Daily Accounting Services. BNY shall perform the following services on each Business Day:
Daily Accounting Services. BNY shall perform the following services on each Business Day:
1. Calculate Net Asset Value (NAV), and Public Offering Price (POP) ---------------------------------------------------------------- Per Share Pursuant to SEC formulas: ----------------------------------- o Update the valuation of security positions held by each Fund's portfolio in accordance with the Fund's Pricing Procedures and any other appropriate procedures established by the Board and NBAI as NBAI shall provide BNY in writing o When instructed by NBAI, enter manual prices supplied by broker and link to pricing procedures o Calculate each Fund's NAV/POP in accordance with the applicable Pricing Procedures approved by Reserves' Board of Trustees and prepare NAV proof sheet. Review components of change in NAV for reasonableness based on the tolerance levels as NBAI shall direct BNY in writing o Review variance reporting for price changes in individual securities using variance levels established by Fund and report to Fund portfolio managers and to NBAI o Review for ex-dividend items indicated by pricing sources; trace to general ledger for agreement o Communicate required pricing and yield information (NAV/POP), as appropriate, to NBAI, the Funds' Transfer Agent and Sub-Transfer Agent and, electronically, to NASDAQ and to such other third parties as designated by the Funds with respect to its various distribution channels. In addition, provide Fund share activity to NBAI.
2. Dividend Rates/Yields/Dollar Weighted Average Maturity: ------------------------------------------------------ o Calculate, subject to the approval of NBAI, net investment income available for distribution daily as appropriate o Calculate daily dividend rate, and 1, 7, 30-day yields/SEC yields o Calculate dollar weighted average maturity
Daily Accounting Services. CMFS shall perform the following accounting services with the frequency provided in the prospectus for each Portfolio:
(i) Calculate the net asset value per share utilizing prices obtained from the sources described in subsection 1(b)(ii) below;
(ii) Obtain security prices from independent pricing services, or if such quotes are unavailable, then obtain such prices from each Portfolio's investment adviser or its designee as approved by the Fund's Board of Directors (hereafter referred to as "Directors");
(iii) Verify and reconcile with the Portfolios' custodian all daily trade activity on settlement date;
(iv) Compute, as appropriate, and in consultation with the Fund's auditors and tax advisers, each Portfolio's net income and capital gains, dividend payables, dividend factors, yields, and weighted average portfolio maturity, provided however that CMFS shall not be responsible for tax compliance;
(v) Distribute net asset values and yields to NASDAQ or such other exchange or reporting entity as is approved by the Directors;
(vi) Determine unrealized appreciation and depreciation on securities held by the Portfolios;
(vii) Amortize premiums and accrete discounts on securities purchased at a price other than face value, if requested by the Fund;
(viii) Update accounting system to reflect rate changes, as received from a Portfolio's investment adviser or designee, on variable interest rate instruments;
(ix) Post Portfolio transactions to appropriate categories;
(x) Accrue expenses and monitor the established expense budgets of each Portfolio according to instructions received from the Fund's treasurer or other authorized representative (including officers of the Fund's investment adviser) and make such adjustments over such periods as CMFS deems necessary to reflect over-accruals or under-accruals of estimated expenses or income;
(xi) Determine the outstanding receivables and payables for all (1) security trades, (2) portfolio share transactions and (3) income and expense accounts in accordance with the budgets provided by the Fund or its investment adviser;
(xii) Provide accounting reports in connection with the Fund's regular annual audit and other routine audits and examinations by regulatory agencies.
Daily Accounting Services. BNY shall perform the following services on each Business Day:
1. Calculate Net Asset Value (NAV), and Public Offering Price (POP) Per Share Pursuant to SEC formulas: o Update the valuation of security positions held by each Fund's portfolio in accordance with the Fund's Pricing Procedures and any other appropriate procedures established by the Board and BAAI as BAAI shall provide BNY in writing o When instructed by BAAI, enter manual prices supplied by broker and link to pricing procedures o Calculate each Fund's NAV/POP in accordance with the applicable Pricing Procedures approved by the Trust's Board of Trustees and prepare NAV proof sheet. Review components of change in NAV for reasonableness based on the tolerance levels as BAAI shall direct BNY in writing o Review variance reporting for price changes in individual securities using variance levels established by Fund and report to Fund portfolio managers and to BAAI o Review for ex-dividend items indicated by pricing sources; trace to general ledger for agreement o Communicate required pricing and yield information (NAV/POP), as appropriate, to BAAI, the Funds' transfer agent and sub-transfer agent and, electronically, to NASDAQ and to such other third parties as designated by the Funds with respect to its various distribution channels. In addition, provide Fund share activity to BAAI.
2. Dividend Rates/Yields/Dollar Weighted Average Maturity: o Calculate, subject to the approval of BAAI, net investment income available for distribution daily as appropriate o Calculate daily dividend rate, and 1, 7, 30-day yields/SEC yields o Calculate dollar weighted average maturity
3. Determine and Report Cash Availability: o Receive daily cash and transaction statements from the Funds' custodian o Complete daily bank cash reconciliations (including documentation of any reconciling items) and notify the Funds' custodian o Report investable cash to BAAI and Fund sub-advisers
4. Daily Expense Accruals: o Accrue individual expenses on a daily basis based on Instructions provided by BAAI, except for those instances where such an adjustment would cause a full xxxxx break in NAV, in which case such adjustment will be included in the calculation of NAV on the day received o If applicable, accrue daily amortization of organization expense as instructed by BAAI o If applicable, accrue daily Rule 12b-1 Plan expenses o Adjust expense accruals as instructed by BAAI and provide reports as requested by XXXX
Daily Accounting Services. A. Calculate Net Asset Value ("NAV") and Offering Price Per Share ("POP") Fund Level - Update the daily market value of securities held by the Fund using FPS's standard agents for pricing U.S. equity, bond and foreign securities. The U.S. equity pricing services are Reuters, Inc., Xxxxxx Data Corporation, X.X. Xxxxx Co., Inc. and Interactive Data Corporation (IDC). Xxxxxx Data, Dow Xxxxx Markets (formerly Telerate Systems, Inc.), X.X. Xxxxx Co., Inc., Municipal Market Data and IDC are also used for bond, money market prices/yields. Bloomberg is available and used for price research. - Enter limited number of manual prices supplied by the Fund and/or broker. - Review variance reporting on-line and in hard copy for price changes in individual securities using variance levels established by the Funds. Verify US dollar security prices exceeding variance levels by notifying the Funds and pricing sources of noted variances. - Review for ex-dividend items indicated by pricing sources; trace to Fund's general ledger for agreement. Fund and Each Class - Allocate daily unrealized Fund appreciation/depreciation and unrealized gains/losses on futures to classes based upon value of outstanding class shares. - Prepare NAV proof sheets. Review components of change in NAV for reasonableness. Complete Fund and class control proofs. - Communicate pricing information (NAV/POP) to the Funds, the Funds' transfer agent (the "Transfer Agent") and electronically to NASDAQ.
B. Determine and Report Cash Availability to the Funds by approximately 9:30 a.m. Eastern Time: Fund Level - Receive daily cash and transaction statements from the agent responsible for the safekeeping of the Funds' assets (the "Custodian") by 8:30 a.m. Eastern time - Receive previous day shareholder activity reports from the Transfer Agent by 8:30 a.m. Eastern time. Class level shareholder activity will be accumulated into the Funds' available cash balances - Fax hard copy Cash Availability calculations with all details to the Funds - Supply the Funds with 3-day cash projection report. - Prepare daily bank cash reconciliations. Notify the Custodian and the Funds of any reconciling items.
C. Reconcile and Record All Daily Expense Accruals Fund Level - Accrue expenses based on budget supplied by the Funds either as percentage of net assets or specific dollar amounts - If applicable, monitor expense limitations established by the Funds - If applicable, accrue daily amortization of Organizational Expense - If appl...
Daily Accounting Services. A. Calculate Net Asset Value ("NAV") and Offering Price Per Share ("POP") Fund Level - Update the daily market value of securities held by the Funds using FPS's standard agents for pricing U.S. equity, bond and foreign securities. The U.S. equity pricing services are Reuters, Inc., Mullxx Xxxa Corporation, J.J. Xxxxx Xx., Inc. and Interactive Data Corporation (IDC). Mullxx Xxxa, Dow Jonex Markets (formerly Telerate Systems, Inc.), J.J. Xxxxx Xx., Inc., Municipal Market Data and IDC are also used for bond, money market prices/yields and foreign prices/exchange rates. Bloomberg is available and used for price research. - Enter limited number of manual prices supplied by the Funds and/or broker. Update the daily market value of securities using an automated pricing file as supplied by the Funds. - Review variance reporting on-line and in hard copy for price changes in individual securities using variance levels established by the Funds. Verify US dollar security prices exceeding variance levels by notifying the Funds and pricing sources of noted variances. - Complete daily variance analysis on foreign exchange rates and local foreign prices. Notification of changes exceeding established levels for The Funds verification. (The Funds should establish tolerance levels for each country/currency so that local price changes and foreign exchange rate changes exceeding this tolerance are identified and NAV problems minimized). - Review for ex-dividend items indicated by pricing sources; trace to Fund's general ledger for agreement. Fund and Each Class - Allocate daily unrealized Fund appreciation/depreciation, unrealized currency gains/losses, and unrealized gains/losses on futures and forwards to classes based upon value of outstanding class shares. - Prepare NAV proof sheets. Review components of change in NAV for reasonableness. Complete Fund and class control proofs. - Communicate pricing information (NAV/POP) to the Funds, the Funds' transfer agent (the "Transfer Agent") and electronically to NASDAQ.
B. Determine and Report Cash Availability to the Funds by approximately 9:30 a.m. Eastern Time: Fund Level - Receive daily cash and transaction statements from the agent responsible for the safekeeping of the Funds' assets (the "Custodian") by 8:30 a.m. Eastern time - Receive previous day shareholder activity reports from the Transfer Agent by 8:30 a.m. Eastern time. Class level shareholder activity will be accumulated into the Funds' available cash balances - Fax h...
Daily Accounting Services. 1. Determine and Report Cash Availability to the Fund by approximately 9:30 a.m. Eastern Time: o Receive daily cash and transaction statements from the agent responsible for the safekeeping of the Fund's assets (the "Custodian") by 8:30 a.m. Eastern time. o Receive previous day shareholder activity reports from the Transfer Agent by 8:30 a.m. Eastern time. o Fax hard copy Cash Availability calculations with all details to the Fund. o Supply the Fund with 3-day cash projection report. Prepare daily bank cash reconciliations. Notify the Custodian and the Fund of any reconciling items.
2. Reconcile and Record All Expense Accruals: o Accrue expenses based on budget supplied by the Fund either as percentage of net assets or specific dollar amounts. o If applicable, monitor expense limitations established by the Fund. o If applicable, accrue daily amortization of organizational expense.
Daily Accounting Services. 1. Calculate Net Asset Value ("NAV") and Offering Price Per Share: Update the daily market value of securities held by the Trust using FPS' standard agents for pricing domestic equity and bond securities. The domestic equity pricing services employed by FPS are Reuters, Inc., Muller Data Corpoxxxxxx, J.J. Kenny Co., Inc. and Interactive Data Corporation (IDC). Muller Data, Telexxxx Xystems, Inc., J.J. Kenny Co., Inc. and IDC are employed by FPS for bond and money market prices/yields. Bloomberg is available and used for price research. Enter limited number of manual prices supplied by the Trust. Prepare NAV proof sheets. Review components of change in NAV for reasonableness. Review variance reporting on-line and in hard copy for price changes in individual securities using variance levels established by the Trust. Verify US dollar security prices exceeding variance levels by notifying the Trust and pricing sources of noted variances. Review for ex-dividend items indicated by pricing sources; trace to Trust's general ledger for agreement. Communicate required pricing information (NAV/Offering Price) to Trust's Advisor, agent performing shareholder servicing and electronically to NASDAQ.
Daily Accounting Services. In addition to the maintenance of the books and records specified above, Winsbury shall perform the following accounting services daily for each Portfolio:
(a) Calculate the net asset value per Share;
(b) Calculate, for each money market Portfolio, the amount of the deviation (if any) of the current market-based net asset value per share and the amortized cost price per share;
(c) Calculate the dividend and capital gain distribution, if any:
(d) Calculate the yield;
(e) Reconcile cash movements with the Company's custodian;
(f) Affirm to the Company's custodian all portfolio trades and cash movements;
(g) Verify and reconcile with the Company's custodian all daily trade activity;
(h) Calculate fees due under the Administrative Services Plans for shareholder support services.
(i) Provide the following reports:
(i) A current security position report;
(ii) A summary report of transactions and pending maturities (including the principal, cost, and accrued interest on each portfolio security in maturity date order); and
(iii) A current cash position report (including cash available from portfolio sales and maturities and sales of a Portfolio's Shares less cash needed for redemptions and settlement of portfolio purchases);
(j) Such other similar services with respect to a Portfolio as may be reasonably requested by the Company.
Daily Accounting Services. 1. Calculate Net Asset Value ("NAV") and Public Offering Price Per Share ("POP"): o Update the daily market value of all assets held by the Fund using Investor Services Group's standard agents for pricing U.S. equity and bond securities as approved by the Board of Trustees. The U.S. equity pricing services are currently Reuters, Inc., Xxxxxx Data Corporation, X.X. Xxxxx Co., Inc. and Interactive Data Corporation ("IDC"). Xxxxxx Data Corporation, Dow Xxxxx Markets (formerly Telerate Systems, Inc.), X.X. Xxxxx Co., Inc., Municipal Market Data and IDC are also used for bond and money market prices/yields. Bloomberg is available and used for price research. o Enter limited number (less than 15) of manual prices supplied by the Fund and/or broker. o Prepare NAV proof sheets. Review components of change in NAV for reasonableness. o Review variance reporting on-line and in hard copy for price changes in individual securities using variance levels established by the Fund. Verify U.S. dollar security prices exceeding variance levels by notifying the Fund and pricing sources of noted variances. o Review for ex-dividend items indicated by pricing sources; trace to Fund's general ledger for agreement. o Communicate pricing information (NAV) to the Fund, Investor Services Group and electronically to NASDAQ.
