Prospectus Of Clerical Medical Open Ended Investment Company ...

VALUATIONS
General
Each share in a Fund represents the overall property of the Fund: so valuation of shares in a
Fund is achieved by valuing the property in the Fund less expenses and charges and
dividing the value attributable to the share class in question by the number of shares in that
class in existence.
Valuations
Regular valuations are made on each dealing day (which is any business day on which the
London Stock Exchange is open for business) as at the valuation point for each Fund (being
12 noon).
The calculation of prices of shares commences at or about the valuation point on each
dealing day. The ACD may carry out additional valuations in accordance with the COLL
Sourcebook if it considers it desirable to do so. Valuations may be carried out for effecting a
scheme of amalgamation or reconstruction which do not create a valuation point for the
purposes of dealings. Where permitted and subject to the COLL Sourcebook, the ACD may
in certain circumstances (for example where a significant event has occurred since the
closure of a market) substitute a price with a more appropriate price which in its opinion
reflects a fair and reasonable price for that investment. Valuations will not be made during a
period of suspension of dealings. The ACD is required to notify share prices to the
Depositary on completion of a valuation.
The property of a Fund is valued on the following basis in accordance with the Company's
Instrument of Incorporation:
• Transferable securities for which market quotations are available are valued at their
quoted price where available (or, if separate buying and selling prices are quoted, the
average of such prices); in the case of order-driven markets the most recently known
price at which the securities were traded on the relevant exchange is used. In the
case of collective investment schemes with separate bid and offer prices, the value is
taken as the average of such prices before application of any initial or exit charges.
Where no price (or no recent price) exists, or, in the case of transferable securities or
collective investment schemes, the ACD considers that the price obtained is
unreliable, or no recent traded price is available or if no price exists, or the most
recent price available does not reflect the ACD’s best estimate of the value of the
transferable security or collective investment scheme the asset concerned will be
attributed a value which in the ACD's opinion is fair and reasonable.
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