According to the SEC: "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."

The SEC approves the Distribution Plan with such relevant modifications and approves the appointment of Rust Consulting, Inc. as the Fund Administrator. This is pursuant to the SEC's institution of settled 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 and the subsequent Order provided for the payment of disgorgement and civil penalties totaling $375 million and the establishment of a fair fund (the "BOA Fair Fund").

The SEC stated: "The Independent Distribution Consultant of Nations Fair Fund 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 and other mutual fund families harmed by anti-fraud securities violations of Banc of America Securities, LLC ("BAS") that facilitated market timing and late trading by some introducing broker dealers and a hedge fund at the expense of shareholders of Nations Funds and other mutual fund families."

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 an Order Directing Disbursement of Fair Fund.

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

On November 16, 2007, the Commission published a notice of the Plan of Distribution, and that Plan was approved on December 27, 2007. The total amount of the plan is $375M and the SEC instituted this Order on November 23, 2010, directing the payment of the eighth distribution to plan administrators. The payment is the amount of $3,047,283 will be paid to Plan Administrators who will then distribute the money to investors.

On June 6, 2011, the SEC published an Order Directing Disbursement of Fair Fund.

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 October 29, 2015, the SEC ordered to amend paragraphs 134(g), 134(h) and 137(b) of the Order instituting administrative and cease-and-desist proceedings, making findings, and imposing remedial sanctions and a cease-and-desist order pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940 dated February 9, 2005 ("2005 Order"). The amendments to paragraphs 134(h) and 137(b) of the 2005 Order provide that the compliance undertakings stipulated in these paragraphs must be performed until at least December 31, 2014. The amendments to paragraph 134(g) of the 2005 Order provide that the mutual funds will hold a meeting of shareholders at which the Board of Trustees will be elected in 2005 and 2011.

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."