State of the Company

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State of the Company

• Andrew Rogers
• President

2
THANK YOU

• We appreciate our clients
• We are grateful for strong partnerships with our
  strategic partners
• We value our employees

3
Looking Back

• Difficult past year
• Credit crisis
• Lehman
• Bear Stearns
• Stock Market Crash
• National Melancholy
• Our mantra
• Be bold when others
• are afraid

4
Dylan Thomas

• "Do not go gentle into that good night
• Old age should burn and rave at close of day
• Rage, rage against the dying of the light.
• Though wise men at their end know dark is right,
• Because their words had forked no lightning they
• Do not go gentle into that good night."

5
Geminis Strength

• Be bold when others
• are afraid
• Increased and improved
• our services
• Actively sought more
• clients
• Positive finances

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Geminis Strength

• Large, lethargic competitors are exposed
• Boutique services embraced

7
Traditionally

• Advisor Role
• Manage and Raise Assets
• Geminis Role
• Turnkey Operational Support

8
Distribution

• The Story
• Key Accounts
• Internal Sales
• External Sales

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The Story

• Belongs to the Advisor
• Defines your mission for the public

Comprehensive pooled investment solutions from an
engaged partner.
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Key Accounts

• Assigned Personnel
• Selling Agreements
• Fund Activation
• Due Diligence

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Internal Sales

• Quarterly Fact Sheets
• Newsletters
• B/D rep lists
• Northern Lights Fund Trust
• Exhibition at conferences
• Morningstar
• Schwab Impact
• NAAIM
• Literature about funds

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External Sales

• Wholesalers
• Third party relationships currently
• Aligned interests
• Best solutions are

ADVISOR DRIVEN
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Administration

• On-line Board Reporting
• Web Site Enhancements
• Sales Reporting Tools

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Pooled Investment Solutions

• Collective Investment Trusts
• Offshore Trust
• Hedge Funds
• Tiered Services
• Conversion to Mutual Funds

15
The Summary Prospectus James Ash Assistant Vice
President Legal Administration
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SUMMARY PROSPECTUS

• I. Background -
• Form N-1A Registration Statement, Part A -
  Statutory (Full) Prospectus
• Lengthy due to
• Disclosure creep - new legalese with every
  new regulation
• Risk Disclosure - kitchen sink approach -
  better safe than sorry
• Plain English Initiatives - make prospectuses
  suitable for lay persons
• Conflict of shareholder needs vs. liability
  concerns

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SUMMARY PROSPECTUS

• I. Background - continued
• Today - Amended Rule 498 - Summary Prospectus
• Satisfies Section 5(b)(2) Prospectus Delivery
  Requirements
• Must include following legend on cover page of
  Summary Prospectus
• Before you invest, you may want to review the
  Funds prospectus, which contains more
  information about the Fund and its risks. You can
  find the Funds prospectus and other information
  about the Fund online at __________. You can
  also get this information at no cost by calling
  _____________ or by sending an e-mail request
  to __________.
• Form N-1A Requires Summary Section of the
  Statutory Prospectus
• Use of Summary Prospectus is Optional
• The Required Summary - Concise 3-4 pages
• Multiple-fund summaries generally prohibited,
  but multiple classes okay
• May combine purchase and sale, tax, financial
  intermediary information for
• multiple funds in limited circumstances

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SUMMARY PROSPECTUS

• II. Summary Prospectus
• Why Now?
• Widespread Internet Use - ICI Survey Results
• 95 access the Internet, and three-fourths do so
  at least once a day.
• Internet access for people age 60 and older - 85
  access the Internet, and more than half report
  using the Internet daily.
• Virtually all respondents agreed with the
  statement that getting investment information
  online is the wave of the future. A large
  majority of respondents who access the Internet,
  both younger and older than age 60, use it to
  gather financial information.
• Many Funds/platforms moving to electronic
  fulfillment with affirmative consent

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SUMMARY PROSPECTUS

• New Form N-1A Prospectus Sections
• Item 1. Front cover page - funds name /
  class(es) / ticker symbols
• Item 2. Risk/Return Summary Investment
  Objectives/Goals
• Item 3. Risk/Return Summary Fee Table
• Item 4. Risk/Return Summary Investments, Risks,
  and
• Performance
• Item 5. Management
• Item 6. Purchase and Sale of Fund Shares
• Item 7. Tax Information
• Item 8. Financial Intermediary Compensation
• Item 9. Investment Objectives, Principal
  Investment
• Strategies, Related Risks and
  Disclosure of
• Portfolio Holdings
• Item 10. Management, Organization, and Capital
  Structure

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SUMMARY PROSPECTUS

• II. Summary Prospectus - Continued
• Rule 498 Satisfaction of Prospectus Delivery
  Obligations
• Send or provide Summary Prospectus
• Post Summary and Statutory prospectuses, SAI,
  and shareholder reports online
• Posted information must be free, easy to
  access/read online, save and/or print
• Human Readable
• Linked tables of contents for statutory
  prospectus and SAI
• 2-click linkage of Summary Prospectus and
  statutory prospectus/SAI
• Ability to retain copy
• Additional Requirements
• Delivery of statutory prospectus/SAI/shareholder
  reports upon request
• within three business days
• Greater Prominence of Summary Prospectus/no
  binding

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SUMMARY PROSPECTUS

• II. Summary Prospectus - Continued
• Incorporation by Reference
• Information in statutory prospectus, SAI, and
  shareholder reports may be
• incorporated by reference into Summary
  Prospectus
• Compliance dates for Form N-1A amendments
• January 1, 2010 - Initial registration
  statements and post-effective amendments that
• are annual updates post-effective
  amendments adding new series
• January 1, 2011 - Final compliance date for all
  registration statements
• Filing Requirements
• Post-effective amendments on revised Form N-1A
  should be filed under rule 485(a)
• Summary prospectuses should be filed no later
  than the date first used

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SUMMARY PROSPECTUS

• III. Technology Requirements
• Web Posting
• Minimum standards for posted materials
• Human-readable and convenient for reading
  and printing
• HTML, PDF, other formats may be used
• Linking Within the Statutory Prospectus
• Must link between table of contents and
  section
• Table of contents may be outside document
  (HTML frame, PDF bookmark)
• Back and forth linking between table and
  sections
• Linking between Summary and Statutory Prospectus
• Not required to link each section of summary
• Two options - beginning and end of summary, or
  continuously visible

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SUMMARY PROSPECTUS
III. Technology Requirements - continued Saving
Documents Must be able to save Summary or
statutory prospectus SAI Shareholder
reports Must preserve links within saved
document Safe Harbor for Temporary Technological
Noncompliance Protection for posting
failures due to technology problems, disasters,
etc. No protection for repeated or prolonged
failures Sending Documents Must provide paper
or electronic copies within three days of
request Electronic delivery satisfied by
sending hyperlink if current version of document
available at link for 6 months after sending and
email explains availability, option to save
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SUMMARY PROSPECTUS

• IV. Operations and Implementation
• Current Process Prospectus Fulfillment Options
• Initial subsequent fund purchases
• Annual prospectus mailings
• Impacts of the Summary Prospectus
• Immediate use of Summary Prospectuses as
  adopted
• Costs savings for funds intermediaries
• Greatly reduces need to stock/deliver statutory
  prospectuses
• Other Considerations -
• Print on demand
• Fund legends contact information
• Website requirements
• Greater prominence

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SUMMARY PROSPECTUS

• V. Closing Remarks
• Gemini is pursuing the following solutions
• Links provided for existing adviser-client
  websites
• Website Repository for client Prospectuses,
  SAIs, Annual/Semi-Annual Reports,
• with corresponding hyperlinks, in either PDF,
  HTML or other formats

Summary Prospectus Pros Concise 3-4 page user-friendly summary prospectus Save trees, money, on printing and mailing costs Shareholders get easy-to-use hyperlinked docs online No physical delivery of statutory prospectus unless asked Liability and delivery issues are solved Giant step towards making physical delivery obsolete Summary Prospectus Cons Multiple-fund prospectus requires separate summaries Statutory prospectus is now longer, a bit redundant Must post/maintain docs. on website in friendly format Posted docs are required to include hyperlinks EDGAR software and filing updates - more work Must Change statutory prospectus format, even if Summary Prospectus is not used 485(a)
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Thank You and Enjoy the Conference!