A. Description of the Advisory Firm
Manifold is a registered investment adviser formed as a Delaware limited liability company in September 2012. Its principal owner is The Chalice Fund L.P. (“The Chalice Fund”), which owns more than 50% of the equity interests in and voting securities of Manifold. The Chalice Fund is controlled by Grail Partners LLC (“Grail Partners”), its Managing Member. Grail Partners holds more than 25% of the voting securities and economics of The Chalice Fund. Donald H. Putnam is the Managing Member of Grail Partners and serves as Manifold’s Executive Chairman and oversees all of Manifold’s business and operations.
B. Types of Advisory Services Offered
SEC Registered Funds. Manifold provides investment advisory services to two separate series of a registered open-end management investment company, ALPS Series Trust (“AST”), American Independence Global Tactical Allocation Fund (“GTA Fund”) and American Independence Kansas Tax-Exempt Bond Fund (“Kansas Fund”), which are collectively referred to herein as “SEC Registered Funds”, in accordance with the investment objectives, strategies and restrictions applicable to each Fund as described in their Prospectus and Statement of Additional Information (“SAI”). Private Funds. In addition, Manifold serves as investment adviser to private investment funds that have been formed as Delaware limited liability companies (“Onshore Funds”) and offshore corporations (“Offshore Funds”) (each Onshore Fund and each Offshore Fund may be referred to herein as a “Private Fund” and, collectively, “Private Funds”). The Private Funds offer interests or shares (“Interests”), as applicable, to certain qualified investors (“Investors”), who are permitted to invest in a Private Fund, as described in Item 7, below. Manifold may serve as a general partner, member, or managing member, as applicable, of such Private Funds (referred to as “Manifold-Sponsored Funds”) or may serve in another capacity for the Private Funds. For example, Manifold may provide investment advisory or investment management services to the Private Funds while other entities, such as unrelated investment advisers, may sponsor, administer and support such Private Funds. Currently, Manifold provides investment advisory services to qualified Investors through its management of a segregated series, the Manifold Global Portfolios Cell (“Manifold Hydra Portfolio”), of the Hydra Global Hedge Strategies, LLC (“Hydra GHS”) and its master trading vehicle, which together form the Hydra Global Hedge Platform, as described further in Item 7. See Item 7 for a description of Manifold’s services to the Manifold Hydra Portfolio and the different classes within the Manifold Hydra Portfolio (currently the U.S. Class and the Composite Class). Separate Account Management. Manifold also offers its investment advisory services to qualified persons, institutions and high net worth individuals through separately managed accounts (“Separately Managed Accounts”). Manifold may decide in the future to sponsor, manage or advise additional Private Funds or SEC Registered Funds, engage in additional advisory or sub-advisory arrangements, (collectively, with the Private Funds, SEC Registered Funds, and Separately Managed Accounts are referred to as Manifold’s “Clients”). Each Client’s respective offering memorandum, limited liability company agreement, partnership agreement, Prospectus, SAI, Investment Management Agreement, or any other agreement regarding the provision by Manifold of investment advisory services as well as any related subscription document, and/or investment management agreement, investment advisory agreement, or research services agreement (“Constituent Documents”), describe the investment objectives, principal investment strategies, investment goals, risks and the scope of Manifold’s investment advisory services for each Client. Information about Manifold’s compensation arrangements is described in Item 5 (“Fees and Compensation”) of this Brochure.
C. Tailored Services and Restrictions
Manifold tailors its investment advisory services to seek to achieve the investment objectives and investment goals specified in the relevant Constituent Documents. Manifold has full investment discretion with respect to investment of the asset under management in accordance with the relevant Constituent Documents. With respect to Manifold-Sponsored Funds, if any, Manifold has the authority to select which and how many securities and other instruments to buy or sell without consultation with the Clients or their Investors. With respect to Separately Managed Accounts, the investment advisory/management agreement between the Client and Manifold Partners and the investment guidelines and restrictions provided by the Client will govern the management of the Client’s assets.
Wrap Fee Programs
Manifold does not participate in wrap fee programs, although it may choose to do so later.
D. Regulatory Assets Under Management
As of December 31, 2018, Manifold has regulatory assets under management of $196,545,934. please register to get more info

A. Fee Schedule
As required by the Investment Company Act of 1940, as amended (“1940 Act”), the fees and compensation payable to registered investment advisers, such as Manifold, by SEC Registered Funds are determined by the board of trustees/directors of the relevant registered investment company (such as AST), in accordance with Section 15 of the 1940 Act and the rules thereunder, and described in the Prospectus and SAI for the relevant SEC Registered Fund. The fees payable by Investors in the different classes within the Manifold Hydra Portfolio are described in the Constituent Documents for the Manifold Hydra Portfolio. The fee payable for Investors in any Manifold-Sponsored Funds will be described in the Constituent Documents for such Funds. The fees for Manifold’s services for Separately Managed Accounts are negotiable and may vary among Clients. The components of Manifold’s compensation are generally as follows: 1. Management Fee Manifold generally receives an asset-based management fee calculated as a percentage of the assets under management (“AUM”) by Manifold. For SEC Registered Funds, the asset- based management fee is an annual fee that is accrued daily and paid monthly in arrears. For other Clients, Manifold generally receives a monthly asset-based management fee calculated as a percentage of the AUM of each Client’s account or each Investor’s capital account, payable monthly in advance. The management fee (sometimes characterized as a non-recoverable advance against Manifold’s performance or incentive fee) ranges from 0.50% per annum to 1.50% per annum of AUM. 2. Incentive Allocation Manifold may also receive an incentive allocation equal to a percentage of the net income allocated to an Investor or Client to the extent net income allocated to that Investor or Client exceeds any cumulative losses that were allocated to that Investor or Client for earlier periods that have not yet been recovered (i.e., a “high water mark”). This incentive allocation may range between ten percent (10%) and twenty percent (20%) of the new net trading profits less any advances against future incentive fees and may be charged monthly or quarterly. The incentive allocation will only be charged to accounts of those Investors and Clients who are “qualified clients” as that term is defined in Rule 205-3 of the Investment Advisers Act of 1940, as amended (“Advisers Act”). 3. Fee Comparison With respect to SEC Registered Funds, the board of trustees/directors seek to approve investment management/investment advisory fees that are generally within industry norms, taking into account various factors considered by the SEC to be relevant to such determination. With respect to Investors in Private Funds, the fees paid by such Investors (including the management fee and incentive allocation) may constitute a higher percentage of average net assets than may be found in other investment vehicles.
B. Payment of Fees
Management fees, incentive allocations, and third-party fees (discussed below) are deducted from Client assets. For SEC Registered Funds, management fees are accrued daily and paid monthly in arrears. If a shareholder in an SEC Registered Fund redeems his/her shares prior to month end, the management fee and all other Fund fees will have been accrued and will be paid to Manifold and other service providers on their normal payment cycle. For Private Funds, management fees, which are paid in advance, are withdrawn at the beginning of the month. Incentive allocations are allocated and paid to Manifold as of the last business day of the calendar month and as of any date on which an Investor makes a withdrawal or receives a distribution from such Investor’s capital account(s). The relevant Constituent Documents for applicable Clients and Investors should be read carefully in order to understand the accrual and timing of the payment of fees applicable to such Client and Investors.
C. Third-Party Fees
For SEC Registered Funds, the board of trustees/directors determines the various fees and expenses paid by shareholders in such Funds. Such fees and expenses include but are not limited to management fees, all administrative, legal, accounting, auditing, record- keeping, tax form preparation, compliance fees and expenses and any extraordinary fees and expenses. The fees and expenses applicable to shareholders in a SEC Registered Fund are described in the Prospectus and SAI for the relevant SEC Registered Fund. For Private Funds, Clients and Investors will pay such costs and expenses as the Private Fund sponsor shall reasonably determine to be necessary, appropriate, advisable or convenient to carry on its business and realize the investment objective for the applicable Private Fund, including but not limited to: (i) management fees; (ii) all general investment expenses (i.e., expenses which the Private Fund sponsor reasonably determines to be directly related to the investment of the Client or Investor’s assets); (iii) all administrative, legal, accounting, auditing, record-keeping, tax form preparation, and compliance and consulting costs and expenses; (iv) fees, costs and expenses of third-party service providers that provide such services; and, (v) any extraordinary expenses, among other expenses. Third party fees for other Client accounts (including sub-advisory accounts and Separately Managed Accounts) are not determined by Manifold and may include general investment expenses, administrative, legal, accounting, auditing, record-keeping, and other fees and expenses of third-party services providers. Manifold’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which are incurred by Clients. Manifold will not receive any portion of these commissions, fees, and costs. Please see Item 12 of this Brochure regarding brokerage.
D. Prepayment of Fees
For shareholders in SEC Registered Funds, all fees and expenses are accrued daily and paid monthly in arrears. With respect to other Clients, Manifold generally accepts new investments and permits withdrawals from capital accounts only on the last business day of a calendar month. In the event that Manifold makes exceptions to these policies, Manifold will pro rate the management fee for Interests held for less than a full month. Prepaid but unearned fees are refunded to the Clients and/or Investors, as the case may be.
E. Outside Compensation for the Sale of Securities
Manifold does not accept compensation for the sale of securities or other investment products, although certain of its employees (as discussed in response to Item 10) may receive compensation from Manifold for the sale of securities of affiliated SEC Registered Funds.
The foregoing discussion in Items 5 represents Manifold’s basic compensation
arrangements. The fees for SEC Registered Funds are expected to be in compliance
with the requirements of the 1940 Act.
The management fee and incentive allocations described above are structured to
comply with Rule 205-3 under the Advisers Act and applicable state laws. Although
Manifold believes its fees are competitive, lower fees for comparable services may be
available from other investment advisers. please register to get more info

As discussed in Item 5. A. above, with respect to Private Funds Manifold generally receives an incentive allocation equal to a percentage of the net income allocated to each Investor in the Private Funds for the quarter. Manifold allocates investment opportunities among its Clients on an equitable basis, which is intended to not favor any particular Client or group of Clients in light of possible conflicts of interest based on incentive compensation that may be paid to Manifold. Differences in Manifold’s compensation arrangements with its Clients, particularly if some Clients were to pay higher performance-based compensation, could create incentives for Manifold to manage Client portfolios so as to favor the portfolios of Clients paying higher performance-based compensation, as could Manifold’s ownership interest (e.g., as the manager or managing member) in some Client accounts. Manifold will allocate transactions and opportunities among its various Client accounts in a manner it believes to be as equitable as possible, considering each Client’s investment objectives, investment strategies, programs, limitations, and capital available for investment. Notwithstanding this, even accounts with similar investment objectives and strategies may have different investment portfolios and investment results. Manifold will evaluate investments in a manner that it considers to be in the best interest of its Clients, given each Client’s investment objectives, investment strategies, suitability of the investment, and risk profile. please register to get more info

Manifold provides its investment advisory services to (i) retail investors in SEC Registered Funds, (ii) qualified persons, institutions and high net worth individuals through Separately Managed Accounts, (iii) and to qualified persons, institutions and high net worth individuals through Private Funds (some or all of which may be sponsored, formed, administered and operated by unaffiliated firms). SEC Registered Funds. As noted in Item 4 above, Manifold provides investment advisory services to retail investors through two separate series of AST, a registered investment company in accordance with the investment objectives, strategies and restrictions applicable to each Fund as described in their Prospectus and SAI.

Private Funds. Manifold provides its investment advisory services to Qualified Purchasers (as defined in Section 2(a)(51) of the 1940 Act) (referred to as Investors) that invest in the Manifold Hydra Portfolio, a separate segregated series of Hydra GHS, a Delaware series Limited Liability Company, and its master trading vehicle Hydra Global Hedge Strategies, SPC, a Cayman Island exempt company organized as a segregated portfolio company, which together form the Hydra Global Hedge Platform (“Hydra Platform”). The Hydra Platform is offered by Kettera Strategies LLC (“Kettera”), which oversees the operation and administration of the Hydra Platform and each of its separate segregated series. Each separate segregated series of the Hydra Platform is managed by a different investment adviser that is responsible for the management of a particular segregated portfolio.

Manifold is solely responsible for developing and executing the investment strategy (e.g., formulating the investment decisions and placing trades) for each class (“Class”) (i.e., currently the U.S. Class and the Composite Class) of the Manifold Hydra Portfolio for the benefit of its Investors. Manifold invests of each Class in direct or indirect exposures to exchange-traded, liquid equities traded (directly or in the form of derivative securities, exchange traded funds (“ETFs”), Contract-for-Difference (“CFDs”), or swaps) on any credible exchange or transaction venue worldwide. In accordance with the investment strategy for the Manifold Hydra Portfolio, Manifold invests the assets of each Class both long and short. So, the assets of each Investor account will be both buying securities (“long exposures”) and selling securities short (“short exposures”). Within each Class, Manifold diversifies the investments across many individual exposures and controls its exposure to factors, sectors, industries, and other risks according to the parameters appropriate to the specific Class selected as well as in accordance with broader constraints applicable to all Classes of the Manifold Hydra Portfolio. Each Class is associated with a specific reference geographic area and Manifold invests the Class’ assets in direct or indirect exposures to liquid equities associated with that Class’ geographic focus (e.g., the U.S. Class invests only in liquid securities (with no bias as to cap size) traded on all major US exchanges). The number of Investors in the Manifold Hydra Portfolio may be restricted in order to maintain the Manifold Hydra Portfolio’s exclusion from “investment company” status under 1940 Act. The minimum initial investment in any Class of the Manifold Hydra Portfolio is $1 million and Investors may make additional investments to any Class in which they already are invested in increments of $250,000. Prospective Investors in the Manifold Hydra Portfolio must meet eligibility criteria and are subject to certain withdrawal requirements and limitations. Manifold encourages prospective Investors in a Class of the Manifold Hydra Portfolio to request and thoroughly review the Manifold Hydra Portfolio’s Constituent Documents, which set forth all of the terms in detail. Manifold-Sponsored Funds. Each Investor in any Manifold-Sponsored Fund generally must be ( i ) an “accredited investor” (as defined in Regulation D under the Securities Act of 1933), ( i i ) a “qualified purchaser” (as defined in Section 2(a)(51) of the 1940 Act), or (iii) an Investor who is eligible to enter into a performance fee arrangement under federal law, and must meet other criteria as specified in the Constituent Documents. The minimum initial investment is $1,000,000 for individual investors or $5,000,000 for institutional investors, and the minimum additional investment is $100,000 for individual investors or $500,000 for institutional investors, subject to waiver at the discretion of Manifold. Sub-Advisory Clients. Generally, similar considerations will apply to Clients in sub- advisory arrangements, though the specific investor qualifications, investment amounts and other terms will vary and depend on the terms of the Private Fund, which are determined by other advisers. please register to get more info

A. Methods of Analysis and Strategies
SEC Registered Funds. Manifold oversees the investments for the GTA Fund and the Kansas Fund recommended by each Fund’s sub-adviser. With respect to the GTA Fund, Charlie McNally is one of the Co-Portfolio Portfolio Managers. In addition, Manifold helps administer the cash management needs for the GTA Fund. For SEC Registered Funds, the investment objectives and strategies of each Fund are described in their Prospectus and SAI. Shareholders and potential investors in the SEC Registered Funds should review the Prospectus and SAI for each such Fund. All Other Clients. For all Clients, other than the series of AST, Manifold utilizes an investment process based on proprietary research and methodologies. Manifold’s primary method of analyzing securities and implementing its investment strategy is statistical in nature, as described more fully below. Unless otherwise instructed by the Client, Manifold will invest in liquid stocks in one or more global markets for long-only and long-short Clients and Investors (in the Private Funds). Manifold’s portfolios are diversified and risk-managed; seeking high return per unit of volatility of return (“Information Ratio”). Manifold builds long portfolios to outperform a benchmark while controlling factor, sector, industry and other risks. When Manifold invests short, it may blends index hedges with stock shorts to reduce risk and/or enhance return. Manifold’s investment process is based on proprietary research and methodologies, as follows: Manifold’s research teams utilize machine learning artificial intelligence (“AI”) and other scientific techniques to predict prices. The output of Manifold’s research work is prediction software. When a Manifold science research team’s new software goes to its portfolio strategy team for implementation, the Manifold research team returns to the task of improving science. Manifold’s research evolves as it:
• Onboards or develops new proprietary predictions
• Improves proprietary predictions with new data and factors
• Extends research to new markets
• Improves ways to synthesize predictions into an “ensemble” prediction. Manifold also seeks to improve portfolio optimization, add new risk models, and enhance street-facing and Client-facing operational capabilities.
Portfolio Construction – Long Exposures

To select stocks to buy, Manifold uses an optimizer to construct “Reference Portfolios” that maximize expected excess return and minimize expected risk within constraints that maximize the Information Ratio. Manifold re-optimizes portfolios daily, taking into account new information and applying optimization parameters, restrictions, and pre- existing positions.
Portfolio Construction – Short Exposures
Short portfolios are designed to achieve two objectives, in descending order of importance:


• first, to reduce volatility from excess industry and factor (size, etc.) exposures;
• second, to profit from prices expected to fall in the future relative to the index. Manifold dampens negative ensemble predictions to allow risk to play a larger role than return. Short exposures include single security short positions and index hedges. To consider index hedges Manifold replaces index price and risk characteristics with bottom- up recompilation using ensemble alphas and security level risk exposures. At times the short side might be dominated by an index hedge, while at other times a short portfolio might be comprised solely of stock-specific short positions. Through leverage provided by a prime broker, each available and investible Class is intended to be invested at constant leverage, with a target leverage ratio of “3 by 3” (e.g., for every $1 of capital invested in a Class, $3 of long exposure and $3 of short exposure will be maintained). However, at any time a Class may have less leverage, and therefore lower returns, as Manifold adjusts leverage. Moreover, the “3 by 3” leverage level is only a target. At times, leverage may exceed, perhaps substantially, the “3 by 3” initial leverage target. In particular, Manifold will not increase the target leverage ratio to over 4 by 4 at any time. However, it is possible that leverage ratio may increase to over 4 by 4 because of market or other circumstances that Manifold does not control. Nevertheless, the target leverage ratio is not expected to exceed “4 by 4” at any time. For more information about Manifold’s analysis of investible securities and the investment process and strategies it uses, please read the relevant Constituent Documents for the particular Private Fund and Separately Managed Account. With respect to sub- advisory Clients, such Clients may employ other strategies, which may be determined by other investment advisers.
B. Risks of Investments and Strategies Utilized
Investing in securities involves risk of loss that Clients and Investors should be
prepared to bear.
Clients and Investors should carefully read the Constituent Documents for the
specific investment (e.g., SEC Registered Funds or each Private Fund) for
detailed information about the risks of that investment.
General Investment and Trading Risks. Each Client account may invest in securities and other financial instruments using strategies and investment techniques that may have significant risk characteristics. The investment program for certain Funds may utilize investment techniques such as option transactions, margin transactions, short sales, forwards, leverage, and derivatives trading, the use of which can, in certain circumstances, maximize the adverse impact to which a Client may be subject. Equity Investments. Equity investments may be subject to wide and sudden fluctuations in market value, with a resulting fluctuation in the amount of profits and losses. Equity prices are directly affected by issuer specific events, as well as general market conditions. In addition, in many countries investing in common stocks is subject to heightened regulatory and self-regulatory scrutiny as compared to investing in debt or other financial instruments. Small-Cap and Mid-Cap Risks. These securities generally have greater volatility and less liquidity than securities of large-cap issuers. Exchange Traded Funds. Index-based ETFs are a type of index fund bought and sold on a securities exchange. The risks of owning an index-based ETF generally reflect the risks of owning the underlying securities that the index is designed to track. In addition, lack of liquidity in an ETF or relating to its portfolio securities could result in the ETF being more volatile. ETFs have their own fees, costs and expenses that increase their cost as an investment option. Index-based ETFs are also subject to other risks, including: (i) the risk that their prices may not correlate perfectly with changes in the underlying index; and (ii) the risk of possible trading halts due to market conditions or other reasons that, in the view of the exchange upon which an ETF trades, would make trading in the ETF inadvisable. An exchange-traded sector fund may also be adversely affected by the performance of that specific sector or group of industries on which it is based. Commodities and Derivative Investments. The prices of commodities contracts and derivative instruments, including futures and options, are highly volatile. Payments made pursuant to swap agreements may also be highly volatile. Price movements of commodities, futures and options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. In addition, use of commodities contracts and derivative instruments are subject to the risk of the failure of any of the exchanges on which such positions trade or of its clearinghouses or counterparties. Use of Leverage and Financing. A Client may pledge its securities to borrow additional funds for investment purposes. Any event which adversely affects the value of an investment by the Client would be magnified to the extent the Client is leveraged. The cumulative effect of the use of leverage by a Client in a market that moves adversely to the Client’s investments could result in a substantial loss that would be greater than if the Client were not leveraged. With respect to the Private Funds, please refer to the Constituent Documents for more detailed information about the leverage employed in managing the Private Funds. Highly Volatile Markets. The prices of financial instruments can be highly volatile. Price movements of forward and other derivative contracts are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. Clients are also subject to the risk of failure of any of the exchanges on which their positions trade or of its clearinghouses. High Risk Investments. While investments in companies in certain industries offer the opportunity for significant capital gains, such investments involve a high degree of business, financial, technological and regulatory risk, which can result in substantial losses. Hedging Transactions. While a Client account may enter into hedging transactions to seek to reduce risk, such transactions may result in poorer overall performance for the Client account than if the Client Account had not engaged in any such hedging transactions. For a variety of reasons, Manifold may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Client Account from achieving the intended hedge or expose the Client Account to the risk of loss. Derivatives and Hedging. Derivatives are financial instruments or arrangements in which the risk and return are related to changes in the value of other assets, reference rates or indices. The ability to profit or avoid risk through investment or trading in derivatives will depend on Manifold’s ability to anticipate changes in the underlying assets, reference rates or indices. Brokerage Commissions/Transaction Costs. Manifold’s investment process may involve a high level of trading and portfolio turnover and, as a result, a Client’s account may generate greater than normal transaction costs. These costs will be borne by the Client account regardless of its profitability. Short Selling. Short selling involves selling securities which are not owned and borrowing them for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. Short selling allows the investor to profit from declines in market prices to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Client of buying those securities to cover the short position. There can be no assurance that the securities necessary to cover a short position are available for purchase at or near prices quoted in the market. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Limited Diversification/Greater Concentration. Clients are not limited in the amount of the capital that may be committed to any single investment, industry, or sector. Limited diversity can expose a Client to losses disproportionate to market movements in general if there are disproportionately greater adverse price movements in those investments. Non-U.S. Securities. Investments in securities of non-U.S. issuers pose a range of potential risks which could include expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains or other income, political or social instability, illiquidity, price volatility and market manipulation. In addition, less information may be available regarding securities of non-U.S. issuers, and non-U.S. issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. issuers. Non-U.S. securities may also be less liquid than U.S. securities and the regulation of non-U.S. securities exchanges, clearinghouses and market counterparties not be as stringent as in the U.S. The risks of non- U.S. securities are even greater in emerging markets. Systems and Operational Risk. All Client accounts managed or advised by Manifold are susceptible to systems and operational risk. The Funds depends on Manifold Partners to develop and implement appropriate systems for its trading programs and related trading activities. With respect to the Private Funds and Separately Managed Accounts, Manifold relies extensively on computer programs and systems to implement its investment strategies, to trade, to evaluate and to monitor the portfolio, and to generate risk management and other reports that are critical to its trading activities. Such programs and systems may be subject to certain defects, failures, or interruptions, including, but not limited to, those caused by programming errors and defects, viruses, hacking, and power failures. Any such defect or failure could have a material adverse effect on the performance of the Private Funds and Separately Managed Accounts. Manifold’s investment strategy is highly complex and successful deployment of the investment strategy requires sophisticated mathematical calculations and complex computer programs. There can be no assurance that Manifold will successfully carry out such calculations and programs correctly or use them effectively. Errors may occur in designing, writing, testing, monitoring, and/or implementing such calculations and programs, including errors in the manner in which such calculations and programs function together. Any such error may be difficult to detect, may not be detected for a significant period of time, and could have a material adverse effect on the Client’s assets. This risk may be exacerbated by the fact that the investment strategy is expected to include executing a significant number of trades over a particular time period, which may result in many trades being affected by any such error before it can be detected and corrected. In addition, such calculations and programs are dependent upon accurate market and other data, and inaccuracies in or any corruption of such data (or errors in incorporating such data) may have a material adverse effect on the results of such calculations and programs. Moreover, the effectiveness of such calculations and programs may diminish over time, including as a result of market changes and changes in the behavior of other market participants. Manifold may respond to any diminishing effectiveness of its calculations and programs by making certain changes to its calculation or programs and/or the manner in which it is implemented. Any such changes also could increase the likelihood of the errors described above. The mathematical calculations and computer programs utilized by Manifold are subject to inherent limitations and may be improved upon as experience is gained, strategies are refined, and markets change. However, there can be no assurances that Manifold will be able to or will make any such improvements, and Manifold’s inability or failure to do so could have a material adverse effect on the Client’s assets. Each Fund’s investment strategy relies on computer programs and systems to trade, clear and settle securities transactions, to monitor its portfolio, and to generate risk management and other reports that are critical to Manifold’s investment and oversight activities. In addition, certain operations interface with or depend on systems operated by third parties, including broker-dealers, custodians, administrators, transfer agents, prime brokers, market counterparties and their sub-custodians and other service providers, and Manifold may not be in a position to verify the risks or reliability of such third-party systems. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to, those caused by worms, viruses and power failures. Any such defect or failure could have a material adverse effect on the Fund portfolio.
Possibility of Losses Associated with Proprietary Investment Activities. Manifold
uses quantitative computer models to predict short-term, medium-term and other price movements in its trading activities. Trading based on these models is subject to the risks that a financial instrument’s prices will not increase or decrease as predicted by these models, or that trades dictated by the models may not be executed in a way that allows capture of the price movements. Any factor that would make it more difficult to execute trades in accordance with the models’ signals, such as a significant lessening of liquidity in a particular market, could also be detrimental to profitability. Most quantitative computer models cannot fully match the complexity of the financial markets and, therefore, sudden unanticipated changes in underlying market conditions can significantly impact the performance of the Client’s assets. Manifold’s trading strategies and models may be revised from time to time as a result of ongoing research and development that seeks to devise new strategies and systems, as well as to improve its current methods. The strategies and systems used by Manifold in the future may differ from those currently used, due to changes and improvements resulting from this ongoing research and development. Clients generally will not be informed of these changes as they occur but will be informed of any material changes to Manifold’s investment process, strategies or systems. Currency. Clients may invest in instruments denominated in currencies other than the U.S. dollar, the price of which is determined with reference to currencies other than the U.S. dollar. Client accounts will, however, be valued in U.S. dollars. To the extent unhedged, the value of the assets will fluctuate with U.S. dollar exchange rates as well as the price changes of investments in the various local markets and currencies. Thus, an increase in the value of the U.S. dollar compared to the other currencies will reduce, all other economic factors being constant, the effect of increases and magnify the effect of decreases in the prices of the account’s securities in their local markets. Conversely, a decrease in the value of the U.S. dollar will have the opposite effect on non-U.S. dollar securities. To the extent permitted, Clients also may, but does not expect to regularly do so, utilize options and forward contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective. Information Sources. Manifold selects investments based in part on information and data that the issuers of securities file with various government agencies or make directly available to Manifold or that Manifold obtains from other sources. Manifold is not in a position to confirm the completeness, genuineness, or accuracy of such information and data, and in some cases, complete and accurate information is not readily available. Stock Index Futures. Price movement in the stock index and price movements in the securities that are the subject of a hedge do not always correlate. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and there is no secondary market for those contracts. In addition, there may be no active market for the contracts at any particular time. Some exchanges do not permit trading in particular contracts at prices that fluctuate more than a set limit in any day. If prices fluctuate during a single day beyond those limits, a Client may not be able to liquidate unfavorable positions promptly and may lose money. Counterparty Risk. Transactions may be effected in “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of “exchange–based” markets. This exposes Clients to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing Clients to suffer a loss. Terrorist Action. There is a risk of terrorist attacks on the United States and elsewhere causing significant loss of life and property damage and disruptions in global markets. Economic and diplomatic sanctions may be in place or imposed on certain states and military action may be commenced. The impact of such events is unclear but could have a material effect on general economic conditions and market liquidity. More information about a Client’s investments and the associated risk factors is available in the applicable Constituent Documents.
The foregoing list of risk factors does not purport to be a complete enumeration or
explanation of the risks involved in a Fund managed or advised by Manifold.
Prospective Investors and Clients should read the entire Brochure as well the
Constituent Documents (including for the SEC Registered Funds the Prospectus and
SAI), other materials that may be provided by Manifold and the sponsor for the
Private Funds and should consult with their own advisors prior to engaging
Manifold’s services. please register to get more info

Neither Manifold nor its management persons have been a party to any legal or disciplinary events that would be material to a Client’s or prospective Client’s evaluation of its investment advisory business or the integrity of its management. please register to get more info

A. Registration as a Broker-Dealer or Broker-Dealer Representative
Neither Manifold nor its management persons are registered representatives of broker- dealers, nor is Manifold concurrently registered as a broker-dealer.
B. Registration as a Futures Commission Merchant, Commodity Pool
Operator, or a Commodity Trading Advisor
Neither Manifold nor its management or investment persons are registered as a futures commission merchant, commodity pool operator (“CPO”), or a commodity trading advisor (“CTA”). Manifold, a Fund, or other related person may claim applicable exceptions from registration as a CPO or CTA, as applicable and as may be permitted to do so with respect to a particular Fund’s investment strategy.
C. Relationships Material to this Advisory Business and Possible Conflicts of
Interest
As described in ADV Part 1, Item 7.A. and applicable sections of Schedule D, Manifold has the following related persons: Manifold’s principal owner is The Chalice Fund, which owns more than 50% of the equity interests in and voting securities of Manifold. The Chalice Fund is controlled by Grail Partners, its Managing Member. Grail Partners holds more than 25% of the voting securities and economics of The Chalice Fund. Donald H. Putnam is the Managing Partner of Grail Partners and serves as Manifold’s Executive Chairman and oversees all of Manifold’s business and operations. Certain personnel of Manifold are registered representatives of a third party limited purpose broker-dealer that serves as the distributor of shares of the GTA Fund and the Kansas Fund to financial intermediaries.
D. Selection of Other Advisers or Managers
Manifold may enter into sub-advisory arrangements with other investment advisers, whereby Manifold serves as sub-adviser to a Fund or account (or subset of such Fund or account’s assets) managed by such other advisers. However, with respect to any Manifold-Sponsored Funds, Manifold does not select other advisers or third-party managers. Such assets are managed by Manifold. please register to get more info

Personal Trading

A. Code of Ethics
Manifold has adopted a Code of Ethics (“Code”) pursuant to Rule 204A-1 under the Advisers Act and in accordance with various requirements under the 1940 Act. The Code governs the activities of each member, officer, director and employee of Manifold (collectively, “Employees”). Manifold holds its Employees to a high standard of integrity and business practices that reflects its fiduciary duty to the Client. In serving its Client, Manifold strives to avoid conflicts of interest or the appearance of conflicts of interest in connection with the personal trading activities of its Employees and Client securities transactions. When persons covered by the Code engage in personal securities transactions, they must adhere to the following general principles as well as to the Code’s specific provisions: (a) at all times the interests of Client must be paramount; (b) personal transactions must be conducted consistent with the Code in manner that avoids any actual or potential conflict of interest; and (c) no inappropriate advantage should be taken of any position of trust and responsibility. Employees covered by the Code have certain trading restrictions and reporting obligations regarding their personal securities transactions. Each Employee is provided with a copy of the Code and must annually certify that they have received it and have complied with its provisions. In addition, any Employee who becomes aware of any potential violation of the Code is obligated to report the potential violation to Manifold’s Chief Compliance Officer. Manifold will provide a copy of its Code to Clients and prospective Clients upon request by submitting a written request to Manifold at the address on the cover page to this Brochure or by directly contacting Jane Kanter at [email protected] It is the policy of Manifold not to make, and to prohibit its employees from making, any political or charitable contributions for the purpose of influencing a Client or potential Client, a public official or his or her agency. However, employees may make personal political or charitable contributions in accordance with the requirements and restrictions of applicable law and Manifold’s policies. To help ensure compliance with SEC rules, and the many state and local pay-to-play rules, all Manifold Employees must pre-clear and obtain prior approval from the Chief Compliance Officer before they (or their spouse or their dependent children) make any contributions (i.e., any monetary contribution or contribution of goods or services) to a specific political candidate, government official, political party, or political action committee.
B. Recommendations Involving Material Financial Interests
Neither Manifold nor its related persons recommends to Clients, or buys or sells for Client accounts, securities in which Manifold or a related person has a material financial interest, although sales personnel of Manifold recommend to financial intermediaries and qualified investors the sale of shares of or interests in the SEC Registered Funds and the Private Funds.
C. Investing Personal Money in the Same Securities as Clients
Although Manifold’s policies and procedures generally prohibit its Employees and related persons from trading in the same instruments that Manifold buys or sells for Client accounts, there may be limited circumstances in which Manifold, its Employees and/or the related persons may buy or sell the same instruments that Manifold buys or sells for Client accounts, and it or they may own securities, or options on securities, of issuers whose securities are subsequently bought for Client accounts because of Manifold’s recommendations regarding a particular security. Manifold’s policy as to such transactions is that neither Manifold nor any of its Employees or related persons are to benefit from price movements that may be caused by transactions for Client accounts. Manifold addresses this conflict by requiring employees to sign and adhere to Manifold’s Code and to report personal securities holdings and transactions to Manifold’s Chief Compliance Officer. Manifold has put in place an exception from pre- clearance of securities transactions that are less than $5,000 per transaction.
D. Trading Securities At/Around the Same Time as Client Investment in Securities
As discussed above, from time to time, Manifold, its Employees, or related persons of Manifold may buy or sell securities for themselves that Manifold also recommends to its Clients. Manifold will always document any transactions that could be construed as conflicts of interest and will always transact Client business before the business of its Employees and/or related persons when similar securities are being bought or sold. please register to get more info

A. Factors Used to Select or to Recommend Broker-Dealers
Manifold will always have discretion as to the placement of brokerage (and accordingly, the commission rates paid). In selecting brokers to effect portfolio transactions, Manifold considers such factors as price, quality of execution, expertise in particular markets, the ability of the brokers to effect the transactions, the brokers’ facilities, reliability, reputation, experience, financial responsibility in particular markets, familiarity both with investment practices generally and techniques employed by Clients and certain brokerage or research services (“soft dollar items”) provided by such brokers and clearing and settlement capabilities, subject at all times to principles of best execution, in accordance with the Manifold’s policies and procedures. In selecting broker/dealers to execute transactions, Manifold need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. Manifold believes that the broker-dealers that it recommends provide competitive transaction and custody costs, helping Clients to eliminate or control costs and optimize the custodial structure to the benefit of account holders. When possible, Manifold seeks to pre-negotiate preferred terms for its Clients providing Clients with the benefits associated with the economy of scale and custodial knowledge of the firm. Certain brokers utilized by Manifold may provide general assistance to Manifold, including, but not limited to technical support, consulting services, and consulting services related to staffing needs. In selecting a broker, Manifold may consider the broker’s general assistance and consulting services. To the extent Manifold would otherwise be obligated to pay for such assistance, it has a conflict of interest in considering those services when selecting a broker. At times Manifold causes its Clients to pay commissions and at other times it causes its Clients to pay a dealer mark-up/mark-down on OTC transactions. 1. Research and Other Soft Dollar Benefits Manifold does not anticipate receiving research or other products or service other than execution from a broker-dealer or third-party in connection with Client securities transactions (“soft dollar benefits”). However, Manifold has the right to receive soft dollar benefits if, in good faith, it considers it to be in the best interest of the Client and consistent with Manifold’s obligations to do so, to enter into “soft dollar” arrangements with one or more broker-dealers. All “soft dollar” arrangements will fall within the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended, as that safe harbor is currently interpreted by the SEC. If in the future Manifold obtains “soft-dollar” benefits, this Brochure will be appropriately amended. 2. Brokerage for Client Referrals Certain brokers utilized by Manifold may refer advisory Clients to Manifold or potential investors to investment vehicles managed by Manifold. In selecting a broker, Manifold may consider the broker’s referrals of Clients or investors to investment vehicles Manifold manages, referrals of Clients to Manifold, the potential for future referrals, and/or the broker’s willingness to pay third-party finders’ fees for such referrals. To the extent Manifold would otherwise be obligated to pay for “finding” services, it has a conflict of interest in considering those services when selecting a broker. It also faces a conflict because it benefits from increases the size of the investment funds Manifold managers. With respect to the SEC Registered Funds, Manifold does not consider sales of Fund shares in selecting broker-dealers for execution of portfolio transactions. 3. Directed Brokerage Manifold does not accept direct brokerage arrangements with respect to the Funds it sponsors. Securities transactions, except under limited circumstances, are executed by brokers selected by Manifold in its discretion and without the consent of the Client or its Investors. With respect to sub-advisory or similar arrangements, Clients may direct brokerage, but in such cases, Manifold has not negotiated the terms and conditions of the broker’s service terms (including, but not limited to, commission rates). Moreover, Manifold has advised Clients in connection with instances in which the Client directs brokerage, Manifold does not have responsibility for obtaining the best prices or particular commission rates with or through any such broker, and the Client may not obtain rates as low as it might by following Manifold recommendations.
B. Aggregating Trading for Multiple Client Accounts
Manifold may (but is not required to) combine orders on behalf of one Client account with orders for other Client accounts for which it or its principals have trading authority, or in which it or its principals have an economic interest. When it does, Manifold will generally allocate the securities or proceeds arising out of those transactions (and the related transaction expenses) on an average price basis among the various participants. Manifold believes combining orders in this way will, over time, be advantageous to all participants. However, the average price could be less advantageous to a Client than if that Client had been the only account effecting the transaction or had completed its transaction before the other participants. Because of Manifold’s relationship to the Clients it manages by virtue of its position as an investment manager, there may be circumstances in which transactions for those entities may not, under certain laws, regulations and internal policies, be combined with those of some of Manifold’s and its affiliates’ other Clients, which may result in less advantageous execution for those Clients. Manifold may place orders for the same security for different Clients at different times and in different relative amounts due to differences in investment objectives, cash availability, size of order and practicability of participating in “block” transactions. The level of participation by different Clients in the same security may also be dependent upon other factors relating to the suitability of the security for the particular Client. In addition, Manifold and/or its related persons or Clients may buy or sell specific securities for its or their own account that are not deemed appropriate for Client accounts at the time, based on personal investment considerations that differ from the considerations on which decisions as to investments in Client accounts are made. Where execution opportunities for a particular security are limited, Manifold attempts in good faith to allocate such opportunities among Clients in a manner that, over time, is equitable to all Clients. please register to get more info

A. Frequency and Nature of Periodic Review and Who Makes Those Reviews
Each portfolio manager for each Client account is responsible for ensuring each Client account satisfies specific risk criteria on a daily basis. Any decision to change any of the Client account’s parameters or limits must be preapproved by Manifold’s Investment Committee, which would also be reviewed by Manifold’s Executive Committee. The members of the Investment Committee have discretion over any investment decisions that fall within their existing guidelines. Investment committee meetings are held monthly (though can be held more frequently) and separate Executive Committees meetings are held weekly.
B. Factors That Will Trigger a Non-Periodic Review of Client Accounts
Reviews may take place more frequently if triggered by specific economic, market, or political conditions.
C. Content and Frequency of Regular Reports
Investors in the Private Funds will generally receive unaudited reports of performance monthly and annual audited financial statements and copies of Schedule K-1 to the Private Funds’ tax return, if applicable. Shareholders and potential investors in the SEC Registered Funds will be able to obtain information on each Fund’s performance through reports posted to the Funds’ website. please register to get more info

Manifold does not receive any economic benefit, directly or indirectly from any third party for advice rendered to Clients. please register to get more info

To the extent that Manifold is the general partner, managing member, or equivalent of a Private Fund, SEC rules deem it to have “custody” of that Fund’s assets, even though such assets are held in brokerage and/or bank accounts, as applicable. Manifold will satisfy the SEC’s custody requirements by placing Client assets with a qualified custodian and providing Investors with audited financial statements by a specified time each year. With respect to the SEC Registered Funds, the assets of the Funds are held by qualified custodians approved by the board of trustees/directors for the SEC Registered Funds. please register to get more info

The Constituent Documents generally authorize Manifold to invest and trade a Client’s assets in a broad range of investments, to be selected at Manifold’s sole discretion in accordance with the investment objective, investment strategies, limitations and restrictions specified in the Constituent Documents. Further, Manifold may enter into any type of investment transaction and employ any investment methodology or strategy it deems appropriate, provided it is in accordance with (or not prohibited by) the Constituent Documents. Pursuant to each Private Fund’s governing documents, each Investor may designates Manifold as its attorney-in-fact to execute, certify, acknowledge, file, record and swear to all instruments, agreements and documents necessary or advisable to carrying out the Client’s business and affairs, including execution of the Client’s governing documents. A Fund Investor’s execution of the Private Fund’s Subscription Agreement constitutes the Investor’s execution of the Fund’s governing documents. please register to get more info

Manifold does not currently exercise voting authority over Client proxies. Rather, Clients normally vote their own proxies. Nonetheless, Manifold has adopted Proxy Voting Policies and Procedures in accordance with Rule 206(4)-6 under the Advisers Act in case Manifold were to assume such responsibility in the future. Manifold’s Proxy Voting Policies and Procedures would require Manifold to vote proxies in a prudent and diligent manner intended to enhance the economic value of the assets of the Clients. However, the policies permit Manifold to abstain from voting proxies in the event that the Clients’ economic interest in the matter being voted upon is limited relative to the Clients’ overall portfolio or the impact of the Clients’ vote will not have an effect on its outcome or on the Clients’ economic interests. Although many proxy proposals can be voted in accordance with Manifold’s proxy voting guidelines, some proposals will require special consideration, and Manifold will make a decision on a case-by-case basis in these situations. Where a proxy proposal raises a material conflict between Manifold’s interests and the interests of the Clients, Manifold will seek to resolve the conflict in the best interest of the Clients. With respect to the SEC Registered Funds, Rule 30b1-4 under the 1940 Act requires each SEC Registered Fund for which Manifold serves as investment adviser to file with the SEC Form N-PX summarizing how proxies of the SEC Registered Funds were voted. For the SEC Registered Funds, the board of trustees/directors of such Funds has selected third party experts to provide guidance in terms of any proxies that need to be voted for the GTA Fund or Kansas Fund. Clients may obtain a copy of Manifold’s complete proxy voting policies and procedures upon request. Clients may also obtain information from Manifold about how Manifold voted any proxies on behalf of their account(s). please register to get more info

Manifold has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to Clients and has not been the subject of a bankruptcy petition.
A. Balance Sheet
Manifold does not require nor solicit prepayment of more than $500 in fees per Client, six months or more in advance and therefore does not need to include a balance sheet with this Brochure.
B. Financial Condition
Manifold has discretionary authority over a Client’s assets. At this time, neither Manifold nor its management persons have any financial conditions that are likely to reasonably impair its ability to meet contractual commitments to Clients.
C. Bankruptcy Petitions in Previous Years
Manifold has not been the subject of a bankruptcy petition in the last ten years.
Item 19 – Requirements for State-Registered Advisers
Information regarding Manifold’s principal executive officers and management personnel is provided below. Donald H. Putnam – Mr. Putnam is Executive Chairman and CEO of Manifold. Mr. Putnam founded Manifold in 2012, prior to which he founded Grail Partners LLC in 2005 where he currently serves as Managing Partner. In 1987 he founded Putnam Lovell Securities and served as CEO and Chairman of the Board. He was an Executive Vice President and Division President of SEI, founder and President of SEI Financial Services Company, and founder and President of its mutual funds. Before SEI he was a Senior Consultant at Catallactics Corporation where he devised new quantitative products for major banks. His career began at Bankers Trust Company where he worked with quantitative and systems teams serving ERISA clients. John Griff. Mr. Griff is President and a Managing Partner of Manifold. Mr. Griff has enjoyed a 40-year financial services career that has spanned investment banking and asset management. Most recently, he served as Chief Operating Officer of publicly held Gleacher & Company, a boutique investment banking and asset management firm specializing in Advisory, Capital Markets, Fixed Income, and Private Equity, where he was also CEO of the Broker-Dealer. Mr. Griff served as Strategic Advisor to the CEO at LNR Property Corporation where he shared responsibility for LNR’s European business units, including a Commercial Real Estate fund. Mr. Griff served as President of Putnam Lovell, a boutique investment bank specializing in the financial services sector. He was simultaneously CEO of HSBC USA, Inc., HSBC’s US based Investment Banking business, and Co-Head of HSBC’s Global Fixed Income business. Mr. Griff also served in senior roles at then NationsBanc Capital Markets, Lehman Brothers, and Merrill Lynch. Mr. Griff is a graduate of Fordham University where he earned a BS degree majoring in Finance and Marketing. Jane A. Kanter. Ms. Kanter is Chief Counsel, Chief Compliance Officer and a Managing Partner of Manifold. Ms. Kanter also serves as Chief Counsel of Grail Partners LLC. Ms. Kanter served as General Counsel and Chief Operating Officer of ARK Investment Management LLC from June 2014 through September 2016. Prior to that Ms. Kanter was a senior Partner at Dechert LLP from May 1997 to June 2014. Ms. Kanter has worked in the investment company industry since 1980 in various capacities: in private legal practice as a partner with various law firms, with T. Rowe Price Associates as Vice President and Associate Legal Counsel, and in the SEC’s Division of Investment Management as the Head of the Investment Company Disclosure Study from 1980 to 1983. Ms. Kanter received her B.A. (with honors) from Queens College in 1970, her J.D. from Brooklyn Law School in 1973 (where she was a member of the Law Review), and her LL.M. in taxation from Washington University in 1976. Andrew F. Putnam. Mr. Putnam is Managing Director of Client Service of Manifold and the head of operations and client services at Manifold. He has a robust history of hands-on investment operations management beginning in 2006 at Conifer Securities. His experience covers a wide range of services for various fund types and clients, both domestic and international. Mr. Putnam is Series 7 certified and graduated from Washington University in St. Louis in 2006. Kent M. Baur – Mr. Baur serves as Chief Risk Officer and Head of Portfolio Management at Manifold. Mr. Baur has over 25 years of institutional investment experience, spanning fundamental equity, quantitative hedge funds and multi-asset portfolios. He has been involved in nearly every element of the investment process, from managing fundamental research teams and portfolio teams, to risk management, portfolio construction, and implementation. He co-founded Summit Strategies Group in 1994, and his previous positions include Chief Operating Officer, Managing Director, and Chief Risk Officer. Charlie McNally. Mr. McNally is Portfolio Manager for one of American Independence Funds Trust and, since 2013, was the Chief Portfolio Strategist of Manifold Fund Advisors LLC. Mr. McNally also serves as a Portfolio Manager for Manifold in the Portfolio Management Group. Prior to joining Manifold, Mr. McNally served as a principal at Lyster Watson & Company. Mr. McNally obtained his B.Sc. (Magna Cum Laude) in Applied Mathematics from Brown University in 1976 and continued his education in pure and applied mathematics at Cambridge University (Churchill Scholar) and New York University’s Courant Institute of Mathematical Sciences (Courant Institute Research Assistant). His Wall Street career has included quantitative research, sales, trading and risk management positions at Goldman Sachs & Co., Salomon Brothers Inc, CS First Boston, Jefferies & Co. Inc., and a hedge fund specializing in quantitative trading. Starting with fixed-income securities and financial futures in 1979, his experience spans the US equity, bond, foreign exchange and commodity markets, as well as selected overseas markets. Mr. McNally receives his B.S. from the University of Cambridge and B.S. from Brown University in 1976. Nicholas Wherry. Mr. Wherry is a Portfolio Manager in the Portfolio Management Group under Mr. Baur. Mr. Wherry is responsible for numerous analytical and trading functions as well as oversight of the algorithm in real time. He has over ten years’ experience in systematic global equities. Before Manifold, Mr. Wherry was a systems analyst at StraighThrough Inc. in Canada, specializing in code related to the portfolio management and middle office software. Mr. Wherry gained his B.S. in Physics from NYU in 2004. William J. Hines. Mr. Hines is Chief Technology Officer and Head, Portfolio Strategy. Mr. Hines has over 12 years of experience in computer programming and designing user interfaces. He has managed dozens of projects end-to-end, including developing LAMP- stack web applications front-to-back, creating information architecture and wireframes for online experiences, illustrating award-winning brand identities, and designing marketing materials for print and web. Mr. Hines’ previous titles include Senior Production Artist, IT Admin, and Manager of Communications and Technology. please register to get more info