Company Press Release

U.S. BANCORP FUND SERVICES LAUNCHES FOURTH SHARED TRUST

Leader in Multiple Series Trust model offers a new option for investment advisers

MILWAUKEE (July 21, 2011) — U.S. Bancorp Fund Services, LLC launched its fourth Multiple Series Trust (MST) for investment management firms to support their mutual fund products. The fourth MST was effective as of May 26, 2011. The newest trust, called Managed Portfolio Series (MPS), continues U.S. Bancorp Fund Services' tradition and growth in the shared trust market.

"We are excited to be able to expand our MST offering and provide our clients with the highest level of products and services necessary for them to be successful in this competitive landscape. Our culture and work ethic drive us to deliver what it takes to support each individual client from start-ups to mature fund families," said Joe Redwine, president of U.S. Bancorp Fund Services. "This latest MST continues to showcase our ability to provide best-in-class services to a wide variety of asset managers."

U.S. Bancorp Fund Services' four shared trusts have $12.585 billion in mutual fund assets, 103 participating funds, 145 classes, and 56 different advisers, positioning them as a leader and expert in offering shared trusts. U.S. Bancorp Fund Services is among the first providers to offer shared trusts, and since 1992, have grown to offer four separate shared trusts. "With extensive experience in the multiple series trusts market and more than 40 years of mutual fund expertise, we have been able to offer our clients solutions for successfully growing their portfolios in today's complex mutual fund environment. We expect this fourth MST to follow the tradition of growth set by our other series trusts," said Jim Arnold, senior vice president, fund administration for U.S. Bancorp Fund Services and president of the MPS trust. MPS launched with three funds and $71 million in assets, with others funds working to begin the registration process.

As part of the company's MST family, the MPS trust dedicates a primary point of contact to carry out clients’ service plans and ensure a seamless service implementation for new launches, or conversion for more mature funds. All MSTs at U.S. Bancorp Fund Services include a dedicated Chief Compliance Officer (CCO) who acts as a daily resource to the advisers’ CCOs and provides assessment, guidance, and consulting regarding the adviser’s responsibility for compliance in a mutual fund environment. The model also includes a combination of in-house and external legal and tax talent to give clients the ability to introduce products to market quickly and economically. Expert mutual fund board members act in a governance capacity and provide clients with sophisticated insight into the market, investment industry and regulatory issues.

"All of our MST's allow advisers to capitalize on the strength of their investment strategies and stay focused on raising and managing assets while leveraging an incredibly efficient, cost-effective, and compliance-centric back office structure," said Angie Pingel, vice president and counsel for U.S. Bancorp Fund Services and secretary of the MPS trust responsible for its legal services. "Our goal is to ensure clients are provided an operational structure with customized services, financial reporting, and complete support and industry guidance."

About U.S. Bancorp Fund Services, LLC

Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC currently provides services to more than 296 fund families with 1,718 portfolios and 1,967 fund classes with $471 billion in client assets. U.S. Bancorp Fund Services' clients include mutual funds, investment partnerships, hedge funds, separately managed accounts, fund-of-funds, and offshore funds. Visit U.S. Bancorp Fund Services at www.usbfs.com.