Investors increasingly turn to mutual funds to save for retirement and other financial goals. Mutual funds offer advantages of diversification and professional management, but they also come with fees and taxes, which can be cumbersome to manage and can weaken a fund's returns and Net Asset Values (NAVs).

U.S. mutual fund companies are required to price their funds using U.S. GAAP accounting, as well as produce a second set of accounting books (secondary basis) based upon U.S. tax accounting regulations and treatments. Actively managing fund fees and taxes has historically been viewed as front-office and fund board functions.

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