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15(c) Board Reporting demo

Agents assemble quarterly board books and answer the annual 15(c) request list, cited 1:34

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What the demo shows

Agents assemble quarterly board books and answer the annual 15(c) request list, cited

Counsel's letter opens as a numbered ledger of every fund-level question, beside the spine of the board book with its six tabs (Nature and Quality, Performance, Fees and Expenses, Profitability, Economies of Scale, Fall-out Benefits) filling page by page as answers are approved. Behind every row is a conversation with the agents: the Request agent routes each question, the Profitability agent recomputes margins from the cost-allocation model under this year's and last year's method, the Performance agent places each fund against its peers, the Fees and scale agent covers breakpoints and fall-out benefits, the Board Record agent links last year's minutes and commitments, and the Consistency agent compares every figure with last year's response and clusters flags by cause, and the Book agent assembles the tabs. Preparers propose, the Fund Treasurer approves each answer and signs each section, the Fund Chief Legal Officer releases the book to the board portal, and counsel's follow-ups come back to the same thread.

Transcript

  1. 15(c) Board Reporting. Agents answer the Board's 15(c).
  2. Request list, cited. Contracts renew yearly, and the SEC has fined advisors for inaccurate 15(c) data.
  3. Counsel's letter becomes 1,140 questions, and the Board book fills as answers are approved.
  4. Question 47. Core bond's margin rose 7.4 points.
  5. The agent traces 7 to a cost memo.
  6. The consistency agent flags last year's answer, which said the method was unchanged.
  7. Tom prepared it, so he can't approve it.
  8. The treasurer footnotes it and approves.
  9. The same memo explains six more funds.
  10. She reads each one and approves.
  11. She signs off, and the profitability tab turns green.
  12. Counsel's follow-ups return to the thread, answered from Japanese filings.
  13. Cited, signed, and logged with an evidence pack for the SEC.
  14. Ready 10 days early, with 41 moved figures explained.
  15. Built on Botminds: agents, data, screens, and governance on one platform.

Transcribed from the film’s narration. Captions are on the player.