> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/issuance-process/step-5-lifecycle-management-and-reporting.md).

# Step 5 — Lifecycle Management & Reporting

**Objective.** Manage the instrument throughout its lifecycle, from issuance through maturity or redemption.

**Activities.**

* NAV calculation: on each NAV Calculation Day (as defined in the Specific Management Regulations), the Management Company calculates the SubFund's NAV
* Reporting: periodic reports are provided to investors (NAV updates, quarterly or semi-annual reports, annual audited reports)
* Distribution of proceeds: income, dividends, or coupon payments are distributed to investors per the SubFund's waterfall
* Compliance monitoring: ongoing KYC/AML monitoring, sanctions screening, and regulatory compliance
* Corporate actions: any material events (asset disposals, refinancing, restructuring) are managed and communicated to investors
* Maturity or redemption: upon instrument maturity or redemption trigger, proceeds are distributed to investors and the SubFund is wound down in an orderly manner

**Outputs.** Ongoing NAV reporting, investor communications, distributions, and (at maturity) SubFund wind-down.