Services and Duties of Fund Services Sample Clauses
The 'Services and Duties of Fund Services' clause defines the specific responsibilities and obligations that a fund services provider must fulfill under an agreement. It typically outlines the range of administrative, accounting, compliance, and reporting tasks the provider is expected to perform for the fund, such as maintaining records, preparing financial statements, and ensuring regulatory filings are completed on time. By clearly delineating these duties, the clause ensures both parties understand the scope of services to be delivered, thereby minimizing misunderstandings and helping to allocate accountability for fund operations.
Services and Duties of Fund Services. (I) Fund Services shall provide the following transfer agent and dividend disbursing agent services to the Trust with respect to each Fund:
A. Facilitate purchases and redemption of Creation Units;
B. Prepare and transmit by means of DTC’s book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;
C. Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;
D. Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding, and, based upon data provided to it by the Trust, the total number of authorized Shares. Fund Services shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares.
E. Prepare and transmit to the Trust and the Trust’s administrator and/or sub-administrator and to any applicable securities exchange (as specified to Fund Services by the Trust) information with respect to purchases and redemptions of Shares;
F. On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to Fund Services and the Trust the number of outstanding Shares;
G. On days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized Participant Agreement), transmit to Fund Services, the Trust and DTC the amount of Shares purchased on such day;
H. Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;
I. Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;
J. Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities;
K. Maintain those books and records of the Trust specified by the Trust and agreed upon by Fund Services;
L. Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such business day and with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;
M. Receive from the Distributor or from its agent purchase orders from Authorized Participants (as defined in the Authorized Participant Agreement) for...
Services and Duties of Fund Services. Fund Services shall provide the following accounting services to each Fund:
Services and Duties of Fund Services. Fund Services shall provide the following administration services to the Trust with respect to each Fund:
A. General Fund Management:
(1) Act as liaison among Fund service providers.
Services and Duties of Fund Services. Fund Services shall provide the following administration services to a Fund:
A. General Fund Management:
(1) Act as liaison among Fund service providers, including but not exclusive to Adviser, Sub-Adviser, authorized participants, external legal counsel, accounting and audit firms and external compliance consultants.
(2) Supply:
a. Office facilities (which may be in a Fund Services office or in an affiliate’s office).
b. Non-investment-related statistical and research data as requested.
(3) Coordinate the Trust’s board of trustees’ (the “Board of Trustees” or the “Trustees”) communications, such as:
a. Prepare meeting agendas and resolutions, with the assistance of Fund counsel and Adviser in-house counsel.
b. Prepare reports for the Board of Trustees based on financial and administrative data.
c. Assist with the selection of the independent auditor.
d. Secure and monitor fidelity bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the “SEC”) filings relating thereto.
e. Prepare minutes of meetings of the Board of Trustees and Fund shareholders.
f. Recommend dividend declarations to the Board of Trustees and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.
g. Attend Board of Trustees meetings and present materials for Trustees’ review at such meetings.
Services and Duties of Fund Services. Fund Services shall provide the following accounting services to the Trust with respect to each Fund:
A. Portfolio Accounting Services:
(1) Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s investment adviser.
(2) For each valuation date, obtain prices from a pricing source approved by the board of trustees of the Trust (the “Board of Trustees”) and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Board of Trustees shall approve, in good faith, procedures for determining the fair value for such securities.
(3) Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each accounting period.
(4) Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.
(5) On a daily basis, reconcile portfolio holdings and cash of the Fund with the Fund’s custodian and/or prime brokerage account(s).
(6) Transmit a copy of the portfolio valuation to the Fund’s investment adviser daily.
(7) Review the impact of current day’s activity on a per share basis, and review changes in market value.
Services and Duties of Fund Services. Fund Services shall provide the following transfer agent services to the Fund:
(1) Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act and other applicable regulations, and as specified in the Fund’s registration statement and other operative documents.
(2) Process subscription agreements received from prospective holders of Shares (such holders of Shares, “Shareholders”).
(3) Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the Fund’s custodian(s), and issue the appropriate number of uncertificated Shares with such uncertificated Shares being held in the appropriate Shareholder account.
(4) Arrange for issuance of Shares obtained through transfers of funds from Shareholders’ accounts at financial institutions.
(5) Process tender offers and related repurchase requests received in good order and, where relevant, deliver appropriate documentation to the Fund.
(6) Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming Shareholders.
(7) Process transfers of Shares in accordance with the Shareholder’s instructions and as permitted by the Fund’s registration statement and other operative documents.
(8) Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions.
(9) Make changes to Shareholder records, including, but not limited to, address changes.
(10) Prepare ad-hoc reports as necessary at prevailing rates. Any such ad-hoc reporting to exceed $500 in cost to be explicitly approved by the Fund.
(11) Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund.
(12) Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly basis and shareholder reports on annual basis.
(13) Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to dividends, distributions and repurchases for all shareholders.
(14) Reimburse the Fund each month for all material losses resulting from “as of” processing errors for which Fund Services is responsible in accordance with the “as of” proce...
Services and Duties of Fund Services. Fund Services shall provide the following transfer agent and dividend disbursing agent services to each Fund:
A. Receive and process all orders for the purchase, exchange, and/or redemption of Fund shares in accordance with Rule 22c-1 under the 1940 Act, other applicable regulations, and as specified in the Fund’s prospectus (the “Prospectus”).
B. Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the shareholder based on the shareholder’s or the Trust’s custodian instructions, and record the appropriate number of shares being held in the appropriate shareholder account.
C. Process redemption requests received in good order and, where relevant, deliver appropriate documentation to the Trust’s custodian.
D. Pay proceeds upon receipt from the Trust’s custodian, where relevant, in accordance with the instructions of redeeming shareholders.
E. Process transfers of shares in accordance with the shareholder’s instructions, after receipt of appropriate documentation from the shareholder as specified in the Prospectus.
F. Prepare and transmit payments, or apply reinvestments for income dividends and capital gains distributions declared by the Trust with respect to a Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance with shareholder instructions.
G. Serve as the Fund’s agent in connection with systematic plans including, but not limited to, systematic withdrawal plans and systematic exchange plans.
H. Make changes to shareholder records, including, but not limited to, address and plan changes (e.g., systematic investment and withdrawal, dividend reinvestment).
I. Handle load and multi-class processing, including rights of accumulation and purchases by letters of intent in accordance with the Prospectus.
J. Record the issuance of shares of each Fund and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a record of the total number of shares of each Fund which are authorized, issued and outstanding.
K. Prepare ad-hoc reports as necessary at prevailing rates.
L. Mail shareholder reports and Prospectuses to current shareholders.
M. Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information returns required with respect to dividends and distributions for all shareholders.
N. Provide shareholder account information upon shareholder or Trust re...
Services and Duties of Fund Services. Fund Services shall provide the following accounting services to the Fund:
A. Portfolio Accounting Services:
(1) Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s investment adviser.
(2) For each valuation date, obtain prices from a pricing source approved by the board of trustees of the Fund (the “Board of Trustees”) and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Board of Trustees shall approve, in good faith, procedures for determining the fair value for such securities.
(3) Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each accounting period.
(4) Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.
(5) On a daily basis, reconcile portfolio holdings and cash of the Fund with the Fund’s custodian and/or prime brokerage account(s).
(6) Review the impact of current day’s activity on a per share basis, and review changes in market value.
B. Expense Accrual and Payment Services:
(1) For each valuation date, monitor the expense accrual amounts as directed by the Fund as to methodology, rate or dollar amount.
(2) Process and record payments for Fund expenses.
(3) Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by Fund Services and the Fund.
(4) Provide expense accrual and payment reporting.
C. Fund Valuation and Financial Reporting Services:
(1) Account for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity as reported by the Fund’s transfer agent on a timely basis.
(2) Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date.
(3) Maintain a general ▇▇▇▇▇▇ and other accounts, books, and financial records for the Fund.
(4) Determine the net asset value of the Fund according to the accounting policies and procedures set forth in the Fund's current prospectus.
(5) Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at ...
Services and Duties of Fund Services. Fund Services shall provide the following administration services to each Fund:
A. General Fund Management:
(1) Act as liaison among Fund service providers.
(2) Supply:
a. Office facilities (which may be in Fund Services’, or an affiliate’s, or Fund’s own offices).
b. Non-investment-related statistical and research data as requested.
(3) Coordinate the Trust’s board of trustees (the “Board of Trustees” or the “Trustees”) communications, such as:
a. Prepare meeting agendas and resolutions, with the assistance of Fund counsel and Adviser in-house counsel.
b. Prepare reports for the Board of Trustees based on financial and administrative data.
c. Assist with the selection of the independent auditor.
d. Secure and monitor fidelity bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the “SEC”) filings relating thereto.
e. Prepare minutes of meetings of the Board of Trustees and Fund shareholders.
f. Recommend dividend declarations to the Board of Trustees and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.
g. Attend Board of Trustees meetings and present materials for the Trustees’ review at such meetings.
Services and Duties of Fund Services. Fund Services shall provide some or all of the following sub-administration services as may be authorized and directed by the Company from time to time as well as such services set out in Exhibit C:
A. General Fund Management:
(1) Act as liaison among Trust service providers, including but not exclusive to Funds’ investment adviser(s), investment sub-adviser(s), authorized participants, external legal counsel, independent audit firms and external compliance consultants.
(2) Supply:
a. Office facilities (which may be in Fund Services’ or an affiliate’s own offices).
b. Non-investment-related statistical and research data as requested.
(3) Coordinate the Trust’s board of trustees (the “Board of Trustees” or the “Trustees”) communications, such as:
a. Prepare meeting agendas and resolutions, with the assistance of Fund counsel and Company counsel.
b. Prepare reports for the Board of Trustees and the Company based on financial and administrative data.
c. Assist with the selection of the independent auditor.
d. Secure and monitor fidelity bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the “SEC”) filings relating thereto.
e. Prepare minutes of meetings of the Board of Trustees and Fund shareholders.
f. Recommend dividend declarations to the Company and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.
g. Attend Board of Trustees meetings and present materials for the Trustees’ review at such meetings.