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Item1–CoverPage

D.F.DentandCompany400EastPrattStreetBaltimore,MD21202

410‐837‐2544

www.dfdent.com

March31,2017ThisBrochureprovidesinformationaboutthequalificationsandbusinesspracticesofD.F.DentandCompany,Inc.(“Adviser”). IfyouhaveanyquestionsaboutthecontentsofthisBrochure, please contact Carolyn Gaynor at 410‐837‐2544 or ceg@dfdent.com. Theinformation in this Brochure has not been approved or verified by the United StatesSecuritiesandExchangeCommissionorbyanystatesecuritiesauthority.D.F.DentandCompanyisaregisteredinvestmentadviser. RegistrationofanInvestmentAdviserdoesnotimplyanylevelofskillortraining.TheoralandwrittencommunicationsofanInvestmentAdviserprovideyouwithinformationaboutwhichyoudeterminetohireorretainanInvestmentAdviser.Additional information about Adviser also is available on the SEC’s website atwww.adviserinfo.sec.gov.Item2–MaterialChangesOn July 28, 2010, the United State Securities and Exchange Commission published“AmendmentstoFormADV”whichrequiredamendmentstothedisclosuredocumentthatD.F.DentandCompany, Inc. (“Adviser”)provides toclientsasrequiredbySECRules. InMarch2011,AdviserpreparedanewdocumentaccordingtotheSEC’snewrequirementsandrules.ThisBrochure,datedMarch31,2017, isanannualupdatetotheBrochurefiled inMarch2011andamendedinMarch2012,March2013,March2014,March2015,andMarch2016.

 

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ThisBrochureissubstantiallysimilarinstructuretotheMarch2016Brochure.ThisItem,nowandinthefuture,willdiscussonlyspecificmaterialchangesthathavebeenmadetotheBrochureascomparedtothepreviousyearandwillprovideclientswithasummaryofsuchchanges.Thereareseveralmaterialchangestothebrochurein2017.First,atthebeginningof2017,afterastrong40‐yearhistoryofinvestinginthesmallcapspace,Adviserformallybegantoofferseparatelymanagedaccountservicesforitssmallcapstrategy.Adviser also hired a new employee in 2016. Tim McGurkin joined the firm as SeniorRelationship Manager. Tim is also the Designated Officer with respect to PortfolioCompositionversusTargetAllocation.PursuanttoSECRules,Adviserwillensurethatclientsreceiveasummaryofanymaterialchanges to this and subsequent Brochures within 120 days of the close of Adviser’sbusiness’ fiscal year. Advisermay further provide other ongoing disclosure informationaboutmaterialchangesasnecessary.Adviser’s Brochuremay be requested by contacting CarolynGaynor at 410‐837‐2544 orceg@dfdent.com. Adviser’s Brochure is also available on Adviser’s web sitewww.dfdent.com (linked at http://www.dfdent.com/literature/separately‐managed‐accounts). All options are free of charge. Additional information about Adviser is alsoavailableviatheSEC’swebsitewww.adviserinfo.sec.gov.TheSEC’swebsitealsoprovidesinformationaboutanypersonsaffiliatedwithAdviserwhoareregistered,orarerequiredtoberegistered,asinvestmentadviserrepresentativesofAdviser

 

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Item 3 – Table of Contents 

Item 1 – Cover Page                 1 

Item 2 – Material Changes               2 

Item 3 – Table of Contents                                      3 

Item 4 – Advisory of Business             4 

Item 5 – Fees and Compensation               6 

Item 6 – Performance‐Based Fees and Side‐By‐Side Management    7 

Item 7 – Types of Clients                                                         7 

Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss   8 

Item 9 – Disciplinary Information                  10 

Item 10‐ Other Financial Industry Activities and Affiliations    10 

Item 11‐ Code of Ethics                          10 

Item 12‐ Brokerage Practices                        12 

Item 13‐ Review of Accounts                                        16 

Item 14 – Client Referrals and Other Compensation                      17 

Item 15‐ Custody                                         18 

Item 16‐ Investment Discretion                         19 

Item 17‐ Voting Client Securities                               19 

Item 18 – Financial Information                              21 

Brochure Supplement(s) 

 

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Item4–AdvisoryBusiness

Adviserwas foundedasan independent investment counseling firmbyDanielF.Dent in1976. Adviser iswholly owned by its nine principals and is unaffiliatedwith any otherfinancialorganization.DanielDentistheonlyprincipalownerwhoownsover25%ofthefirm.Adviserprovidesinvestmentsupervisoryservicestoclients. Inconnectionwiththatrole,Adviserprovidesthefollowingservices:

The definition of investment objectives and risk tolerance levels within theframeworkoftheclients’needsandconstraints;

Establishmentofinvestmentprogramstoaccomplishtheobjectivessodefined; PortfolioconstructionusingsecuritiesresearchedbyAdviserpersonnel; Portfolio management by adhering to a disciplined strategy of managing specific

equity and fixed‐income positions and general exposure to equities and fixed‐incomeduringeconomicandmarketcycles;

Review and evaluation of investment performance in light of clients' specificallydefinedobjectives;

From time to time, thewriting and/or distribution of commentaries of a generalinterest to clients, consultants, and prospective clients. No additional feewill bechargedtoclientsforthisservice.Adviserwillbearallcostsofpublicationofthesecommentaries;and

Managementof theDFDentPremierGrowthFund (symbolDFDPX),anopen‐end,multi‐capgrowthmutualfund,theDFDentMidcapGrowthFund(symbolDFDMX),anopen‐endmidcapgrowthmutualfund,andtheDFDentSmallCapGrowthFund(symbolDFDSX),anopen‐endsmallcapgrowthmutualfund.

Adviser tailors its advisory services to the individual needs of clients. As noted above,Adviser and clients establish investment programs to accomplish clients’ investmentobjectives taking into account the clients’ needs, constraints and risk tolerance levels.Adviser also maintains ongoing awareness and does periodic reviews of clients’investments and portfolios. Clients may impose restrictions on investing in certainsecuritiesortypesofsecurities,andtheserestrictionsareoften,dependingontype,abletobeenteredastradingrestrictionsonAdviser’sMoxytradingplatform.Adviser receives discretionary authority from all clients at the outset of an advisoryrelationshiptoselecttheidentityandamountofsecuritiestobeboughtorsold,takingintoaccount any tax or other restrictions dictated by the client. As of December 31, 2016Adviser managed approximately $3.872 billion in assets, using the SEC’s definition ofregulatoryassetsundermanagement.Adviser does not now and has no plans in the future to sponsor anywrap‐fee program.However,Adviserdoesactasanadviserorsub‐adviser inseveralwrap‐feeprogramsand

 

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receivesaportionofthewrapfeepaidbytheclienttothewrap‐feesponsor.Participationin any additional wrap‐fee programs as an adviser/sub‐adviser or sponsor would beallowedonlywith approvalby thePresidentorChairmanof theBoardofAdviser, alongwithmakingappropriatedisclosuresandmeetingregulatoryrequirements.Adviser currently acts as a sub‐adviser in four model delivery programs called UnifiedManaged Account (UMA) programs thatwe consider to bewrap‐fee programs by strictdefinition. Participation in any additional UMAprogramsas an adviser/sub‐adviserorsponsorwouldbeallowedonlywithapprovalbythePresidentorChairoftheBoardofAdviser,alongwithmakingappropriatedisclosuresandmeetingregulatoryrequirements.The UMA programs we manage are for our midcap growth product that matches thefirm’s coremidcapstrategy. However, there are a few slight differences in how UMAaccountsaremanagedcomparedtoothermanagedaccounts.

TheAdviser does not trade any accounts in theUnifiedManagedAccount (UMA)program.

TheUMAsponsordoesallofthetradinginclientaccountsinthisprogram. The Adviser submits model changes when they occur. These model changes are

submittedonaseparate,proprietarysoftwaresystem. The UMA program is recognized as a single account on Adviser’s accounting

system. The individual UMA account details are analyzed on the UMA program

sponsor’sproprietarysoftwaresystem. There is no contact between Adviser and the UMA program end client. Adviser

interactssolelywiththeUMAsponsor.

Adviser manages certain accounts that have certain characteristics of wrap accounts.However, there are typically a few differences in how Adviser manages true wrap‐feeaccountscomparedtoothermanagedaccountswithcertainwrapcharacteristics.Generally,foratruewrap‐feeaccount,

Theaccountisfullyinvestedinthestrategyassoonastheaccountisfunded Anyinflowsoroutflowsareacteduponquickly,andAdviserrebalancestheaccount

backtothemodelinconnectionwiththeseinflowsandoutflows. Tradingisdoneonaseparate,proprietarytradingsystem. The individual wrap‐fee account details are analyzed on the wrap program

sponsor’sproprietarytradingsystem. ThereisnocontactbetweenAdviserandthewrap‐feeprogramendclient.Adviser

interactssolelywiththewrap‐feesponsor.

 

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Item5–FeesandCompensation 

Adviser iscompensatedsolelyasapercentageofassetsundermanagementandreceivescompensationsolelyfromAdviser’sclients,neverfromthirdparties.Adviser’sstandardFeeScheduleisasfollows:

1%onthefirst$10,000,000 0.75of1%on$10,000,000‐$20,000,000 0.50of1%onamountabove$20,000,000

Feediscountsaresometimesavailableforcertaintypesofaccountsorsecuritytypes.Forexample,Adviser’sfeemaybediscountedforfixed‐incomeaccountsorbalancedaccounts,wrap‐fee‐programaccountsorUMAs,accountsthatholdexchange‐tradedfunds(“ETFs”),accounts that hold mutual funds, accounts that hold significant percentages of cash forvariousreasonsoraccountsofcharitablefoundations.Atofthebeginningof2017,Adviseralsoofferedadiscountedfeeof0.60of1%fornewseparatelymanagedsmallcapaccountsuntil the strategy reaches assets of $50 million. The specific manner in which fees arechargedbyAdviserisestablishedinaclient’swrittenInvestmentAdvisoryAgreementwithAdviser.Adviserwillgenerallybillitsfeesonaquarterlybasis.ItisAdviser’scustomarypractice,asdetailedinitsstandardInvestmentAdvisoryAgreement,thatinvestmentmanagementfeesarebilledandarepayableinadvance(i.e.,atthebeginningofeachquarterlybillingperiod).However,inthecaseofseveralrelationshipswithfinancialinstitutionsortheirinternalorexternalconsultantswhichhaveapracticeofpayingtheirsub‐advisorsinarrears,Adviserhas agreed to allow monthly or quarterly payment in arrears. For contributions andwithdrawalsbeforeabillingperiod,theassetsareaddedordeletedrespectivelyforbilling.For significant contributions andwithdrawals after the billing date, Advisermay renderadjustedinvoicestoreflectthechangeinassets.Minoradditionsorwithdrawalsoffunds,which occur regularly after a billing date, do not result in adjusted invoices. AdvisercollectsamanagementfeeonAdvisers’mutualfunds,theDFDentPremierGrowthFund,theDFDentMidcapGrowthFund,and theDFDentSmallCapGrowthFund(collectively,the“Funds”).InthecaseoftheFunds,themanagementfeesarecalculatedondailyassetswithintheFunds,andthemanagementfeesareknownonly inarrearsduetotheflowofshareholderfundsintoandoutoftheFunds.Adviser’sfeesareexclusiveofbrokeragecommissions,transactionfees,andotherrelatedcostsandexpensesthatmaybe incurredbytheclient. Clientsmayincurcertainchargesimposed by custodians, brokers, and other third parties such as custodial fees, deferredsales charges, odd‐lot differentials, transfer taxes,wire transfer and electronic fund fees,andotherfeesandtaxesonbrokerageaccountsandsecuritiestransactions.Mutualfundsand ETFs also charge internal management fees, which are disclosed in the fund’s

 

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prospectus. Such charges, fees and commissions are exclusive of and in addition toAdviser’s fee, and Adviser shall not receive any portion of these charges, fees andcommissions. Item 12 describes the factors that Adviser considers in selecting orrecommendingbroker‐dealersforclienttransactionsanddeterminingthereasonablenessoftheircompensation(e.g.,commissions).As stated above, Adviser will generally bill its fees on a quarterly basis in advance.Accountsinitiatedorterminatedduringacalendarquarterwillbechargedaproratedfee.Upon the effective date of termination of any account (which may, under Adviser’sAdvisoryAgreementwithclients,occurthirtydaysorlongerafteranoticeofterminationisgiven),anyprepaid,unearnedfeeswillbepromptlyrefunded,andanyearned,unpaidfeeswillbedueandpayable.Neither Adviser nor any of its supervised persons accepts compensation for the sale ofsecuritiesorotherinvestmentproducts,includingasset‐basedsaleschargesorservicefeesfromthesaleofmutualfunds.Item6–Performance‐BasedFeesandSide‐By‐SideManagement  

Adviserdoesnotchargeanyperformance‐basedfees(i.e.,feesbasedonashareofcapitalgains on or capital appreciation of the assets of a client). As a result, Adviser does notengageinside‐by‐sidemanagementofaccountsthatchargeperformance‐basedfeeswithother accounts, and Adviser faces no conflict of interest related to incentives to favorperformance‐basedfeeaccountsoverotheraccounts.Item7–TypesofClientsAdviserprovidesportfoliomanagementservicestoindividuals,highnetworthindividuals,corporatepensionandprofit‐sharingplans,Taft‐Hartleyplans,wrap‐feeprograms/UMAs,charitable institutions, foundations,endowments,municipalities,registeredmutual funds,privateinvestmentfunds,trustprogramsandotherU.S.institutions.Withrespect toaccountminimums, for individualclients thestandardminimumaccountsize is $5,000,000, while for institutional clients the standard minimum account size is$10,000,000. The minimum account size for separately managed small cap accounts is$500,000 for both individuals and institutions. Adviser may grant exceptions to theseminimum‐account‐sizethresholdswherenewaccountsarerelatedtoexistingaccountsorarerelatedtoeachother,wherenewaccountshaveanticipatedcapitaladditionsorwherenew clients are considered “friends of the firm” with long‐standing individual orinstitutionalrelationshipstoAdviser.Therearealsosomeolderaccountsthathavefallenbelowtheminimumfeeandassetsize.Accountsareneverterminatedsolelybecausetheymayfallbelowagivenminimumduetowithdrawalsovertimeormarketdecline.

 

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OneaccountthatistreateddifferentlythanotheraccountsinsomerespectsisTheO'NeilFamily Foundation. The family of ThomasF.O’Neil, Jr., a portfoliomanager forAdviser,firstendowedtheFoundationin2008andhasmadefurthercontributionseachyearsince2008.ThomasO’Neil’swifeservesasPresidentoftheFoundation,andhisthreesonsserveasVicePresidents.ThomasO’NeilservesasaVicePresidentandalsoastheTreasurerofthe Foundation. The Foundation is considered a client of the firm, so that all tradingactivity and cash flow of the Foundation can be tracked precisely with completetransparency.NoO’Neilfamilymemberreceivesanycompensationinhis/hercapacityastrusteeoftheFoundation,andAdviserdoesnotchargeafeetotheFoundationbecausethatwould amount to direct or indirect compensation to Thomas O’Neil in his capacity asAdviser. TheFoundation is custodiedat abroker‐custodian (Merrill Lynch)in amannersimilar toourother clientsandtheFoundation’s trading is aggregatedwithother clientsthathavethesamedirectedbroker.TheFoundationdoesholdsomesecuritiesnotheldbyotherclientsthatcamefromstockcontributedtotheFoundationintheformofcharitablegiftstoincreasetheFoundation’sassets.IntheircapacityasPresidentandTreasureroftheFoundation(notinThomasO’Neil’scapacityasAdviser),ThomasO’Neilandhiswifehavesignatory power over the Foundation’s account, which is necessary since under IRSregulations, theFoundationmustgift at least5%of theFoundation'sassetseachyear tocharitableorganizations.Item8–MethodsofAnalysis,InvestmentStrategiesandRiskofLossThemethodsofsecurityanalysisemployedbyAdviserincludefundamental,technicalandcyclical analysis. Adviser uses the following sources of information, among others, forsecurity analysis: financial newspapers, newsletters and magazines; inspections ofcorporateactivities;meetingswithcompanymanagement;researchmaterialspreparedbyothers;corporateratingservices;annualreports;filingswiththeSecuritiesandExchangeCommission;andcompanypressreleases. The investmentstrategiesusedto implementany advice given to clients include short‐term purchases (securities soldwithin a year),long‐termpurchases(securitiesheldat leastayear),andcovered‐calloptionwriting. Asnoted elsewhere in this Brochure, Adviser uses multiple investment strategies toimplement investment advice given to clients. Adviser may invest in equity securities,fixed‐incomesecurities, exchange‐traded funds (“ETFs”)andmutual funds, inaddition toinvestingcashreservesindirectobligationsoftheU.S.Governmentoritsagencies;foreignnotes; commercial paper rated A1 or P1; pooled funds; demand notes; and corporate(finance,industrial,orutility)obligationswithmaturitiesoflessthanoneyear.Investing in securities involves risk of loss that clients should be prepared to bear. Thegeneral risks associated with short‐term and long‐term purchases of securities concerngeneralmarketriskandmarketeventsrisk,respectively. Generalmarketrisk is theriskthat an investor could lose money on its investment or that the investment couldunderperform other investments. Market events risk may adversely affect clients’investmentsduetomarketturbulence.

 

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With respect to equity securities, Adviser invests primarily in equity securities such ascommonstock,preferredstockandconvertiblestockofdomesticcompaniesthatpossesssuperiorlong‐termgrowthcharacteristicsandhavestrong,sustainableearningsprospectsand reasonably valued stock prices. Adviser may also invest in foreign exchange‐listedstocks.Advisermayalsoinvestincompaniesthatdonothaveparticularlystrongearningshistories but do have other attributes thatmay contribute to accelerated growth in theforeseeablefuture.Adviserinvestsinlarge‐size,medium‐sizeandsmall‐sizecompanies.The principal risks concerning investment in securities of large‐size companies is theirtendencytogo inandoutof favorbasedonmarketandeconomicconditions,whichmaycausethemtounderperformothermarketsegments.Medium‐sizeandsmall‐sizecompanysecurities tend to exhibit price fluctuations that are more significant than the pricefluctuationsoflarger,moreestablishedcompanies.With respect to fixed‐income securities, Adviser’s investments may include directobligations of the U.S. Government or its agencies, agency mortgage‐backed securities,corporate debt obligations (e.g., finance, industrial, or utility), collateralized mortgageobligations, asset‐backed securities, variable amount master demand notes, high‐yieldbondsandnon‐U.S.dollardenominatedbonds,allwithmaturitiesoflongerthanoneyear.Thegeneralrisksassociatedwithfixed‐incomesecuritiesrelatetochangesininterestrates.Thereisnormallyaninverserelationshipbetweenthemarketvalueofsecuritiessensitivetoprevailinginterestratesandactualchangesininterestrates.Thelongertheremainingmaturity (and duration) of a security, the more sensitive the security is to changes ininterestrates.Alldebtsecurities,includingU.S.GovernmentSecurities,canchangeinvaluewhen there is a change in interest rates. Adviser’s investment in debt securities is alsosubjecttothecreditriskrelatingtothefinancialconditionoftheissuerofthedebtsecurity.Mortgage‐backedsecurities,asset‐backedsecuritiesand junkbondsexhibitmorespecificrisks.Thevalueofmortgage‐backedsecuritiesmaybesignificantlyaffectedbychangesininterest rates, themarkets’ perception of issuers, the structure of the securities and thecreditworthiness of the parties involved. Similar to mortgage‐backed securities, thecollateralunderlyingasset‐backedsecuritiesaresubjecttoprepayment,whichmayreducethe overall return to holders of asset‐backed securities. More specifically, asset‐backedsecuritiesdonotalwayshavethebenefitofasecurityinterestincollateralcomparabletothe security interests associated with mortgage‐backed securities. Finally, junk bonds,securitiesratedbelowinvestmentgradearesubjecttogreaterriskoflossofprincipalandinterest thanhigher ratedsecuritiesandareconsidered tobepredominantlyspeculativewithrespecttotheissuer’scapacitytopayinterestandrepayprincipal. Inthecaseofallfixed‐income securities, the issuer’s capacity to pay interest and repay principal maydecline during sustained periods of deteriorating economic conditions or rising interestrates.As noted above, Adviser may engage in covered‐call option writing. There are certaininvestmentrisksassociatedwithoptionstransactions.Theserisksinclude(1)dependenceon Adviser’s ability to predict movements in the prices of individual securities and

 

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fluctuations in the general securities of markets; (2) imperfect correlation between themovements in the prices of options and movements in the price of the securities (orindices) hedged or used for cover which may cause a given hedge not to achieve itsobjective;(3)thefactthattheskillsandtechniquesneededtotradetheseinstrumentsaredifferentfromthoseneededtoselectthesecuritiesinwhichAdviserinvests;and(4)lackofassurance that a liquid secondarymarketwill exist for any particular instrument at anyparticulartime,which,amongotherthings,mayhinderAdviser’sabilitytolimitexposuresbyclosingitspositions. Item9–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegal or disciplinary events thatwould bematerial to your evaluation of Adviser or theintegrity of Adviser’s management. Adviser has no information applicable to this Item.Adviserhasneverbeensubjecttoadisciplinaryeventandhasneverbeenapartytoalegalproceeding (other than as a participant in security class‐action settlements based onAdviser’spurchaseofsecurities).Item10–OtherFinancialIndustryActivitiesandAffiliationsAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities.Under certain circumstances (e.g., in smaller accountswhere transaction costsmight beprohibitivetoachievedesiredlevelsofdiversificationorexposuretocertainassetclasses),AdviserwillrecommendorselectotherinvestmentadvisersforAdviser’sclients.Adviserdoesnotreceivecompensationdirectlyorindirectlyfromanyotherinvestmentadviserforsuch recommendation or selection. Adviser also does not have any other businessrelationshipswithotherinvestmentadvisersthatcreateamaterialconflictofinterest.Item11–CodeofEthicsAdviserhasadoptedaCodeofEthics(“Code”)andassociatedprocedures,includingaCodeof Conduct for Personal Securities Transactions (“Code of Conduct”), for all supervisedpersonsofthefirmdescribingitsfiduciaryprinciples,loyaltytoclients,andclient‐orientedinvestment approach. The Code includes provisions on such subjects as conflicts ofinterest, insider trading, gifts and entertainment, confidentiality, service on a board ofdirectors, marketing and promotional activities, other outside activities, and personaltrading. Adviser’sclientsorprospectiveclientsmayrequestacopyof the firm'sCodeofEthicsbycontactingCarolynGaynorat410‐837‐2544orceg@dfdent.com.

 

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TheCodeofEthicsrequiresthatemployeesdiscloseanypersonalinterestthatmaypresentaconflictofinterest.In2015,Adviserbegantheuseofaback‐upchildcarebenefitsserviceavailabletoitsemployeesthroughacompanycalledTheNannyNetwork.ThePresidentandOwnerofTheNannyNetworkisDulanyDent,whoisthespouseofAdviser’sPresident,MatthewDent.ImportantelementsofAdviser’sCodeofConductinclude(i)adesignationofthecategoriesof advisorypersons coveredby theCodeofConduct, suchasportfoliomanagersmakinginvestment decisions, those employeeswith access to investment information, and theirrelatives whose investments they are managing (collectively “Access Persons”); (ii) theidentification of the kinds of securities to be covered and excluded from the Code ofConduct; (iii) pre‐authorization procedures for the prior approval of personal securitiestransactions by Access Persons; (iv) a review and monitoring procedure for personaltrading activity as well as a description of any restricted or blackout periods fortransactions for Access Persons; and (v) a reporting procedure for transactions andarrangements for confirmations and statements to be forwarded to Adviser. Failure tocomply with the Code may result in disciplinary action, including termination ofemployment.The Code of Conduct is designed to assure that the personal securities transactions,activitiesandinterestsoftheAccessPersonsofAdviserwillnotinterferewith(i)makingdecisions in the best interest of advisory clients; (ii) the requirement that all personalsecuritiestransactionsbeconductedconsistentwithAdviser’sCodeandinsuchamanneras to avoid any actual or potential conflict of interest or any abuse of an individual’sresponsibility and position of trust; and (iii) the fundamental standard that Adviserpersonnel not take inappropriate advantageof their positions. Subject to satisfying theCode of Conduct, Adviser and its Access Persons may trade for their own accounts insecurities which have been recommended to and/or purchased for Adviser’s clients atsometimeinthepast.However,theCodeofConductnowprecludespersonaltransactionsinsecuritiesthatarecurrentlyinanyverifiedcompositeofAdviser.Under certain circumstances Adviser will recommend to clients that they purchasesecurities inwhichAdviseror itsAccessPersonshaveamaterial financial interest. Thisoccurs in two primary areas: (i) Advisermay recommend to clients that they purchasepublic equity securities previously purchased by Adviser or its Access Persons inaccordance with the personal securities pre‐approval process described above (or inaccordancewith previous practices thatwere in place before the current Code of Ethicswas first adopted in 2005); and (ii) in cases where clients’ assets are below Adviser’sminimum‐account‐sizethresholds,AdvisermayrecommendtheDFDentPremierGrowthFundtoclients.TheDFDentPremierGrowthFundwasstartedin2001(twenty‐fiveyearsafter the Adviser began in business) primarily to serve as a vehicle for investors belowAdviser’s accountminimums toget access toaportfoliomanagedbyAdviser. In similarcircumstanceswhereclients’assetsarebelowAdviser’sminimum‐account‐sizethresholds,AdvisermayalsorecommendtheDFDentMidcapGrowthFund,startedin2011ortheDF

 

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DentSmallCapGrowthFund,startedin2013(togetherwiththeDFDentPremierGrowthFund,“Funds”).AdviserispaidamanagementfeeonassetsinallFunds.ForclientswhoinvestintheFunds,AdviserdoesnotassessamanagementfeeonthoseclientassetsontopofthemanagementfeeassessedbytheFunds.Adviserdoesnotengageinanyprincipaloragencycrosssecuritiestransactionsforclientaccounts. Principal transactions are generally defined as transactionswhere an adviser,acting as principal for its own account, buys from or sells any security to any advisoryclient. Anagencycrosstransaction isdefinedasa transactionwhereapersonactsasaninvestment adviser in relation to a transaction in which the investment adviser, or anypersoncontrolledbyorundercommoncontrolwiththeinvestmentadviser,actsasbrokerforboththeadvisoryclientandforanotherpersonontheothersideofthetransaction.Onoccasion,whenaportfoliomanagerwishestosellabondonbehalfofoneofitsclientsandanotherclientcanusethesameissueinitsportfolio,bidandofferpricelevelsareobtainedfromabrokerandthebondis“crossed”atthemeanofthebidandofferprice.Inthiscase,the transaction is always executed through a broker with a small commission of priceadjustmenttothemeanpricetocompensatethebrokerforprocessingthetrade.Adviseruses an independent outside broker to establish the price at which the transaction isexecuted.Inaddition,AdviserdoesnottradeforitsownaccountorforanyaccountsofitsAccessPersonsonanaggregatedbasiswithclientsofAdviserinthesamesecurities.

Item12–BrokeragePracticesAdviserhasfinancialrelationshipswithothercompaniesintheinvestmentarea. Adviserreceives research services from many brokers and also from several non‐broker thirdparties. These research services include information on the economy, the securitiesmarkets, portfolio strategies, industry sectors or groups, and individual securities. Theservices received from brokers also include access to investor conferences and tomanagement teams of companies of interest, both existing portfolio holdings of Adviserand potential holdings. In all cases, the research is shared for the benefit of Adviser’sclients.AdviseralsoreceivesnumerousunsolicitedpublicationsfrombrokerswithwhichtheAdviserhasneverdonebusinessand/orhasnoplantodobusiness.Adviserdoesnotrequestorrequirethatclientschooseabankcustodianoverabroker‐custodianorviceversa.Adviserallowsclientstochoosetodirectbrokeragethroughabroker‐custodian(whichAdviserreferstoasa“directedaccount”)ortouseabankcustodianthatpermitstradingatanybrokeragefirm(whichAdviserreferstoasa“non‐directedaccount”).Ifaclientelectstodirectbrokerageinitsaccount,thenAdvisermaynotbeabletoachievebestexecutioninplacingorders.Adviseralsomaynotbeabletonegotiatefavorablebrokeragecommissionssuchasvolumediscountsandhasnoobligationtonegotiatesuchbrokeragecommissions.Asaresult,theclientmaypayhighercommissionstoadirectedbrokerthantheclientwouldpayforanon‐directedaccount(i.e.,ifAdviserhaddiscretionoverwhichbrokertochoosetoexecuteorders).Adviserreceives

 

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nofinancialremunerationinconnectionwithordersplacedthroughanybrokeragefirm,directedornon‐directed. 

Advisermayalsohaveclientswhoelectdirectedbrokerageintheiraccountsbecausetheclienthasenteredintoacommissionrecaptureagreementwiththedirectedbrokerwherebysomeportionoftradingcommissionsarepaiddirectlybacktotheclientinreturnfororderflow.Adviserdoesnotreceiveanybenefitsfromcommissionrecaptureagreements.Adviserdoesnotpromoteorsponsoranycommissionrecaptureagreements.Commissionrecaptureagreementsaredrivenbyclientdirection.With respect to execution of trades in non‐directed accounts, Adviserwill seek the bestcombinationofpriceandexecution for theparticular transaction(whichmaybeasingletradeoraseriesof trades). Inplacingorders for theexecutionofportfolio transactions,amongAdviser’s considerations inevaluatingexecutioncapabilitymaybe the sizeof theorder,theabilitytoeffectandsettlethetransactionpromptlyandefficiently,and,whereabrokerordealerisinvolvedinsuchtransaction,theAdviser’sperceptionofthebroker’sordealer’sreliability, integrityandfinancialconditionandthevaluetoclientsofanongoingrelationshipofAdviserwithsuchbrokerordealer.SolongasAdviserusesitsbesteffortsin seeking thebest combinationofpriceandexecution in selectingbrokersordealers toexecute transactions, Adviser may also consider the fact that a broker or dealer hasfurnished,orhasagreedtofurnishinthefuture,statistical,research,orotherinformationor services to Adviser which enhance Adviser’s investment research and portfoliomanagement capability. Adviser’spolicy is that commission ratesmustbe “competitive”whenAdviserplacesorders.In general, Adviser has the authority in non‐directed accounts to determine, withoutobtainingspecificclientconsent,thebrokerordealertobeusedandthecommissionratespaid. Adviser does not consider, in selecting or recommending a broker‐dealer, theprospectofreceivingclientreferrals fromabroker‐dealerorthird‐party. Adviserhasnoaffiliations or other economic relationships with a broker‐dealer that would create amaterial conflict of interest. See Item14 for discussion of Adviser’s relationship StifelNicolaus.Inthecaseofresearchservicesreceivedfromfull‐servicebrokerswithwhichAdviserhasabusiness relationship, Adviser does trading through those brokers for non‐directedaccounts and pays them a standard commission rate for those trades of notmore than$0.05per share.Although full service brokers donot breakdown commissions betweenexecution and research services, under recent SEC guidelines regarding “soft dollars,” aportionofthesebrokeragecommissionsmayproperlybeallocatedtoresearchservicesasopposed to execution. In the case of research contracted from non‐broker third‐partyresearch firms (e.g., BCA Publications, Birinyi & Associates, FactSet, Bloomberg FinanceL.P., Ned Davis, Creditsights, Guidepoint Global, Institutional Shareholder Services,RansomResearch),thepaymentsfortheseservicesarethroughasoftdollararrangementwitheitherRobertW.Baird,RaymondJames,orStifelNicolaus.Thesecommissionsarein

 

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no case greater than $0.05 per share, a portion ofwhich is allocated to execution and aportionofwhichmaybeallocatedtoresearchservices.Advisertheoreticallymayhavetheopportunitytonegotiatelowercommissionrateswithcertain brokers, but Adviser has chosen not to negotiate lower commission rates at thistime because lower commission rates would make it more difficult for Adviser, due toAdviser’s relatively low trading volumes, to generate sufficient brokerage commissionlevelstosecureinvitationstoattendconferencesoffull‐servicebrokersandotherresearchservicesandtotakeadvantageoftheirsponsoredmanagementandanalystmeetings.Undercertainnarrowandspecificcircumstances,Advisermaytradethroughabrokeratareducedcommissionratewithlittleornoportionofthebrokeragecommissionallocatedtoresearch services. The narrow and specific circumstances are as follows: On occasion,Adviser experiences a large (e.g., in excess of $1 million) inflow to or outflow from anexistingaccount. Insuchcases,Adviserwillattempttomaintaintheapproximateoverallbalance and percentage weightings in existing holdings by buying or selling shares ofsecurities in rough proportion to their percentage weightings. In order to minimizebrokerageexpensesinthesecasesofaccommodatingcashinfloworoutflow,Advisermaybuyor sell securities subject toAdviser’spoliciesof seekingbestexecution. Adviserhasimplementedthispolicyspecificallytoattempttotreatallclients(bothmanagedaccountclientsandmutualfundclients)equitably,withnoclientsorgroupsofclientssubsidizingtheresearchofotherclientsorgroupsofclients,whileminimizingbrokeragecommissionsfortradingresultingsolelyfromlargecashinflowsoroutflows.Certain clientsofAdvisermaychoose tonegotiateabundled feearrangementwith theirdirectedbroker/custodianunderwhichtheclientpaysabundledfeepermonthorperyearthat includes custodial services, brokerage commissions and possible other services.Adviser is not a party to any such arrangements between client and directedbroker/custodian.Adviserplacesnon‐directed accounts first in the tradingpriority. Wherepossible, thesenon‐directed orders are aggregated with the same broker, thereby facilitating efficientexecutionofclientsecuritiesinatimelymanner. Instancesinwhichcertainclientordersmight not be aggregated with other client orders on the same trading day include thefollowing:

Different client objectives and constraints (e.g., tax constraints, risk andvolatilitytolerance);

Differentcashpositionsandfuturecashneeds;and Differentdesiresforportfolioconcentration.

As disclosed to all clients that have client‐directed brokerage, the non‐directed accountsmay receive a higher trading priority than accounts that have client‐directed brokerage.After trading priority is given to non‐directed accounts, the Traders will implement

 

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rotational trading among all directed accounts, including institutional platforms thatrequire trades to be submitted through the platform. Adviser’s trading platform,Moxy,cannot randomize the order of directed brokers, which would amount to a randomly‐generatedrotational tradingschedule. TheTraderswill implement rotational tradingbyfollowing the rotational order (by day of the week), which Adviser calls its DirectedTradingMatrix, thattheTraderskeepattheirworkstations. Acertainday’srotationwillapplytoalltradesofallsecuritiesinalldirectedaccountsexecutedonthatdayoftheweek.This Directed Trading Matrix is meant to ensure equitable treatment of all directedaccountsthroughvaryingthetradeorderdaily.One exception to the above‐described trading priority is Adviser’s use of “step‐outs” toincreasetradingefficiencyandtheabilitytoaggregatetrades.Adviserhasagreementsinplacewithseveraldirectedbrokerswherebyanordermaybeassignedtoabrokeragefirmother than the directed broker. This order will receive its standard directed brokercommissioneventhoughitisexecutedbyanotherbrokeragefirm.Stepped‐outtradesaregiven the same trading priority as non‐directed account trades. Therefore, there areoccasionsinwhichadirectedaccountsubjecttoastepped‐outtrademayreceivethesametradingpriorityasnon‐directedaccountsandahighertradingprioritythanotherdirectedaccounts.Onceanaggregatedorderisexecuted(whetherbyanon‐directedordirectedbroker),allparticipating accountswill receive the averageprice for tradeswith that broker as theirexecutionprice. Partialfillswillbeallocatedamongtheeligibleaccountsusingeitherthe“Random”orthe“ProRata”allocationfunctioninMoxy. TheRandomallocationfunctiongives full allocations (in an order randomly chosenbyMoxy) to certain accounts amongthosedesignatedaseligibleforparticipationinthetrade.TheProRataAllocationfunctiongivespartial,prorataallocationstoallaccountsdesignatedaseligibleforparticipationinthetrade.Inordertoavoidanyimplicationofinequitabletreatmentbyclients,allpartialfillswithingivendirectedbrokerswillalsobeallocatedamongtheeligibleaccountsusingthe “Random” or “Pro Rata” allocation function in Moxy. Adviser’s policy of tradeaggregationisnotintendedandisnotinterpretedtoharmtheinterestsofAdviser’sclients.Adviser portfolio managers may consider many factors in deciding whether particularsecuritiesareappropriateforparticularaccounts,basedonthoseaccounts’objectivesandconstraints.Thesefactorsincludethefollowing:

Riskandreturnprofileofclient; Legal,regulatory,orclient‐dictatedrestrictionsonaccount; Timehorizonofinvestmentandorclient; Availabilityofcashintheaccount; Liquidityofsecurity; Alreadyexistingownershipofsecurityorsimilarsecurity;

 

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Taxconsiderations(e.g.,taxfreeaccountsallowingthetakingofgainswithnotax consequences as opposed to taxable accounts; capital losses sought tooffsetcapitalgains);

Minimumtransactioncostsimposedbybrokers/custodians;and Asset allocation guideline on account (e.g., requiring sales when equities go

aboveacertainpercentageoftheportfolio)Advisermakes its best effort to specify tax lotswhen executing sale orders, butAdvisercannotguaranteethatcustodiansalwaysfollowtaxlotinstructions.Incertaincases,whereportfoliomanagersseebuyingorsellingopportunitiesorincasesofbreaking negative or positive news, portfoliomanagersmay initiate tradeswith brokersbefore they prepare Moxy Pre‐Allocations or the Traders have established a tradeallocation scheme. In these circumstances, the portfolio managers and Traders willpreparePre‐Allocationsandestablish intendedtradeallocationsassoonaspossibleaftertheordershavebeenentered.Item13–ReviewofAccountsEachofAdviser’saccountsisreviewedatleastonceperquarterinlightofbondandstockmarketdevelopmentswithinthecontextofeachclient'sparticular investmentobjectives.Any material, account‐specific development or consideration that is expected to have asignificantbearinguponaclient'sportfolioorindividualholdingswouldtriggeraseparatereviewinadditiontothequarterlyreview.Ingeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis forsignsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsastheCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsof

 

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the Funds and its portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,asdoesAdviser’sDesignatedOfficer(TimMcGurkin),withrespecttoPortfolioCompositionversusTargetAllocation.Finally,AtlanticFundAdministration,LLCsupervisestheFunds’portfoliomanagers,includingMatthewDentandDanielDent,initscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.Adviser sends via U.S. mail or electronic distribution, depending on client instruction, awritten,quarterlyreporttoeachclient(foreachportfolio),unlessclientdirectsotherwise,thatlistseachassetindicatingcost,currentmarketprice,currentmarketvalue,percentofportfoliorepresentedbyeachsecuritybaseduponcurrentmarketvalue,andcurrentyield.The portfolio is organized by market sector and/or industry. Adviser also includes aperformanceanalysisthatsummarizespercentagetime‐weightedreturnsforprincipalandincome for the total account and in each applicable sector (e.g., equities, fixed income)versusarelevantbenchmark.Clientsshouldreceiveatleastquarterlystatementsfromthebrokerdealer,bankorotherqualified custodian that holds and maintains clients’ investment assets. Adviser urgesclientstoreviewcarefullysuchstatementsandcomparesuchofficialcustodialrecordstothe account statements that Adviser provides to clients. Adviser’s statementsmay varyfromcustodial statementsbasedonaccountingprocedures, reportingdates, or valuationmethodologiesofcertainsecurities.Item14–ClientReferralsandOtherCompensationNeitherAdvisernoranyrelatedpersonhasanyarrangement,verbalorinwriting,wherebysomeonewhoisnotaclientprovideseconomicbenefittoAdviserforprovidinginvestmentadviceorotheradvisoryservicestoAdviser’sclients.In2016,Adviserenteredintoasolicitor’sarrangementwithathird‐partyfirm,StonecrestAdvsiors,Inc.Foritsservices,thethird‐partyfirmispaidapercentageofthemanagementfeereceivedbyAdviserfromtheclientsorinvestorsthethird‐partyfirmhassolicitedandintroduced to Adviser. The solicitor’s arrangement does not affect the fees paid by anyclient–i.e.,nosolicitedclientpayshigherfeesasaresultofthesolicitor’sarrangement.AdviserdoesnotexecutetransactionswithanyBroker‐Dealer inexchangeforpromotingorsellingAdviserproducts,includingsharesoftheFunds.AbrokeratStifelNicolaus,hisfamily, his late father, his family trusts, and his brokerage clients have been clients of

 

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Advisersinceitsfoundingin1976.ThebrokerisemployedbyStifelNicolausinSt.Louis,andthebroker’saccountsarecustodiedatStifelNicolausinSt.Louis.TradingbyAdviserin these accounts is client‐directed to Stifel Nicolaus as the directed broker. Orders forother accounts custodied at Stifel Nicolaus are also placed with Stifel Nicolaus as thedirected broker. Orders placed with Stifel Nicolaus for non‐directed separate accountshavealwaysbeenplacedthereonaresearchvalueand“bestexecution”basisandforthepurposeofconsolidatingorders.ThebrokeratStifelNicolaushasreferredseveralprivateseparatelymanagedaccountstoAdviserovertheyears.ForincomingaccountsthatarebelowAdviser’sminimumbalances,the broker has recommended to his clients, as well as his family members, that theypurchaseshares inourFunds. Adviserdoesnot trade in theFunds’underlyingholdingswith the broker as an individual broker because he, his family and his clients haveinvestmentsintheFunds,andAdviserwantstoavoidtheappearanceofconflict.However,Adviser does trade at Stifel Nicolaus in other circumstances as described above. Thistrading isnot tied in anyway topurchasesof theFundsby thebroker, his familyorhisclients.Inaddition,AdvisermaytradefortheFundsatStifelNicolausinBaltimorebecauseStifelNicolausasaninstitutionalresearchfirmandbrokerprovidesresearchtoAdviserasnoted in our Best ExecutionWorksheets. Trades with Stifel Nicolaus in Baltimore, theinstitutional research firm and broker, are completely independent of Adviser’srelationshipwiththeretailbroker inSt.Louiswithoneexception.Onrareoccasions, theretailbrokerinSt.LouishasreceivedsalescreditfortradesdoneinBaltimorewithStifelNicolaus’ institutional trading desk. Normally the trading that Adviser does with StifelNicolausinBaltimoreissolelybasedontheresearchassistanceAdviserreceivesfromStifelNicolaus as an institutional research firm. Adviser does occasionally receive researchcommentarythroughitsrelationshipwiththebrokerinSt.Louis.Inaddition,Advisermayusecertainequityandfixed‐incomeresearchofbrokeragefirmsand may compensate those brokers for their research in the form of brokeragecommissions. The retail‐brokers of these firmsmay independently decide to place theirclientsintheFunds.ThebrokeragecommissionsinexchangeforresearcharenottiedinanywaytothepurchaseofFundsharesbytheclientsoftheretailbrokers.Also,AdviserpaysafeetocertainbrokeragefirmsformakingtheFundsavailabletotheirclients. No other compensation or exchange takes place. The DF Dent Premier GrowthFund is on theUBS and Pershing platforms. TheDFDent Premier Growth Fund andDFDentMidcapGrowthFundareon theCharlesSchwabplatformand theDFDentPremierGrowth,Midcap Growth, and Small Cap Growth Funds are on the Fidelity and RaymondJamesplatforms.Item15–CustodyToavoidbeingdeemedtohavecustodyofclientassets,Advisermustnothavesignatorypower over any client’s checking account; have power to unilaterallywire funds from aclient’s account; hold any client’s securities or funds in Adviser’s name at any financial

 

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institution;physicallyholdcashorsecuritiesofanyclient;havegeneralpowerofattorneyover a client’s account; hold any client’s assets through an affiliate of Adviser whereAdviser or its employees or officers have access to advisory client assets; receive theproceeds from the sale of client securities or interest or dividend paymentsmade on aclient’s securities of check payable toAdviser except for advisory fees; or act as generalpartner and investment adviser to any investmentpartnership. Adviserhasnoneof theabove indicia of custody over client accounts. Daniel F. Dent and Thomas F. O’Neil, asindividuals,notasAdviser,serveastrusteesoftheAdviser’sProfitSharingTrust(D.F.DentandCompany,Inc.ProfitSharingTrustdtd3/31/1976U/A3/31/1976(PST)).ThePSTisadministeredbyCBIZBenefits&InsuranceServices,Inc.Inaddition,ThomasF.O’NeilhassignatorypoweroverTheO’NeilFamilyFoundation’saccount,whichsignatorypowerisinThomasO’Neil’s capacity as Treasurer of the Foundation, not asAdviser (see Item7 formoredetail.)If any employee of Adviser receives funds, securities, or other assets from a client thatmight establish custody, such employee must immediately notify the Chief ComplianceOfficerorhisdesignateandarrangetoreturnsuchfunds,securitiesorotherassetstotheclient.Clientsshouldreceiveatleastquarterlystatementsfromthebroker‐dealer,bankorother qualified custodian that holds and maintains clients’ investment assets. Adviserurges clients to review carefully such statements and compare such official custodialrecords to theaccount statements thatAdviserprovides to clients. Adviser’s statementsmayvary fromcustodial statementsbasedonaccountingprocedures, reportingdates,orvaluationmethodologiesofcertainsecurities.Item16–InvestmentDiscretionAdviser receives discretionary authority from the client at the outset of an advisoryrelationship to select the identity and amount of securities to be bought or sold. In allcases,however, suchdiscretion is tobeexercised inamannerconsistentwith thestatedinvestment objectives for the particular client account as reflected in the InvestmentProgram(describedbelow).Inaddition,iftheclienthasnotelectedtodirectbrokerageinits account, Adviserwill have full brokerage discretion (in addition to security‐selectiondiscretion). TheAdviserevaluatestherangeandqualityofabroker’sservices inplacingtrades including commission rates, confidentiality, clearance and settlement capabilities,promptnessandqualityofexecutionandthefinancialstabilityofthebroker‐dealer.Whenselectingsecuritiesanddeterminingamounts,Advisertakesintoaccountinvestmentpolicies, limitations and restrictions of the clients for which it advises, including theInvestmentProgramthatAdvisermaintainsforeachclient.Limitationssuchas25%ofthesupervisedportfolio inanyoneindustryor5%oftheportfolioinanyoneequityatoriginalcostaretypicalinmulti‐capaccounts.PercentagelimitationsinEquities,FixedIncomeandReserveFundsarealsospelledoutinthisInvestmentProgram.Forregisteredinvestmentcompanies, Adviser’s authority to trade securitiesmay also be limitedby certain federalsecurities and tax laws that favor the holding of investments once made. Investment

 

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guidelinesandrestrictionsmustbeprovidedtoAdviserinwriting(orreflectedinawrittenInvestmentProgramdraftedbyAdviserandagreedtobyclient)inorderforAdvisertoactinaccordancewiththem.Item17–VotingClientSecuritiesAdviser has discretion to vote the proxies for themajority of its accounts, including theFunds. Proxy voting is an important right of shareholders, and reasonable care anddiligencemustbeundertakentoensurethatsuchrightsareproperlyandtimelyexercised.Adviser uses Broadridge’s ProxyEdge software system for the collection, voting andrecordkeeping of proxies for all client accounts for which we have responsibility (i.e.,clientswhohavenotassumedproxyvotingauthorityforthemselvesorhavenotgivensuchauthority to their custodian, broker, consultant, etc.). To resolve conflicts between thecontractual responsibility forproxyvoting inAdviser’sAdvisoryAgreementswithclientsand the instructions thatwemay have received over the years from clients, custodians,brokers, consultants, etc., Adviser undertook in early 2007 to verify, with the help ofProxyEdge,theidentityofthoseclientswhoaffirmativelydonotauthorizeAdvisertovoteproxies for them. In theabsenceof informationto thecontrary,Adviserwillcontinue tovoteproxiesforclientaccountsinordertoprotectclients’interestsasshareholders.Adviser will vote those proxies in the best interest of its clients and the Funds’shareholdersandinaccordancewiththeseproceduresandpolicies.SincethequalityandintegrityofmanagementisaprimaryfactorAdviserconsiderswheninvestinginanissuer,therecommendationoftheissuer’smanagementonanyissue,particularlyroutineissues,willbegivensubstantialweightindecidinghowtovoteproxies.However,Adviserwillnotsupportthepositionoftheissuer’smanagementinanysituationwhereAdviserdeterminesthat the position is not in the best interest of Adviser’s clients. The instances inwhichAdvisermayvoteagainstanissuer’sboardofdirectorsor“management”proposalwillbedeterminedonacase‐by‐casebasis,andAdviser’sDesignatedOfficerwilldocumentthoseinstancesinAdviser’sProxyVotingfile.AdvisergenerallyvotesaccordingtocertainguidelinesinitsProxyVotingPolicy.Advisermay, on occasion, vote otherwise when Adviser believes it to be in the best interest ofAdviser’sclients.Adviser recognizes that under certain circumstances itmayhave a conflict of interest invotingproxies. AconflictofinterestmeansanycircumstanceinwhichAdviser(includingofficers, directors, agents and employees) knowingly does business with, receivescompensation from,orsitson theboardof,aparticular issuerorcloselyaffiliatedentity,and,therefore,mayappeartohaveaconflictbetweenitsowninterestsandtheinterestsofshareholdersinhowproxiesofthatissuerarevoted.IfAdviserdeterminesthatamaterialconflictofinterestexists,Adviser’sChiefComplianceOfficerand/orDesignatedOfficerwilldeterminewhether it isappropriatetodisclosetheconflict totheaffectedclients,togivethe clients anopportunity to vote theproxies themselves, or to address the voting issue

 

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throughotherobjectivemeanssuchasvotinginamannerconsistentwithapredeterminedvotingpolicyorreceivinganindependentthird‐partyvotingrecommendation.The Designated Officer or designated Portfolio Assistant will maintain hard‐copy orelectronic filesrelating toAdviser’sproxyvotingprocedures inaneasilyaccessibleplace(e.g., throughtheProxyEdgewebsite). Adviserwillmaintainandpreserverecords foratleastsixyears fromtheendof the fiscalyearduringwhich the lastentrywasmadeonarecord.ClientsmayobtainacopyofAdviser’scompleteproxyvotingpoliciesandproceduresbycontacting Vaughan Schmidt at 410‐837‐2544 or vvs@dfdent.com. Clients may contactAdvisertoobtaininformationfromAdviserabouthowAdviservotedanyproxiesonbehalfof theiraccount(s). In this case,Adviserwill send to theclienta report concerningeachvoted proxy that is the subject of the client’s request consisting of (1) the name of theissuer,(2)theproposalvoteduponand(3)howAdviservotedtheclient’sproxy.Regarding securities class action settlements, beginning on September 1, 2014 Adviserbeganfilingsecuritiesclassactionsettlementclaimsonbehalfofclientsthroughtheuseofanoutsideserviceprovider,Broadridge.Historically,Adviserdidnotactivelyinsertitselfinthe securities class action settlement process and requested that custodians act as theintermediary for clients. Adviser’s involvement was limited to answering questions andassistingthoseclientswhoexplicitlyaskforAdviser’sassistance. Inanefforttobemorehelpfultoclientsintheirattemptstoparticipateinsecuritiesclassactionsettlements,thisnew service automates the filing process and enables clients to participate in allsettlementsforwhichtheyareeligibleandreceivethemaximumamounttowhichtheyareentitledto,lessanyadministrativefeesassessedbyBroadridge.Item18–FinancialInformationRegistered investment advisers are required in this Item to provide you with specificfinancial information or disclosures about Adviser’s financial condition if that financialcondition is impaired in certain respects. On this subject,Adviser reports that it hasnofinancial commitment that impairs its ability to meet contractual and fiduciarycommitments to clients, and Adviser has never been the subject of a bankruptcyproceeding.

 

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Item1–CoverPage

DanielF.Dent 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Daniel F. Dent that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Daniel F. Dent is available on the SEC’s website at www.adviserinfo.sec.gov.

 

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Item2–EducationalBackgroundandBusinessExperienceDaniel Forbes Dent Born - 1941 Princeton University – A.B.; Wharton Graduate School, University of Pennsylvania – M.B.A. Chartered Financial Analyst (CFA) Chairman and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. Supervised person may be actively engaged in other business or investment‐relatedactivities including Governor and Treasurer – Maryland Club; Trustee – SquashWise;ServesonAdvisoryCommittee–SpringCapitalPartners,L.P.Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis forsignsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsas

 

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theCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.Adviserpersonnelmentionedabovecanbereachedat410‐837‐2544. 

 

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Item1–CoverPage

ThomasF.O’Neil 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Thomas F. O’Neil that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement. Additional information about Thomas F. O’Neil is available on the SEC’s website at www.adviserinfo.sec.gov.

 

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Item2–EducationalBackgroundandBusinessExperienceThomas Francis O’Neil Born - 1946 Georgetown University – B.S.; B.A., Columbia University Graduate School – M.B.A. Chartered Financial Analyst (CFA) Vice President and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities.Supervisedpersonmaybeactivelyengagedinotherbusinessorinvestment‐relatedactivitiesincludingTrustee;MemberofFinanceCommitteeandChairmanofInvestmentCommittee–CristoReyHighSchool;TrusteeEmeritus–JemicySchool;VicePresident–TheO’NeilFamilyFoundation. 

Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis for

 

27 

 

signsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsasthe CCO of the Funds, conducting comprehensive annual examinations of the Funds andtheir portfolio managers and conducting targeted quarterly and ongoing reviews of theFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

 

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Item1–CoverPage

LindaW.McCleary 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Linda W. McCleary that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Linda W. McCleary is available on the SEC’s website at www.adviserinfo.sec.gov.

 

29 

 

Item2–EducationalBackgroundandBusinessExperienceLinda Watson McCleary Born - 1949 Smith College – A.B.; Loyola College – M.B.A. Vice President and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. Supervisedpersonmaybeactivelyengagedinotherbusinessorinvestment‐relatedactivitiesincludingTrustee–TheMiddendorfFoundation;DirectorandTreasurer–HistoricHampton,Inc.;Trustee–TheSamuelReadyScholarshipTrust. 

Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis forsignsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsastheCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsof

 

30 

 

the Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

 

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Item1–CoverPage

MatthewF.Dent 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Matthew F. Dent that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Matthew F. Dent is available on the SEC’s website at www.adviserinfo.sec.gov.

 

32 

 

Item2–EducationalBackgroundandBusinessExperienceMatthew Forbes Dent Born - 1974 Brown University – A.B. Chartered Financial Analyst (CFA) Investment Banking Analyst – Deutsche Bank; Research Associate - Robertson Stephens; Research Analyst – Camp Six, Inc.; Research Analyst – Stafford Capital; President and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. 

Supervisedpersonisnotactivelyengagedinotherbusinessorinvestment‐relatedactivities.Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis for

 

33 

 

signsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsastheCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

 

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Item1–CoverPage

MichaelN.Morrill 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Michael N. Morrill that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Michael N. Morrill is available on the SEC’s website at www.adviserinfo.sec.gov.

 

35 

 

Item2–EducationalBackgroundandBusinessExperience

Michael Norris Morrill Born - 1965 Johns Hopkins University – B.A. Institutional Sales – DB Alex Brown; Institutional Sales – Wachovia Capital Markets; Vice President, Chief Operating Officer, and Investment Adviser – D.F. Dent and Co., Inc. Series 7 and Series 63 Licenses Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. 

Supervisedpersonisnotactivelyengagedinotherbusinessorinvestment‐relatedactivities.Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis forsignsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsas

 

36 

 

theCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

 

37 

 

Item1–CoverPage

GaryD.Mitchell 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Gary D. Mitchell that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Gary D. Mitchell is available on the SEC’s website at www.adviserinfo.sec.gov.

 

38 

 

Item2–EducationalBackgroundandBusinessExperienceGary David Mitchell Born - 1966 Harvard College – A.B.; Harvard Law School – J.D. Corporate Counsel – Lucent Technologies Inc.; Assistant General Counsel – C.R. Bard, Inc.; Vice President, Chief Compliance Officer and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. 

Supervisedpersonmaybeactivelyengagedinotherbusinessorinvestment‐relatedactivitiesincludingDirector–JPMPMAssoc.;Member,AdvisoryBoard–ManagementCV,Inc.;Member,AdvisoryBoard–LiveUltimate;andPresidentandSecretary,BoardofTrustees‐Harvard‐RadcliffeClubofMaryland. 

Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis for

 

39 

 

signsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsastheCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

 

40 

 

 

 

Item1–CoverPage

BruceL.Kennedy 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Bruce L. Kennedy that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Bruce L. Kennedy is available on the SEC’s website at www.adviserinfo.sec.gov.

 

41 

 

Item2–EducationalBackgroundandBusinessExperienceBruce Lee Kennedy, II Born - 1977 Dartmouth College – B.A.; Stanford University – M.B.A. Chartered Financial Analyst (CFA) Investment Banking Analyst – Goldman Sachs; Investment Analyst Intern – Wasatch Advisers; and Associate Analyst – T. Rowe Price; Vice President and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. 

Supervisedpersonmaybeactivelyengagedinotherbusinessorinvestment‐relatedactivitiesincluding;TrusteeandChairmanofInvestmentSub‐CommitteeoftheBusinessandFinanceCommittee–Davis&ElkinsCollege. 

Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds in

 

42 

 

particular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis forsignsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsastheCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544. 

 

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Item1–CoverPage

GaryWu 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Gary Wu that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Gary Wu is available on the SEC’s website at www.adviserinfo.sec.gov.

 

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Item2–EducationalBackgroundandBusinessExperienceGary Wu Born - 1969 Peking University Medical School – B.M.; Columbia University – Ph.D. in Molecular Biology Chartered Financial Analyst (CFA) Management Consultant – Mars & Co. Consulting; Investment Banking Associate – Legg Mason Wood Walker; Securities Analyst and Co-Portfolio Manager – Legg Mason Capital Management; and Senior Vice President – BDT Capital Partners; Vice President, Chief Risk Officer and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. Supervisedpersonmaybeactivelyengagedinotherbusinessorinvestment‐relatedactivitiesincludingMemberBoardofDirectors–SouthwestBaltimoreCharterSchool. 

Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis for

 

45 

 

signsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsastheCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

 

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Item1–CoverPage

AustinRoot 

D.F.DentandCo.400EastPrattStreet,7thFloorBaltimore,MD21202

410‐837‐2544

March31,2017

This Brochure Supplement provides information about Austin Root that supplements the D.F. Dent and Company Brochure. You should have received a copy of that Brochure. Please contact Carolyn Gaynor at 410-837-2544 or ceg@dfdent.com if you did not receive D.F. Dent and Company’s Brochure or if you have any questions about the contents of this Brochure Supplement.

Additional information about Austin Root is available on the SEC’s website at www.adviserinfo.sec.gov.

 

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Item2–EducationalBackgroundandBusinessExperienceAustin Root Born - 1976 McIntire School of Commerce, University of Virginia – B.S.; Stanford University – M.B.A. Analyst – Blackstone Group; Associate – Soros Fund Management; Senior Analyst - CR Intrinsic Investors; Senior Analyst - DLH Capital Management; Managing Partner and Portfolio Manager – North Oak Capital Advisors Vice President and Investment Adviser – D.F. Dent and Co., Inc. Item3–DisciplinaryInformationRegistered investment advisers are required to disclose all material facts regarding anylegalordisciplinaryevents thatwouldbematerial toyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.Item4–OtherBusinessActivitiesAdviserhasnosupervisedormanagementpersonsregistered,orpendingregistration,asabroker‐dealer or a registered representative of a broker‐dealer, futures commissionmerchant,commoditypooloperator,acommoditytradingadvisor,oranassociatedpersonoftheforegoingentities. Supervisedpersonisnotactivelyengagedinotherbusinessorinvestment‐relatedactivities. 

Item5–AdditionalCompensationAdviserhasnosupervisedormanagementpersonswhoreceiveaneconomicbenefitfromanyentityotherthanaclientforprovidingadvisoryservices.Item6–SupervisionIngeneral,Advisermanagesallofitsinvestmentproductsusingateamapproach,allowinginvestmentstrategiestobeformulatedandinvestmentdecisionstobemadeastheproductof groupdiscussion rather than individual decision.Other supervision ormonitoring onthe part of Adviser over its individual portfolio managers includes the following: Withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,the Adviser’s Chief ComplianceOfficer (CCO)monitors advisory activities on an ongoingbasisandexaminesallAdviseremployeesformallyatleastonceperyearduringtheAnnualComplianceReview.Adviser’sMoxytradersalsohavevisibilityintoalltradingactivityforclientsandwilltakenoteofwidedeviationsfromnormaltradingactivitybyoneormoreportfoliomanagers.Moxyalsorestrictspurchasesofsecuritiesthatareonrestrictedlists,asmandatedby clients. In addition, every quarterAdviser prepares a report comparingeachPortfolioCompositiontothecorrespondingTargetAllocationforthatportfolioassetforth in the Investment Program in order to prevent certain portfolios or portfoliomanagers from deviating from the Target Allocation. With respect to the Funds inparticular,Advisermonitorstheportfoliomanagersof theFundsonaquarterlybasis forsignsofwindowdressingandportfoliopumping.AtlanticFundAdministration,LLCactsas

 

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theCCOof theDFDentmutual funds, conductingcomprehensiveannualexaminationsofthe Funds and their portfolio managers and conducting targeted quarterly and ongoingreviewsoftheFunds.Adviser’s President (Matthew F. Dent) and its Chairman (Daniel F. Dent) supervise allAdviser portfolio managers/analysts. In addition, the Adviser’s CCO (Gary D. Mitchell)supervisesallportfoliomanagers/analysts,includingMatthewDentandDanielDent,withrespect toregulatorycomplianceandcompliancewithAdviser’spoliciesandprocedures,as does Adviser’s Designated Officer (Linda W. McCleary), with respect to PortfolioComposition versus Target Allocation. Finally, Atlantic Fund Administration, LLCsupervisestheFunds’portfoliomanagers, includingMatthewDentandDanielDent, in itscapacityastheCCOoftheDFDentmutualfunds.AllAdviserpersonnelmentionedabovecanbereachedat410‐837‐2544.

D.F. DENT AND CO., INC. PRIVACY POLICY

Employees of D. F. Dent and Company may not disclose any non-public personal information (name, address, social security number, assets, income, information regarding your transactions with us, beneficiaries, etc.) of prospective, current or former clients to any non-affiliated third party (this would include but not be limited to: family members, marketing firms, insurance companies, non-custodial banks, etc.) D. F. Dent and Company has instituted physical, electronic, and procedural safeguards to protect client non-public personal information. Physical – Building has a sign-in procedure for visitors. Main entrance to office requires use of a fob. The side door to the office has a coded entry system. The stairwell is not accessible from the ground floor. Office is never left unattended during office hours. During non-office hours, the office is accessible only with the use of a programmed fob or the side door code. Electronic – There is a firewall connected to our internet provider and the D. F. Dent and Company server, as well as anti-virus software on each workstation. Procedural – The standard procedure at D. F. Dent and Company is to deny information to anyone requesting it until such time as the client can be contacted to verify that release of this information is permissible. This includes verbal, written and facsimile requests. D. F. Dent and Company may share personal non-public information about our clients with broker-dealers, transfer agent affiliates, non-affiliated financial institutions that provide processing, account maintenance and related services to the extent permitted by law. D. F. Dent and Company may share personal non-public information about our clients as required by regulatory authorities or law enforcement officials who have jurisdiction over D. F. Dent and Company, or as otherwise required by any applicable law. D. F. Dent and Company may share personal non-public information about our clients to the extent reasonably necessary to prevent fraud and unauthorized transactions. D. F. Dent and Company may share names and addresses of our clients with a third-party firm only for D. F. Dent and Company product mailings (i.e., provide names and addresses of the firm’s clients to a distribution company in order to send information concerning the firm’s products such as our mutual fund). _______________________________________________________ Employee Signature Date

PROXY VOTING POLICY AND PROCEDURES

I. GENERAL STATEMENT

D.F. Dent and Company (Adviser) has discretion to vote the proxies for the majority of its accounts, including the DF Dent Premier Growth Fund, the DF Dent Midcap Growth Fund, and the DF Dent Small Cap Growth Fund (the Funds). Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Adviser uses Broadridge’s Proxy Edge software system for the collection, voting and recordkeeping of proxies for all client accounts for which we have responsibility (i.e., clients who have not assumed proxy voting authority for themselves or have not given such authority to their custodian, broker, consultant, etc.). To resolve conflicts between the contractual responsibility for proxy voting in our Advisory Agreements with clients and the instructions that we may have received over the years from clients, custodians, brokers, consultants, etc., Adviser undertook in early 2007 to verify, with the help of ProxyEdge, the identity of those clients who affirmatively do not authorize Adviser to vote proxies for them. In the absence of this verification by ProxyEdge, Adviser will continue to vote proxies for client accounts in order to protect clients’ interests as shareholders.

II. POLICIES AND PROCEDURES FOR VOTING PROXIES

Adviser will vote those proxies in the best interest of its clients and the Fund’s shareholders and in accordance with these procedures and policies.

Since the quality and integrity of management is a primary factor Adviser considers when investing in an issuer, the recommendation of the issuer’s management on any issue, particularly routine issues, will be given substantial weight in deciding how to vote proxies. However, Adviser will not support the position of the issuer’s management in any situation where we determine that the position is not in the best interest of our clients. The instances in which Adviser may vote against an issuer’s board of directors or “management” proposal will be determined on a case-by-case basis, and Adviser’s Designated Officer, Bruce Kennedy, will document those instances in our Proxy Voting file.

Adviser has listed the following, specific examples of voting decisions for the types of proposals that are frequently presented. Adviser generally votes according to these guidelines. Adviser may, on occasion, vote otherwise when Adviser believes it to be in the best interest of our clients:

Adviser generally supports shareholder proposals to reduce a super-majority vote requirement and opposes management proposals to add a super-majority vote requirement.

Adviser generally opposes proposals to create a new class of stock with superior voting rights.

Adviser generally opposes proposals to classify a board.

Adviser generally supports proposals to eliminate cumulative voting. Adviser generally opposes re-pricing of stock options without shareholder approval. Adviser generally supports proposals to require majority voting for the election of Directors Adviser generally opposes poison pills. Adviser generally reviews proposals for changes in corporate structure such as changes in the

state of incorporation or mergers individually. We generally oppose proposals where management does not offer an appropriate rationale.

Adviser generally opposes the elimination of the rights of shareholders to call special meetings.

Adviser generally supports management’s proposals regarding the approval of independent auditors.

Adviser generally opposes shareholder proposals that apply restrictions related to political or special interest issues which affect the ability of the company to do business or be competitive and which have negative financial impact.

Adviser generally opposes proposals that require that the company provide costly, duplicative, or redundant reports, or reports of a non-business nature.

Adviser recognizes that under certain circumstances it may have a conflict of interest in voting proxies. A conflict of interest, means any circumstance in which Adviser (including officers, directors, agents and employees) knowingly does business with, receives compensation from, or sits on the board of, a particular issuer or closely affiliated entity, and, therefore, may appear to have a conflict between its own interests and the interests of fund shareholders in how proxies of that issuer are voted.

If Adviser determines that a material conflict of interest exists, the Chief Compliance Officer and/or Designated Officer will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third party voting recommendation.

III. RECORDKEEPING

The Designated Officer or his Portfolio Assistant will maintain hard-copy or electronic files relating to Adviser’s proxy voting procedures in an easily accessible place, including through the ProxyEdge website. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record. Records of the following will be included in the files:

A. Copies of the proxy voting procedures and policies, and any amendments thereto. B. A copy of each proxy statement that Adviser receives on widely held stocks. The proxy

statements may be retained in hard copy or may be available on ProxyEdge or the SEC’s EDGAR system.

C. A record of each vote that Adviser casts, including the information required to file Form N-PX.

D. A copy of any document Adviser created that was material to making a decision how to vote proxies, or that memorializes that decision, including the resolution of any conflict.

E. A copy of each written client request for information on how Adviser voted such client’s proxies, and a copy of any written response to any (written or verbal) client request for information on how Adviser voted its proxies.

IV. DISCLOSURE

A. Adviser will disclose in its Form ADV Part II that its clients may contact Adviser by toll-free telephone number in order to obtain information on how Adviser voted such client’s proxies, or to request information about the mechanics for proxy voting through the ProxyEdge system (e.g., information in the ProxyEdge User Guide).

B. If a client requests information about the voting of particular proxies, Adviser will send to the client a report concerning each voted proxy that is the subject of the client’s request consisting of (1) the name of the issuer, (2) the proposal voted upon and (3) how Adviser voted the client’s proxy.

C. A concise summary of these Proxy Voting Procedures and Policies will be included in Adviser’s Form ADV Part II and will be updated whenever these procedures and policies are amended.