CUFUND
CODE OF ETHICS
Adopted Under Rule 17j-1
Effective May 1, 2000
CUFUND (the "Fund") is confident that its officers, Trustees and other persons
involved with the Fund's business act with integrity and good faith. The Fund
recognizes, however, that personal interests may conflict with the Fund's
interests where officers, Trustees and certain other persons:
X Know about the Fund's present or future portfolio transactions; or
X Have the power to influence the Fund's portfolio transactions; and
X Engage in securities transactions in their personal account(s).
In an effort to prevent conflicts of interest from arising, and in accordance
with Rule 17j-1 under the Investment Company Act of 1940, the Fund has adopted
this Code of Ethics (the "Code") to address transactions and conduct that may
create conflicts of interest, establish reporting requirements, and create
enforcement procedures. Definitions of UNDERLINED terms used throughout the Code
are included in Appendix I.
I. ABOUT THIS CODE OF ETHICS
A. WHO IS COVERED BY THE CODE?
The Fund's ACCESS PERSONS are covered under this Code. The Fund's
ACCESS PERSONS generally are:
X All Trustees of the Fund, both INTERESTED and INDEPENDENT;
X All FUND OFFICERS; and
X Natural persons in a CONTROL relationship to the Fund who obtain
information concerning recommendations about the PURCHASE OR SALE
of a security by the Fund "Natural CONTROL Persons".
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B. What Rules Apply to Me?
This Code sets forth specific prohibitions and restrictions. They
apply to all ACCESS PERSONS of the Fund except where otherwise noted.
The Code also sets out reporting requirements for ACCESS PERSONS.
For the reporting requirements that apply to you, please refer to
Parts A, B and C, as indicated below:
X INDEPENDENT TRUSTEES Part A
X INTERESTED TRUSTEES and FUND OFFICERS Part B
X Natural CONTROL Persons Part C
II. STATEMENT OF GENERAL PRINCIPLES
In recognition of the trust and confidence placed in the Fund by its
shareholders, and because the Fund believes that its operations should
benefit its shareholders, the Fund has adopted the following principles to
be followed by its ACCESS PERSONS:
A. The interests of the Fund's shareholders are paramount. You must place
shareholder interests before your own.
B. You must accomplish all personal securities transactions in a manner
that avoids any conflict (or the appearance of a conflict) between your
personal interests and the interests of the Fund or its shareholders.
C. You must avoid actions or activities that allow (or appear to allow)
you or your family to benefit from your position with the Fund, or that
bring into question your independence or judgment.
III. GENERAL PROHIBITION AGAINST FRAUD, DECEIT AND MANIPULATION
ACCESS PERSONS may not, in connection with the purchase or sale,
directly or indirectly, of a SECURITY HELD OR TO BE ACQUIRED by the
Fund (or any series thereof):
A. Employ any device, scheme or artifice to defraud the Fund;
B. Make to the Fund any untrue statement of a material fact or omit to
state to the Fund a material fact necessary in order to make the
statements made, in light of the circumstances under which they are
made, not misleading;
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C. Engage in any act, practice or course of business that operates or
would operate as a fraud or deceit upon the Fund; or
D. Engage in any manipulative practice with respect to the Fund.
IV. PROHIBITIONS AND RESTRICTIONS FOR ACCESS PERSONS (not applicable to
INDEPENDENT TRUSTEES)
A. BLACKOUT PERIOD ON PERSONAL SECURITIES TRANSACTIONS (not applicable to
INDEPENDENT TRUSTEES).
This restriction applies to: (i) ACCESS PERSONS who, in connection with
their regular duties, make, participate in, or obtain information
regarding the PURCHASE OR SALE OF SECURITIES by the Fund or whose
functions relate to the making of any recommendations with respect to
the PURCHASES OR SALES and (ii) Natural CONTROL Persons.
These persons 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 Fund (or any series
thereof).
B. PROHIBITION ON SELLING RECENTLY ACQUIRED SECURITIES (not applicable to
INDEPENDENT TRUSTEES).
This prohibition applies to: (1) ACCESS PERSONS who, in connection with
their regular duties, make, participate in, or obtain information
regarding the PURCHASE OR SALE OF SECURITIES by the Fund; or whose
functions relate to the making of any recommendations with respect to
the PURCHASES OR SALES and (ii) Natural CONTROL Persons. These persons
may not sell a SECURITY within 60 days of acquiring that SECURITY.
C. PRE-APPROVAL FOR IPOS AND LIMITED OFFERINGS (not applicable to
INDEPENDENT TRUSTEES).
This restriction applies to: (i) ACCESS PERSONS who, in connection with
their duties, make or participate in making recommendations regarding
THE PURCHASE OR SALE OF any securities by a Fund and (ii) Natural
CONTROL Persons. These persons must obtain approval from the Review
Officer (as defined in Section VI below) before directly or indirectly
acquiring BENEFICIAL OWNERSHIP of any securities in an IPO or LIMITED
OFFERING.
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D. 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 Fund's
(or any series thereof) entry into a contract, development of an
economic relationship, or other course of dealing by or on behalf of
the Fund.
V. REPORTING REQUIREMENTS
Subject to Section X hereof, ACCESS PERSONS of the Fund must comply with
the reporting requirements set forth in Parts A-C.
VI. REVIEW AND ENFORCEMENT OF THE CODE
A. APPOINTMENT OF A REVIEW OFFICER.
A review officer "Review Officer" will be appointed by the Fund's
President to perform the duties described herein.
B. THE REVIEW OFFICER'S DUTIES AND RESPONSIBILITIES.
(1) The Review Officer shall notify each person who becomes an ACCESS
PERSON of the Fund and who is required to report under this Code
of Ethics of their reporting requirements NO LATER THAN 10 days
before the first quarter in which such person is required to begin
reporting.
(2) The Review Officer will, on a quarterly basis, compare all
reported personal securities transactions with the Fund's
completed portfolio transactions and a list of SECURITIES that
were BEING CONSIDERED FOR PURCHASE OR SALE by the Fund's
investment adviser(s) during the period to determine whether a
Code violation may have occurred. Before determining that a person
has violated the Code, the Review Officer must give the person an
opportunity to supply explanatory material.
(3) If the Review Officer finds that a Code violation has occurred, or
believes that a Code violation may have occurred, the Review
Officer must submit a written report regarding the possible
violation, together with the confidential report and any
explanatory material provided by the person, to the President and
legal counsel "Counsel" for the Fund. The President and Counsel
will determine whether the person violated the Code.
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(4) No person is required to participate in a determination of whether
he or she has committed a Code violation or discuss the imposition
of any sanction against himself or herself.
(5) The Review Officer will submit his or her own reports, as may be
required pursuant to Parts A-C hereof, to an Alternate Review
Officer who shall fulfill the duties of the Review Officer with
respect to the Review Officer's reports.
(6) 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 LIMITED OFFERING.
The report must include the rationale supporting any decision to
approve such a purchase.
C. RESOLUTION; SANCTIONS.
If the President and Counsel determine that a person has violated the
Code pursuant to paragraph B. (3) above, the President will approve a
proposed resolution of the situation and submit the proposed
resolution, with a report on the violation, to the Board at the next
regularly scheduled Board meeting unless, in the President's sole
discretion, circumstances warrant an earlier report. In lieu of
proposing a resolution to the Board, the President may, if appropriate,
impose upon the person a resolution and/or sanctions that the President
deems appropriate.
VII. ANNUAL WRITTEN REPORTS TO THE BOARD
At least annually, the Review Officer, investment adviser(s) (including any
sub-advisers), and principal underwriter(s) (if required) will provide
WRITTEN reports to the Fund's Board of Trustees as follows:
A. ISSUES ARISING UNDER THE CODE. The reports must describe any issue(s)
that arose during the previous year under the codes or procedures
thereto, including any material code or procedural violations, and any
resulting sanction(s).
B. The Review Officer, President, investment adviser(s) (including any
sub-advisers) and principal underwriter(s) may report to the Board more
frequently as they deem necessary or appropriate and shall do so as
requested by the Board.
C. CERTIFICATION. Each report must be accompanied by a certification to
the Board that the Fund, investment adviser(s) (including any sub-
advisers), and principal
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underwriter(s) have adopted procedures reasonably necessary to prevent
their ACCESS PERSONS from violating their code of ethics.
VIII. INTERRELATIONSHIP WITH OTHER CODES OF ETHICS
A. GENERAL PRINCIPLE: OVERLAPPING RESPONSIBILITIES. A person who is BOTH
an ACCESS PERSON of the Fund and an access person of an investment
adviser to or principal underwriter for the Fund is only required to
report under and otherwise comply with the investment adviser's or
principal underwriter's code of ethics, provided that such code has
been adopted pursuant to and in compliance with Rule 17j-1. These
ACCESS PERSONS, however, remain subject to the principles and
prohibitions in Sections II and III hereof.
B. OVERLAP WITH ADMINISTRATOR'S CODE OF ETHICS.
A person who is both an ACCESS PERSON of the Fund and subject to the
Fund administrator's code of ethics that complies with the principles
in and the reporting requirements under Rule 17j-1 may not be required
to report under both codes of ethics. ACCESS PERSONS of the Fund
seeking to comply with the reporting and other requirements in an
administrator's code of ethics in lieu of those in this Code must
notify the Review Officer. Such ACCESS PERSONS shall remain subject to
the principles and prohibitions in Sections II and III hereof; and the
administrator must comply with this Section VIII hereof and paragraph C
below.
C. PROCEDURES. Each such investment adviser, principal underwriter and
administrator of the Fund must:
(1) Submit to the Board of Trustees of the Fund a copy of its code of
ethics adopted pursuant to or in compliance with Rule 17j-1;
(2) Promptly furnish to the Fund, upon request, copies of any reports
made under its code of ethics by any person who is also covered by
the Fund's Code; and
(3) Promptly report to the Fund in writing any material amendments to
its code of ethics, along with the certification described under
Section VII.C. above.
IX. RECORDKEEPING
The Fund will maintain the records set forth below. These records will be
maintained in accordance with Rule 31a-2 under the 1940 Act and the
following requirements. They
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will be available for examination by representatives of the Securities and
Exchange Commission and other regulatory agencies.
A. A copy of this Code and any other code adopted by the Fund, which 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 Code violation and of any sanctions taken 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 the Code
(SEE Parts A-C for more information about reporting), will be preserved
for a 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 VII 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 any easily accessible
place.
F. 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.
X. MISCELLANEOUS
A. CONFIDENTIALITY. All reports and other information submitted to the
Fund pursuant to this Code will be treated as confidential, provided
that such reports and information may be produced to the Securities and
Exchange Commission and other regulatory agencies.
B. INTERPRETATION OF PROVISIONS. The Board of Trustees may from time to
time adopt such interpretations of this Code as it deems appropriate.
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C. COMPLIANCE CERTIFICATION. Within 10 days of becoming an ACCESS PERSON
of the Fund, and each year thereafter, each such person must complete
the Compliance Certification, attached as Appendix V.
Adopted this 1st day of May, 2000.
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PART A
INDEPENDENT TRUSTEES
I. QUARTERLY TRANSACTION REPORTS
(A) Subject to Section II. (B) below, 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 Quarterly Personal Securities Transactions
Report Form is included as Appendix II.
(B) 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 it, signed and dated.
(C) You need not submit a quarterly report if the report would duplicate
information in broker trade confirmations or account statements
received by the Fund, 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.
II. WHAT MUST BE INCLUDED IN YOUR QUARTERLY REPORTS?
(A) 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
any account you established during the quarter in which any securities
were held for your direct or indirect benefit.
(B) Notwithstanding Section I above, reports of individual SECURITIES
transactions are required only if you KNEW at the time of the
transaction, or in the ordinary course of fulfilling your official
duties as a Trustee SHOULD HAVE KNOWN, that during the 15-day period
immediately preceding or following the date of your transaction, the
same SECURITY was purchased or sold, or was BEING CONSIDERED FOR
PURCHASE OR SALE, by the Fund (or any series thereof).
The "SHOULD HAVE KNOWN" standard does not:
X imply a duty of inquiry;
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X presume you should have deduced or extrapolated from discussions
or memoranda dealing with the Fund's (or a series) investment
strategies; or
X impute knowledge from your awareness of the Fund's (or a series)
portfolio holdings, market considerations, or investment policies,
objectives and restrictions.
III. WHAT MAY BE EXCLUDED FROM YOUR QUARTERLY REPORTS?
You are not required to detail or list the following items on your
quarterly report:
(A) Purchases or sales effected for any account over which you have no
direct or indirect influence or control;
(B) 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;
(C) 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;
(D) 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 BONA FIDE margin call; and
(E) Purchases or sales of any of the following securities:
X Direct obligations of the U.S. government;
X Banker's acceptances, bank certificates of deposit, commercial
paper and HIGH QUALITY SHORT-TERM DEBT INSTRUMENTS, including
repurchase agreements; and
X Shares issued 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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PART B
INTERESTED TRUSTEES AND FUND OFFICERS
I. REQUIRED REPORTS
(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. An Initial
Holdings Report Form is attached 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. An Annual Holdings Report Form is
attached as Appendix IV.
(C) QUARTERLY TRANSACTION REPORTS.
(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 Quarterly Personal Securities Transactions Report Form
is included 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 it, 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 Fund, 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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II. WHAT MUST BE INCLUDED IN YOUR REPORTS?
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.
III. WHAT MAY BE EXCLUDED FROM YOUR REPORTS?
You are not required to detail or list the following items on your reports:
(A) Purchases or sales effected for any account over which you have no
direct or indirect influence or control;
(B) 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;
(C) 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;
(D) 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 BONA FIDE margin call; and
(E) Purchases or sales of any of the following securities:
X Direct obligations of the U.S. government;
X Banker's acceptances, bank certificates of deposit, commercial
paper and HIGH QUALITY SHORT-TERM DEBT INSTRUMENTS, including
repurchase agreements; and
X Shares issued 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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PART C
NATURAL CONTROL PERSONS
I. REQUIRED REPORTS
(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. An Initial
Holdings Report Form is attached 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. An Annual Holdings Report Form is
attached as Appendix IV.
(C) QUARTERLY TRANSACTION REPORTS.
(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 Quarterly Personal Securities Transactions Report Form
is included 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 it, 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 Fund, 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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II. WHAT MUST BE INCLUDED IN YOUR REPORTS?
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.
III. WHAT MAY BE EXCLUDED FROM YOUR REPORTS?
You are not required to detail or list the following items on your reports:
(A) Purchases or sales effected for any account over which you have no
direct or indirect influence or control;
(B) 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;
(C) 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;
(D) 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 BONA FIDE margin call; and
(E) Purchases or sales of any of the following securities:
X Direct obligations of the U.S. government;
X Banker's acceptances, bank certificates of deposit, commercial
paper and HIGH QUALITY SHORT-TERM DEBT INSTRUMENTS, including
repurchase agreements; and
X Shares issued 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
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 THE 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:
X any Trustee or officer of the Fund;
X any employee of the Fund (or of any company in a control relationship
to the fund) 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 Fund or whose functions relate to
the making of any recommendations with respect to the purchases or
sales; and
X any natural person in a CONTROL relationship to the Fund who obtains
information concerning recommendations made to the Fund with regard to
the PURCHASE OR SALE of securities by the Fund.
BENEFICIAL OWNERSHIP means the same as it does under Section 16 of the
Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should
generally consider yourself the "beneficial owner" of any securities in which
you have a direct or indirect pecuniary interest. In addition, you should
consider yourself 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 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.
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FUND OFFICERS means any person lawfully elected by the Board of Trustees and
authorized to act on behalf of the Fund. As of May 1, 2000, the Fund's officers
are:
Mark E. Nagle President and Chief Executive Officer
John Leven Controller and Chief Financial Officer
Richard W. Grant Secretary
Francis C. Lee Vice President and Assistant Secretary
Kevin P. Robins Vice President and Assistant Secretary
Sandra K. Orlow Vice President and Assistant Secretary
Todd B. Cipperman Vice President and Assistant Secretary
Lydia A. Gavalis Vice President and Assistant Secretary
Lynda J. Striegel Vice President and Assistant Secretary
Kathy Heilig Vice President and Assistant Secretary
James R. Foggo Vice President and Assistant Secretary
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 Investors Service).
INDEPENDENT TRUSTEE means a Trustee of the Fund who is not an "interested
person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act. As
of May 1, 2000, the Fund's INDEPENDENT TRUSTEES are:
James L. Bryan
Gary L. Janacek
Dr. Martha Romayne Seger
IPO (I.E., initial public offering) 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 13 or
Section 15(d) of the Securities Exchange Act of 1934.
INTERESTED TRUSTEE means a Trustee of the Fund who is an "interested person" of
the Fund within the meaning of Section 2(a)(19) of the 1940 Act. As of May 1,
2000, the Fund's interested Trustee is:
Arno J. Easterly
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).
PURCHASE OR SALE of a SECURITY includes, among other things, the writing of an
option to purchase or sell a SECURITY.
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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,
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 Fund (or a series thereof) means: (A)
any SECURITY that within the most recent 15 days (i) is or has been held by the
Fund; or (ii) is BEING OR HAS BEEN CONSIDERED by the Fund's adviser for purchase
by the Fund; and (B) any option to purchase or sell, and any security
convertible into or exchangeable for, any SECURITY.
A SECURITY is BEING PURCHASED OR SOLD by the Fund (or a series thereof) from the
time a purchase or sale program has been communicated to the person who places
buy and sell orders for the Fund until the program has been fully completed or
terminated.
A SECURITY is BEING CONSIDERED FOR PURCHASE by the Fund (or a series thereof)
when a SECURITY is identified as such by the investment adviser to the Fund.
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APPENDIX II
QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT
FOR CUFUND
Name of Reporting Person:______________________________
Calendar Quarter Ended:________________________________
Date Report Due:_______________________________________
Date Report Submitted:_________________________________
SECURITIES TRANSACTIONS
<TABLE>
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<S> <C> <C> <C> <C> <C> <C>
Principal Amount, Name of
Name of No. of Maturity Date Broker, Dealer
Issuer and Shares and or Bank
Date of Title of (if Interest Rate Type of Effecting
Transaction Security applicable) (if applicable) Transaction Price Transaction
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
If you have no securities transactions to report for the quarter, please check here. [ ]
</TABLE>
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 during the quarter, please provide the
following information:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Date Account was Name(s) on and Type of
Name of Broker, Dealer or Bank Established Account
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
If you did not establish a securities account during the quarter, please check here. [ ]
</TABLE>
I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES TRANSACTIONS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS.
------------------------- -------------
Signature Date
II-3
<PAGE>
APPENDIX III
INITIAL HOLDINGS REPORT
FOR CUFUND
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> <C>
Name of Issuer and No. of Shares Principal Amount, Maturity Date and Interest Rate
Title of Security (if applicable) (if applicable)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
If you have no securities accounts to report, please check here. [ ]
</TABLE>
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 Name(s) on and Type of Account
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
</TABLE>
If you have no securities accounts to report, please check here. [ ]
I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES HOLDINGS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS.
--------------------------- ---------------
Signature Date
III-1
<PAGE>
APPENDIX IV
ANNUAL HOLDINGS REPORT
FOR CUFUND
Name of Reporting Person:___________________________________________
Information in Report Dated as of:__________________________________
Date Report Due: ___________________________________________________
Date Report Submitted:______________________________________________
Calendar Year Ended: December 31, _______
SECURITIES HOLDINGS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Name of Issuer and No. of Shares Principal Amount, Maturity Date and Interest Rate
Title of Security (if applicable) (if applicable)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
If you have no securities holdings to report for the year, please check here. [ ]
</TABLE>
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> <C>
Date Account was Name(s) on and Type of
Name of Broker, Dealer or Bank Established Account
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
If you have no securities accounts to report for the year, please check here.[ ]
</TABLE>
I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES
TRANSACTIONS AND ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF
ETHICS.
------------------------------ -------------
Signature Date
IV-1
<PAGE>
APPENDIX V
COMPLIANCE CERTIFICATION
FOR FUND
--------------------------------------------------------------------------------
INITIAL CERTIFICATION
I CERTIFY THAT I: (I) HAVE RECEIVED, READ AND REVIEWED THE FUND'S CODE OF
ETHICS;
(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 FUND'S CODE OF ETHICS; AND
(VI) HAVE FULLY AND ACCURATELY COMPLETED THIS CERTIFICATE.
Signature___________________________
Name:_______________________________ (Please print)
Date Submitted:_____________________
Date Due:___________________________
--------------------------------------------------------------------------------
ANNUAL CERTIFICATION
I CERTIFY THAT I: (I) HAVE RECEIVED, READ AND REVIEWED THE FUND'S CODE OF
ETHICS;
(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 FUND'S CODE OF ETHICS AND ANY
APPLICABLE REPORTING REQUIREMENTS DURING THIS PAST
YEAR;
(VI) HAVE FULLY DISCLOSED ANY EXCEPTIONS TO MY COMPLIANCE
WITH THE CODE BELOW;
(VII) WILL FULLY COMPLY WITH THE FUND'S CODE OF ETHICS; AND
(VI) HAVE FULLY AND ACCURATELY COMPLETED THIS CERTIFICATE.
EXCEPTION(S):
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Signature___________________________
Name:_______________________________ (Please print)
Date Submitted:_____________________
Date Due:___________________________
