Professionally Managed

An entity is managed by another entity if the managing entity performs, either directly or through another third-party service provider, any of the following activities on behalf of the managed entity.

Trading in money market instruments (checks, bills, certificates of deposit, derivatives, etc.); foreign currency; foreign exchange, interest rate, and index instruments; transferable securities; or commodity futures;

Individual or collective portfolio management; or

Otherwise investing, administering, or managing funds, money, or financial assets on behalf of other persons