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Add Special Waiver

Entity ID

1163

Specifies the entity identifier. You must select an entity that is eligible for special waiver processing.

Entity Name

1164

Specifies entity name.

Accounting Basis

21

Specifies the accounting basis. This option allows you to set up a special waiver on a secondary accounting basis or designate it to a specific class within a fund. 

Share Class

34

Specifies a valid share class. If you select an entity that is eligible for Assumption Fee special waiver processing, this field displays a value of TF. Otherwise, if you select an entity that is eligible for other waterfall waivers, you can select a share class value.

Replication Switch

4971

Allows you to replicate the special waiver across both the primary and secondary accounting bases for a multi basis fund. This field is hidden. Options include:

• Replicate Special Waivers

• Do Not Replicate Special Waivers

Special Waiver Rule

4481

Specifies the special waiver rule identifier to use for the special waiver. This is the special waiver ledger account rule, which defines a set of ledger accounts.

Special Waiver Calc Type

4472

Specifies whether to apply the special waiver's limit/cap to daily total net assets or cumulative net assets. If you select an entity eligible for Assumption Fee special waiver processing, you can choose Daily or Cumulative. Otherwise, if you select an entity eligible for waterfall waiver special waiver processing, the field displays a value of Daily and you cannot change it. Options include:

• Daily. Applies the limit/cap to daily total net assets. If you select this value, you must specify a value for the NAV Component field.

• Cumulative. Applies the limit/cap to cumulative (average) net assets. If you select this value, you must specify a value for the TNA Use Prior Period field. 

NOTE:  A special waiver with a Special Waiver Calc Type field set to Daily, a NAV Component field set to Average Net Assets, and an Average Net Asset Frequency field (hidden) set to Annually produces results that match those of a special waiver with a Calc Type of Cumulative. However, it also posts a unique row every day with a single day's special waiver amount, rather than backing out the prior day's amount and posting a new fiscal year to date total on the current day.

NAV Component

3256

Determines the value the system uses for the daily total net assets calculation. This field appears if you set Special Waiver Calc Type to Daily. Options include:

• Prior Day Total Net Assets

• Adjusted Net Assets

• Average Net Assets

• Current Day's Settled Shares

• Current Day's Outstanding Shares

TNA Use Prior Period

3257

Determines the value the system uses for the average net asset calculation with regards to prior year end total net assets and the current year. Options include:

• Always use last prior TNA in average net asset calc. The system always includes the total net assets (TNA) from the last day of the prior year when calculating the average net assets for the current year.

• Use last prior TNA only once in average net asset calc. The system only includes the total net assets from the last day of the prior year when calculating the average net assets for the first time in the current year (that is, the first business day). After the first special waiver is triggered, the system no longer includes the prior year's final TNA when calculating the average net assets. Only current year TNA is used when calculating average net assets.

Expense Limit/Cap

4754

Specifies a percentage of the NAV component (if Daily calculation type) or a percentage of the total net assets component (if Cumulative calculation type) which the system compares to the expense activity of the accounts specified in the special waiver rule. You define this value in a decimal format, such as 0.050000.

If you select an entity eligible for Assumption Fee special waiver processing, you can choose a value. Otherwise, if you select an entity eligible for waterfall waiver special waiver processing, you can specify a value at the share class level but cannot specify a value at the total fund level, because waterfall waivers are capped at share class.

Special Waiver Hierarchy Rule

3252

Specifies the name of the special waiver hierarchy rule to use for the special waiver. The waiver hierarchy rule defines the expense hierarchy for special waivers. You can also use waiver hierarchy rules to include/exclude expenses from the special waiver recoupment process.

Special Waiver Recoupment

760

Indicates whether the special waiver can use recoupment. For more information, see Manage Recoupments for Special Waivers. Options include: 

• Yes. The special waiver can use recoupment. Additional options used for recoupment processing become available.

• No. The special waiver does not use recoupment.

Prior Year Recoupment Recovery Order

5088

Identifies the recoupment recovery order used to target for recoupment processing for the special waiver. This field appears if you set the Special Waiver Recoupment field to a value of Yes. Options include: 

• Target Prior Fiscal Year Recoupment Dollars First. The system exhausts the current year recoupment dollars first, before going to the most recent fiscal year end date to recoup. 

• Target Oldest Available Fiscal Year Recoupment Dollars First. The system exhausts the current year recoupment dollars first, before going to the oldest fiscal year end date to recoup. It determines the oldest fiscal year by the Prior Recoupment Years to Target (tag 5087) field value. 

• Target Prior Years Only/Earliest Fiscal Year 1st. The system only recoups from the prior year recoupment dollars. It recoups the earliest fiscal year end date first. 

• Target Prior Year Only/Oldest Fiscal Year 1st. The system only recoups from the prior year recoupment dollars. It recoups the oldest fiscal year end date first. It determines the oldest fiscal year by the Prior Recoupment Years to Target (tag 5087) field value. 

Prior Recoupment Years to Target

5087

Specifies the number of prior fiscal years to target for recoupment for the expense reimbursement. The maximum number of years to target is five. This option appears if you specify a value for the Prior Year Recoupment Recovery Order field. Options include: 

• 0 (Default)

• 1

• 2

• 3

• 4

• 5

Contractual Cap

16646

Specifies the contractual cap. The contractual cap is the basis point amount of total reimbursed expenses that the system can recoup in the future. You enter the basis point amount as a decimal value. This field appears if you set the Special Waiver Recoupment field to a value of Yes.  

The contractual cap value must be greater than or equal to the expense cap value. The system calculates the contractual cap amount as follows:

Contractual Cap Limit = Contractual Cap Value * NAV Component

Expenses available to recoup = Gross Expenses – Contractual Cap Limit

Recoupment Election

16647

Indicates whether to use total fund recoupment when processing a special waiver for waterfall waivers. Total fund recoupment is based on the share class that has the smallest basis point difference between its share class expense cap and the calculated basis points of the gross expenses of the share class. The system only processes total fund recoupment when all share classes within a fund are below the set expense cap limit set on their share class. This field appears if you set the Special Waiver Recoupment field to a value of Yes and the entity is eligible for waterfall waivers. For an example, see Special Waiver Total Fund Recoupment Example. Options include:

• Total Fund Recoupment

• None

Recoupment Threshold

16644

Used to determine whether the system processes a recoupment in cases where the gross expenses are below the expense cap limit. If a recoupment threshold is present on a special waiver and the gross expenses are below the expense cap limit, then the process checks if the NAV component value is equal to or greater than the set recoupment threshold before it processes the recoupment. This field appears if you set the Special Waiver Recoupment field to a value of Yes.  

Recoupment Threshold Indicator

16645

Indicates whether the system applies the recoupment threshold at the total fund or class level. This field appears if you enter a Recoupment Threshold field value. Options include:

• Total Fund. If you set the value to Total Fund for a share class special waiver setup, the system determines if the Total Fund NAV Component value is greater than or equal to the recoupment threshold on the special waiver. The system sets this value to Total Fund if you set the Recoupment Election option to Total Fund Recoupment and you cannot change it. 

• Class. If you set the value to Class, the system determines if the Class NAV Component value is greater than or equal to the recoupment threshold on the special waiver.

Start Date

220

Specifies the begin date.

End Date

221

Specifies the end date.

Calendar/Business Days

824

Displays whether the specified entity uses business or calendar days.