Name(Required)
First
Last
Address(Required)
Primary Contact Has your primary contact changed?
Name
First
Last
Auditor & Legal Counsel(Required) Has your auditor or legal counsel changed?
Please provide the reason for changing the auditor, the new name and contact information, and the length of the relationship.(Required) Please provide the reason for changing the auditor, the new name and contact information, and the length of the relationship.
Please provide the reason for changing the legal counsel, the new name and contact information, and the length of the relationship.(Required) Please provide the reason for changing the legal counsel, the new name and contact information, and the length of the relationship.
Ownership Structure(Required) Has your organization’s ownership structure changed?
Please describe including titles/roles of owners and percentages of ownership.(Required) Please describe including titles/roles of owners and percentages of ownership.
Blue State Laws(Required) Has there been any change to the localities in which this fund is offered?
Please indicate changes.(Required) Please indicate changes.
Board of Directors(Required) Have there been any changes to your key/executive board members?
If so, please list changes below, including a short biography of any new members.(Required) If so, please list changes below, including a short biography of any new members.
Board and Bylaws(Required) Have there been any significant changes to the board’s operation, selection process, and/or bylaws?
Please describe.(Required) Please describe.
Conflicts of Interest(Required) Do any members of the board or management have any new actual or potential conflicts of interest that have arisen?
Please describe.(Required) Please describe.
Key Personnel(Required) Have there been any changes to your key management, investment, or administrative principals?
Please describe changes, including the reason for the change, name/title/contact for new key principals with a short biography of each, including professional qualifications and experience.(Required) Please describe changes, including the reason for the change, name/title/contact for new key principals with a short biography of each, including professional qualifications and experience.
Key Personnel/Organizational Chart – File Upload Please upload your current organizational chart, if available.
Defaults(Required) Has the manager defaulted on any notes or loans?
Please describe the circumstances and the default rate. Please describe the circumstances and the default rate.
Other Active Funds List names, amount of assets, and verified returns (except for the fund being reviewed here) since manager inception.
Insurance & Indemnity(Required) Has there been any change to your insurance policies and overage limits, e.g. Director’s & Officer’s Liability, Professional Indemnity/Errors & Omissions, Key Person, etc.?
Please list changes.(Required) Please list changes.
Disciplinary Actions(Required) In the last 10 years, has the manager or any of its principles, funds, or affiliates been:
Please give more detail on the disciplinary issue. Please give more detail on the disciplinary issue.
Strategic Planning & Development If you have any new plans (strategic, business/sales, fundraising) in development, please describe here and/or upload documents below.
Strategic Planning & Development – File Upload
Fund-related Questions Fund Type Equity Debt Hybrid
Open Period(Required) Is this fund currently open or will it reopen in the next 12 months?
Investor Types This fund is open to which type of investors? Select all that apply.
Subscription Documents(Required) Have you updated your offering documents in the last 24 months?
Subscription Documents – File Upload(Required) Please upload all new offering documents (prospectus, PPM, LPA, subscription documents, etc)
Subscription Process(Required) Have there been any significant changes to your subscription process such as frequency of acceptance, minimum, subsequent investment minimum, NI aggregated minimum?
Please describe subscription process changes.(Required) Please describe subscription process changes.
Capital Calls(Required) Does the fund use a capital call schedule?
What is the current expected capital call schedule with approximate dates and percentages for investments?(Required) What is the current expected capital call schedule with approximate dates and percentages for investments?
Operating Expenses What were your actual operating expenses for this fund in the most recently completed fiscal year? Please provide amount and as of date.
Fees & Expenses(Required) Have there been any changes to fees and expenses?
Please describe the fee or expense changes.(Required) Please describe the fee or expense changes.
Portfolio Team(Required) Have there been any significant changes to the portfolio management team, or their roles/responsibilities?
Please describe and provide bios for any new members(Required) Please describe and provide bios for any new members
Principal Ownership(Required) Do principals and/or managers invest in the fund?
If so, please describe ownership changes, including any non-standard terms, as well as dates, amounts, and reason for withdrawal. If so, please describe ownership changes, including any non-standard terms, as well as dates, amounts, and reason for withdrawal.
Style and Strategy(Required) Have there been any changes to the fund’s overall investment style or strategy, including any geographic or thematic focuses?
Please describe style/strategy changes.(Required) Please describe style/strategy changes.
Underlying Investment Terms(Required) Have there been any significant changes to the deal structure and terms of the fund’s underlying investments? If so, please describe them
Please describe the changes. Please describe the changes.
Risk Management(Required) Have there been any significant changes to the fund’s risk monitoring process and the principals responsible?
Please describe the risk management changes.(Required) Please describe the risk management changes.
ESG Metrics(Required) Have there been any changes to the fund’s ESG screening process?
Please describe ESG metric changes.(Required) Please describe ESG metric changes.
Fund Capital Structure(Required) Have there been any changes to the fund’s capital structure and any loss reserve minimum/current/target/ maximum percentages?
Please describe capital structure changes.(Required) Please describe capital structure changes.
Fund Liquidity(Required) Have there been any changes to the liquidity expectations of the various types of investments held by the fund?
Please describe the liquidity of the various types of investments held by the fund and any policies or limitations on liquidity. Please describe the liquidity of the various types of investments held by the fund and any policies or limitations on liquidity.
Fund Exposure Please list the fund’s percent exposure to different asset classes, sectors, countries/regions, individual companies, individual securities, etc.
Fund Risks Describe the fund’s exposure to recent or imminent macroeconomic or geopolitical risks.
Fund Leverage What is the fund’s current leverage, and describe any changes to its targets, limits, and policies for managing it.
Fund Performance Please provide the fund’s verified performance records since inception. Either upload relevant documentation and/or provide comments below.
Fund performance commentary: Fund performance commentary:
Average Performance Return(Required) What is the fund’s average annual return since inception?
Fund Valuation(Required) Have there been any significant changes to the fund’s methodology for, and frequency of, valuation of fund assets?
Please describe valuation methodology changes.(Required) Please describe valuation methodology changes.
CDFI Funds(Required) Is your fund a CDFI and/or a loan fund?
CDFI Funding Sources(Required) Does the fund have any new external funding sources?
Please describe the new funders, including names, amounts, and maturities.(Required) Please describe the new funders, including names, amounts, and maturities.
Describe the fund's asset-liability match in years.(Required) Describe the fund’s asset-liability match in years.
If the fund tracks borrower satisfaction, please describe the process and latest results.(Required) If the fund tracks borrower satisfaction, please describe the process and latest results.
Fund Redemption(Required) Have there been any changes to the fund’s redemption policy or any significant redemptions (larger than 5% of NAV)?
Please describe changes to redemption rules(Required) Please describe changes to redemption rules
Investor Types List your current types of investors in the fund (individuals, foundations, Donor Advised Funds, etc.) and percentages of each.
New Covenants(Required) Does the fund have any new large investors and/or any side letter agreements or covenants that may affect the fund?
Please describe covenant changes.(Required) Please describe covenant changes.
Investor Reporting and Contributions(Required) Have there been any changes to your investor reporting and/or contribution procedures?
Please describe all changes.(Required) Please describe all changes.
Tax Categories(Required) Please describe the fund’s expected or actual tax impact on investors by income category (ordinary income, short/long-term capital gains, return of capital, tax-exempt income, etc.)
Fund Ratings(Required) Has the fund received any new or updated ratings by agencies or sites?
Please describe, include the name of the ratings agency and any rating changes.(Required) Please describe, include the name of the ratings agency and any rating changes.
Audited Financials – File Upload(Required) Please provide most recent financials, audited if available.
Audited or Unaudited Financials(Required) Please mark whether the uploaded financials are audited or unaudited.
Qualified Financials(Required) Has an auditor ever issued a qualified financial statement?
Please explain what happened to qualify the financials.(Required) Please explain what happened to qualify the financials.
Tax Reporting(Required) Have there been any significant changes to the fund’s tax filings (i.e. status or type of filing), and/or has the fund been late in tax reporting?
Please describe any changes, account for the late status, and/or the likelihood of recurrence.(Required) Please describe any changes, account for the late status, and/or the likelihood of recurrence.
Other Please describe any other material changes Natural Investments should know.
