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MCKINLEY CAPITAL MANAGEMENT, INC.
CODE OF CONDUCT AND ETHICS
STATE OF GENERAL PRINCIPAL:
The duty at all times is to place the interests of the client first.
All personal securities transactions shall be conducted consistent with the Code
of Ethics and in such a manner as to avoid any actual or potential conflict of
interest or abuse of an individual's position of trust and responsibility; and
the fundamental standard that investment company personnel should not take
inappropriate advantage of their positions.
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CODE OF ETHICS:
The Code of Ethics regulates the personal securities trading of McKinley's
officers, directors, control persons and employees; all such persons who have
access to information concerning securities transactions and recommendations.
These codes are intended to minimize actual and potential conflicts and prevent
improper behavior. They are designed to ensure that employees with access to
information about a funds' investment intentions conduct their personnel
transactions in a way that is not detrimental to the funds and does not take
improper advantage of their inside position.
1. All accounts for any employee or family account must have all trades
pre-approved and provide a copy of the monthly statement to the Compliance
Department. Within ten (10) days of employment, all employees must provide
to McKinley's Compliance Officer a report listing all Securities
beneficially owned or held along with all security accounts held by each
employee as of the date of employment. Further, all employees must provide
to McKinley's Compliance Officer each year a listing of all Securities
beneficially owned by the employee as well as each employee's security
accounts. The listing must be current as of a date no more than 30 days
before the report is submitted. Pre-approval must be obtained before any
employee may directly or indirectly acquire BENEFICIAL OWNERSHIP of any
securities in an IPO or LIMITED OFFERING.
2. All new employees will be informed of the code and its requirements and the
essential part it plays in their continued employment. Existing employees
will periodically be reminded of the code and of their obligations
thereafter.
3. All managed house or family accounts will be traded in the normal batch
trade process or next day if the security is not "batch" traded. A
non-managed house or family account may buy or sell a security for their
account so long as trade in question is handled with the guidelines as
outlined in the Personal Trading Policy. Family accounts shall not "front
run" under any circumstances. Family transactions made to reduce margin
balances or in index options are not considered to conflict with client
account objectives. Family accounts are not authorized to trade options on
stocks contained in or contemplated to be in any client account.
Family accounts are considered to be employee accounts, employee relations
such as immediate family and associated brokers with McKinley Capital.
Personal trading will be monitored.
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CODE OF CONDUCT:
No person subject to the Code of Conduct should cause any of the clients
accounts managed by McKinley Capital to purchase, sell or retain any securities
to obtain any form of personal gain.
No person subject to the Code of Conduct should, own, operate, manage or
otherwise engage in or be employed by any outside business activity without the
prior written approval of the Compliance Officer.
All persons subject to the Code of Conduct should file with the Compliance
Officer a written acknowledgment of receipt of the Code of Conduct and agree to
abide by its provisions.
No person subject to the Code of Conduct should accept any gift with a total
value in excess of $100.00 from any broker, broker/dealer or others who transact
business with the investment advisor or any of its' affiliated companies. The
receipt of or offer to pay for any such benefits should be reported to the
Compliance Officer.
The transmission of information concerning securities transactions for the
firms' managed accounts should be limited to other associated persons and
broker/dealers in the ordinary course of business, and no information regarding
particular securities should be transmitted, distributed or communicated to
anyone who is not associated with McKinley Capital, to include the dissemination
of in-house proprietary company research.
No person subject to the Code of Conduct should transmit any nonpublic
information about a company or use any such information to purchase or sell
securities for such persons' own account or the account of clients until such
information has been made public.
Compliance with McKinley's Code of Ethics and Conduct is mandatory and any
violation may be cause for termination of employment.
Dated: _____________________
I acknowledge that I have received a copy of McKinley's Code of Ethics and
Conduct and will abide by same.
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Signature
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Typed Name
