investors from investing in the same stocks as our clients. Nevertheless, there is an inherent conflict of interest risk that needs to be carefully managed should investors choose to do this.
Additional disclosure requirements for investment decision makers.
Investment decision makers should make the following protective disclosures where appropriate:
| Investment decision makers should declare any pre-existing personal shareholdings in a company if they are contributing to an investment discussion on whether to trade in that company for clients. This potential conflict must be disclosed to the chairperson of the relevant decision-making group, whom failing another member of that decision-making group. On occasion, it may be prudent for an investment decision maker to step out of an investment discussion if it is felt that a conflict, or perception of a conflict, cannot be managed effectively. Such a course of action should be determined on a case by case basis. |
| Investment decision makers must also declare any personal trading activity in a company held by clients if they have been, or will be, involved in an investment discussion concerning that company. This disclosure requirement is regardless of whether the company is being traded for clients at the time. Again, this potential conflict must be disclosed to the chairperson of the relevant decision-making group, whom failing another investment decision maker in that decision-making group. |
For both scenarios above, Investors have the option of retaining their own contemporaneous record of any disclosures made or notifying the Compliance Department who will record the protective disclosure in the Code of Ethics System. Notifications to Compliance should be emailed to CodeofEthicsQueries@bailliegifford.com (secure mailbox). An audit trail record would be beneficial in the event of any retrospective enquiry.
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CODE OF ETHICS | 2022 |
3.4 | Outside Business Interests and Personal Associations |
A personal conflict of interest can arise in relation to certain outside business interests or personal associations. Members of staff must ensure that they do not engage in any activities that would detract, divert from or conflict with, the proper performance of their Baillie Gifford employment or would conflict with the interests of the firm or our clients. Members of staff must also ensure that any personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm. To ensure that we comply with the requirements of global regulation, we require members of staff and Partners to inform Compliance at CodeofEthicsQueries@bailliegifford.com of any external interests at any time during employment.
3.4.1 | Types of Outside Business Interests |
The following table is a non-exhaustive list of potential outside business interests. If you have any other interests or activities that you think may need to be disclosed, please contact the Compliance Code of Ethics team for guidance at CodeofEthicsQueries@bailliegifford.com (secure mailbox).
Outside Business Interest | Disclosure Requirements | |
Paid work out with Baillie Gifford. | In general, all regular paid work outwith Baillie Gifford should be disclosed to Compliance (email to CodeofEthicsQueries@bailliegifford.com). In addition, such work should also be agreed with your line manager and/or head of department as appropriate.
Discretion can be used for any ad hoc paid work that is de minimis in nature and has no obvious connection to Baillie Gifford business. Such paid work is unlikely to require disclosure. | |
Business related external directorships, non-executive directorships or other external board/committee appointments (e.g. nominations committee or board observer positions).
Business related would include:
Listed companies;
Private companies in which Baillie Gifford invests or is likely to invest;
Trade bodies or professional bodies;
Clients;
Suppliers etc. |
All such positions must be disclosed to Compliance (email to CodeofEthicsQueries@bailliegifford.com).
Additional disclosure and approval requirements are outlined in section 3.4.3. | |
Non-business related external directorships or non-executive directorships.
Non-business related would include:
Private family run businesses;
One-person limited companies;
Charitable organisations or not for Profit organisations (where not a client). |
All such appointments must be disclosed to Compliance (email to CodeofEthicsQueries@bailliegifford.com).
No additional approval is required. |
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External investment or finance related roles at educational, charitable, religious or social organisations.
Investment or finance related roles would include:
investment adviser;
trustee;
treasurer etc. |
All investment adviser related roles should be disclosed to Compliance (email to CodeofEthicsQueries@bailliegifford.com).
In addition, such roles should also be agreed with your line manager and/or Head of Department as appropriate. | |
Politically exposed appointments | A politically exposed person, or PEP, is an individual who is or has, at any time in the preceding year, been entrusted with prominent public functions, or is an immediate family member, or a known close associate of such a person), whether paid or unpaid.
All such appointments must be disclosed to Compliance (email to CodeofEthicsQueries@bailliegifford.com).
In addition, such roles should also be disclosed to your line manager and/or Head of Department as appropriate. |
3.4.2 | Outside Business Interests disclosure procedures |
The Compliance Code of Ethics team are the central hub for all outside business interest disclosures. This team will disseminate relevant information as appropriate to the Human Resources Department, Group Governance Services Department and the Compliance Admin, Reporting and Comms and Anti-Financial Crime teams.
Outside business interest disclosures should be emailed to the Compliance Code of Ethics team (CodeofEthicsQueries@bailliegifford.com) at the earliest opportunity. Where possible, this should be prior to the commencement of any role or appointment. Disclosures should contain the following information:
| Date the outside business interest commenced or ceased; |
| Name of the external company/organisation and brief description of what they do; |
| Brief description of your role/involvement; |
| Details of any remuneration if applicable; |
| Details of any connection to Baillie Gifford (e.g. client or prospective client, investee company, broker, supplier etc.). |
If applicable, the Compliance Code of Ethics team will obtain approval from the Group Compliance and Legal Director on your behalf and will either confirm that this has been received or will request further information if required.
Please note that Partners or Chief Executive Officers of Baillie Gifford subsidiary companies who require to seek approval from the joint Senior Partners for external appointments, must seek this approval themselves.
In addition to the above:
- |
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| Requirements for FCA Regulated Roles |
The Firm is required to ensure that individuals in FCA regulated roles are fit and proper to perform the activities for which they are regulated and that they do not engage in any activities which could conflict with the performance of their role. In addition to the above requirements, individuals in regulated roles must inform Compliance when:
| they become aware that a company, partnership or unincorporated association of which the individual has been controller, director, senior manager, partner or company secretary (either during the time they held the position or within one year of such involvement) has: |
| been put into liquidation, wound up, ceased trading, had a receiver or administrator appointed or entered into a voluntary arrangement with its creditors |
| been adjudged by a court liable for any fraud, misfeasance, wrongful trading or misconduct |
| been investigated or been involved in an investigation by an inspector appointed under companies or any other legislation, or required to produce documents to the Secretary of State, or any other authority, under any such legislation |
| been convicted of any criminal offence, censured, disciplined or publicly criticised, by any inquiry, by the Takeover Panel or any governmental or statutory authority, or any other regulatory body |
| Specific Requirements for BGFS |
Registered Persons of BGFS are required to obtain prior written approval from the Chief Compliance Officer of BGFS for any Contractor, Director, Office or Partner appointments or any work for which they expect to receive compensation outside of their Baillie Gifford employment. Please note that this supersedes the requirement to obtain approval from the Group Compliance and Legal Director.
| Specific Requirements for BGA(HK) |
Licensed Persons of BGA(HK) are required to obtain prior written approval from the Compliance Officer of BGA(HK) for any Director appointments or any work for which they will receive compensation outside of their Baillie Gifford employment. The Compliance Code of Ethics team will co-ordinate this. In addition to the above, there are also SFC Notification requirements relating to any directorships, partnerships or proprietorships taken on by a licenced representative. The BGA(HK) Compliance Officer will advise on the relevant steps to take with regards to this notification.
3.4.3 | Disclosure and Approval Requirements Procedures for Business-related External Positions |
From time to time, Investors or other relevant Baillie Gifford staff may be invited to take up a business-related external position (see section 3.4.1 for details). Such roles may be linked to public or private company in which our clients have a shareholding interest and are often offered to the largest shareholders. This type of opportunity is in alignment with our long term investment approach and our stewardship policy for greater engagement with our investee companies on corporate governance, long term incentives and performance matters.
Whilst there are benefits to accepting such positions, there are also potential conflicts of interest that need to be carefully managed. Each business-related external position needs to be considered on a case by case basis to ensure participation in such a role would not conflict with the duties owed to Baillie Giffords clients. The disclosure and approval requirements for such positions are as follows:
| All business-related external positions must be approved by the Director of Group Compliance and Legal for approval. Where deemed appropriate, the Director of Group Compliance and Legal will discuss the case with the Chair of the Equity Leadership Group and the Management Committee will be informed for noting. The factors taken into consideration when assessing each opportunity will include: |
| Scope, time commitment and any remuneration |
| The likelihood of receiving Material Non-Public Information (MNPI) |
| Any potential conflicts of interest |
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| Committee on Foreign Investment in the United States (CFIUS) requirements if applicable (legal advice may be required). |
| In addition, prior approval must also be sought from the individuals Head of Department. For Partners and Chief Executive Officers of Baillie Gifford subsidiary companies should seek prior approval from the joint Senior Partners. |
3.4.4 | Personal Associations |
We also must take steps to ensure that any personal interest or personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm. Any Significant Relationship with another person working in a relevant business connected to Baillie Gifford may need to be disclosed by email to the Compliance Department (CodeofEthicsQueries@bailliegifford.com).
Relevant businesses would include:
| Investment managers |
| Brokers |
| Clients of Baillie Gifford |
| Consultants/advisers to clients of Baillie Gifford or investors in Baillie Gifford funds |
| Companies in which Baillie Gifford invests on behalf of our clients |
| Other organisations with which Baillie Gifford has a contractual relationship. |
A relationship with another person would be deemed significant if an independent third party might reasonably consider that it could affect your actions or those of a personal associate (whether or not it does so affect your conduct). If you have a relationship with an associated person that could potentially give rise to a conflict of interest, or the perception of one, then this should be disclosed to the Compliance Department. The Compliance Department will determine if the relationship needs to be recorded and whether any action needs to be taken to manage the conflict.
Please note that personal associations can go further than our definition of connected person under PA Dealing, i.e. this disclosure requirement is not limited to immediate family members living in your household. Some examples of potential personal associations that may need to be disclosed/recorded are as follows:
| A personal friend works at a supplier and is directly involved in the Baillie Gifford account and/or you are directly involved in the appointment of that supplier. |
| A close friend works at an audit firm and is directly involved in an external review of your department. |
| An extended family member works at a company that Baillie Gifford invests in for clients, in a role where they are likely to have access to sensitive business information. |
Please note that none of the personal association examples above would fall under our definition of connected persons for PA Dealing purposes, however potentially would be disclosable under this section of the Code of Ethics. However, please also note that not every instance of the above would necessarily have to be recorded. Each scenario would be considered on a case-by-case basis to establish what, if any, conflict risk there is.
These disclosures are designed to ensure that our work is carried out on behalf of clients in an environment that is free from any suggestion of improper influence. If you are in any doubt as to whether a business interest or personal association or relationship needs to be disclosed, please contact a member of the Compliance Department for guidance.
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3.4.5 | Record Keeping and Annual Certification |
A record of all Outside Business Interests and Personal Associations disclosed to Compliance will be maintained in the Code of Ethics System. These will form part of your personal Annual Code of Ethics Declaration. Updates can be made to these disclosures when completing your annual declaration, or alternately at any point throughout the year by emailing the details to Compliance (CodeofEthicsQueries@bailliegifford.com).
4. Personal Account Dealing Policy
4.1 | High Level Overview |
Baillie Giffords first priority is in ensuring that in all circumstances, the firms clients interests are placed first and each client obtains the best execution of trades which we can arrange on their behalf. In order to ensure that this priority is consistently met, all staff have a responsibility to ensure that in no circumstances will clients be disadvantaged by employee PA Dealing.
The basic premise of Baillie Giffords PA Dealing Policy is that PA Dealing is permitted subject to a number of restrictions. Baillie Gifford therefore gives general permission to all members of staff and to their Connected Persons (defined later) to carry out investment transactions in designated investments in accordance with the following procedures. All staff must ensure that undertaking PA Dealing activities does not distract them from their day-to-day responsibilities.
4.2 | General Rule on PA dealing |
A member of staff or their Connected Persons are prohibited from
1. | Entering into a PA deal where |
a) | that person is prohibited from entering into it under the law and regulations governing market abuse and insider dealing as set out in the Baillie Gifford Market Abuse Policy. The Policy requires that no member of staff make personal use of material non-public information or engage in a securities transaction available only by reason of his or her position within Baillie Gifford. If a member of staff is aware that an investment opportunity is being actively considered by Baillie Gifford, they must first ensure that this is made available to Baillie Gifford before taking personal advantage of the opportunity. It is the personal responsibility of the member of staff to ensure that they are familiar with the provisions of that Policy. |
b) | it involves the misuse or improper disclosure of confidential or proprietary information relating to clients or transactions for clients; or |
c) | it conflicts or is likely to conflict with an obligation under Europes Markets in Financial Instruments Directive II (MiFID II) / the UKs MiFID Org Regulation, the UK version of Europes Markets in Financial Instruments Directive II (MiFID II) or other regulatory obligations which Baillie Gifford owes to its clients. |
2. | Advising, recommending or procuring any other person to enter into a transaction which would be precluded under 1 above. |
3. | Disclosing any information or opinion to any other person where it is reasonably likely that the result of that disclosure will lead to an activity precluded under 1 or 2 above. |
a) | Entering into a PA deal or purchasing a contract of insurance, the purpose of which is to hedge away the risk of any downward adjustment in deferred remuneration which that member of staff may be entitled to receive under the firms remuneration policy. |
A person will be considered to have undertaken such personal hedging if:
a) | The staff member enters into a contract with a third party; and |
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b) | The contract requires the third party to make payments directly or indirectly to the staff member that are linked to or commensurate with the amounts by which the staff members variable remuneration has been reduced. |
Failure on the part of members of staff or their Connected Persons to follow these procedures will be regarded as a disciplinary matter under the rules and procedures set out in the Code. If it is determined that gross misconduct has taken place, the member of staff may be subject to instant dismissal without payment in lieu of notice (If you are in any doubt as to whether an intended transaction for yourself or for a Connected Person is subject to the rules of the Policy you should check with the Compliance Department beforehand).
The remainder of this policy details the following information:
4.3 | Application of Personal Account Dealing Policy |
4.4 | Prohibited and Exempt Securities and Transactions |
4.5 | Practical Procedures for Obtaining Permission |
4.6 | Practical Procedures to be followed in Special Circumstances |
4.7 | Reporting Requirements |
4.8 | Summary table of Security Types and Pre-Clearance and Reporting Requirements |
4.3 | Application of Personal Account Dealing Policy |
The PA dealing rules apply to the following:
| All those listed in section 1.1 of this Policy |
And Connected Persons which include:
| Immediate family (immediate family includes spouses, co-habitees, children under the age of 18 and immediate family members sharing the same household. It would also include parents/in-laws or other persons where decision making as to their investments is taken by them under advice from the member of staff); |
| Organisations for whom members of staff have an active investment advisory input (this could include charities, churches, clubs etc); |
| Trusts where as trustee the member of staff exercises investment influence (i.e. as sole trustee or a trustee exercising a considerable influence. In this case the trust must be made aware of the connection with Baillie Gifford & Co and must be requested to report transactions in securities of companies under our management to the member of staff serving as a trustee. He should then report the transaction to the Group Compliance and Legal Director); and |
| Syndicates where friends/family group together for the purpose of purchasing shares |
Throughout this Policy, the above categories are referred to as Connected Persons.
The Policy applies to the following types of instruments (covered securities):
| equities |
| bonds; |
| ETFs |
| derivatives; |
| BG OEICS; |
| Investment Trusts and other close end vehicles; |
| private companies; and |
| spread betting on financial instruments. |
It also applies to any investment in any of the above instruments through a wrapper product such as an ISA, SIPP, share plan, Variable Insurance Product or the Baillie Gifford workplace pension available through Aegons ARC platform.
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The table in section 4.8 sets out various security types and transactions and whether they are covered by the Personal Account Dealing Policy, Preclearance and Reporting Requirements.
If a member of staff is in any doubt as to whether an instrument is included or not in the Policy they should contact the Compliance Code of Ethics Team or email CodeofEthicsQueries@bailliegifford.com.
4.4 | Prohibited and Exempt Securities and Transactions |
4.4.1. Prohibited securities and transactions
No member of staff is permitted to purchase or sell, directly or indirectly, any security in which he or she acquires any direct or indirect personal holding and which, to his or her knowledge, is currently being purchased or sold by Baillie Gifford or which, to his or her knowledge, Baillie Gifford is actively considering recommending for purchase or sale. These prohibitions shall continue until the time that Baillie Gifford decides not to recommend such purchase or sale, or if this recommendation is made, until the time that Baillie Gifford completes, or decides not to enter into, the recommended purchase or sale. These prohibitions also apply to any purchase and sale by any member of staff of any convertible security, option, warrant or other derivative security, or any private placement of any issuer whose underlying securities are being actively considered for recommendation to, or are currently being purchased or sold by, Baillie Gifford. Any profits realised on trades made by members of staff within the proscribed period may require to be disgorged, particularly where the member of staff had, or was in a position to have had, knowledge of the fact that securities were being purchased or sold on behalf of Baillie Giffords clients.
4.4.2. Exempt securities and transactions
4.4.2.1 Securities exempt from pre-clearance requirements
The pre-clearance and reporting obligations shall not apply to the following exempt securities:
a) | purchases or sales of securities that are direct obligations of the government of the United States or United Kingdom, bankers acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including repurchase agreements); |
b) | shares of money market mutual funds; |
c) | shares of registered open-end management investment companies other than the Baillie Gifford sponsored OEICS and mutual funds; |
d) | shares of US unit investment trusts (i.e. variable insurance contracts that are funded by insurance company separate accounts organised as unit investment trusts) that are invested exclusively in one or more registered investment companies. Please note that UK Investment Trusts are not exempt securities and that pre-clearance requirements apply. |
e) | FX or cryptocurrency transactions |
The pre-clearance requirements shall not apply to the following transactions (although revised holdings will need to be disclosed in your Annual Code of Ethics Declaration):-
4.4.2.2 Transactions exempt from pre-clearance requirements
a) | purchases effected upon the exercise of rights (e.g. automatic reinvestment of dividends) provided 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; |
b) | personal transactions effected under a discretionary portfolio management service where there is no prior communication in connection with the transaction between the portfolio manager and the relevant member of staff or other person for whose account the transaction is executed; |
c) | personal transactions in any default fund available in Baillie Giffords workplace pension available through Aegons ARC platform; |
d) | ongoing monthly transactions in an automatic investment plan, where permission was obtained for the initial investment and there has been no change to the standing instruction thereafter; |
e) | sales automatically placed by the broker to cover ongoing management fees. |
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4.4.3. Prohibition on short-term profits
No member of staff may engage in the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days. All profits realised on such short-term trades will normally require to be disgorged. Subject to pre-clearance a securities transaction which occurs within the 60-day period as a result of a change in personal circumstances which takes place or becomes known during the period may not be considered a violation of this section or subject to the disgorgement rule upon review and approval of the Group Compliance and Legal Director.
4.4.4. Investor PA trades (Blackout Period)
Investment Personnel are not permitted to PA trade in the seven calendar day period after a fund/strategy that they are involved in has traded in the same security.
In addition, Investment Personnel are not permitted to PA trade in the seven calendar day period before a fund/strategy that they are involved in trades in the same security, where they were aware, at the point of requesting permission to trade and at the point of placing their PA dealing instruction, that a client order in that security was pending.
All profits realised on trades by Portfolio Managers within the proscribed period will normally require to be disgorged.
4.5 | Procedures for Obtaining Permission |
Prior to undertaking a PA Deal, members of staff are required to:
| obtain permission to use their desired broker (it is only necessary to follow this procedure on the first occasion of using a particular stockbroker); and |
| to obtain internal pre-clearance from the Code of Ethics System (every time a PA deal is undertaken). |
It is important that members of staff take all reasonable steps to ensure that these procedures are followed by whoever is dealing. The onus is on the member of staff to obtain permission and ensure that contract notes are sent to the Head of Group Compliance Staff Regulatory Responsibilities where the dealing is for a Connected Person.
4.5.1. Procedures for obtaining broker permission
Before a member of staff or a Connected Person begins to effect a transaction with a particular firm of stockbrokers permission must be obtained to use that broker. It should be noted that this also applies to on-line dealing. The reason for this permission is to inform the Broker that the member of staff works for Baillie Gifford and to ensure that brokers supply to the Head of Group Compliance Staff Regulatory Responsibilities, no later than 30 days after the end of the quarter in which the trading activity occurred, duplicate copies of confirmations of all personal securities transactions. Such confirmations may also contain a statement declaring that the reporting or recording of any such transaction shall not be construed as an admission that the member of staff making the report has any direct or indirect beneficial ownership in the security.
Each confirmation received from the broker shall be treated confidentially and will be maintained on file by the Compliance Department. The reports are, however, available for inspection by authorised members of the staff of regulatory authorities supervising Baillie Giffords investment business.
Note: No broker confirmation letters are required for transactions undertaken in an automatic investment plan, including the Baillie Gifford workplace pension available through Aegons ARC platform. Furthermore, no NonExecutive Director of a Baillie Gifford company shall be required to report or provide broker confirmation unless the Director knew or should have known that during the 15 calendar days before and after such Directors transaction in any security, Baillie Gifford purchased or sold the same security, or Baillie Gifford considered purchasing or selling the same security.
In addition, broker confirmation letters may not be required if your broker operates a transaction data feed to Baillie Giffords Code of Ethics System (although your broker may require a separate declaration for this).
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Please contact CodeofEthicsQueries@bailliegifford.com for further details.
Every member of staff must (for their own dealing and that of a Connected Person):
| Notify the firm of stockbrokers that they work at Baillie Gifford & Co; |
| Not accept or request any credit or special dealing facilities in connection with his dealings (The only exception to this rule is that the Management Committee may give special dispensation for members of staff to agree on rates. Where this permission is given the details must be supplied to the Compliance Director); |
| Notify the Head of Group Compliance Staff Regulatory Responsibilities that they or their Connected Person proposes to deal with the particular firm of stockbrokers and obtain his permission to do so; |
| Prepare the relevant Broker Authorisation letter (either member of staff letter or Connected Person). Take two copies of the letter, both copies must be signed by the Head of Group Compliance Staff Regulatory Responsibilities with one being sent to the stockbroker and the other copy sent to the Head of Group Compliance Staff Regulatory Responsibilities ; and |
| Ensure that a copy of the contract note is sent by the stockbroker to the Compliance Director or an electronic confirmation if provided through an on-line dealing service. |
The quick guide document sets out the procedures for obtaining broker consent via a data feed through the Code of Ethics System.
Click on the appropriate link below to obtain a copy of the Baillie Gifford Broker Notification Letter, required for brokers without a data feed:
Letter 1 (Broker authorisation for member of staff)
Letter 2 (Broker authorisation for Connected Persons)
4.5.2. Procedures for obtaining internal permission
In addition to broker permission being obtained, members of staff are also required to obtain electronic internal pre-clearance from the Code of Ethics System. Pre-clearance of a PA deal will remain valid until close of business on the next business day from the time permission is obtained. If the proposed transaction is not completed during the period in which the pre-clearance is granted, the member of staff must seek additional pre-clearance prior to completing the transaction. In the case of postal deals (e.g. deals that require an application form or instruction form to be completed, i.e. dealing is not direct through a broker); your dealing instruction should be sent within this pre-clearance period, although the trade itself does not have to be executed.
The quick guide video sets out the procedures for submitting Trade Requests through the Code of Ethics System.
PA Dealing information will be reviewed and monitored by the Compliance Department. Should the monitoring conducted by the Compliance Department detect a potential violation of this Code or any apparent trading irregularity, that Department shall take whatever steps deemed appropriate under the circumstances to investigate said potential violation or trading irregularity. If the Compliance Department reasonably believes a violation or trading irregularity to exist, said violation or trading irregularity shall be reported to the Legal and Compliance Partner.
4.6 | Practical procedures to be followed in special circumstances |
Remote Access to the Code of Ethics System: Remote access is available on all Baillie Gifford devices. If a member of staff is away from the office (e.g. on business or on holiday), trade requests can be submitted through all BG devices.
Maternity/Parental Leave: If you are out of the office on maternity leave, or a period of flexible parental leave exceeding four weeks, there is no requirement for you to obtain PA dealing permission for any trades conducted by you (or a Connected Person) during this leave. If applicable, shareholdings in the Code of Ethics System can be amended upon your return to the office.
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Limit Orders: The use of buy or sell limit orders is not prohibited under this policy, however, these must be carefully managed by members of staff as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If, upon expiry of the permission period, the limit price has not been met, the member of staff must obtain fresh permission via the Code of Ethics System or ensure the limit instruction is cancelled.
Stop Loss Orders: As for limit orders, stop loss orders (i.e. instruction to automatically sell securities if the share price reaches a pre-determined minimum price) are not prohibited under this policy, however, these must be carefully managed by members of staff as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If you wish to maintain a stop loss instruction beyond the permission period, fresh permission must be obtained via the Code of Ethics System.
4.7 | Reporting Requirements |
4.7.1. Initial reporting requirements
All new members of staff are required to disclose all personal securities holdings in which they have any direct or indirect holdings to the Compliance Department, within 10 days of commencing employment. The information provided must be current and no more than 45 days prior to the date the person joined the firm. Initial Code of Ethics Declarations must be submitted to Compliance who will record any holdings in the Code of Ethics System.
4.7.2. Annual reporting requirements
Each member of staff is also required to file an annual report disclosing all personal securities holdings by 1 February of each year. The information must be current as of a date no more than 45 days prior to the date the report was submitted. Annual Code of Ethics Declarations must be submitted electronically via the Code of Ethics System. The quick guide video sets out the procedures for submitting an Annual Declaration via the Code of Ethics System.
Note: Declarations must include shares owned through an automatic investment plan. Each declaration may also contain a statement declaring that the reporting or recording of any such transaction shall not be construed as an admission that the member of staff making the report has any direct or indirect beneficial ownership in the security. NonExecutive Directors of Baillie Gifford companies are not required to provide initial or annual Code of Ethics Declarations.
4.7.3. Specific Requirements for BGA(HK)
Semi-Annual Holdings Disclosure This requirement applies to all BGA(HK) employees, licenced persons, Managers-in-Charge, Directors, other than non-executive directors and it is in addition to the annual declaration. Each member of staff is required to file a report disclosing all personal securities holdings semi-annually in January and July each year. The information must be current and no more than 45 days prior to the date the report is submitted. Holdings reports must include shares owned through an automatic investment plan. This semi-annual exercise is coordinated and managed by the Compliance Department.
4.8 | Summary table of Security Types and Pre-Clearance and Reporting Requirements |
This list is not all inclusive and may be updated from time to time. Please contact the Compliance Code of Ethics team for guidance as needed or email CodeofEthicsQueries@bailliegifford.com.
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Security Type Covered by Code of Ethics
Policy (Covered Security)? Pre-clearance Required? Include in Code of Ethics Declaration? Private companies: New issues, IPOs, private placements; Equity Crowd
funding. Covered securities acquired as a result of a corporate action*: Bonus (or Scrip) issues; Rights issues; Takeovers; Reorganisations; *where the member of staff has no influence over the timing and/or it is a set price (note: any subsequent sale of these securities would require pre-clearance). Employee Incentive Share Schemes (Connected Persons): Putting money aside for the future purchase of shares; Buying shares at a set date
and price; Any subsequent
sale of these shares No Yes Yes No No Yes No Yes Yes Monthly direct debit investments (in covered securities): Initial monthly investment; Ongoing monthly investments
(if no change to initial instruction); Change to initial instruction (increase, decrease, cancel, switch). Yes Yes Yes Yes No Yes Yes Yes Yes Transfer of covered security: from one person to another; from one product to
another; where there is no change to the underlying holding (excluding shares sold
to cover fees). * you will need to inform Compliance of the new account where the
shares will be held. 22
5. Inducements Policy An area where a conflict of interest may arise is in the context of the giving or receipt of a gift or hospitality which may be viewed as a form of inducement.
Baillie Gifford must take reasonable steps to ensure that it and any person acting on its behalf does not pay or accept any fee or commission or provide
or receive any non-monetary benefit if it is likely to conflict to a material extent with any duty that Baillie Gifford owes to its customers or any duty which the recipient firm owes to its customers. This Inducements Policy sets out the principles and procedures which all members of staff within Baillie Gifford must adhere to with regard to the giving or
receipt of a gift or hospitality or anything else which may be viewed as an inducement, such as donations or political contributions. The overriding
principle is that all members of staff should not accept gifts, favours, entertainment, hospitality or other inducements of material value that could be seen as likely to influence their decision-making or make them feel beholden to a person or
other firm. Similarly, Baillie Gifford and its members of staff should not offer gifts, favours, entertainment, hospitality or other inducements of value
that could be viewed as overly generous or aimed at influencing decision-making or making the recipient feel beholden to Baillie Gifford or that member of staff. Note: These general principles apply in addition to the more specific guidelines set out below. However, the guidelines do not attempt to cover every
situation and must be interpreted in the light of the particular circumstances of each case. If you are in any doubt about any particular situation, you should consult with your Head of Department or the Compliance Department. The remainder of this policy details the following information: Guidelines for Gifts & Entertainment, Donations and Political Contributions. Restrictions in Connection with the Sale of Packaged Products, i.e. OEICs. Packaged Products Guidance on Reasonable Indirect Benefits FINRA Specific Requirements for Registered Persons of BGFS Specific Requirements for BGA(HK) Guidelines 5.1.1. Application to all staff The general principles
and guidelines apply to all staff within Baillie Gifford irrespective of whether they are in direct contact with clients or potential clients or not. 5.1.2. Application to all third parties Whilst the FCA
and CBI requirements relate to managing or minimising conflicts which affect the services provided to our clients and to firms who in turn are advising clients, our principles also apply to other third parties who supply goods or services, whether
these are supplied to clients or on the clients behalf or are supplied to Baillie Gifford itself. This ensures that the standards set are consistently applied by all staff and for all relationships. 5.1.3. No Solicitation Baillie Gifford expressly
prohibits staff from soliciting for themselves or for members of their family or for the firm itself, gifts, hospitality, entertainment or anything of value from a client, potential client, supplier or any other entity with which Baillie Gifford
does business (other than fees and expenses properly due and payable). 23
5.1.4. No Cash Gifts No member of staff may give or accept any financial instruments, including cash gifts to or from a client, potential client, or any entity that does business
with or on behalf of Baillie Gifford. This applies equally to the giving or receiving of promotional competition prizes. 5.1.5. Donations As a general rule, no cash donations should be made in connection with our clients or prospective clients. Donations of
non-cash prizes are acceptable, providing they meet the criteria in the Inducements policy. Cash donations are more likely to be viewed as giving rise to a conflict and our general policy is that these should
be avoided. Any cash donations which are proposed, as an exception to the general rule, should be pre-cleared with the Group Compliance and Legal Director. For example, it may be permissible to make a cash
donation to a charity on the death of a long standing contact as a client, although the amount of the donation should be carefully considered. Please
note that this does not affect charitable donations, approved via our Sponsorship Committee, which are not connected with our clients or prospects. 5.1.6. Political Contributions Policy Political
contributions by financial services firms and their personnel have come under increased regulatory scrutiny in the US. Regulators have expressed concern that some in the financial services industry are inappropriately influencing the awarding of
business for state and local government entities by making political contributions to officials holding or running for office. These pay-to-play activities
are now restricted by numerous federal, state, and local laws. The Securities and Exchange Commission (SEC) has enacted a pay-to-play rule for investment advisors. This
rule restricts the political contributions and political fundraising activities that may be engaged in by investment advisors and their personnel. The consequences for violations of the SEC rule and other state and local laws are significant. In the
event of a violation, Baillie Gifford could be prohibited or restricted from doing business with certain government entities. Given the scale of our
activities in the US, the following procedures apply to all staff within Baillie Gifford, irrespective of whether they are in direct contact with clients or potential clients or not, and to their connected persons (see section 4.3 of the
Code of Ethics for a definition of connected persons). There will also be additional reporting obligations for US based staff. The requirements are as follows: All members of staff are required to obtain preclearance from the Compliance Department before either they or a
connected person: make any political contributions, either directly or indirectly, to US federal, state or local officials; or
participate in any political fund-raising activity in the US. Preclearance requests should be submitted by email to Baillie Giffords US based Compliance Counsel and the Code of Ethics Team. All members of staff must confirm on an annual basis, that they have disclosed to the Compliance Department any
political contributions made to US federal, state or local officials and any political fund-raising activity in the US. This disclosure will form part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics System.
In addition to requirement (2) above, US based staff must confirm on a quarterly basis that they have
disclosed to the Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity in the US. The disclosure should be submitted via the Code of Ethics System upon request from the
Compliance Department. Upon joining the firm, all new members of staff must disclose to the Compliance Department any political
contributions made to US federal, state or local officials and any political fund-raising activity in the US within the previous two years. This disclosure will form part of the existing Personal Compliance Responsibilities Certificate that all new
staff are required to submit upon joining the firm. Whilst strictly speaking the above requirements apply to US political contributions
only, members of staff should also give due consideration to all other political contributions (UK or otherwise) from a general conflict of interest and transparency perspective. Staff should disclose to the Compliance Department, any political
contributions that may give rise to an actual conflict of interest, a potential conflict of interest or the perception of one. 24
5.1.7. De Minimis Gifts Gifts given or received which are of a de minimis nature due to their characteristics or likely cost are unlikely to give grounds for suggestions of undue
influence and are therefore exempt. Typical examples of de minimis gifts would include umbrellas, diaries and pens with advertising logos for the donor company. The Compliance Department should be consulted in any questionable situation. 5.1.8. Gifts which are not De Minimis All gifts given or
received which are not de minimis must be recorded in the Code of Ethics System. It is generally acceptable for members of staff to retain gifts received that are below £50 in value (or equivalent in another currency), provided this is not
with undue frequency. In the case of gifts received above £50 in value (or equivalent in another currency), the member of staff concerned should consult with their Head of Department as to the appropriate course of action. In the majority of
cases gifts above £50 (or equivalent in another currency) which are received should be: surrendered to the Events Team for use for charitable purposes or distribution as part of the firms annual
Christmas raffle; returned to the third party concerned; or distributed amongst the Department in the case of perishable gifts, e.g. hampers. Where the member of staff wishes to retain a gift above £50 (or equivalent in another currency), then he or she should pay for the estimated cost of the
gift above this limit and this amount should be given to the Finance Department for use for charitable purposes. Similarly, gifts above £50 in
value (or equivalent in another currency) should generally not be given by a member of staff. 5.1.9. Promotional Competition/Prizes In offering any promotional competition or prizes, the member of staff responsible should: consider the likely impact or influence the prize would have on the recipient; and consult with a Partner or the relevant Board on the likely impact of the competition on the brand of Baillie
Gifford. In all cases the prize offered should be of reasonable value, i.e. it should not be excessive or inappropriate. Any competition prizes won by a member of staff at a business-related event, e.g. a conference or seminar, should be recorded for transparency in the Code of
Ethics System. 5.1.10. Business Lunches/ Dinners The establishment and maintenance of strong relationships with our clients, suppliers, intermediaries and consultants is integral to our ability to provide
effective investment management services. Routine business lunches or dinners are good mechanisms for building and maintaining relationships and are unlikely to give grounds for suggestion of undue influence unless they become overly frequent or are
unduly lavish. Routine business lunches and dinners given do not require to be reported. These should be recorded in Baillie Giffords expenses
system. The Business Expense Claims procedure will provide an adequate control over the magnitude of costs incurred by Baillie Gifford when giving such lunches and dinners. Many of Baillie Giffords clients (particularly those covered by ERISA) are subject to specific reporting requirements regarding their acceptance of
business lunches and dinners. In order for Baillie Gifford to ensure that it is able to provide clients with their required information, the following additional information should be recorded on the Business Expense Claim Form, with respect to any
clients for whom we have hosted a business lunch or dinner: 25
The name of the client being entertained; The names of the individuals being entertained; The total cost of the lunch or dinner. Generally, routine business lunches and dinners received do not need to be reported. The exception to this is business lunches and dinners received from UK or
European financial institution or intermediary that provides advice or portfolio management services to retail clients (UK/EU MiFID firms). Such lunches and dinners do need to be recorded in the Code of Ethics System. 5.1.11. Entertainment/Hospitality Given All members of
staff must exercise discretion in offering hospitality. Members of staff should not provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of
Baillie Gifford or our clients. Similarly, a member of staff should not provide entertainment to such parties with undue frequency. With the exception of
occasions where the client is a UK/EU MiFID firm (see below), members of staff may provide entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value provided that the
person or Baillie Gifford is present at the event. If the person or Baillie Gifford is not present, then the entertainment becomes a gift and the procedures in section 5.1.8 apply, i.e. gifts above £50 (or equivalent in another currency)
should generally not be given by a member of staff. In considering the hospitality or entertainment event, you should note that attending expensive or
exclusive sporting or cultural events can draw criticism. Invitations should not be offered if they could be construed as being unusual or risk creating a sense of obligation to the host or bias in their favour. In situations of any doubt, consult with your Head of Department. All entertainment or hospitality must be recorded in the Code of Ethics System. In many cases the value of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the
street value of the event in the eyes of a third party. An acceptable minor non-monetary benefit is one which is
capable of enhancing the quality of service provided to the client and consists of hospitality of a reasonable de minimis value such as food and drink during a business meeting, conference, seminar or training event. Baillie Gifford have set a de
minimis limit of £100 (or equivalent in another currency) per head to allow a reasonable level of hospitality at business events. Standalone hospitality that is not directly linked to a business event, e.g. sporting events, is no
longer permitted. These restrictions apply to hospitality provided to UK/EU MiFID firms only and not to hospitality provided to UK or Overseas segregated clients or suppliers). 5.1.12. Entertainment/Hospitality Received All members
of staff must exercise discretion in accepting hospitality. Members of staff should not accept extravagant or excessive entertainment from a client, prospective client, a business in which Baillie Gifford invests, or any person or entity that does
or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not accept entertainment from such parties with undue frequency. Members of staff may accept entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable
value provided that the person or firm providing the entertainment is present at the event. If the person or firm is not present, then the entertainment becomes a gift and the procedures in section 5.1.8 apply, i.e. gifts above £50 (or
equivalent in another currency) should generally not be accepted by a member of staff. 26
It is the policy of the firm not to accept standalone hospitality from broker firms. For this purpose,
standalone hospitality would include invitations to and attendance at sporting or cultural events and any associated travel, accommodation, drinks and meals. This policy would not affect routine business lunches or dinners, or reasonable hospitality
attached to conferences or other educational events or social events which are distributed widely and of a de minimis nature (i.e. under £100 (or equivalent in another currency) per head). This covers by way of example a broker drinks evening
at which the broader asset management community is invited. In considering the hospitality or entertainment event, you should note that attending
expensive or exclusive sporting or cultural events can draw criticism. Invitations should not be accepted if they could be construed as being unusual or risk creating a sense of obligation to the host or bias in their favour. In situations of any doubt, consult with your Head of Department. All entertainment or hospitality must be recorded in the Code of Ethics System. In many cases the value of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering
the street value of the event in the eyes of a third party. Do not hesitate to ask the host for further information about the event (e.g. cost) in order
to reach a decision. 5.1.13. Travel/Accommodation Costs In the case of a member of staff receiving hospitality or entertainment, travel and accommodation costs should be paid for by that member of staff or a request
made to the organiser of the event that the individual member of staff be invoiced for these costs. Where the third party has arranged a discounted hotel rate or other reduction in the cost of the accommodation or travel, it is reasonable for the
member of staff to accept this reduced rate. Likewise, where the host provides communal transport which is not excessive or unduly lavish, for example the use of a mini bus. In the case of Baillie Gifford offering hospitality, travel expenses will ordinarily be paid for by the recipient of the entertainment or hospitality.
However, there may be occasions where reasonable accommodation costs can be provided by Baillie Gifford subject to this meeting the general principles of this Policy. 5.1.14. Disclosure A key aspect of Baillie
Giffords Inducements Policy is disclosure. Under our procedures, all gifts (other than de minimis) and hospitality which are given or received are recorded in the Code of Ethics System. Disclosures should be made to your normal gifts and
entertainment representatives for Trading, Investors and Clients Department, and Compliance for all other departments. Likewise, all members of staff
should consider if an inducement which has been offered or received should be disclosed to a client, or potential client. This will depend upon the circumstances of each case. As an example, where a fee is paid to a third-party consultant in order
to place details of Baillie Gifford on a consultant database, we should disclose this payment to any potential client of the consultant who considers us for an investment mandate. 5.1.15. Client Specific Code of Ethics Requirements A
small number of Baillie Giffords clients have specific code of ethics requirements which go beyond Baillie Giffords Inducements Policy. Members of staff, and Client Contacts in particular, should consider these additional requirements
when giving gifts and/or entertainment to these clients. For record keeping purposes, Compliance maintain a list of clients with specific Code of Ethics
requirements. Restrictions in Connection with the Sale of Package Products, i.e. OEICs If a firm is required to disclose commission (or commission equivalent) (under COBS 6.4) to a client in relation to the sale of a packaged product, a member of
staff should not enter into any of the following arrangements: 27
volume overrides where commission (or commission equivalent) paid in respect of several transactions is more than
a simple multiple of the commission (or commission equivalent) payable in respect of one transaction of the same kind; and an agreement to indemnify the payment of commission (or commission equivalent) on terms that would or might
confer an additional financial benefit on the recipient in the event of the commission (or commission equivalent) becoming repayable. Packaged Products Guidance on Reasonable Indirect Benefits The general principles at the beginning of this section are particularly important in relation to packaged products. Staff must not pay or accept any fee or
commission or provide or receive any non-monetary benefit if it is likely to conflict to a material extent with any duty the firm owes to its customers or any duty which the recipient firm (which includes
independent intermediaries) owes to its customers. In relation to the sale of packaged products, we are only able to provide minor non-monetary benefits if they are designed to enhance the quality of service to the client. The list below indicates the kind of benefits that are capable of enhancing the quality of the service provided to a client
and, depending on the circumstances, are capable of being given or received without conflicting with clients best interests. However, these need to be considered on a case by case basis. Benefits are unlikely to give rise to conflicts if they are: reasonable and proportionate, of a limited scale and nature, do not need to be relied upon by the intermediary, could reasonably not be expected to result in the channelling of business from the intermediary to Baillie
Gifford, and do not result in the intermediary recovering more than its reasonable costs. The list below summarises the kind of reasonable non-monetary benefits which the provider firm can give or receive.
This list is summary only and any member of staff should contact the Compliance Department for further guidance before deciding whether to give or accept the benefit (* = only if available to independent intermediaries generally): Gifts, hospitality and promotional competition prizes of a reasonable value. Gifts and corporate hospitality
given to intermediaries must not exceed an aggregate limit of £1,000 (or equivalent in another currency) per intermediary firm, per calendar year. This limit applies to gifts and corporate hospitality only and excludes conferences, seminars
and training events. For large intermediary firms, the £1,000 (or equivalent in another currency) limit can be applied at regional office level. In addition, events must be designed for business purposes that result in advisers being able to
provide a better service to their customers. A product provider can assist another firm to promote its packaged products so that the quality of its service
to clients is enhanced. Points (3) to (6) in relation to joint marketing exercises: Generic product literature (letter heading, leaflets, forms and envelopes) as long as the literature enhances
the quality of the service to the client and is not primarily of promotional benefit to the product provider, and the distribution cost is borne by the intermediary. Freepost envelopes* Product specific literature (for example, key features, minimum information) subject to specific conditions.
28
Draft articles, news items and financial promotions for publication in the intermediarys magazine as long
as any cost borne by the provider firm is not more than market rate and excludes any distribution costs. Take part or pay towards the cost of seminars and conferences organised by another firm as long as it is:
For a genuine business purpose Reasonable and proportionate. Any costs paid should be associated with the level of Baillie Giffords participation and by reference to the time that Baillie Gifford
staff have played an active role. Baillie Gifford should not be paying all an advisory firms costs incurred in running a seminar or conference. Freephone link * Technical services Quotations and projections relating to its packaged products and advice on completion of forms or other documents
Access to data processing facilities or to data related to the firms business Access to 3rd party electronic dealing or quotation systems Software giving information about the firms packaged products. Any payments to an intermediary that go
beyond that which is required to operate software supplied by Baillie Gifford would not be permitted. Likewise, any payments to develop an intermediarys general IT systems would not be permitted. Generic technical information in writing, not necessarily related to the firms business* or if it is of a
specialist nature is made available to a particular class of intermediary. Training facilities (lectures, venues, written material, software) * If Baillie Gifford is giving an advisory firm training on the features and benefits of its products or services, the training should be made
reasonably available to all advisory firms that could recommend Baillie Giffords products, even if only on a first-come, first-served basis. Please
note, that whilst this section applies to packaged products, the arrangements in (12) above can also be applied to our institutional business, although consideration must be given to overseas clients with specific code of ethics requirements on
inducements. FINRA Specific Requirements for Registered Persons of BGFS Registered persons of BGFS are not permitted to give or receive any gifts of value in excess of $100 per individual per year to another FINRA members
registers persons. Small gifts of less than $100 per year per recipient are aggregated toward the annual gift limit. For further information on
BGFSs Gifts and Entertainment policy, please see the BGFS Written Supervisory Procedures. Specific Requirements for BGA(HK) Employees and Licensed Representatives of BGA(HK) are bound by the HKD equivalent (on a day to day basis) of all GBP values quoted within this policy. As such, employees and Licensed Representatives are not permitted to give or receive any gift of value in excess of the HKD equivalent of £50. 29
6. Acknowledgement and Certification Receipt and Acknowledgement of the Code All members of staff are required to receive a copy of the Code of Ethics and any amendments to the Code of Ethics. All members of staff are required to
complete an annual certification, confirming that they have read the Code of Ethics and acknowledging that they are subject to its requirements. Further, all members of staff confirm through the annual certification that they have complied with the
Code and that they have disclosed or reported all information required to be disclosed or reported according to the requirements of the Code. All
certifications of receipt of the Code shall be filed with the Compliance Department by submitting a Certificate of Compliance. Annual Report to Baillie Gifford Boards The Group Compliance and Legal Director will prepare and submit to the appropriate Baillie Gifford Boards an annual report which: certifies that the firm or investment company as appropriate has adopted procedures designed to prevent Access
Persons from violating the Code; identifies any violations of the current procedures for personal securities investing and managements
recommended response; and makes any recommended changes in the procedures, as appropriate, based on operating experience under the Code,
evolving industry practices or amendments to applicable laws or regulations. 30
Baillie Gifford & Co Head Office Calton Square, 1 Greenside Row, Edinburgh EH1 3AN Telephone +44 (0)131 275 2000 www.bailliegifford.com 31
CODE OF ETHICS
2022
Equity securities (publicly traded)
Yes
Yes
Yes
Derivatives (futures and options)
Yes
Yes
Yes
Corporate Bonds
Yes
Yes
Yes
Government securities
No
No
No
BG managed Investment Trusts
Yes
Yes
Yes
Non-BG managed Investment Trusts
Yes
Yes
Yes
BG managed OEICs
Yes
Yes
Yes
Non-BG managed OEICs, Unit Trusts, mutual funds or other open-end vehicles
No
No
No
Yes
Yes
Yes
Venture Capital Trusts (VCTs), Enterprise Investment Scheme (EIS), business angel investments.
Yes
Yes
Yes
Spread betting on a covered security
Yes
Yes
Yes
Spread betting on financial markets or non-financial instruments
No
No
No
ETFs (Exchange traded fund)
Yes
Yes
Yes
Cash ISAs
No
No
No
Cryptocurrencies
No
No
No
Structured Deposits in instruments covered by the Policy, e.g. shares, corporate bonds etc.
Yes
Yes
Yes
Structured Deposits in instruments not covered by the Policy, e.g. indices, exchange rates etc.
No
No
No
Certificate of Deposit
No
No
No
Fixed Term Deposit
No
No
No
Fixed Term Bond
No
No
No
Peer-to-peer lending
No
No
No
Default fund(s) investments held within Baillie Giffords workplace pension (ARC)
No
No
No
Covered securities held within Baillie Giffords workplace pension (ARC)
Yes
Yes
Yes
Investments within the Baillie Gifford Select SIPP
Yes
Yes
Yes
Covered securities held within an ISA, SIPP, share plan or Variable Insurance Product.
Yes
Yes
Yes
Covered securities held within a discretionary portfolio management service
Yes
No
Yes
Yes
No
Yes
Sale of nil-paid rights or the part sale of nil-paid rights to fund a partial take up of new shares.
Yes
No
Yes
Free shares acquired as a result of de-mutualisation (note: any subsequent sale of these securities would require pre-clearance).
Yes
No
Yes
Yes
No
Yes*
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5.2
5.3
5.4
5.5
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3.
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2.
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Jacobs Levy Equity Management, Inc.
Code of Ethics
INTRODUCTION
I. | General |
Jacobs Levy Equity Management, Inc. (Jacobs Levy) has adopted this Code of Ethics (the Code) for the purpose of establishing the standards of conduct and rules for staff regarding conflicts of interest, personal investing and other activities, and compliance with applicable law. The guidelines below are designed to prevent or manage circumstances that may lead to, or give the appearance of, conflicts of interest, abusive trading, or unethical business conduct and to ensure that high ethical standards are maintained by Jacobs Levy and its staff.
As a registered investment adviser and a fiduciary, Jacobs Levy owes an undivided duty of loyalty to the investment companies and other clients for which Jacobs Levy serves as investment manager, adviser, or sub-adviser. Jacobs Levy insists on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. Adherence to this Code is a fundamental condition of employment with Jacobs Levy.
II. | Definitions |
CCO means the Chief Compliance Officer of Jacobs Levy1.
Client means any person or entity for which Jacobs Levy serves as investment manager, adviser, or sub-adviser.
Supervised Person refers to a person who is a shareholder, officer, or employee of Jacobs Levy and includes any other person who provides investment advice on behalf of Jacobs Levy and is subject to Jacobs Levys supervision and control.
III. | Compliance Certification |
Supervised Persons are required to certify at least annually that they: (i) have received, read, and understand the Code and recognize that they are subject to it, (ii) have complied with all the requirements of the Code during the calendar year, (iii) have reported or, if applicable, obtained approval for all personal securities transactions, gifts and business entertainment, and political contributions and activities pursuant to the requirements of this Code, and (iv) are not subject to certain disciplinary matters. New Supervised Persons will be required to certify they have received, read, and understand this Code upon commencement of employment with Jacobs Levy.
IV. | Reporting Violations of the Code and Statement and Sanctions |
| Supervised Persons subject to this Code who fail to comply with any of the policies or procedures described herein may also be violating the federal securities laws or other federal and state laws. |
| Any violation or suspected violation of this Code should be reported immediately to the CCO. Any Supervised Person reporting a suspected violation by another person in good faith will not be subject to reprisals for such reporting. |
| Upon determining that a violation has occurred, Jacobs Levy may impose on the relevant Supervised Person such sanctions as it deems appropriate, including, among other things, fines, censure, suspension, or termination of service. |
1 | References to CCO in this Policy will mean the CCO or a designee of the CCO. |
STANDARDS OF CONDUCT AND COMPLIANCE WITH LAWS
Jacobs Levy recognizes and respects its staffs right to privacy concerning personal affairs. However, to ensure that we fulfill our legal and fiduciary obligations, Jacobs Levy requires Supervised Persons to (i) provide full and timely disclosure of any situation that could result in a conflict of interest or even the appearance of a conflict and (ii) comply with the restrictions and procedures set out in this Code.
Business Standards
To reinforce our commitment to high ethical standards, we have adopted the business conduct standards described below.
| Supervised Persons must treat Clients fairly and act in good faith. This means, among other things, that Supervised Persons must never: |
| Defraud a Client in any manner; |
| Mislead a Client, including by making a statement that omits material facts; |
| Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a Client; or |
| Engage in any manipulative practice with respect to a Client or the securities markets, including price manipulation and rumor mongering. |
| Each Supervised Person must comply with all applicable federal and state securities laws. |
| If a relationship, arrangement, or interest arises which would put a Supervised Person in a position where he or she might be induced to act in a manner that is not in the best interest of a Jacobs Levy Client, the Supervised Person should disclose the nature of the conflict of interest to the CCO. |
| Supervised Persons must retain suppliers and vendors on behalf of Jacobs Levy and Clients based on quality, reliability, price, service, and other appropriate advantages. |
| Supervised Persons must not bribe, provide a kickback or similar remuneration, or consideration of any kind to any individual or organization or to any intermediaries such as agents, attorneys, or other consultants, for the purpose of influencing such individual or organization in obtaining or retaining business for, or directing business to, Jacobs Levy. |
| Supervised Persons must not improperly use the Jacobs Levy name, misrepresent their roles or positions at Jacobs Levy, or otherwise exploit the Jacobs Levy name or their relationship with Jacobs Levy for personal benefit. |
Outside Activities
Supervised Persons are not permitted to serve on any board of directors or as trustees or in any other management or advisory capacity of any not-for-profit organization in the financial industry or any private or public for-profit company, in each case without prior written authorization from the CCO based upon a determination that such service would not be inconsistent with applicable law, the interests of any Client, or their responsibilities at Jacobs Levy. Supervised Persons are not required to obtain prior approval to serve in any capacity for a charitable or other not-for-profit organization unless (a) approval is specifically required under this policy or another firm policy or (b) such capacity involves advising on or making investment decisions with respect to securities that are subject to the firms Policy and Procedures Regarding Personal Investments set out in the next section of this Code. See also the Jacobs Levy Employment Handbook, Section 207. Best Efforts and Conflicting Business Activities Policy.
Adopted: March 2006
Revised: December 2011; January 2016
STATEMENT OF POLICY AND PROCEDURES
REGARDING PERSONAL INVESTMENTS
I. | Purposes |
(a) | This Statement of Policy and Procedures Regarding Personal Investments (the Personal Investments Policy) is an important part of our Code and is intended to comply with Rule 17j-1 under the Investment Company Act of 1940, as amended (the Company Act), and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the Advisers Act). These Rules require Jacobs Levy to adopt a code of ethics containing provisions reasonably necessary to prevent staff from engaging in certain conduct. Among other things, the Rules impose certain reporting and pre-clearance requirements regarding personal securities transactions by Supervised Persons. Jacobs Levy understands that each registered investment company that it sub-advises has adopted a code of ethics with respect to certain specified individuals of the investment companies. This Code and Statement is also intended to comply with the provisions of Rule 204-2 under the Advisers Act, which requires Jacobs Levy to maintain records of securities transactions in which certain of its personnel have any Beneficial Ownership. |
(b) | This Personal Investments Policy is intended to ensure that the personal securities transactions of our Supervised Persons are conducted in accordance with the following principles: |
(i) | A duty at all times to place first the interests of Clients; |
(ii) | The requirement that all personal securities transactions be conducted consistent with this Personal Investments Policy and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individuals responsibility and position of trust; and |
(iii) | The fundamental standard that Jacobs Levy personnel not take inappropriate advantage of their positions. |
(c) | In addition to the specific prohibitions on certain personal securities transactions as set forth below, all Supervised Persons are prohibited, in connection with the purchase or sale, directly or indirectly, by such persons of a security held or to be acquired by a Client, from: |
(i) | Employing any device, scheme or artifice to defraud any Client; |
(ii) | Engaging in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Client; |
(iii) | Engaging in any manipulative practice with respect to any Client; or |
(iv) | Revealing to any other person (except in the normal course of his or her duties on behalf of a Client) any information regarding securities transactions by any Client or the consideration by any Client or Jacobs Levy of any such securities transactions. |
II. | Definitions |
The following definitions apply to this Personal Investments Policy in addition to the definitions contained elsewhere in this Code.
(a) | Beneficial Ownership is interpreted in the same manner as it would be under Rule 16a- 1(a)(2) of the Securities Exchange Act of 1934, as amended, and includes ownership by any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in a security. Note, a Supervised Person may beneficially own securities that are in the name of another person by virtue of his or her relationship with such other person or through an arrangement whereby he or she has a right to obtain title to the securities now or in the future. (See Personal Account definition in section II(e) below.) |
(b) | Covered Security means a common stock, preferred stock, bond, or other security as defined in Section 2(a)(36) of the Company Act, and any derivative thereof, commodities, options or forward contracts. |
The term Covered Securities does not include the following: (i) shares of open-end investment companies registered under the Company Act (i.e., mutual funds) that are not exchange-traded funds (ETFs) or Reportable Funds (as defined in section II(g) below); (ii) direct obligations of the Government of the United States; (iii) bankers acceptances; (iv) bank certificates of deposit; (v) commercial paper; (vi) high quality short-term debt instruments, including repurchase agreements; and (vii) shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies, none of which are Reportable Funds.
(c) | House Accounts refer to any internal partnerships, limited liability companies, series of limited liability companies, or separate accounts managed by Jacobs Levy, which are traded and allocated in accordance with the same policies and procedures that apply to Client accounts. |
(d) | Approved Managed Account refers to a Personal Account (as defined in section II(e) below) with respect to which the Supervised Person (or account owner, if not the Supervised Person) has granted full investment discretion to a broker-dealer, investment manager or adviser, trust company or trustee, or bank and the Supervised Person (and the owner of the account, if not the Supervised Person) has no influence or control over the investment decisions being made for the account, including no ability to influence future specific transactions for the account. |
(e) | Personal Account, except as set forth below, refers to any brokerage or investment account in which a Supervised Person has any Beneficial Ownership. |
Common examples of Personal Accounts include brokerage or investment accounts maintained by or for:
(i) | The Supervised Person; |
(ii) | The Supervised Persons spouse (other than a legally separated or divorced spouse) or minor children; |
(iii) | Any immediate family member of the Supervised Person who lives in his or her household. For purposes of this provision, the account of an adult child (above the age of 18) of a Supervised Person who lives in the Supervised Persons household temporarily from time to time and for whom the Supervised Person does not provide primary financial support and whose financial affairs the Supervised Person does not control shall not be deemed a Personal Account of the Supervised Person, provided that the Supervised Person has no other financial or pecuniary interest in the account; and |
(iv) | Any person to whom the Supervised Person provides primary financial support, and (i) whose financial affairs the Supervised Person controls or (ii) for whom the Supervised Person provides discretionary investment advisory services. |
Personal Accounts also include:
(i) | An investment vehicle (such as a private investment fund) in which the Supervised Person or a person enumerated above has a pecuniary interest; |
(ii) | An investment account of an entity over which the Supervised Person or a person enumerated above exercises direct or indirect control or influence (such as a trust or estate of which the Supervised Person or a person enumerated above serves as Trustee); and |
(iii) | A trust, estate, or other account in which the Supervised Person has a present or future interest in the income or principal. |
For purposes of this Personal Investments Policy, Personal Account does not include the House Accounts.
(f) | Purchase or Sale of a Covered Security includes, among other things, buying, selling, or writing an option to purchase or sell a Covered Security, selling a Covered Security short or covering a short position in a Covered Security, and trading of any other derivative of a Covered Security. |
(g) | Reportable Funds means any open-end investment company registered under the Company Act (i.e., mutual fund) for which Jacobs Levy serves as investment adviser or sub-adviser or whose investment adviser, sub-adviser, or principal underwriter controls Jacobs Levy, is controlled by Jacobs Levy, or is under common control with Jacobs Levy. |
III. | Purchases and Sales of Covered Securities |
It is the responsibility of each Supervised Person to ensure that a particular securities transaction being considered for a Personal Account is not subject to a restriction contained in this Personal Investments Policy or otherwise prohibited by any applicable laws.
The Purchase or Sale of a Covered Security for Personal Accounts may be effected only in accordance with the following provisions.
(a) | Pre-Clearance is Required. Supervised Persons are required to obtain the prior written approval of the CCO or designee in connection with the Purchase or Sale of a Covered Security, directly or indirectly, in which the Supervised Person has, or after such transaction would have, any Beneficial Ownership (i.e., a transaction for a Personal Account). |
For the avoidance of doubt, initial public offerings (IPOs), privately-placed securities (such as an investment in a private company or private investment fund), and exchange- traded funds (ETFs) are required to be pre-cleared under this paragraph.
(b) | Process for Pre-Clearance Request. A request for pre-clearance must be made in writing in advance of the contemplated transaction. Supervised Persons are required to use the current Pre-Clearance Form, in substantially the form shown in Attachment A. Any approval given under this paragraph will remain in effect until the close of trading on the principal market on which the applicable Covered Security is traded on the date of approval (i.e., the trade must be executed on the same trading day approval is granted). |
In making a determination as to whether to approve a transaction, the CCO or designee (having no personal interest in the subject transaction) may approve the transaction if the CCO or designee concludes that the transaction is not likely to have any adverse economic impact on a Client or on its ability to purchase or sell Covered Securities of the same class or other Covered Securities of the issuer involved. When considering a pre- clearance request for an IPO or private placement, the CCO or designee will also consider whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with Jacobs Levy.
(c) | Restriction on the Use of Jacobs Levy Broker. Supervised Persons are generally prohibited from executing or causing the execution of an investment transaction in a Personal Account with the same individual employee at a broker-dealer firm with whom Jacobs Levy executes trades for Client accounts. |
(d) | Insider Trading. As a reminder, Supervised Persons are prohibited from engaging in any activity that is prohibited under the Jacobs Levy Insider Trading Policy. Under the Insider Trading Policy, Supervised Persons are, among other things, prohibited from trading in an issuer for themselves or others while in possession of material, non-public information related to that issuer or encouraging others to do so or trading in a security or instrument in advance of, or based upon knowledge of, a proprietary or Client trade order, or planned order. |
IV. | Exempted Transactions |
The requirements of Section III of this Personal Investments Policy do not apply to the:
(a) | Purchase or Sale of Covered Securities with respect to which a Supervised Person has (or by reason of such transaction would have) no Beneficial Ownership; |
(b) | Purchase or Sale of Covered Securities that are non-volitional on the part of either a Supervised Person (including a corporate action, such as a spin-off, that accrues to all holders of the applicable security) or are pursuant to an Employee Stock Option Plan (ESOP) or automatic dividend reinvestment plan; |
(c) | Purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of the issuers securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; or |
(d) | Purchase or Sale of Covered Securities effected for an Approved Managed Account. |
The CCO has the authority to exempt any Supervised Person or transaction from any or all of the provisions of this Personal Investments Policy if the CCO determines that such exemption would not be harmful to Clients and would be consistent with applicable law and regulations; provided that only another Compliance Officer may exempt the CCO under this paragraph. The CCO (or other Compliance Officer, if applicable) will keep a record of any exemption granted under this paragraph, describing the circumstances and reasons for the exemption.
V. | Reporting Requirements |
Each Supervised Person must report to the CCO information (described below) with respect to holdings and transactions in Covered Securities in which the Supervised Person has, or by reason of a transaction acquires, any direct or indirect Beneficial Ownership (i.e., holdings and transactions in a Personal Account). The reporting requirements described in this section do not apply to Approved Managed Accounts or any account that has been granted a specific exception by the CCO. Supervised Persons are required to use the standard Jacobs Levy forms to report the information required under this section, unless an exception is granted.
(a) | Initial Holding Reports. No later than ten (10) days after a Supervised Person becomes subject to this Personal Investments Policy, he or she must report the following information (which information must be current as of a date no more than thirty (30) days before the report is submitted): |
(i) | the title, number of shares and principal amount of each Covered Security (whether or not publicly traded) in which the Supervised Person has any direct or indirect Beneficial Ownership (i.e., holdings in all Personal Accounts); |
(ii) | the name of any broker, dealer, bank, or financial institution with whom the Supervised Person maintains an account in which any securities were held for the Supervised Persons direct or indirect benefit; and |
(iii) | the date that the report is submitted. |
(b) | Quarterly Transaction Reports. No later than ten (10) business days after the end of a calendar quarter (or other date specified by the CCO), each Supervised Person must report the following information: |
(i) | with respect to any transaction during the quarter in a Covered Security (whether or not publicly traded) in which the Supervised Person has, or by reason of such transaction acquired, any direct or indirect Beneficial Ownership (i.e., transactions in Personal Accounts): |
(1) | the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered 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 Covered Security at which the transaction was effected; |
(4) | the name of the broker, dealer, bank, or financial institution with or through which the transaction was effected; and |
(5) | the date that the report is submitted. |
(ii) | with respect to any account established by the Supervised Person in which any securities (whether or not publicly traded) were held during the quarter for the Supervised Persons direct or indirect benefit (i.e., any new Personal Account): |
(1) | the name of the broker, dealer, bank, or financial institution with whom the account was established; |
(2) | the date the account was established; and |
(3) | the date that the report is submitted. |
(c) | Annual Holdings Reports. Annually, by February 1 of each year, all Supervised Persons must report the following information (which information must be current as of a date no more than forty-five (45) days before the report is submitted): |
(i) | the title, number of shares and principal amount of each Covered Security (whether or not publicly traded) in which the Supervised Person had any direct or indirect Beneficial Ownership (i.e., securities holdings in Personal Accounts); |
(ii) | the name of any broker, dealer, bank, or financial institution with whom the Supervised Person maintains an account in which any securities are held for his or her direct or indirect benefit; and |
(iii) | the date that the report is submitted. |
(d) | Alternative Reporting. Supervised Persons may submit, or the CCO may require the submission of, duplicate broker trade confirmations and account statements to satisfy the quarterly reporting requirements of section V(b) above so long as (i) the confirmation or statement includes the information set forth in section V(b) and (ii) the CCO receives the confirmation or statement no later than ten (10) business days (or such other date designated by the CCO) after the end of the applicable calendar quarter. |
Supervised Persons are responsible for separately reporting transactions that are not held in a traditional account and do not appear on brokerage statements. Such transactions are most commonly transactions in private placements that are not executed through or held in an account with a broker-dealer (such as an interest in a private company or a private investment fund).
(e) | Report Qualification. Any report may contain a statement that the report shall not be construed as an admission by the person making the report that he or she has any direct or indirect Beneficial Ownership in the Covered Securities to which the report relates. |
(f) | Certifications; Additional Information. The CCO may request certifications and documentation from Supervised Persons or third parties to support the information reported by Supervised Persons in accordance with this Personal Investments Policy or for purposes of compliance testing. This may include the requirement for a Supervised Persons to submit a holdings or transaction report related to his or her Approved Managed Account(s). |
VI. | Chief Compliance Officer |
(a) | Duties of CCO. The CCO will: |
(i) | review all securities transactions and holdings and transactions reports and maintain the names of persons responsible for reviewing these reports; |
(ii) | identify all persons subject to this Personal Investments Policy who are required to make these reports and promptly inform each person of the requirements of this Policy; |
(iii) | maintain a signed acknowledgement by each person who is then subject to this Personal Investments Policy; and |
(iv) | inform Supervised Persons of their requirements to obtain prior written approval from the CCO as provided in this Personal Investments Policy. |
(b) | Required Records. The CCO will maintain and cause to be maintained: |
(i) | a copy of any code of ethics adopted by Jacobs Levy which has been in effect during the previous five (5) years in an easily accessible place; |
(ii) | a record of any violation of any code of ethics and of any actions taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurs; |
(iii) | a copy of each report and certifications made by any Supervised Person as required by this Personal Investments Policy for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place; |
(iv) | a list of all persons who are, or within the past five (5) years have been, required to make reports, or who were responsible for reviewing these reports pursuant to any code of ethics adopted by Jacobs Levy in an easily accessible place; |
(v) | a record of any requests for pre-clearance and the approvals for at least five (5) years after the end of the fiscal year in which the approval is granted. |
(c) | Submissions to a Reportable Funds Board. The CCO will annually prepare a written report to each Reportable Fund that: |
(i) | describes any issues under this Personal Investments Policy or its procedures since the last report to the Reportable Fund, including, but not limited to, information about material violations of the Policy or procedures and sanctions imposed in response to the material violations; and |
(ii) | certifies that Jacobs Levy has adopted procedures reasonably necessary to prevent its Supervised Persons from violating this Personal Investments Policy. |
Adopted: March 2006
Revised: December 2011; January 2016
GIFTS AND BUSINESS ENTERTAINMENT POLICY
I. | Gifts and Business Entertainment Policy. |
In order to address conflicts of interest that may arise when a staff member accepts or gives a gift, favor, special accommodation, or other items of value, Jacobs Levy places restrictions on gifts and business entertainment. As a general matter, gifts and business entertainment must be reasonable in cost and frequency, appropriate as to time and place, not influence the recipient, and not be intended as a bribe, kickback, or payoff. Below are specific restrictions and procedures that staff are required to follow when giving or receiving gifts and business entertainment in the course of their duties at the firm.
The policies and procedures described below do not apply to anything given or received to or from a person with whom the staff member has a bona fide personal or social relationship and is provided in connection with that relationship. Note, a staff member is obligated to disclose to the CCO or a Principal if he or she has a bona fide personal or social relationship with a vendor/service provider or a representative of a vendor/service provider if the staff member is responsible for the relationship with the vendor/service provider.
II. | Definitions |
(a) | Business Entertainment refers to business gratuities or entertainment, such as meals, refreshments, sporting events, concerts, etc., at which the person providing the gratuity or entertainment is present. Note that if the person providing the gratuity or entertainment is not present, then it is considered a Gift (and the Gift procedures apply) rather than Business Entertainment. |
(b) | Gifts include, but are not limited to, candy, wine, fruit baskets, flowers, event tickets, services, and other items of value. |
(c) | G&E refers generally to Gifts and Business Entertainment covered under this Policy. |
III. | Procedures for Receiving or Giving Gifts |
(a) | Receiving a Gift of $100 or More Requires Prior Approval. Supervised Persons are not permitted to accept from any person or entity that does business with or is seeking to do business with or on behalf of Jacobs Levy any Gift that alone, or when aggregated with all other G&E received by the Supervised Person from the same person or entity in the same calendar year, has an estimated value of $100 or more, without the written approval of the CCO. |
(b) | Giving a Gift (Other Than to a Governmental Official) of $100 or More Requires Prior Approval. Supervised Persons are not permitted to give or offer any Gift of $100 or more, individually or in the aggregate in any calendar year, to an existing or prospective Client or any entity that does business with or is seeking to do business with or on behalf of Jacobs Levy, without the prior written approval of the CCO. |
(c) | Giving a Gift to a Governmental Official Requires Prior Approval. Supervised Persons are required to obtain prior written approval for any Gift to a governmental official, regardless of its value. A governmental official includes any officer, employee, representative, or person acting on behalf of a U.S. (federal, state, or local) or non-U.S. government, government-owned or controlled entity or business, public international organization, political party, political party official, or candidate for political office. |
Note, personal political contribution and fundraising activities are governed by the Jacobs Levy Political Contribution and Activities Policy contained in this Code.
(d) | All Gifts Must be Reported. Supervised Persons are required to report all Gifts, regardless of the value, to the CCO. Gifts for which pre-approval is required are considered to have been reported upon the submission of the approval request. |
(e) | Denials. If a request to accept a Gift is denied, the Supervised Person may be required to return the Gift received, donate the Gift to charity, or repay the expense for a Gift that cannot be returned or donated. |
(f) | Requirement to Share Certain Gifts. Gifts of food, such as fruit baskets or holiday chocolates, received by a Supervised Person should be reported to the CCO and then given to the Receptionist to be placed in the kitchen for all staff to share and will generally not be considered a Gift provided to the particular person who received it. |
(g) | Solicited Gifts are Prohibited. Supervised Persons are not permitted to use his or her position with Jacobs Levy to solicit Gifts from an existing or prospective Client, supplier, service provider, person to whom the Supervised Person refers business, or any other entity with which Jacobs Levy does or is seeking to do business. |
(h) | Cash Gifts are Prohibited. Supervised Persons are not permitted to give or accept cash gifts or cash equivalents to or from an existing or prospective Client, supplier, service provider, person to whom the Supervised Person refers business, or any other entity with which Jacobs Levy does or is seeking to do business. |
(i) | Gifts of Promotional Items are Excluded. Promotional items of nominal value, such as pens, mugs, bags, and sweatshirts with a logo, are generally excluded from this Policy. |
IV. | Procedures Relating to Business Entertainment |
(a) | Business Entertainment Given or Received Requires Prior Approval. With the prior approval of the CCO, Supervised Persons are permitted to provide or accept Business Entertainment of reasonable value, if the person or entity providing the entertainment is present and there is a bona fide business purpose for the event. If it is not practical to obtain prior approval, then such event must be reported to the CCO as soon as practical after such event. |
(b) | Extravagant Business Entertainment is Prohibited. Supervised Persons are prohibited from providing or accepting extravagant or excessive Business Entertainment to or from an existing or prospective Client, supplier, service provider, person to whom the Supervised Person refers business, or any other entity with which Jacobs Levy does or is seeking to do business. |
(c) | Vendor Meals at JLEM Offices. Supervised Persons are generally not permitted to accept a meal provided by a broker or other vendor in the business offices of Jacobs Levy. |
V. | Reporting/Recordkeeping |
In addition to the approval and reporting requirements, Supervised Persons may be asked to report previously unreported or prospective G&E on a periodic basis.
The CCO will maintain a log of any G&E approved or otherwise reported in accordance with this Policy.
Adopted: March 2006
Revised: January 2016
POLITICAL CONTRIBUTIONS AND ACTIVITIES POLICY
I. | Purpose |
Jacobs Levy strictly prohibits staff from making contributions to politically connected individuals or entities with the intention of influencing such individuals or entities for business purposes. In addition, certain pay to-play laws and regulations have been adopted requiring the disclosure of political contributions to incumbents in public office, candidates for public office, political action committees, and political parties by employees of investment management firms that manage, or seek to manage, public money. In order to avoid any appearance of a conflict of interest, some states, including New Jersey, prohibit investment managers, whose employees have made political contributions to state or local officials or candidates, from managing money for the state or its subdivisions. Federal pay-to-play laws also impose restrictions on certain political fundraising activities by employees of investment management firms. To ensure compliance with these laws, Jacobs Levy has adopted the procedures described below.
II. | Pre-Approval and Restrictions |
(a) | Political Contributions Require Pre-Approval. In order to comply with applicable pay-to- play rules, any intended contribution by a Supervised Person, his or her spouse, or any immediate family member living in the same household and to whom the Supervised Person provides material financial support, to any of the following persons or organizations must be pre-approved by the CCO: |
| An incumbent in public office or candidate (or successful candidate) for public office of any government entity2 (i.e., any state, local, or non-U.S. government); |
| A political action committee (PAC); or |
| A national political party or a political party of a state or political subdivision thereof. |
Note: A contribution to a candidate for federal office is not required to be pre-cleared unless such person is an incumbent of a state or local public office. For example, a contribution to the presidential campaign of a sitting state governor must be pre-cleared.
(b) | Certain Fundraising Activities Require Pre-Approval. |
Pay-to-play laws prohibit certain fundraising activities, including soliciting or coordinating (i.e., collecting or forwarding): (i) political contributions from any person or political action committee (within or outside of Jacobs Levy) for a state or local office or race or (ii) payments for a political party.
If a Supervised Person or his or her spouse or immediate family member covered under this Policy wishes to engage in fundraising activities, the Supervised Person should notify the CCO, who will be responsible for making a determination whether the activities present an issue under applicable laws, rules, and regulations.
(c) | Less Obvious Examples Requiring Pre-approval. The law defines contribution broadly to include: (i) a monetary gift, (ii) a subscription or loan, (iii) an advance, (iv) a deposit of money, (v) payment to satisfy debts incurred in connection with an election, (vi) payments for transitional expenses or inaugural expenses of a successful candidate for state or local office or an unsuccessful candidate that at the time of the payments is a state or local official, and (vii) anything of value. Activities that could constitute fundraising are equally broad and may occur at a formal event organized and classified as a fundraiser for a particular candidate or on an unplanned basis in an informal setting. |
2 | Government entity means any U.S. State or non-U.S. government or any political subdivision of either, including any agency, authority, or instrumentality of the U.S. State, non-U.S. government or political subdivision, a plan, program or pool of assets sponsored or established by the U.S. State, non-U.S. government or political subdivision or any agency, authority or instrumentality thereof; and officers, agents, or employees of the U.S. State, non-U.S. government or political subdivision or agency, authority or instrumentality thereof, acting in their official capacity. |
Below are examples of some less obvious activities that would require pre-approval:
| Attending a campaign event that requires or involves a cash or a non-cash donation; or |
| Hosting, sponsoring or organizing an event for an incumbent or candidate (such as a meet and greet dinner at a restaurant or a personal residence); or |
| Donating resources or facilities to an incumbent or candidate, such as use of a conference room, office computers, or personal residence; or |
| Assuming a role with an organization (such as a director on a board) that regularly engages in political fundraising and endorses state and/or local candidates for office; or |
| Volunteering for a political campaign. |
(d) | Exceptions for 501(c)(4) Organizations. 501(c)(4) organizations, which are operated exclusively for the promotion of social welfare, such as civics and civics issues, are not covered under this Policy. Therefore, contributions to such organizations are not required to be pre-approved by the CCO. |
Note: A 501(c)(4) may have an affiliated PAC. A proposed contribution to the 501(c)(4)s affiliated PAC is not within this exception and must be pre-approved consistent with the procedures described above.
(e) | Supervised Persons are Prohibited from Circumventing this Policy or Improperly Influencing a Public Official. Under no circumstances may a Supervised Person circumvent this Policy by indirectly making a political contribution or engaging in fundraising through his or her advisors, family members, or any other persons affiliated with the Supervised Person. In addition to the specific prohibitions set forth above, Supervised Persons are prohibited from engaging in any activity, whether or not listed above, that is for the purpose of improperly influencing a public official or candidate to obtain or retain Jacobs Levys engagement as an investment adviser for a public plan client. |
III. | Approvals/Reporting/Recordkeeping |
Supervised Persons should seek pre-approval for political contributions using the attached Political Contribution Pre-Clearance Form, Attachment B. Such contributions will typically be approved absent special circumstances, such as if (i) there is an actual or potential conflict of interest, or any appearance of a conflict of interest, (ii) the contribution is prohibited by law or regulation, or (iii) the contribution could prevent Jacobs Levy from accepting an engagement to manage money for a potential client.
To the extent practicable, the CCO will seek to protect the confidentiality of all information regarding the proposed contribution and activities. Note that Jacobs Levy may be required to disclose publicly certain information about political contributions, including the name of the contributor and the recipient, and the date and amount of the contribution. Supervised Persons may be asked to certify on a periodic basis that they have complied with this Policy. The CCO will maintain a record of all pre-approval requests.
Adopted: December 2010
Revised: January 2016
ATTACHMENT A
PRECLEARANCE FORM
FOR TRANSACTIONS IN PERSONAL ACCOUNTS
This Preclearance Form must be completed prior to engaging in any personal transaction covered by the Jacobs Levy Code of Ethics.
Investment Information
Issuer (Name and Ticker or Other Identifier):
Asset Class (please check):
Common Equity | ETF/Closed End Fund | Muni Bond | ||||||||||||||
Preferred Equity | Corp. Bond | Other |
Equity/ETF/Closed End Fund Investments:
Number of Shares
Debt Investments:
Face Amount | Interest Rate | Maturity Date |
Transaction Information
Transaction Type (please check):
Purchase | Sale | Short Sale | Short Cover |
Estimated Trade Date: | Estimated Price: | |
Broker/Dealer firm: |
Name of Individual Broker (if any): |
QUESTION (please complete) | YES | NO | ||
Is the investment a security on the Restricted Security List? | ||||
Is the investment an initial public offering? | ||||
Is the investment a private placement or investment opportunity of limited availability? |
Representation and Signature
By executing this form, I represent that the information contained herein is accurate and complete and that my trading in this investment is not based on any material nonpublic information. I understand that preclearance will only be in effect until the closing time on the principal market on which the security is traded on the date of the Chief Compliance Officers (or designees) signature.
Name (please print) |
||||
Signature |
Date | |||
Disposition of Preclearance Request | ||||
Approved: | Reviewing Compliance Officer: | |||
Denied: | Date: |
ATTACHMENT B
POLITICAL
CONTRIBUTION
PRE-CLEARANCE
FORM
It is each staff members responsibility to ensure that all contributions comply with applicable state, local and non-U.S. laws, rules and regulations, including contribution limits imposed by such laws, rules, and regulations.
Name of Staff Member:
Name of Incumbent, Candidate, Political Action Committee or Political Party:
Name of person making the contribution (if other than the staff member):
Office held by the Incumbent and/or sought by the Candidate (if applicable):
Proposed contribution amount (dollar value):
Date: Signature of Staff Member: |
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Compliance Officer Use Only
Approved Not |
Approved Person Approving:
Date:
Notes: