Investment Partners Ltd

Allegations: ON SEPTEMBER 30, 2019, THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") ACCEPTED AN OFFER OF SETTLEMENT SUBMITTED BY INVESTMENT PARTNERS, LTD. ("INVESTMENT PARTNERS") IN CONNECTION WITH THE SEC'S SHARE CLASS SELECTION DISCLOSURE INITIATIVE ("SCSD INITIATIVE"). IN ACCORDANCE WITH THE SCSD INITIATIVE, INVESTMENT PARTNERS SELF-REPORTED A DISCLOSURE ISSUE RELATING TO MUTUAL FUND SHARE CLASSES THAT PAID 12B-1 FEES. DURING THE PERIOD FROM JANUARY 1, 2014 THROUGH JULY 1, 2017, INVESTMENT PARTNERS PURCHASED, RECOMMENDED, OR HELD IN SOME ADVISORY ACCOUNTS MUTUAL FUND SHARE CLASSES THAT CHARGED 12B-1 FEES WHEN A LOWER-COST SHARE CLASS OF THE SAME FUND WAS AVAILABLE. Status: Final Sanction Detail: WITHOUT ADMITTING OR DENYING THE FINDINGS, INVESTMENT PARTNERS CONSENTED TO A CEASE AND DESIST, CENSURE, AND DISGORGEMENT OF $39,418.90 AND PREJUDGMENT INTEREST OF $3,965.91. A COPY OF THE ORDER IS AVAILABLE AT HTTPS://WWW.SEC.GOV/LITIGATION/ADMIN/2019/IA-5394.PDF. Summary: THE SEC ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS FOUND THAT INVESTMENT PARTNERS FAILED TO PROPERLY DISCLOSE CONFLICTS OF INTEREST RELATED TO ITS RECEIPT OF 12B-1 FEES AND/OR ITS SELECTION OF MUTUAL FUND SHARE CLASSES THAT PAID SUCH FEES DURING THE PERIOD JANUARY 1, 2014 THROUGH JULY 1, 2017.