On February 9, 2005, the SEC instituted settled administrative and cease-and-desist proceedings against Banc of America Capital Management, LLC, BACAP Distributors, LLC, and Banc of America Securities, LLC. According to the SEC: "From as early as July 2000 and continuing through July 2003, Banc of America Capital Management, LLC ('BACAP') and its predecessor entity Banc of America Advisers, LLC, the investment adviser to all mutual funds, or series, in the Nations Funds mutual fund complex (the 'Nations Funds') as well as BACAP Distributors, LLC ('BACAP Distributors'), the distributor and administrator for Nations Funds, allowed certain market timing clients to engage in short-term or excessive trading and never disclosed this fact to other investors."

The Commission ordered that: "for good cause shown, the time for entering an Order approving or disapproving the proposed distribution plan is extended to December 4, 2007."

This is an order of the SEC approving the proposed plan of distribution with relevant modifications. This is pursuant to the SEC's institution of the administrative and cease-and-desist proceedings against Banc of America Capital Management, LLC ("BACAP"), BACAP Distributors, LLC ("BACAP Distributors"), and Banc of America Securities, LLC ("BAS") (collectively, "Respondents") for violations of the federal securities laws in connection with market timing and late trading in the Nations mutual fund complex (the "Nations Funds") and the subsequent order for the establishment of a fair fund (the "BOA Fair Fund")

The SEC stated: "The Independent Distribution Consultant of submits this proposed plan of distribution (the "Plan") . . . As described more specifically below, the Plan provides for the distribution of funds collected in the above-captioned matter to compensate the Nations Funds Shareholders harmed by anti-fraud securities violations of Banc of America Capital Management, LLC ("BACAP") that "allowed certain market timing clients to engage in short-term or excessive trading and never disclosed this fact to other investors and also entered into arrangements with two entities, allowing them to engage in frequent short-term trading in at least 13 Nations Funds mutual funds ... despite knowing that such trading could be detrimental to Nations Funds' shareholders"

The SEC stated: "[I]t is ORDERED that the Commission staff shall transfer $23,825,205.86 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."

The Commission stated that: "the Commission staff shall transfer $14,734,968.83 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."

The Commission stated: "it is ORDERED that the Commission staff shall transfer $17,511,119.22 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."

On December 1, 2009, the SEC issued and Order Directing Disbursement of Fair Fund.

On June 3, 2010, the SEC issued an Order Directing Disbursement of Fair Fund.

On November 23, 2010, the SEC issued an Order Directing Disbursement of Fair Fund. The Order related to the eighth distribution from the Fair Fund in the amount of $3,047,283.83.

On August 30, 2011, the SEC ordered the amendment of its earlier 2005 Order against Banc of America Capital Management, LLC, BACAP Distributors, LLC, and Banc of America Securities, LLC.

On July 11, 2012, the SEC ordered that "the Commission staff shall transfer $24,826,874.15 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."

On November 9, 2012, the SEC ordered that "the Commission staff shall transfer $9,036,325.11 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."

On July 31, 2013, the SEC ordered that: "the Commission staff shall transfer $13,756.827.09 of the Fair Fund to Deutsche Bank and the Plan administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."

On October 29, 2015, the SEC amended a prior 2005 Order to reflect a proposed Amended Offer of Settlement submitted by Banc of America Capital Management, LLC and BACAP Distributors, LLC (the "BACM Entities"). Pursuant to the October 29, 2015 Modifying Order, the SEC eliminated various undertakings from the 2005 Order requiring that: "(1) each of the Nations Funds mutual funds hold a shareholders meeting every five years to elect its board of trustees...; (2) each of the Nations Funds mutual funds designate an independent compliance officer reporting to its board of trustees...; and (3) the BACM Entities maintain an Internal Compliance Controls Committee...."

On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.

According to the SEC: "[I]t is ORDERED that the Fund Administrator shall distribute $36,335,607.45 to the Eligible Funds and transfer the remaining $4,701,533.78 in Fair Fund assets at Deutsche Bank to the Commission's Office of Financial Management, as provided for in the Plan."

The Commission stated that: "Accordingly, it is ORDERED that: 1. The remaining funds in the Fair Fund in the amount of $49,747,926.17 and any future funds received by the Fair Fund shall be transferred to the U.S. Treasury; 2. The Fund Administrator is discharged; and 3. The Fair Fund is terminated."