Market Overview

Ultimus Launches Successful Streamlined Solution for SEC Reporting Modernization

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Clients Benefit from a Solution Implemented in Timely Manner

Ultimus
Fund Solutions®, LLC
(Ultimus®), one of the largest independent
providers of mutual fund, private investment fund and middle office
services, announces that it successfully launched its N-PORT and N-CEN
solution for mutual fund clients to meet initial reporting and
recordkeeping obligations for its larger fund clients. While the SEC's
first filing date for Form N-PORT is not until April 2019, larger
investment companies are required to start maintaining Form N-PORT in
their records starting with June 30, 2018 month-end data. The SEC
deadline for filing Form N-CEN as of June 30, 2018 is September 13,
2018. In recent years the SEC has updated mutual fund reporting
standards to enhance transparency and modernize requirements, with these
being the first important deadlines to meet.

According to the SEC, these new rules are needed to improve access to,
and the quality of, information available to investors about fund
investments. For investment managers of registered pooled investments,
these new rules require each fund to collect and submit data for the
fund's complete portfolio holdings on a position-by-position basis. For
most funds, this is a complex and sizeable operational challenge,
causing firms to search for less complicated and economical solutions.

In preparation for meeting these requirements that were announced by the
SEC nearly two years ago, Ultimus began developing a streamlined
solution. As a result, in a collaborative effort with industry leaders,
Ultimus worked with Confluence
Technologies, Inc
. and ICE
Data Services
to provide an automated process for the collection,
creation, review and filing of these disclosure documents in one
systematic solution. The efficient and cost-effective solution supports
the collection of over 150 data points in a timely and accurate manner
for inclusion on Form N-PORT, which is required to be maintained, and
eventually filed, on a monthly basis. Form N-CEN is an annual filing
with detailed data and information at the trust level.

"This is the first key milestone in a number of requirements under the
new SEC reporting modernization rules that Ultimus' teams, clients,
technology and pricing partners have been preparing for," said Gary
Tenkman
, President and Managing Director of Ultimus. "We are very
pleased to be able to meet the initial deadlines in a timely manner.
This is a testament to our team's efforts to ensure our clients comply
with the new requirements. We will continue to work diligently on
implementing additional phases to meet the upcoming rounds of
requirements over the next two plus years."

About Ultimus Fund Solutions, LLC

Ultimus Fund Solutions provides highly customized and comprehensive
middle and back office services to investment advisers. Ultimus'
high-quality services include solutions for mutual funds, separately
managed accounts, private investment funds and other pooled investment
structures.

Our offering comes with a deep commitment to excellence, achieved
through our investments in both talent and technology, with constant
focus on maintaining our boutique service culture. As a result, Ultimus
has stood out as an award-winning, trusted business partner to
investment advisers and fund families since 1999.

Ultimus' comprehensive service solutions are performed by seasoned teams
of accountants, attorneys, paralegals, application developers and other
professionals with a wealth of financial services experience. For more
information, visit www.ultimusfundsolutions.com.

About Confluence

As a proven leader delivering an innovative platform to put data first
in asset management, Confluence is leading the DataTech evolution for
post-trade reporting. We focus on getting the data right, then reusing
it across multiple regulatory, financial, statutory, performance and
investor communications deliverables for speed, efficiency and control.
Eight of the top 10 global service providers license Confluence products
and all of the top 10 global asset managers have business processes
automated through Confluence. Headquartered in Pittsburgh, PA,
Confluence serves the international fund industry with locations in
Brussels, Ho Chi Minh City, London and Luxembourg. Additional
information available at www.confluence.com.

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