SUB-ADMINISTRATION AGREEMENT
THIS AGREEMENT is made as of this 27th day of July, 2004, (the
"Effective Date") by and between Constellation Investment Management Company,
L.P., a Pennsylvania limited partnership (the "Administrator") and SEI
Investments Global Funds Services, a Delaware business trust (the
"Sub-Administrator").
WHEREAS, the Administrator and Constellation Funds (the "Trust") have
entered into an Administration Agreement (the "Administration Agreement")
pursuant to which the Administrator will provide administrative services to the
Trust; and
WHEREAS, the Administrator desires to retain the Sub-Administrator to
assist in performing certain administrative and accounting services to each of
the portfolios of the Trust, which are identified in Schedule A hereto, as such
schedule may be amended from time to time to (individually a "Portfolio" and
collectively the "Portfolios") and the Sub-Administrator is willing to perform
such services on the terms and conditions hereinafter set forth herein;
NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, Administrator and the Sub-Administrator hereby agree as
follows:
ARTICLE 1. Retention of the Sub-Administrator. Administrator hereby
retains the Sub-Administrator to furnish the Portfolios with accounting and
administrative services as set forth in Article 2 below. The Sub-Administrator
hereby accepts such employment to perform the duties set forth below. The
Sub-Administrator shall, for all purposes herein, be deemed to be an independent
contractor.
ARTICLE 2. Sub-Administrative and Accounting Services. The
Sub-Administrator shall perform or supervise the performance by others of the
accounting and administrative services set forth in Schedule B hereto, including
activities related to the Portfolios fiscal year-end financial statement
preparation, and made a part of this Agreement. The Sub-Administrator may
sub-contract with third parties to perform certain of the services to be
performed by the Sub-Administrator hereunder; provided, however, that the
Sub-Administrator shall remain principally responsible to Administrator for the
acts and omissions of such other entities. In meeting its duties hereunder,
Sub-Administrator shall have the general authority to do all acts deemed in the
Sub-Administrator's good faith belief to be necessary and proper to perform its
obligations under this Agreement.
ARTICLE 3. Compensation of the Sub-Administrator. The Administrator
shall pay to the Sub-Administrator compensation at the annual rate specified in
Schedule A to this Agreement until this Agreement is terminated in accordance
with Article 5. Such compensation shall be calculated and accrued daily, and
paid to the Sub-Administrator monthly. If this Agreement becomes effective
subsequent to the first day of a month or terminates before the last day of a
month, the Sub-Administrator's compensation for that part of the month in which
this Agreement is in effect shall be prorated in a manner consistent with the
calculation of the fees as set forth above. Payment of the Sub-Administrator's
compensation for the preceding month shall be made within 30 days after receipt
of invoice. In addition, the Administrator agrees to reimburse the
Sub-Administrator for the Sub-Administrator's reasonable out of pocket expenses
in providing services hereunder, so long as Sub-Administrator receives prior
consent in writing from Administrator.
1
ARTICLE 4. Limitation of Liability of the Sub-Administrator. The duties
of the Sub-Administrator shall be confined to those expressly set forth herein,
and no implied duties are assumed by or may be asserted against the
Sub-Administrator hereunder. The Sub-Administrator shall not be liable for any
error of judgment or mistake of law or for any loss arising out of any
investment or for any act or omission in carrying out its duties hereunder,
except a loss resulting from willful misfeasance, bad faith or gross negligence
in the performance of its duties, or by reason of reckless disregard of its
obligations and duties hereunder. (As used in this Article 4, the term
"Sub-Administrator" shall include Trustees, officers, employees and other agents
of the Sub-Administrator as well as that entity itself.) Under no circumstances
shall the Sub-Administrator be liable to Administrator for consequential,
indirect or punitive damages.
So long as the Sub-Administrator, or its agents, acts without willful
misfeasance, bad faith or gross negligence in the performance of its duties, and
without reckless disregard of its obligations and duties hereunder,
Administrator assumes full responsibility and shall indemnify the
Sub-Administrator and hold it harmless from and against any and all actions,
suits and claims, whether groundless or otherwise, and from and against any and
all losses, damages, costs, charges, reasonable counsel fees and disbursements,
payments, expenses and liabilities (including reasonable investigation expenses)
arising directly or indirectly out of any act or omission of Sub-Administrator
in carrying out its duties hereunder; provided, however, with respect to a
damage award of a court of competent jurisdiction in connection with a third
party claim that arises directly out of a negligent act or omission by
Sub-Administrator or its agents in breach of this Agreement (which act or
omission did not constitute willful misfeasance, bad faith or gross negligence
or willful disregard of obligations and duties hereunder), Sub-Administrator
shall be responsible for 20% of such damage award up to a maximum amount equal
to the aggregate amount of fees paid by Administrator to Sub-Administrator in
the twelve months immediately preceding the date on which the negligence of
Sub-Administrator occurred. The indemnity and defense provisions set forth
herein shall indefinitely survive the termination of this Agreement.
The indemnification rights hereunder shall include the right to
reasonable advances of defense expenses in the event of any pending or
threatened litigation with respect to which indemnification hereunder may
ultimately be merited. In order that the indemnification provisions contained
herein shall apply, however, it is understood that if in any case the
Administrator may be asked to indemnify or hold the Sub-Administrator harmless,
the Administrator shall be fully and promptly advised of all pertinent facts
concerning the situation in question, and it is further understood that the
Sub-Administrator will use all reasonable care to identify and notify the
Administrator promptly concerning any situation which presents or appears likely
to present the probability of such a claim for indemnification against the
Administrator, but failure to do so shall not affect the rights hereunder. In no
event and under no circumstances shall either party to this Agreement be liable
to anyone, including, without limitation, the other party, for special damages
for any act or failure to act under any provision of this Agreement if advised
of the possibility thereof.
Administrator shall be entitled to participate at its own expense or,
if it so elects, to assume the defense of any suit brought to enforce any claims
subject to this indemnity provision. If Administrator elects to assume the
defense of any such claim, the defense shall be conducted by counsel chosen by
Administrator and satisfactory to the Sub-Administrator, whose approval shall
not be unreasonably withheld. In the event that Administrator elects to assume
the defense of any suit and retain counsel, the Sub-Administrator shall bear the
fees and expenses of any additional counsel retained by it. If Administrator
does not elect to assume the defense of a suit, it will reimburse the
Sub-Administrator for the fees and expenses of any counsel retained by the
Sub-Administrator.
2
The Sub-Administrator may apply to Administrator at any time for
instructions and may consult counsel for Administrator or its own counsel and
with accountants and other experts with respect to any matter arising in
connection with the Sub-Administrator's duties, and the Sub-Administrator shall
not be liable or accountable for any action taken or omitted by it in good faith
in accordance with such instruction or with the opinion of such counsel,
accountants or other experts.
Also, the Sub-Administrator shall be protected in acting upon any
document which it reasonably believes to be genuine and to have been signed or
presented by the proper person or persons. Nor shall the Sub-Administrator be
held to have notice of any change of authority of any officers, employee or
agent of Administrator until receipt of written notice thereof from
Administrator.
Nothing herein shall make Sub-Administrator liable for the performance
or omissions of unaffiliated third parties not under Sub-Administrator's
reasonable control such as, by way of example and not limitation, transfer
agents, custodians, investment advisers or sub-advisers, postal or delivery
services, telecommunications providers and processing and settlement services.
ARTICLE 5. Duration and Termination of this Agreement. This Agreement
shall be in full force and effect upon the Effective Date. The initial term of
this Agreement will end three (3) years after the Effective Date. ("Initial
Term"). Upon conclusion of the Initial Term, this Agreement will automatically
remain in full force and effect for a two (2) year renewable term, and for
succeeding two (2) year renewable terms thereafter, unless the Agreement is
terminated as provided below. Customer or SEI may elect to terminate this
Agreement as of the last day of the Initial Term or any renewal term by
notifying the other in writing not less than ninety (90) days prior to the end
of the then current term.
This Agreement may be terminated only: (a) by either party hereto on such date
as is specified in written notice given by the terminating party, in the event
of a material breach of this Agreement by the other party, provided the
terminating party has notified the other party of such material breach at least
45 days prior to the specified date of termination and the breaching party has
not remedied such breach by the specified date; or (b) as to any Portfolio or
the Trust, effective upon the liquidation of such Portfolio or the Trust, as the
case may be. For purposes of this paragraph, the term "liquidation" shall mean a
transaction in which the assets of the Trust or a Portfolio are sold or
otherwise disposed of and proceeds there from are distributed in cash to the
shareholders in complete liquidation of the interests of such shareholders in
the entity. After termination of this Agreement for so long as the
Sub-Administrator in fact continues to perform any one or more services
contemplated by this Agreement, the provisions of this Agreement, including
without limitation the provisions regarding limitation of liability and
indemnification, shall continue in full force and effect.
3
Notwithstanding the foregoing, this Agreement shall terminate
automatically upon termination of the Administration Agreement; provided,
however, that no such termination of this Agreement shall occur if and to the
extent the Administrator or any control affiliate thereof is named as, or
otherwise becomes, the successor administrator to the Trust. If this Agreement
is terminated pursuant to this paragraph, and the Administrator proposes or
causes, directly or indirectly, the Trust to retain a third party other than the
Sub-Administrator to serve as successor administrator or sub-administrator to
the Trust, Sub-Administrator will be entitled to a one time cash payment equal
to the net present value of the profits Sub-Administrator would have earned
during the remainder of the then-current term of the contract based on the fee
rate set forth in Schedule A hereto applied to the average daily net assets of
the Trust during the six month period immediately preceding such termination.
ARTICLE 6. Activities of the Sub-Administrator. The services of the
Sub-Administrator rendered to Administrator are not to be deemed to be
exclusive. The Sub-Administrator is free to render such services to others and
to have other businesses and interests.
ARTICLE 7. Confidentiality. The Sub-Administrator agrees on behalf of
itself and its employees to treat confidentially all records and other
information relative to the Administrator and the Trust and its shareholders
received by the Sub-Administrator in connection with this Agreement, including
any non-public personal information as defined in Regulation S-P, and that it
shall not use or disclose any such information except for the purpose of
carrying out the terms of this Agreement; provided, however, that
Sub-Administrator may disclose such information as required by law or after
prior notification to and approval in writing by the Administrator or the Trust,
which approval may not be withheld where the Sub-Administrator may be exposed to
civil or criminal contempt proceedings or penalties for failure to comply.
ARTICLE 8. Certain Records. The Sub-Administrator shall maintain
customary records in connection with its duties as specified in this Agreement.
Any records required to be maintained and preserved pursuant to Rules 31a-1 and
31a-2 under the 1940 Act which are prepared or maintained by the
Sub-Administrator on behalf of the Trust shall be prepared and maintained at the
expense of the Sub-Administrator, but shall be the property of the Trust and
will be made available to or surrendered promptly to Administrator or the Trust
on request.
In case of any request or demand for the inspection of such records by
another party, the Sub-Administrator shall notify the Administrator and follow
the Administrator's instructions as to permitting or refusing such inspection;
provided that the Sub-Administrator may exhibit such records to any person in
any case where it is advised by its counsel that it may be held liable for
failure to do so, unless (in cases involving potential exposure only to civil
liability) the Administrator has agreed to indemnify the Sub-Administrator
against such liability.
ARTICLE 9. Compliance With Governmental Rules and Regulations. The
Sub-Administrator undertakes to comply in all material respects with applicable
requirements of the 1933 Act, the 1934 Act, the 1940 Act and any laws, rules and
regulations of governmental authorities having jurisdiction with respect to the
duties to be performed by the Sub-Administrator hereunder.
ARTICLE 10. Representations of the Administrator. The Administrator
certifies to the Sub-Administrator that this Agreement has been duly authorized
by the Administrator and, when executed and delivered by the Administrator, will
constitute a legal, valid and binding obligation of the Administrator,
enforceable against the Administrator in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting the rights and remedies of creditors and secured parties.
4
ARTICLE 11. Entire Agreement; Amendments. This Agreement constitutes
the entire agreement between the parties hereto and supersedes any prior
agreement, draft or proposal with respect to the subject matter hereof. This
Agreement or any part hereof may be changed or waived only by an instrument in
writing signed by the party against which enforcement of such change or waiver
is sought.
ARTICLE 12. Assignment. This Agreement shall not be assignable by
either party without the prior written consent of the other party.
ARTICLE 13. Waiver. Any term or provision of this Agreement may be
waived at any time by the party entitled to the benefit thereof by written
instrument executed by such party. No failure of either party hereto to exercise
any power or right granted hereunder, or to insist upon strict compliance with
any obligation hereunder, and no custom or practice of the parties with regard
to the terms of performance hereof, will constitute a waiver of the rights of
such party to demand full and exact compliance with the terms of this Agreement.
ARTICLE 14. Notice. Any notice required or permitted to be given by
either party to the other shall be deemed sufficient if sent by registered or
certified mail, federal express (or substantially similar delivery service),
postage prepaid, addressed by the party giving notice to the other party at the
last address furnished by the other party to the party giving notice: if to
Administrator, at 0000 Xxxxxxxxx Xxxxx, Xxxxx 000, Xxxxxx, Xxxxxxxxxxxx 00000;
and if to the Sub-Administrator at Xxx Xxxxxxx Xxxxxx Xxxxx, Xxxx, Xxxxxxxxxxxx,
00000.
ARTICLE 15. Force Majeure. No breach of any obligation of a party to
this Agreement will constitute an event of default or breach to the extent it
arises out of a cause, existing or future, that is beyond the control and
without negligence of the party otherwise chargeable with breach or default,
including without limitation: work action or strike; lockout or other labor
dispute; flood; war; riot; theft; earthquake or natural disaster. Either party
desiring to rely upon any of the foregoing as an excuse for default or breach
will, when the cause arises, give to the other party prompt notice of the facts
which constitute such cause; and, when the cause ceases to exist, give prompt
notice thereof to the other party.
ARTICLE 16. Equipment Failures. In the event of equipment failures
beyond the Sub-Administrator's control, the Sub-Administrator shall, at no
additional expense to Administrator, take reasonable and prompt steps to
minimize service interruptions but shall have no liability with respect thereto.
The Administrator shall develop and maintain a plan for recovery from equipment
failures which may include contractual arrangements with appropriate parties
making reasonable provision for emergency use of electronic data processing
equipment to the extent appropriate equipment is available.
ARTICLE 17. Definitions of Certain Terms. The terms "interested person"
and "affiliated person," when used in this Agreement, shall have the respective
meanings specified in the 1940 Act and the rules and regulations thereunder,
subject to such exemptions as may be granted by the Securities and Exchange
Commission.
ARTICLE 18. Headings. All Article headings contained in this Agreement
are for convenience of reference only, do not form a part of this Agreement and
will not affect in any way the meaning or interpretation of this Agreement.
Words used herein, regardless of the number and gender specifically used, will
be deemed and construed to include any other number, singular or plural, and any
other gender, masculine, feminine, or neuter, as the contract requires.
5
ARTICLE 19. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of Delaware and the applicable provisions
of the 1940 Act. To the extent that the applicable laws of the State of
Delaware, or any of the provisions herein, conflict with the applicable
provisions of the 1940 Act, the latter shall control.
ARTICLE 20. Multiple Originals. This Agreement may be executed in two
or more counterparts, each of which when so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same
instrument.
ARTICLE 21. Binding Agreement. This Agreement, and the rights and
obligations of the parties hereunder, shall be binding on, and inure to the
benefit of, the parties and their respective successors and assigns.
ARTICLE 22. Severability. If any part, term or provision of this
Agreement is held to be illegal, in conflict with any law or otherwise invalid,
the remaining portion or portions shall be considered severable and not be
affected, and the rights and obligations of the parties shall be construed and
enforced as if the Agreement did not contain the particular part, term or
provision held to be illegal or invalid.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.
CONSTELLATION INVESTMENT MANAGEMENT COMPANY, L.P.
By: /s/Xxxx X. Xxxxx
----------------
Name: Xxxx X. Xxxxx
Title: President
SEI INVESTMENTS GLOBAL FUNDS SERVICES
By: /s/Xxxxxxx X. Xxxxx
-------------------
Name: Xxxxxxx X. Xxxxx
Title: Executive Vice President
6
SCHEDULE A
TO THE SUB-ADMINISTRATION AGREEMENT
DATED AS OF JULY 27, 2004
BETWEEN
CONSTELLATION INVESTMENT MANAGEMENT COMPANY
AND
SEI INVESTMENTS GLOBAL FUNDS SERVICES
Portfolios: This Agreement shall apply with respect to all Portfolios of
the Trust, either now existing or in the future created. The
following is a listing of the current portfolios of the Trust:
Constellation TIP Financial Services Fund, Constellation TIP
Target Select Equity Fund, Constellation Strategic Value and
High Income Fund, Constellation Chartwell High Yield Fund,
Constellation Chartwell Ultra Short Duration Fixed Income
Fund, Constellation Chartwell Short Duration Fixed Income
Fund, Constellation TIP Healthcare & Biotechnology Fund,
Constellation TIP Tax Managed U.S. Equity Fund, Constellation
TIP Small Cap Value Opportunities Fund, Constellation Clover
Large Cap Value Fund, Constellation Clover Core Value Fund,
Constellation Clover Small Cap Value Fund, Constellation
Clover Core Fixed Income Fund, Constellation HLAM Large Cap
Value Fund, Constellation Pitcairn Diversified Value Fund,
Constellation Pitcairn Diversified Growth Fund, Constellation
Pitcairn Select Value Fund, Constellation Sands Capital Select
Growth Fund, Constellation Pitcairn Small Cap Fund,
Constellation Pitcairn Family Heritage(R) Fund, Constellation
International Equity Fund, Constellation Pitcairn Taxable Bond
Fund, and Constellation Pitcairn Tax-Exempt Bond Fund
(collectively, the "Portfolios"):
Fees: Pursuant to Article 4, Administrator shall pay the
Sub-Administrator a fee at the following annual rate:
Year 1 of this Agreement:
Asset Based Fee
The asset based fee will be calculated based on the daily net
assets for all of the Portfolios in the Trust. The asset based
fee due to Sub-Administrator will be deducted and paid to the
Sub-Administrator from the Administrator's monthly fee. The
daily net asset fee is as follows:
6 basis points on the first $2 billion in net assets
in the Trust
4 basis points on net assets over $2 billion in the
Trust
Included in the Sub-Administrator's fees are 300 investor
services calls per month. Any call in excess of 300 per month
will be subject to an additional fee of $10 per call.
7
Year 2 of this Agreement and Beyond:
Asset Based Fee
The asset based fee will be calculated based on the daily net
assets for all of the Portfolios in the Trust. The asset based
fee due to Sub-Administrator will be deducted and paid to the
Sub-Administrator from the Administrator's monthly fee. The
daily net asset fee is as follows:
5 basis points on the first $2 billion in net assets
in the Trust
4 basis points on net assets over $2 billion in the
Trust
Included in the Sub-Administrator's fees are 300 investor
services calls per month. Any call in excess of 300 per month
will be subject to an additional fee of $10 per call.
Minimum Fees:
Each Portfolio is subject to the following monthly minimum
fee:
Domestic Portfolios (single Portfolio manager):
$5,416.67 per Portfolio
$625.00 per each additional class greater
than one (1). A Portfolio is considered to
have one (1) class.
Domestic Portfolios (multi-manager with up to three
(3) Portfolio managers):
$7,083.33 per Portfolio
$625.00 per each additional class greater
than one (1). A Portfolio is considered to
have one (1) class.
$1,250.00 for each Portfolio manager greater
than three (3).
International Portfolio (single Portfolio manager):
$6,250.00 per Portfolio
$625.00 per each additional class greater
than one (1). A Portfolio is considered to
have one (1) class.
$1,250.00 for each Portfolio manager greater
than one (1).
A Portfolio is considered an International Portfolio
when greater than 35% of the Portfolio's holdings are
foreign securities not traded on any United States
exchanges or over-the-counter market.
Each Portfolio will be charged the greater of the monthly
asset based fee or the monthly minimum fee.
Term: This Agreement shall become effective on July 27, 2004 and
shall be subject to the provisions under Article 5.
[END OF SCHEDULE A]
8
SCHEDULE B
TO THE SUB ADMINISTRATION AGREEMENT
DATED AS OF JULY 27, 2004
BETWEEN
CONSTELLATION INVESTMENT MANAGEMENT COMPANY
AND
SEI INVESTMENTS GLOBAL FUNDS SERVICES
LIST OF SERVICES
1. CASH PROCESSING
Record Transfer Agent paid-in-capital activity using an automated
Transfer Agent feed
Reconcile shares and accruals with the Transfer Agent using automated
Transfer Agent feed
Resolve cash movement discrepancies
Provide 5-day cash projections
Provide advisor with daily cash projection
Track differences between accrual and actual cash received from
custodian using an automated custodian feed
Reconcile security balances with custodian using an automated custodian
feed
Identify failed trades and notify custodian
2. VALIDATION OF INCOME & EXPENSE ACCRUALS
Track and validate amortization, accretion, interest, and dividend
income for securities
Modify expense accrual changes at least twice per year
Process expense payments to service providers monthly
Process 12b-1 payments to service providers
Process payments to advisor, sub-advisor, and administrator
Ensure income and expense categories are properly classified for
reporting purposes
Maintain book / tax differences off-line to assist in tax return
preparation (where no special transactions are involved).
3. INCOME & CAPITAL GAIN DISTRIBUTIONS
Calculate and record income and capital gains as required by the Funds'
prospectus
Provide distribution [factors] to advisor and Transfer Agent
Reconcile distributions with Transfer Agent and resolve any differences
Coordinate estimated cash payments required for capital gains and
dividends not reinvested
4. SECURITY MASTER FILE & TRADE PROCESSING
Maintain one security master file with all indicative data elements
Receive automated feed of security trades from the Adviser not later
than T+1 in SEI's standard format
Enter same-day settlement trades on Trade Date (T).
Validate trade information
Maintain tax lot records according to a default selected by advisor
Record all mandatory corporate actions, validating income and
adjustments
Receive and record voluntary corporate actions
Track international dividend reclaims
5. FUND VALUATION
Follow SEI's standard pricing and valuation policies
Obtain security valuation quotes from reliable industry resources
Obtain broker quotes for securities whose prices cannot be obtained
from pricing vendors (limited to 5% of holdings)
Manage and respond to price challenges by advisor or sub-advisor
Investigate stale prices
Check for trading halts on securities at market close
Calculate Net Asset Value (NAV) of each fund
Validate prices that deviate from pre-established thresholds
Communicate NAVs to NASDAQ & Transfer Agent
9
6. PERFORMANCE REPORTING
Provide SEI standard reports in electronic format (FTP or email)
Provide (plot points) and total return data for financial regulatory
reporting (prospectuses, annuals, semi-annuals)
Provide conversion support
Provide After-Tax Return Reporting
Calculate Fund Performance within regulatory guidelines
7. TREASURY SERVICES
Set expense assumptions and review preliminary budgets for Funds
Adjust budget assumptions quarterly
Calculate monthly revenue
Generate 12b-1 Summary Reports
Create quarterly dividend payment report
Report on distribution plan expenditures
Provide accounting data for Statement of Additional Information
Complete expense section of prospectus
8. TAX SERVICES
Compute required capital gains distributions
Prepare estimated capital gain distributions twice per year (fiscal
year end and excise).
Prepare federal and state tax returns for the Funds
Prepare year-end 60-day notices
Prepare year-end provision and tax footnotes
Calculate reallocations of income and notify Transfer Agent
Conduct required income qualification tests
Apply for TIN / EINs to commence business of new Portfolios
9. GENERAL BUSINESS CONSULTING
Provide Blue Sky interface and registration assistance
10. FUND MANAGEMENT
Provide officers of the fund if requested
Assist in the documentation of portfolio compliance violations on a
quarterly basis
Attend board meetings as an interested party (1 SEI representative).
11. SHAREHOLDER SERVICES
Obtain toll free lines & call prompters for fund family
Respond to shareholder (S/H) questions regarding the fund family
product line
Respond to S/H account inquiries
Respond to S/H questions regarding financials and performance
information
Submit S/H requests for literature
Provide 2 monthly standard management reports on statistics around
inbound S/H calls
Conduct routine Q/A testing on all S/H services representatives
Coordinate set-up of toll free lines, call prompter services, and
consultation on best practices around call prompters
12. VOICE RESPONSE SUPPORT
Coordinate establishment of selected IVR model
Receive financial data from named administrator / accountant
(electronic feed required)
Coordinate initial scripting services, in English
Coordinate scripting changes, up to 4 per year
Oversee maintenance and ongoing programming, as required, of the
service
Provide monthly usage reports to management
13. FINANCIAL STATEMENT PREPARATION ASSISTANCE
Contact Administrator to receive trades on trade date for financial
statement semi & year end
Review "shell" financial statements (prior year numbers, new
disclosures, etc.)
Identify non-income producing securities
Send Schedule of Investments
Incorporate ROCSOP adjustments into financial statements
Complete financial data schedules
Review "Blueline" with the Administrator
Complete N-SAR
14. ASSIST IN THE PRODUCTION OF REGULATORY REPORTS
Assist the Administrator and outside counsel with review of
prospectuses, supplements, and SAIs
Provide plot points and total return data for financial regulatory
reporting (prospectuses, annuals, semi-annuals, proxies)
10
