EXHIBIT (h.6)
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FUND ACCOUNTING AGREEMENT
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AGREEMENT made this 30/th/ day of June, 2000 between HEARTLAND GROUP, INC.
(the "Company"), a Maryland corporation having its principal place of business,
at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, and BISYS FUND SERVICES
OHIO, INC. ("Fund Accountant"), a corporation organized under the laws of the
State of Ohio and having its principal place of business at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇,
▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇.
WHEREAS, the Company desires that Fund Accountant perform certain fund
accounting services for each investment portfolio of the Company listed on
Schedule, A, and such additional investment portfolios as the Company may
establish from time to time and request that Fund Accountant provide services
with respect thereto under the terms of this Agreement. Schedule A shall be
supplemented to add the name of each investment portfolio of the Company to be
added to this Agreement, together with the date on which said investment
portfolio shall become subject to the terms of this Agreement (all such
investment portfolios covered from time to time by the terms of this Agreement
being referred to herein individually as the "Fund" and collectively as the
"Funds"); and
WHEREAS, Fund Accountant is willing to perform such services on the terms
and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual premises and covenants
herein set forth, the parties agree as follows:
1. Services as Fund Accountant.
---------------------------
(a) Maintenance of Books and Records. Fund Accountant will keep and
maintain the following books and records of each Fund pursuant
to Rule 31 a--1 under the Investment Company Act of 1940 (the
"Rule"):
(i) Journals containing an itemized daily record, in detail of
all purchases and sales of securities, all receipts and
disbarsements of cash and all other debits and credits, as
required by subsection (b)(1) of the Rule;
(ii) General and auxiliary ledgers reflecting all, asset,
liability, reserve, capital, income and expense accounts,
including interest accrued and interest received, as
required by subsectior (b)(2)(i) of the Rule;
(iii) Separate ledger accounts required by subsection (b)(2)(ii)
and (iii) of the Rule; and
(iv) A monthly trial balance of all ledger accounts (except
shareholder accounts) as required by subsection (b)(8) of
the Rule.
(b) Performance of Daily Accounting Services. In addition to the
maintenance of the books and records specified above, Fund
Accountant shall perform the following accounting services daily
for each Fund:
(i) Calculate the net asset value and public offering price per
share utilizing prices obtained from the sources described
in subsection 1 (b)(ii) below;
(ii) Obtain security prices from independent pricing, services
approved by the Company's Board of Directors, or if such
quotes are unavailable, then obtain such prices from each
Fund's investment adviser or its designee, as approved by
the Company's Board of Directors (hereafter referred to as
"Directors");
(iii) Verify and reconcile with each Fund's custodian and
investment adviser all daily trade activity;
(iv) Compute, as appropriate, each Fund's net income and capital
gains, dividend payables, dividend factors, 7-day yields, 7-
day effective yields, 30-day yields, weighted average
portfolio maturity and marked-to-market portfolio security
valuations that are determined using the amortized cost
method;
(v) Review daily the net asset value calculation and dividend
factor (if any) for each Fund prior to release to
shareholders, check and confirm the net asset values and
dividend factors for reasonableness and deviations, and
distribute net asset values and yields to NASDAQ, the Fund's
transfer agent and client locations requested by the
Company;
(vi) Report to the Company the daily market pricing of securities
in any money market Funds, with the comparison to the
amortized cost basis;
(vii) Determine unrealized appreciation and depreciation on
securities held in variable net asset value Funds;
(viii) Amortize premiums and accrete discounts on securities
purchased at a price other than face value, if requested by
the Company;
(ix) Update fund accounting system to reflect rate changes, as
received from a Fund's investment adviser, on variable
interest rate instruments;
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(x) Post Fund transactions to appropriate general ledger
categories;
(xi) Accrue expenses (including fees payable to service
providers) of each Fund according to instructions received
from the Company's Administrator;
(xii) Determine the outstanding receivables and payables for all
(1) security trades, (2) Fund share transactions and (3)
income and expense accounts;
(xiii) Provide accounting reports in connection with the Company's
regular annual audit and other audits and examinations by
regulatory agencies;
(xiv) Provide such periodic reports as the parties shall agree
upon, at such times that the parties agree upon, as set
forth in a separate writing, including without limitation
reports used in preparation of financial reports, regulatory
fillings, compliance reporting, total return and tax
reporting;
(xv) Post summary shareholder activity received from the Funds'
transfer agent and reconcile share balances, including
receivables and payables, with the Funds' transfer agent;
(xvi) Respond to surveys from industry publications including, but
not limited to, Lipper, Morningstar, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇,
Standard & Poors's and the Investment Company Institute;
(xvii) Prepare and file semi-annual and annual financial
statements;
(xviii) Prepare and file Form N-SAR;
(xix) Calculate and distribute all standard performance
information;
(xx) Register Fund portfolios with NASDAQ:
(xxi) Prepare financial materials for Board books;
(xxii) Calculate income and capital gain distributions in
compliance with income tax and excise tax distribution
requirements;
(xxiii) Review all dividend declarations to ensure that such
distributions are not "preferential" under the Internal
Revenue Code; and
3
(xxiv) Review and file federal and state income tax returns
and federal excise tax returns within statutory deadlines.
(c) Special Reports and Services.
----------------------------
(i) Fund Accountant may provide additional special reports upon
the request of the Company or a Fund's investment adviser,
which may result in an additional charge, the amount of
which shall be agreed upon between the parties.
(ii) Fund Accountant may provide such other similar services with
respect to a Fund as may be reasonably requested by the
Company, which may result in an additional charge, the
amount of which shall be agreed upon between the parties.
(d) Additional Accounting Services. Fund Accountant shall also
perform the following additional accounting services for each
Fund:
(i) Provide monthly a download (and hard copy thereof) of the
financial statements described below, upon request of the
Company. The download will include the following items:
Statement of Assets and Liabilities,
Statement of Operations,
Statement of Changes in Net Assets, and
Condensed Financial Information;
(ii) Provide accounting information for the following:
(A) federal and state income tax returns and federal excise
tax returns;
(B) the Company's semi-annual reports with the Securities
and Exchange Commission ("SEC") on Form N-SAR;
(C) the Company's annual, semi-annual and quarterly (if
any) shareholder reports;
(D) registration statements on Form N-lA and other filings
relating to the registration of shares;
(E) the Administrator's monitoring of the Company's status
as a regulated investment company under Subchapter M of
the Internal Revenue Code, as amended;
4
(F) annual audit by the Company's auditors; and
(G) examinations performed by the SEC.
2. Subcontracting.
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Fund Accountant may, at its expense, subcontract with any entity or
person concerning the provision of the services contemplated hereunder subject
to prior approval by the Company, which approval shall not be unreasonably
withheld; provided, however, that Fund Accountant shall not be relieved of any
of its obligations under this Agreement by the appointment of such subcontractor
and provided further, that Fund Accountant shall be responsible, to the extent
provided in Section 7 hereof, for all acts of such subcontractor as if such acts
were its own.
3. Compensation.
------------
The Company shall pay Fund Accountant for the services to be provided
by Fund Accountant under this Agreement in accordance with, and in the manner
set forth in, Schedule B hereto, as such Schedule may be amended from time to
time.
4. Reimbursement of Expenses.
-------------------------
In addition to paying Fund Accountant the fees described in Section 3
hereof, the Company agrees to reimburse Fund Accountant for its out-of-pocket
expenses in providing services hereunder, including without limitation the
following:
(a) All freight and other delivery and bonding charges incurred by Fund
Accountant in delivering materials to and from the Company;
(b) All direct telephone, telephone transmission and telecopy or other
electronic transmission expenses incurred by Fund Accountant in
communication with the Company, the Company's investment adviser or
custodian, dealers or others as required for Fund Accountant to
perform the services to be provided hereunder;
(c) The cost of obtaining security market quotes pursuant to Section 1
(b)(ii) above;
(d) The cost of microfilm or microfiche of records or other materials;
(e) All systems-related expenses associated with the provision of special
reports and services pursuant to Section 1(c) herein;
(f) Any expenses Fund Accountant shall incur at the written direction of
an officer of the Company thereunto duly authorized; and
(g) Any additional out-of-pocket expenses reasonably incurred by Fund
Accountant in the performance of its duties and obligations under this
Agreement; provided that any
5
such expense in excess of $2,000 shall be approved in writing by an
officer of the Company prior to Fund Accountant's incurrence thereof.
5. Effective Date.
--------------
This Agreement shall become effective with respect to a Fund as of the
date first written above (or, if a particular Fund is not in existence on that
date, on the date such Fund commences operation) (the "Effective Date").
6. Term.
----
This Agreement shall continue in effect with respect to a Fund, unless
earlier terminated by either party hereto as provided hereunder, until December
31, 2000 (the "Initial Term"). Thereafter, unless otherwise terminated as
provided herein, this Agreement shall be renewed automatically for successive
one-year periods ("Rollover Periods"). This Agreement may be terminated without
penalty (i) by provision of a notice of nonrenewal in the manner set forth
below, (ii) by mutual agreement of the parties, or (iii) for "cause," as defined
below, upon the provision of one hundred twenty (120) days advance written
notice by the party alleging cause. Written notice of nonrenewal must be
provided at least sixty (60) days prior to the end of the Initial Term or any
Rollover Period, as the case may be.
For purposes of this Agreement, "cause" shall mean (a) a material
breach of this Agreement that has not been remedied for thirty (30) days
following written notice of such breach from the non-breaching party; (b) a
final, unappealable judicial, regulatory or administrative ruling or order in
which the party to be terminated has been found guilty of criminal or unethical
behavior in the conduct of its business; or (c) financial difficulties on the
part of the party to be terminated which are evidenced by the authorization or
commencement of, or involvement by way of pleading, answer, consent or
acquiescence in, a voluntary or involuntary case under Title 11 of the United
States Code, as from time to time is in effect, or any applicable law, other
than said Title 11, of any jurisdiction relating to the liquidation or
reorganization of debtors or to the modification or alteration of the rights of
creditors.
After such termination for so long as Fund Accountant, with the
written consent of the Company, in fact continues to perform any one or more of
the services contemplated by this Agreement or any schedule or exhibit hereto,
the provisions of this Agreement, including without limitation the provisions
dealing with indemnification, shall continue in full force and effect.
Compensation due Fund Accountant and unpaid by the Company upon such termination
shall be immediately due and payable upon and notwithstanding such termination.
Fund Accountant shall be entitled to collect from the Company, in addition to
the compensation described under Sections 3 and 4 hereof, the amount of all of
Fund Accountant's cash disbursements for services in connection with Fund
Accountant's activities in effecting such termination, including without
limitation, the delivery to the Company and/or its designees of the Company's
property, records, instruments and documents.
7. Standard of Care; Reliance on Records and Instructions;
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Indemnification.
---------------
6
(a) Standard of Care. Fund Accountant shall use its best efforts to insure
the accuracy of all services performed under this Agreement. Fund
Accountant shall perform the services in a manner that complies with
the quality standards that have been agreed upon by the parties and
are reflected in Schedule C attached hereto, Notwithstanding the
foregoing, Fund Accountant shall not be liable to the Company for any
action taken or omitted by Fund Accountant in the absence of bad
faith, willful misfeasance, and negligence or from reckless disregard
by it of its obligations and duties.
(b) Indemnity by the Company. The Company agrees to indemnify and hold
harmless Fund Accountant, its employees, agents, directors, officers
and nominees from and against any and all claims, demands, actions and
suits, whether groundless or otherwise, and from and against any and
all judgments, liabilities, losses, damages, costs, charges,
reasonable counsel fees and other expenses of every nature and
character arising out of or in any way relating to Fund Accountant's
actions taken or nonactions with respect to the performance of
services under this Agreement based, if applicable, upon reasonable
reliance on information, records, instructions or requests given or
made to Fund Accountant by a duly authorized representative of the
Company; provided that this indemnification shall not apply to actions
or omissions of Fund Accountant in cases of its own bad faith, willful
misfeasance, negligence or from reckless disregard by it of its
obligations and duties, and further provided that prior to confessing
any claim against it which may be the subject of this indemnification,
Fund Accountant shall give the Company written notice of and
reasonable opportunity to defend against said claim in its own name or
in the name of Fund Accountant.
(c) Indemnity by Fund Accountant. Fund Accountant agrees to indemnify and
hold harmless each Fund, the Company and the Company's employees,
agents, directors, officers and nominees ("Indemnified Persons") from
and against any and all claims, demands, actions and suits, whether
groundless or otherwise, and from and against any and all judgments,
liabilities, losses, damages, costs, charges, reasonable counsel fees
and other expenses of every nature and character arising out of or in
any way relating to Fund Accountant's actions or omissions in the
course of performing its duties hereunder where such actions or
omissions are attributable to Fund Accountant's bad faith, willful
misfeasance, reckless disregard or negligence; provided that, prior to
confessing any claim against any Indemnified Persons, which claim is
the subject of indemnification under this Section 7 (c), the Company
shall give Fund Accountant written notice of and reasonable
opportunity to defend against said claim in its own name or in the
name of the Indemnified Person.
8. Record Retention and Confidentiality.
------------------------------------
Fund Accountant shall keep and maintain on behalf of the Company all
books and records which the Company and Fund Accountant is, or may be, required
to keep and maintain pursuant to any applicable statutes, rules and regulations,
including without limitation Rules 31 a-1 and 3 la-2 under the Investment
Company Act of 1940, as amended (the "1940 Act"), relating to the
7
maintenance of books and records in connection with the services to be provided
hereunder. Fund Accountant further agrees that all such books and records shall
be the property of the Company and to make such books and records available for
inspection by the Company or by the Securities and Exchange Commission at
reasonable times and otherwise to keep confidential all books and records and
other information relative to the Company and its shareholders; except when
requested to divulge such information by duly-constituted authorities or court
process.
9. Uncontrollable Events.
---------------------
Fund Accountant assumes no responsibility hereunder, and shall not be
liable, for any damage, loss of data, delay or any other loss whatsoever caused
by events beyond its reasonable control.
10. Reports.
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Fund Accountant will furnish to the Company and to its properly
authorized auditors, investment advisers, examiners, distributors, dealers,
underwriters, salesmen, insurance companies and others designated by the Company
in writing, such reports and at such times as are prescribed pursuant to the
terms and the conditions of this Agreement to be provided or completed by Fund
Accountant, or as subsequently agreed upon by the parties pursuant to an
amendment hereto. The Company agrees to examine each such report or copy
promptly and will report or cause to be reported any errors or discrepancies
therein.
Fund Accountant agrees to famish to the Company a copy of the most
recent report by independent public accountants describing control structure
policies and procedures relating to its fund accounting operations pursuant to
AICPA Statement of Auditing Standards Number 70. With respect to SEC
examinations of the Company, Fund Accountant agrees to provide appropriate
assistance to the Company including (i) rendering advice regarding proposed
responses (ii) compiling data and other information in response to SEC requests
for information and (iii) communicating with SEC staff members, as necessary.
With respect to SEC examinations of the Company relating to Fund Accountant's
operations, Fund Accountant undertakes to provide notice to, and discuss with,
appropriate Company officers any deficiencies that are cited that have
materially impacted Fund Accountant's ability to perform satisfactorily its
obligations hereunder. Fund Accountant agrees to take reasonable steps to remedy
any such deficiencies as soon as practicable.
11. Rights of Ownership.
-------------------
All computer programs and procedures developed to perform services
required to be provided by Fund Accountant under this Agreement are the property
of Fund Accountant. All records and other data except such computer programs
and procedures are the exclusive property of the Company and all such other
records and data will be furnished to the Company in appropriate form as soon as
practicable after termination of this Agreement for any reason.
12. Return of Records.
-----------------
8
Fund Accountant may at its option at any time, and shall promptly upon
the Company's demand, turn over to the Company and cease to retain Fund
Accountant's files, records and documents created and maintained by Fund
Accountant pursuant to this Agreement which are no longer needed by Fund
Accountant in the performance of its services or for its legal protection. If
not so turned over to the Company, such documents and records will be retained
by Fund Accountant for six years from the year of creation. At the end of such
six-year period, such records and documents will be turned over to the Company
unless the Company authorizes in writing the destruction of such records and
documents.
13. Representations of the Company.
------------------------------
The Company certifies to Fund Accountant that: (1) as of the close of
business on the Effective Date, the Company has authorized one billion shares,
and (2) this Agreement has been duly authorized by the Company and, when
executed and delivered by the Company, will constitute a legal, valid and
binding obligation of the Company, enforceable against the Company in accordance
with its terms.
14. Representations of Fund Accountant.
----------------------------------
Fund Accountant represents and warrants that: (1) the various
procedures and systems which Fund Accountant has implemented with regard to
safeguarding from loss or damage attributable to fire, theft, or any other cause
the records, and other data of the Company and Fund Accountant's records, data,
equipment facilities and other property used in the performance of its
obligations hereunder are adequate and that it will make such changes therein
from time to time as are required for the secure performance of its obligations
hereunder, and (2) this Agreement has been duly authorized by Fund Accountant
and, when executed and delivered by Fund Accountant, will constitute a legal,
valid and binding obligation of Fund Accountant, enforceable against Fund
Accountant in accordance with its terms.
15. Insurance.
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Fund Accountant shall maintain a fidelity bond covering larceny and
embezzlement and an insurance policy with respect to directors and officers
errors and omissions coverage in amounts that are appropriate in light of its
duties and responsibilities hereunder. Upon request, Fund Accountant shall
furnish a Certificate of Insurance reflecting the above-referenced insurance
coverage. Fund Accountant shal1 notify the Company should any of its insurance
coverage be canceled or reduced. Such notification shall include the date of
change and the reasons therefor. Fund Accountant shall notify the Company of any
material claims against it with respect to services performed under this
Agreement, whether or not they may be covered by insurance, and shall notify the
Company from time to time as may be appropriate of the total outstanding claims
made by Fund Accountant under its insurance coverage.
16. Information to be Furnished by the Company and Funds.
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9
The Company has finished to Fund Accountant the following:
(a) Copies of the Articles of Incorporation of the Company and of any
amendments thereto, certified by the proper official of the state
in which such document has been filed.
(b) Copies of the Company's Bylaws and any amendments thereto.
(c) A list of all the officers of the Company, together with specimen
signatures of those officers who are authorized to instruct Fund
Accountant in all matters.
(d) Two copies of the Prospectuses and Statements of Additional
Information for each Fund.
(e) Copies of the Company's current Pricing Procedures and NAV Errors
Correction Procedures and any amendments thereto.
17. Information Furnished by Fund Accountant.
----------------------------------------
(a) Fund Accountant has furnished to the Company the following:
(i) Fund Accountant's Articles of Incorporation; and
(ii) Fund Accountant's Bylaws and any amendments thereto.
(b) Fund Accountant shall, upon request, furnish certified copies of
corporate actions covering the following matters:
(i) Approval of this Agreement, and authorization of a specified
officer of Fund Accountant to execute and deliver this
Agreement; and
(ii) Authorization of Fund Accountant to act as fund accountant
for the Company and to provide accounting services for the
Company.
18. Amendments to Documents.
-----------------------
The Company shall furnish Fund Accountant written copies of any
amendments to, or changes in, any of the items referred to in Section 16 hereof
forthwith upon such amendments or changes becoming effective. In addition, the
Company agrees that no amendments will be made to the Prospectuses or Statements
of Additional Information of the Company which might have the effect of changing
the procedures employed by Fund Accountant in providing the services agreed to
hereunder or which amendment might affect the duties of Fund Accountant
hereunder unless the Company first obtains Fund Accountant's approval of such
amendments or changes.
19. Compliance with Law.
-------------------
10
Except for the obligations of Fund Accountant set forth in Section 8
hereof, the Company assumes full responsibility for the preparation, contents
and distribution of each prospectus of the Company as to compliance with all
applicable requirements of the Securities Act of 1933, as amended (the
"Securities Act"), the 1940 Act and any other laws, rules and regulations of
governmental authorities having jurisdiction. Fund Accountant shall have no
obligation to take cognizance of any laws relating to the sale of the Company's
shares. The Company represents and warrants that no shares of the Company will
be offered to the public until the Company's registration statement under the
Securities Act and the 1940 Act has been declared or becomes effective.
20. Notices.
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Any notice provided hereunder shall be sufficiently given when sent by
registered or certified mail to the party required to be served with such
notice, at the following address: if to the Company, at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, to the attention of General Counsel, Heartland
Advisors, Inc. and if to Fund Accountant, at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇
▇▇▇▇▇, or at such other address as such party may from time to time specify in
writing to the other party pursuant to this Section.
21. Headings.
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Paragraph headings in this Agreement are included for convenience only
and are not to be used to construe or interpret this Agreement.
22. Assignment.
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This Agreement and the rights and duties hereunder shall not be
assignable with respect to a Fund by either of the parties hereto except by the
specific written consent of the other party. This Agreement shall be binding
upon, and shall inure to the benefit of, the parties hereto and their respective
successors and permitted assigns.
23. Governing Law.
-------------
This Agreement shall be governed by and provisions shall be construed
in accordance with the laws of the State of Ohio.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed all as of the day and year first above written.
HEARTLAND GROUP, INC.
By:
---------------------------
11
Title:
--------------------------
BISYS FUND SERVICES OHIO, INC.
By:
--------------------------
Title:
-------------------------
12
SCHEDULE A
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TO THE FUND ACCOUNTING AGREEMENT
BETWEEN
HEARTLAND GROUP, INC.
AND
BISYS FUND SERVICES OHIO, INC.
FUNDS
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Taxable Short Duration Municipal Fund
Short Duration High-Yield Municipal Fund
High-Yield Municipal Bond Fund
Wisconsin Tax Free Fund
Select Value Fund
Value Plus Fund
Value Fund
A-1
SCHEDULE B
----------
TO THE FUND ACCOUNTING AGREEMENT
BETWEEN
HEARTLAND GROUP, INC.
AND
BISYS FUND SERVICES OHIO, INC.
FEES
----
Implementation Fee
------------------
Fund Accountant shall be entitled to receive a one-time
implementation/conversion fee of $50,000/*/.
Annual Asset-Based Fees
-----------------------
The Company agrees to pay Fund Accountant on the first business day of each
month, or at such time(s) as Fund Accountant shall request and the parties
hereto shall agree, a fee computed daily at an annual rate of:
Three and one-half one-hundredths of one percent (.035%) of the
Company's average daily net assets up to $2 billion;
Two and one-half one-hundredths of one percent (.025%) of the
Company's average daily net assets in excess of $2 billion UP to $3
billion; and
One and one-half one-hundredths of one percent (.015%) of the
Company's average daily net asset in excess of $3 billion.
Annual Minimum Complex Fee
--------------------------
The asset-based fees described herein shall be subject to an annual minimum
fee of $480,000. Such annual minimum fee shall be increased in the event new
Funds are created after the Effective Date of this Agreement. Such increase
shall be equal to $60,000 per each new Fund.
--------------------
/*/ Implementation/Conversion Fee shall be due in two installments:
1) 1/2 at execution of Letter of Intent (LOI)
2) 1/2 upon execution of this Agreement.
B-1
Annual Minimum Fee for Additional Classes
-----------------------------------------
Fund Accountant shall also be entitled to an annual fee of $10,000 for each
class of shares that is created for the Company after the initial class.
Fee Increase
------------
The fees set forth above shall be subject to an increase following the first
twelve (12) months of the Initial Term. Such fees shall be increased at that
time by an amount that is agreed upon by the parties; provided, that in no event
shall such increase exceed the percentage of the total increase, since the
Effective Date of this Agreement, in consumer prices for services as measured by
the United States Department of Labor Consumer Price Index or similar index, if
such index should not longer be published.
B-2
SCHEDULE C
----------
TO THE FUND ACCOUNTING AGREEMENT
BETWEEN
HEARTLAND GROUP, INC.
AND
BISYS FUND SERVICES OHIO, INC.
BISYS/HEARTLAND DAILY DEADLINE EXPECTATIONS
-------------------------------------------
Net Investable Cash (A.M.)
Municipals - the later of 8:30 A.M. EST or V21iour after shareholder work
received from Transfer Agent.
Equities - the later of 10:00 A.M. EST or 1/2 hour after shareholder work
received from Transfer Agent.
NAV and Dividend Information
6:15 P.M. EST
Blue Sheet Information
6:15 P.M. EST
Will include:
NAV's
Fund Balance Sheet
Fund Total Returns
SEC Yield
Daily Factor
Daily Shareholder Sales
Portfolio Holdings Report
Top 10 Holding
Significant Price Change Report
Distribution Yield
Daily Export to VIM (P.M.)
6:15 P.M. EST
C-1
Daily Export to Merrin (P.M.)
Mfposn.txt 6:30 P.M. EST (assumes trades received by 5:00 at the latest)
Mfcash.eod 9:00 A.M. EST
Daily Website Feed (P.M.)
6:15 P.M. EST
C-2
