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Auction Date |
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Auctions close at 4:00 EST on each
day that the New York Stock Exchange is open, and the next auction
simultaneously begins. Auction date is date the auction closes. |
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Auction Period |
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Period from one auction close to
the next. |
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Buffer |
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Cash available to meet redemptions. |
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Clearing Fee |
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Lowest winning fee; fee at which
the entire auction amount could have cleared. |
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Client Fund |
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An individual mutual fund that has
engaged in a contract with ReFlow for short-term liquidity services. |
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Client Fund Primary Contact |
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Designated individual employed at
the Client Fund who facilitates all general ongoing communications
with ReFlow after registration has been completed. |
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Client-Requested Redemptions |
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Each client may request that ReFlow
redeem all or any part of ReFlow's holding at next market close. ReFlow
policy is to comply, after first deducting any current flow or time redemptions from the requested amount. |
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Fee Bid |
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Percent of your auction winnings,
in basis points, that you are willing to pay. The percent you actually
pay is reduced to the clearing fee. |
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Flow Cap |
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Client-specified maximum percent of
reported net redemptions, after exhaustion of the cash buffer, that
the client wishes ReFlow to buy. Flow cap is zero when flow is positive.
ReFlow suggests a cap of 100%. |
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Flow Redemptions |
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Automatic redemptions equal to
the lesser of ReFlow holding and positive flow. |
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Holding Cap |
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Maximum percent of fund value that
the client is willing for ReFlow to buy cumulatively, within ReFlow's
3% statutory limit. |
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My Account |
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The homepage for the ReFlow website.
It provides the user with a snapshot of critical information including
recent auction data, current standing bid parameters, and fund report
details. |
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Net Requested Redemptions |
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ReFlow redemptions per client request,
net after deduction of all flow and time redemption from the requested amount. |
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Parameters (Client-Specified) |
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Fee bid, holding cap, cash cap,
percent reserve and dollar reserve level. |
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ReFlow Administrator |
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A customer service representative
at ReFlow is designated for client support. Contact information is
as follows:
433 California Street, 11th Floor, San
Francisco, CA 94104
(866) 4-REFLOW / (866) 473-3569
support@reflow.com
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ReFlow Holding |
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Number or value of shares of your
fund currently owned by ReFlow. |
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ReFlow Redemptions |
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Total current redemptions from
ReFlow's holding calculated as
the sum of flow, time and client-requested redemptions. All
redemptions are in the order purchased. |
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ReFlow Website |
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The website is located at
http://www.reflow.com. |
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Sales to ReFlow |
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A fund's current auction winnings
before deduction of the auction charge. |
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Standing Bid |
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The client-specified parameters collectively. It remains in effect each auction
day until changed or cancelled by the client. |
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Time Redemptions |
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Automatic redemptions of shares
ReFlow has held to its calendar limit, currently 28 days, after
deducting flow redemptions first. |
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Trades with
ReFlow |
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Current sales to ReFlow less ReFlow
redemptions. |
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