CUSOURCE, LLC
CODE OF ETHICS
ADOPTED UNDER SEC RULE 17J-1
CUSOURCE, LLC (the "Adviser"), is confident that its principals, officers,
directors and employees act with integrity and good faith. The Adviser
recognizes, however, that personal interests may conflict with the interests of
the CUFUND portfolios (the "Portfolios"), when principals, officers, directors
or employees:
[bullet] know about the Portfolios' present or future portfolio transactions; or
[bullet] have the power to influence portfolio transactions; or
[bullet] engage in SECURITIES transactions for their personal account(s).
In an effort to prevent any conflicts from arising, and in accordance with Rule
17j-1 under the Investment Company Act of 1940, the Adviser has adopted this
Code of Ethics (this "Code") to address transactions that may create or appear
to create conflicts of interest, and to establish reporting requirements and
enforcement procedures. (Definitions of UNDERLINED terms are included in
Appendix I attached hereto.)
I. ABOUT THIS CODE.
A. WHO IS COVERED BY THIS CODE?
[bullet] All principals of the Adviser;
[bullet] All officers of the Adviser;
[bullet] All directors of the Adviser; and
[bullet] All employees of the Adviser.
B. WHAT RULES APPLY TO ME?
This Code sets forth specific prohibitions regarding
SECURITIES transactions. All principals, officers and
directors of the Adviser are considered to be both ACCESS
PERSONS and INVESTMENT PERSONNEL, as defined in Appendix I
attached hereto. Certain other individuals named in Appendix I
attached hereto are also considered to be both ACCESS PERSONS
and INVESTMENT PERSONNEL. As to all such persons, all of the
prohibitions and restrictions contained in this code are
universally applicable. The Code also sets out certain
reporting requirements, which are attached hereto in Part A.
II. STATEMENT OF GENERAL PRINCIPLES.
In recognition of the trust and confidence placed in the Adviser by the
Portfolios, and because the Adviser believes that its operations should
benefit the Portfolios'
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shareholders, the Adviser has adopted the following universally
applicable principles:
1. The interests of the Portfolios' shareholders are paramount.
You must place shareholder interests before your own.
2. You must accomplish all personal SECURITIES transactions in a
manner that avoids a conflict (or the appearance of a
conflict) between your personal interests and those of the
Portfolios or of their shareholders.
3. You must avoid actions or activities that allow (or appear to
allow) you or your family to benefit from your position with
the Adviser, or that bring into question your independence or
judgment.
III. PROHIBITIONS AND RESTRICTIONS APPLICABLE TO CUSOURCE, LLC ACCESS
PERSONS AND INVESTMENT PERSONNEL.
A. PROHIBITION AGAINST FRAUD, DECEIT AND MANIPULATION.
You cannot, in connection with the purchase or sale, directly
or indirectly, of a SECURITY HELD OR TO BE ACQUIRED by the
Portfolios:
1. employ any device, scheme or artifice to defraud the
Portfolios;
2. make to the Portfolios any untrue statement of a
material fact or omit to state to the Portfolios a
material fact necessary in order to make the
statements made, in light of the circumstances under
which they are made, not misleading;
3. engage in any act, practice or course of business
that operates or would operate as a fraud or deceit
upon the Portfolios; or
4. engage in any manipulative practice with respect to
the Portfolios.
B. LIMITS ON ACCEPTING OR RECEIVING GIFTS.
ACCESS PERSONS cannot accept or receive any gift of more than
de minimis value from any person or entity in connection with
the Portfolios' (or any series thereof) entry into a contract,
development of an economic relationship, or other course of
dealing by or on behalf of the Portfolios.
C. BLACKOUT PERIOD ON PERSONAL SECURITIES TRANSACTIONS.
ACCESS PERSONS who in connection with their duties make,
participate in, or obtain information regarding the purchase
or sale of SECURITIES by the Portfolios, and any natural
persons who have CONTROL of the Adviser and
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who obtain information regarding recommendations of SECURITIES
made to the Portfolios, may not PURCHASE OR SELL, directly or
indirectly, any SECURITY in which they have (or by reason of
such transaction acquire) any BENEFICIAL OWNERSHIP on the same
day as the same (or a related) SECURITY IS BEING PURCHASED OR
SOLD by the Portfolios (or by any series thereof).
D. PRE-APPROVAL OF INVESTMENTS IN IPOS AND LIMITED OFFERINGS.
ACCESS PERSONS who in connection with their duties make or
participate in making recommendations regarding THE PURCHASE
OR SALE OF SECURITIES by the Portfolios, and any natural
persons who have CONTROL of the Adviser and who obtain
information concerning recommended SECURITIES, must obtain
approval from the Review Officer (as defined in Section V
below) before directly or indirectly acquiring BENEFICIAL
OWNERSHIP of any Securities in an INITIAL PUBLIC OFFERING
(IPO) or in a LIMITED OFFERING.
IV. REPORTING REQUIREMENTS.
Subject to Section VII hereof, all principals, officers, directors and
person with ACCESS must comply with the reporting requirements set
forth in Part A.
V. REVIEW AND ENFORCEMENT OF THIS CODE.
A. APPOINTMENT OF A REVIEW OFFICER.
A review officer (the "Review Officer") will be appointed by
the Principal of the Adviser to perform the duties described
in this Section V. As of June 30, 2000, the Adviser's Review
Officer is Brad Elliott, Southwest Corporate FCU.
B. THE REVIEW OFFICER'S DUTIES AND RESPONSIBILITIES.
i. For each person who becomes an ACCESS PERSON of the
Adviser and is required to report personal SECURITIES
transactions under this Code, the Review Officer, no
later than ten (10) days before the first quarter in
which such person is required to begin reporting,
will notify such person as to such reporting
requirements.
ii. The Review Officer will, on a quarterly basis,
compare all personal SECURITIES transactions reported
by the Adviser's ACCESS PERSONS with the Portfolios'
completed portfolio transactions and a list of
SECURITIES that were BEING CONSIDERED FOR PURCHASE OR
SALE by the Portfolios during the reporting period,
in order to determine whether a violation of this
Code may have occurred. Before determining that a
person has violated this Code, the Review Officer
must give the person an opportunity to supply
explanatory material.
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iii. If the Review Officer finds that a Code violation may
have occurred, or believes that a Code violation may
have occurred, the Review Officer must submit to the
Principal of the Adviser a written report regarding
the possible violation, together with the
confidential report and any explanatory material
provided by the person. The Principal will
independently determine whether the person violated
this Code.
iv. No person is required to participate in determination
of whether he or she has committed a Code violation
or to discuss the imposition of any sanction against
himself or herself.
v. If the Review Officer is required to submit his or
her own personal reports under this Code, the Review
Officer will submit such reports to an Alternate
Review Officer who will fulfill the duties of the
Review Officer with respect to the Review Officer's
reports.
vi. The Review Officer will create a written report
detailing any approval(s) granted to ACCESS PERSONS
for the purchase of SECURITIES offered in connection
with an IPO or a LIMITED OFFERING. The report must
include the rationale supporting any decision to
approve such a purchase.
C. RESOLUTION; SANCTIONS.
If the Principal of the Adviser finds that a person has
violated this Code, the Principal will approve a proposed
resolution of the situation or, if appropriate, will impose
upon the person sanctions that the Principal deems appropriate
and will report the violation and the resolution or sanction
imposed to the Portfolios' Board of Trustees at the next
regularly scheduled Board meeting unless, in the sole
discretion of the Principal, circumstances warrant an earlier
report.
VI. ANNUAL WRITTEN REPORT TO THE BOARD.
At least once a year, the Adviser will provide the Portfolios' Board of
Trustees a written report that includes:
(1) ISSUES ARISING UNDER THIS CODE. The annual report must
describe any issue(s) that arose during the previous year
under this Code or procedures thereto, including any material
Code or procedural violations, and any resulting sanction(s).
(2) The Review Officer, Principal, and investment adviser(s)
(including any sub-advisers) may report to the Board more
frequently as they deem necessary or appropriate and shall do
so as requested by the Board.
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(3) CERTIFICATION. Each report must be accompanied by a
certification to the Board that the Adviser has adopted
procedures reasonably necessary to prevent its ACCESS PERSONS
from violating this Code.
VII. INTERRELATIONSHIP WITH THE PORTFOLIOS' CODE OF ETHICS.
A. GENERAL PRINCIPLE.
A person who is both an officer and/or Trustee of the
Portfolios and a principal, officer, director and/or employee
of the Adviser, is only required to report under this Code.
B. PROCEDURES. The Principal of the Adviser shall:
i. Submit to the Board of Trustees of the Portfolios a
copy of this Code;
ii. Promptly furnish to the Portfolios, upon request,
copies of any reports made under this Code by any
person who is also covered by the Portfolios' code of
ethics;
iii. Promptly report to the Portfolios in writing any
material amendments to this Code; and
iv. Immediately furnish to the Portfolios all material
information regarding any violation of this Code by
any person.
VIII. RECORDKEEPING.
The Adviser will maintain records as set forth below. These records
will be maintained in accordance with Rule 31a-2 under the 1940 Act and
the following requirements. They will be available for examination by
representatives of the Securities and Exchange Commission ("SEC") and
other regulatory agencies.
A. A copy of this Code, and of any other code adopted by the
Adviser, that is or at any time within the past five years has
been in effect will be preserved in an easily accessible
place.
B. A record of any violation of this Code, and of any sanctions
imposed, will be preserved in an easily accessible place for a
period of at least five years following the end of the fiscal
year in which the violation occurred.
C. A copy of each Quarterly Transaction Report, Initial Holdings
Report, and Annual Holdings Report submitted under this Code,
including any information provided in lieu of any such reports
made under this Code (see Part A below for more information
about reporting), will be preserved for a
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period of at least five years from the end of the fiscal
year in which it is made, for the first two years in an
easily accessible place.
D. A record of all persons, currently or within the past five
years, who are or were required to submit reports under this
Code, or who are or were responsible for reviewing these
reports, will be maintained in an easily accessible place.
E. A copy of each annual report required by Section VI of this
Code must be maintained for at least five years from the end
of the fiscal year in which it is made, for the first two
years in an easily accessible place.
F. The Portfolios must maintain a record of any decision, and the
reasons supporting the decision, to approve the acquisition of
SECURITIES acquired in an IPO or LIMITED OFFERING, for at
least five years after the end of the fiscal year in which the
approval is granted.
IX. MISCELLANEOUS.
A. CONFIDENTIALITY. All reports and other information submitted
to the Portfolios pursuant to this Code will be treated as
confidential, provided that such reports and information may
be produced to the SEC and other regulatory agencies.
B. INTERPRETATION OF PROVISIONS. The Principal of the Adviser may
from time to time adopt such interpretations of this Code as
he or she deems appropriate.
C. COMPLIANCE CERTIFICATION. Within 10 days of becoming an ACCESS
PERSON of the Portfolios, and each year thereafter, each
ACCESS PERSON must complete a Compliance Certification in the
form attached hereto as Appendix V.
Adopted this 30th day of June, 2000.
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CODE OF ETHICS, PART A
ACCESS PERSONS AND EMPLOYEES WITH INFORMATION ACCESS
I. LIST OF SECURITIES HOLDINGS.
A. INITIAL HOLDINGS REPORT.
You must submit a listing of all SECURITIES you BENEFICIALLY
OWN, as well as all of your Securities accounts, as of the
date you first become subject to this Code's reporting
requirements. You must submit this list to the Review Officer
within 10 days of the date you first become subject to this
Code's reporting requirements. A form of Initial Holdings
Report is attached hereto as Appendix III.
B. ANNUAL HOLDINGS REPORT.
Each year, you must submit to the Review Officer a listing of
all SECURITIES you BENEFICIALLY OWN, as well as all of your
Securities accounts. Your list must be current as of a date no
more than 30 days before you submit the report. A form of
Annual Holdings Report is attached hereto as Appendix IV.
II. REQUIRED TRANSACTION REPORTS.
A. WHAT QUARTERLY TRANSACTION REPORTS ARE REQUIRED?
1. Each quarter, you must report all of your SECURITIES
transactions effected, as well as any Securities
accounts you established during the quarter. You must
submit your report to the Review Officer no later
than 10 days after the end of each calendar quarter.
A form of Quarterly Personal Securities Transactions
Report is attached hereto as Appendix II.
2. If you had no reportable transactions and did not
open any SECURITIES accounts during the quarter, you
are still required to submit a report. Please note on
your report that you had no reportable items during
the quarter, and return the report, signed and dated.
3. You need not submit a quarterly report if the report
would duplicate information contained in broker trade
confirmations or account statements received by the
Portfolios, provided that all required information is
contained in the broker trade confirmations or
account statements and is received by the Review
Officer no later than 10 days after the end of the
calendar quarter. Please see the Review Officer for
more information about this reporting mechanism.
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B. WHAT SECURITIES TRANSACTIONS AND ACCOUNTS ARE COVERED UNDER
THE QUARTERLY REPORTING OBLIGATION?
You must report all transactions in SECURITIES that: (i) you
directly or indirectly BENEFICIALLY OWN; or (ii) because of
the transaction, you acquire direct or indirect BENEFICIAL
OWNERSHIP. You must also report all of your accounts in which
any SECURITIES were held for your direct or indirect benefit.
C. WHAT SECURITIES TRANSACTIONS MAY BE EXCLUDED FROM THE REPORT?
You are not required to detail or list the following items on
your reports:
1. Purchases or sales effected for any account over
which you have no direct or indirect influence or
control;
2. Purchases you made solely with the dividend proceeds
received in a dividend reinvestment plan or that
are part of an automatic payroll deduction plan,
where you purchased a SECURITY issued by your
employer;
3. Purchases effected on the exercise of rights issued
by an issuer pro rata to all holders of a class of
its SECURITIES, as long as you acquired these rights
from the issuer, and sales of such rights;
4. Purchases or sales which are non-volitional,
including purchases or sales upon the exercise of
written puts or calls and sales from a margin account
pursuant to a bonafide margin call; and
5. Purchases or sales of any of the following
SECURITIES:
[bullet] Direct obligations of the U.S. government
or its agencies;
o [bullet] Banker's acceptances, bank certificates of
deposit, commercial paper and HIGH QUALITY
SHORT-TERM DEBT INSTRUMENTS (including
repurchase agreements); and
[bullet] Shares issues by registered, open-end
investment companies.
You may include a statement in your report that the report shall not be
construed as your admission that you have any direct or indirect
BENEFICIAL OWNERSHIP in the SECURITY included in the report.
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APPENDIX I TO CODE OF ETHICS
DEFINITIONS
GENERAL NOTE: The definitions and terms used in this Code of Ethics
are intended to mean the same as they do under the
1940 Act and other federal securities laws. If a
definition hereunder conflicts with the definition in
the 1940 Act or other federal securities laws, or if
a term used in this Code is not defined, you should
follow the definitions and meanings in the 1940 Act
or other federal securities laws, as applicable.
ACCESS PERSON means:
[bullet] any trustee, director, officer or principal of the Portfolios
or of the Portfolio's investment adviser;
[bullet] any employee of the Portfolios or of the Adviser (or of any
company in a CONTROL relationship to the Portfolios or The
Adviser) who, in connection with his or her regular functions
or duties, makes participates in, or obtains information
regarding the PURCHASE OR SALE OF SECURITIES by the Portfolios
or whose functions relate to the making of any recommendations
with respect to such PURCHASES OR SALES; and
[bullet] any natural person in a CONTROL relationship with the
Portfolios or the Adviser, who obtains information concerning
recommendations made to the Portfolios with regard to the
purchase or sale of SECURITIES by the Portfolios.
[bullet] as of June 30, 2000, the Adviser's Access Persons are: Bruce
M. Fox, Marty L. Robertson, Brian K. Turner, and Zane J.
Wilson.
AFFILIATED DIRECTOR means a director of the Adviser who is an "interested
person" of the Adviser within the meaning of Section 2(a)(19) of the 1940 Act.
As of June 30, 2000, the Adviser's Affiliated Director(s) are: None.
BENEFICIAL OWNERSHIP means the same as it does under Section 16 of the
Securities Exchange Act of 1934 and Rules 16a-1(a)(2) thereunder. You should
generally consider yourself to be the BENEFICIAL OWNER of any SECURITIES in
which you have a direct or indirect pecuniary interest. In addition, you should
consider yourself to be the BENEFICIAL OWNER of SECURITIES held by your spouse,
your minor children, a relative who shares your home, or other persons by reason
of any contract, arrangement, understanding or relationship that provides you
with sole or shared voting or investment power.
CONTROL means the same as it does under 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
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management or policies of a company, unless such power is solely the result of
an official position with such company. Ownership of 25% or more of a company's
outstanding voting securities is presumed to give the holder of such securities
CONTROL over the company. The facts and circumstances of a given situation may
counter this presumption.
HIGH QUALITY SHORT-TERM DEBT INSTRUMENT means any instrument that has a maturity
at issuance of less than 366 days and that is rated in one of the two highest
rating categories by a nationally recognized statistical rating organization
(e.g., Moody's Investor Service).
INITIAL PUBLIC OFFERING ("IPO") means an offering of SECURITIES registered under
the Securities Act of 1933, the issuer of which, immediately before
registration, was not subject to the reporting requirements of Section 14 or
Section 15(d) of the Securities Exchange Act of 1934.
INVESTMENT PERSONNEL of the Portfolios or of the Portfolios' Adviser means any
employee of the Portfolios or of the Adviser who, in connection with his or her
regular duties, makes or participates in making recommendations regarding the
purchase or sale of SECURITIES by the Portfolios. As of June 30, 2000, the
Adviser's INVESTMENT PERSONNEL are: Bruce M. Fox, Marty L. Robertson, Brian K.
Turner, and Zane J. Wilson.
LIMITED OFFERING means an offering that is exempt from registration under the
Securities Act of 1933 pursuant to Section 4(2), Section 4(6), Rule 504, Rule
505 or Rule 506 (e.g., private placements).
NONAFFILIATED DIRECTOR means a director of the Adviser who is not an "interested
person" of the Adviser within the meaning of Section 2(a)(19) of the 1940 Act.
As of June 30, 2000, the Adviser's NONAFFILIATED DIRECTORS are: None.
OFFICER of the Adviser means any person lawfully elected by the Board of the
Adviser or otherwise appointed and authorized to act on behalf of the Adviser.
As of June 30, 2000, the Adviser's OFFICERS are: Bruce M. Fox (Principal).
PURCHASE OR SALE OF A SECURITY includes, among other things, the writing of an
option to purchase or sell a SECURITY.
SECURITY means the same as it does under Section 2(a)(36) of the 1940 Act,
except that it does not include direct obligations of the U.S. government or its
agencies, bankers' acceptances, bank certificates of deposit, commercial paper,
HIGH QUALITY SHORT-TERM DEBT INSTRUMENTS (including repurchase agreements), or
shares issued by registered open-end investment companies.
A SECURITY HELD OR TO BE ACQUIRED by the Portfolios means (A) any SECURITY that
within the most recent 15 days (i) is or has been held by the Portfolios, or
(ii) is being or has been considered by the Portfolios' Adviser for PURCHASE by
the Portfolio; and (B) any option to PURCHASE OR SELL, and any SECURITY
convertible into or exchangeable for, any SECURITY.
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A SECURITY is BEING PURCHASED OR SOLD by the Portfolios from the time a PURCHASE
OR SALE program has been communicated to the person who places buy and sell
orders for the Portfolios until the program has been fully completed or
terminated.
A SECURITY is BEING CONSIDERED FOR PURCHASE OR SALE by the Portfolios when a
SECURITY is identified as such by the Adviser to the Portfolios.
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APPENDIX II TO CODE OF ETHICS
QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT
Name of Reporting Person: ______________________________________________________
Calendar Quarter Ended: ________________________________________________________
Date Report Due: _______________________________________________________________
Date Report Submitted: _________________________________________________________
SECURITIES TRANSACTIONS:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Principal Amount, Name of Broker,
Name of Issuer No. of Maturity Date and Dealer or Bank
Date of and Title of Shares (if Interest Rate (if Type of Effecting
Transaction Security applicable) applicable) Transaction Price Transaction
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
If you had no reportable transactions during the quarter, please initial
here: ________.
If you do not want this report to be construed as an admission that you have
beneficial ownership of one or more Securities reported above, please describe
below and indicate which Securities are at issue:_______________________________
________________________________________________________________________________
SECURITIES ACCOUNTS:
If you established a Securities account within the quarter, please provide the
following information:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Name of Broker, Dealer or Bank Date Account was Established Name(s) on and Type of Account
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
If you did not establish a Securities account during the quarter, please initial
here: _____.
I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES TRANSACTIONS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS OF CUSOURCE,
LLC.
------------------------------------ -------------------
Signature Date
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APPENDIX III TO CODE OF ETHICS
INITIAL HOLDINGS REPORT
Name of Reporting Person: ______________________________________________________
Date Person Became Subject to the Code's Reporting Requirements: _______________
Information in Report Dated as of: _____________________________________________
Date Report Due: _______________________________________________________________
Date Report Submitted: _________________________________________________________
SECURITIES HOLDINGS:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Name of Issuer and Title of Security No. of Shares (if applicable) Principal Amount, Maturity Date and
Interest Rate (if applicable)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
If you have no Securities holdings to report, please initial here: ______.
If you do not want this report to be construed as an admission that you have
beneficial ownership of one or more Securities reported above, please describe
below and indicate which Securities are at issue: ______________________________
________________________________________________________________________________
<TABLE>
<CAPTION>
SECURITIES ACCOUNTS:
----------------------------------------------------------------------------------------------------------------------
<S> <C>
Name of Broker, Dealer or Bank Name(s) on and Type of Account
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
If you have no Securities holdings to report, please initial here: __________.
I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES TRANSACTIONS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS OF CUSOURCE,
LLC.
------------------------------------ -------------------
Signature Date
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APPENDIX IV TO CODE OF ETHICS
ANNUAL HOLDINGS REPORT
Name of Reporting Person: ______________________________________________________
Information in Report Dated as of: _____________________________________________
Calendar Year Ended: December 31, _____________
Date Report Due: _______________________________________________________________
Date Report Submitted: _________________________________________________________
SECURITIES HOLDINGS:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
<S> <C>
Name of Issuer and Title of Security No. of Shares (if applicable) Principal Amount, Maturity Date and
Interest Rate (if applicable)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
If you have no Securities holdings to report for the year, please initial
here: ______.
If you do not want this report to be construed as an admission that you have
beneficial ownership of one or more Securities reported above, please describe
below and indicate which Securities are at issue. ______________________________
________________________________________________________________________________
SECURITIES ACCOUNTS:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
<S> <C>
Name of Broker, Dealer or Bank Date Account was Established Name(s) on and Type of Account
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
If you have no Securities holdings to report for the year, please initial
here: _____.
I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES TRANSACTIONS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS OF CUSOURCE,
LLC.
------------------------------------ -------------------
Signature Date
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APPENDIX V TO CODE OF ETHICS
ANNUAL COMPLIANCE CERTIFICATION
--------------------------------------------------------------------------------
INITIAL CERTIFICATION
I certify that I: (i) have received, read and reviewed the Adviser's
Code of Ethics (the "Code");
(ii) understand the policies and procedures in the
Code;
(iii) recognize that I am subject to such policies
and procedures;
(iv) understand the penalties for non-compliance;
(v) will fully comply with the Code; and
(vi) have fully and accurately completed this
Certificate.
Signature: _____________________________________
Print Name: ____________________________________
Date Submitted: ________________________________
Date Due: ______________________________________
--------------------------------------------------------------------------------
ANNUAL CERTIFICATION
I certify that I: (i) have received, read and reviewed the Adviser's
Code of Ethics (the "Code");
(ii) understand the policies and procedures in the
Code;
(iii) recognize that I am subject to such policies
and procedures;
(iv) understand the penalties for non-compliance;
(v) have complied with the Code and any applicable
reporting requirements during this past year;
(vi) have fully disclosed hereinbelow any exceptions
to my compliance with the Code;
(vii) will fully comply with the Code; and
(viii) have fully and accurately completed this
Certificate.
EXCEPTION(S): __________________________________________________________________
________________________________________________________________________________
Signature: _____________________________________
Print Name: ____________________________________
Date Submitted: ________________________________
Date Due: ______________________________________
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CERTIFICATION PURSUANT TO SEC RULE 17J-1
The undersigned, Bruce M. Fox, in his capacity as the Principal of
CUSOURCE, LLC (the "Adviser"), which is an investment adviser to CUFUND (the
"Trust"), hereby certifies to the Trust's Board of Trustees the following:
1. The Adviser has adopted a Code of Ethics (the "Code") pursuant to,
and in compliance with, Rule 17j-1 under the Investment Company Act
of 1940;
2. The Adviser has adopted procedures reasonably necessary to prevent its
Access Persons from violating its Code;
3. The Adviser's Code contains provisions reasonably necessary to prevent
its Access Persons from violating Rule 17j-1(b); and
4. In accordance with Rule 17j-1, the Adviser has submitted its Code to
the Trust's Board of Trustees for approval.
WITNESS MY HAND this 30th day of June, 2000
--------------------------------
Bruce M. Fox, Principal
