Administration Services
Regulatory Compliance:
- Monitor compliance with the 1940 Act requirements, including:
- Asset diversification tests
- Total return and SEC yield calculations
- Maintenance of books and records under Rule 31a-3
- Code of Ethics for the Trustees and Officers of the Trust
- Monitor Fund's compliance with the policies and investment limitations of the Trust as set forth in its current prospectus (the “Prospectus”) and statement of additional information (the “SAI”)
- Monitor affiliated transactions under exemptive rules (17a-7, 17e-1, etc.)
- Maintain awareness of applicable regulatory and operational service issues and recommend dispositions
- Assist and provide Funds’ CCO with documents, as required
Blue Sky Compliance:
- Prepare and file with the appropriate state securities authorities, any and all required compliance filings relating to the registration of the securities of the Trust so as to enable the Trust to make a continuous offering of its shares in all states
- Monitor status and maintain registrations in each state
- Provide information regarding material developments in state securities regulation
IRS Compliance:
- Monitor the Trust’s status as a regulated investment company under Subchapter M, including without limitation, review of the following:
- Asset diversification requirements
- Qualifying income requirements
- Distribution requirements
- Calculate required distributions (including excise tax distributions)
(1) For our multiple series trusts, these services are shared with UMB Fund Services, our co-sponsor of the trusts.
SEC Registration and Reporting:
- Assist Fund counsel in updating the Prospectus and SAI and in preparing proxy statements
- Prepare annual and semi-annual reports and Form N-CEN filings
- Coordinate the printing, filing and mailing of publicly disseminated Prospectuses and shareholder reports
- File fidelity bond under Rule 17g-1
- File certified reports under Section 302 of the Sarbanes-Oxley Act of 2002 on Form N-CSR, Form N-Q and Form N-PORT
- Monitor sales of each Fund’s shares to ensure that such shares are properly registered with the SEC and the appropriate state authorities
- Prepare and file Rule 24f-2 notices
- Assist in coordination of filing proxy voting on Form N-PX
- Act as liaison among all Fund service providers
- Supply corporate secretarial services
- Provide office facilities
- Supply non-investment related statistical and research data, as needed
- Coordinate the Trust’s Board of Trustees’ (Trustees) communication:
- Establish meeting agendas
- Prepare reports for the Trustees based on financial and administrative data
- Evaluate independent auditor
- Secure and monitor fidelity bond and Director and Officer Liability coverage, and make the necessary Securities and Exchange Commission (the SEC) filings relating thereto
- Prepare minutes of meetings of the Board of Trustees and Fund shareholders
- Recommend dividend declarations to the Board of Trustees; prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders
- Provide personnel to serve as officers of the Trust if so elected by the Board of Trustees, attend Board of Trustees meetings and present materials for Trustees’ review at such meetings
- Audits
- Prepare appropriate schedules and assist independent auditors
- Provide information to the SEC and facilitate audit process
- Provide office facilities
- Assist in overall operations of the Trust
- Pay Fund expenses upon written authorization from the Trust’s authorized signers
- Monitor arrangements under shareholder services or similar plans
- Assist with the “start-up” of new funds
(1) For our multiple series trusts, these services are shared with UMB Fund Services, our co-sponsor of the trusts.
- Provide financial data required by each Fund’s Prospectus and SAI
- Prepare financial reports for officers, shareholders, tax authorities, performance-reporting companies, the Board of Trustees, the SEC and independent auditors
- Supervise each Fund’s custodian and fund accountants in the maintenance of their general ledger and in the preparation of the financial statements, including oversight of expense accruals and payments, of the determination of net asset value of the Funds’ net assets and of the Funds’ shares, and of the declaration and payment of dividends and other distributions to shareholders
- Compute the expense ratio of each class of each Fund, and each Fund’s portfolio turnover rate
- Monitor the expense accruals and notify the Advisor’s management of any proposed adjustments
- Prepare financial statements, as necessary, which include without limitation, the following items:
- Schedule of Investments
- Statement of Assets and Liabilities
- Statement of Operations
- Statement of Changes in Net Assets
- Cash Statement, if required
- Prepare quarterly broker security transaction summaries
- Prepare quarterly schedule of investments for Form N-Q or Form N-PORT filing with the SEC
(1) For our multiple series trusts, these services are shared with UMB Fund Services, our co-sponsor of the trusts.
- Work with independent auditors, as needed, to file the appropriate federal and state tax returns as prepared by the Fund’s auditors, including without limitation, Forms 1120-RIC/8613
- Prepare state income breakdowns where relevant
- File Form 1099 Miscellaneous for payments to Trustees and other service providers
- Monitor wash sale losses, PFICs and other applicable book to tax basis adjustments
- Calculate eligible dividend income for corporate shareholders
(1) For our multiple series trusts, these services are shared with UMB Fund Services, our co-sponsor of the trusts.
Fund Formations
We manage fund formations to ensure a fund's regulatory, compliance, tax and operational requirements are fully satisfied. We manage the start-up process from beginning-to-end.
- Draft and file registration statements with SEC
- Prepare agreements and plans (i.e. Advisory Agreements, Rule 12b-1 Plan)
- Coordinate 15(c) process with Board
- Provide guidance on operational matters such fund name, fiscal year end
- Prepare fund operating expense projections
- Obtain cusip, ticker and IRS tax identification number
- Register fund with industry tracking organizations (Lipper, ICI, Morningstar)
Fund Governance
We help establish the governance framework and continue to ensure proper implementation. We work closely with the board of trustees to ensure that a fund is operating in the best interests of its shareholders.
- Coordinate the Trust’s Board of Trustees’ (Trustees) communication
- Establish meeting agendas
- Compile Board meeting materials
- Evaluate independent auditor
- Secure and monitor fidelity bond and Director and Officer Liability coverage
- Prepare minutes of meetings of the Board of Trustees and Fund shareholders
- Provide personnel to serve as officers of the Trust if so elected by the Board of Trustees, attend Board of Trustees meetings and present materials for Trustees’ review at such meetings
Fund Administration
We provide expert regulatory and financial administration support during the fund creation and for ongoing operations. Our professionals work as your back office “quarterback” to ensure fund compliance with federal securities laws and minimize costly reliance on outside counsel.
- Monitor compliance with the 1940 Act requirements and Subchapter M
- Monitor compliance with the policies and investment limitations as set forth in the prospectus and statement of additional information
- Blue sky compliance- prepare and file with the appropriate state securities authorities
- Prepare annual updates to the Prospectus and SAI
- Prepare proxy statements (when needed) and spearhead process
- Prepare annual and semi-annual reports and related SEC filings
- Coordinate the printing, filing and mailing of publicly disseminated Prospectuses and shareholder reports
- Coordinate filing Form N-PX (proxy voting)
- Calculate required distributions (including excise tax distributions)
- Monitor arrangements under shareholder services or similar plans
- Manage fund expense forecasts and budgets
- Monitor expenses and manage accruals
- Initiate fund expense payments
- Assist in overall operations of the Fund
