Trust Accounting

Prometa performs the following Trust Accounting functions

• Process all orders for sale or redemption of shares of the Fund
• Calculate the appropriate sales, redemption or transfer charge, for each purchase, redemption or transfer of shares
• Determine redemption or transfer charge payable to the dealer and determine the portion of each such charge payable to the Manager;
• Provide standard confirmations for all purchases and redemptions of shares
• Provide statements to shareholders summarizing all activity in shareholders' accounts
• Prepare tax receipts, information slips, forms and summaries
• Maintain, report and prepare applicable tax credit information and tax receipts for registered labour sponsored investment fund corporations
• Act as redemption paying agent and distribution disbursing agent for the Fund. Payment can be made by cash, cheque, or electronic funds transfer. Prometa will:
  • Withhold any taxes which may be required
  • Make reports with respect to such payments
  • Maintain and reconcile a cheque register for each cheque issued
  • Issue new cheques in place of originals which have been lost, destroyed or stolen provided that an agreement of indemnity satisfactory to Prometa is submitted
  • Destroy cancelled cheques after an appropriate period after the date of cancellation
• Provide information to shareholders, brokers and dealers, including responding to inquiries and providing copies of shareholder confirmations and statements of account
• Administer all systematic purchase and withdrawal plans offered by the Fund
• Provide information to the Manager in connection with any existing or new shareholder account

Payments

Use the FundSERV network to facilitate N$M payments for redemptions, trailers, commissions, etc. Depositing of subscription cheques, and administering PAC and payroll deduction plans.

Financial Reporting

Support for annual/semi-annual financial statement preparation.