Prospectus Of Clerical Medical Open Ended Investment Company ...

Recommendations

Info

Subject to the above, each Fund will be charged with the liabilities, expenses, costs and charges of the Company attributable to that Fund. Any assets, liabilities, expenses, costs or charges not attributable to a particular Fund may be allocated by the ACD in a manner which is fair to the Shareholders of the Company generally, but they will normally be allocated to all Funds pro rata to the value of the net assets of the relevant Funds. Prices of shares The Company deals on a forward price basis, that is at the price for each class of share in each Fund at the next valuation point following receipt of a request to issue or redeem shares. There shall be a single price for a share in each class of each Fund. The Company operates on the basis of "single pricing", ie, subject to any SDRT provision and the initial charge, the issue and redemption price of a share at a particular valuation point will be the same. The price of a share is calculated (to four significant figures) by: · taking the value of the relevant Fund attributable to the share class in question at the next valuation of the Fund; and · dividing the result by the number of shares of the relevant class in that Fund in issue immediately before the valuation concerned. Dilution Adjustment Where the Company buys or sells underlying investments in response to a request for the issue or redemption of shares, it will generally incur a cost, made up of dealing costs and any spread between the bid and offer prices of the investments concerned, which is not reflected in the issue or redemption price paid by or to the shareholder and which is referred to as "dilution". It is not possible to predict accurately whether dilution will occur at any point in time. To mitigate the effects of this cost (which, if it is material, disadvantages continuing shareholders), the ACD will have discretion to make a dilution adjustment (also known as "swinging single pricing") on the purchase or redemption of shares in a Fund in line with the COLL Sourcebook. A dilution adjustment is an adjustment to the share price. Any dilution adjustment will in percentage terms affect the price of a share of each class in a Fund identically. The ACD may apply a dilution adjustment on any Dealing Day: · where there is a net inflow or outflow at Fund level; or · in any other case where the ACD is of the opinion that the interests of shareholders require a dilution adjustment to be made. 16
On the occasions when the dilution adjustment is not applied, there may be an adverse impact on the total assets of the relevant Fund. As dilution is directly related to the inflows and outflows of monies from the relevant Fund, it is not possible to accurately predict whether dilution will occur at any future point in time. Consequently it is also not possible to accurately predict how frequently the ACD will need to make such a dilution adjustment. However, for illustrative purposes, over the period from 1 March 2014 to 28 February 2015, a dilution adjustment would have been made on 83 occasions. Where there are net inflows into the relevant Fund, the dilution adjustment will increase the price of shares in that Fund and if there are net outflows, the price of shares in that Fund will be decreased. A typical adjustment to the share price might range from 0.01% to 1% where the dilution relates to net inflows, and range from 0.01% to 1% where dilution relates to net outflows. The ACD's decision on whether or not to make a dilution adjustment and at what level this adjustment might be in a particular case, will not prevent it from making a different decision on future similar transactions. Stamp Duty Reserve Tax and SDRT provision 3 Stamp duty or SDRT may in certain limited circumstances be payable by the Company on the purchase of investments or in respect of any transfers of assets between Funds. 3 As of 30 March 2014, the SDRT charge on surrenders of interests in UK unit trusts and open-ended investment companies in Part 2 of Schedule 19 to the Finance Act 1999 has been abolished. 17
Page 1 and 2: Prospectus Of Clerical Medical Open
Page 3 and 4: DIRECTORY Authorised Corporate Dire
Page 5 and 6: Clerical Medical Open Ended Investm
Page 7 and 8: CONSTITUTION Clerical Medical Open
Page 9 and 10: Details of the directors of the ACD
Page 11 and 12: The Custodian The Depositary has de
Page 13 and 14: Should any shareholder require evid
Page 15: • Any other property will be valu
Page 19 and 20: • Applications may be made by com
Page 21 and 22: The ACD will waive the limits relat
Page 23 and 24: (or, if that day is not a business
Page 25 and 26: not issue new shares as part of tha
Page 27 and 28: 2. which would require the Company,
Page 29 and 30: DISTRIBUTIONS AND ACCUMULATION The
Page 31 and 32: THE FEES AND EXPENSES OF THE ACD AN
Page 33 and 34: THE FEES AND EXPENSES OF THE DEPOSI
Page 35 and 36: OTHER PAYMENTS OF THE COMPANY The f
Page 37 and 38: RISK FACTORS (a) Market Risk The in
Page 39 and 40: segregated liability is relatively
Page 41 and 42: (o) Anticipated Tracking Error The
Page 43 and 44: Shareholders who are UK resident no
Page 45 and 46: een utilised, there may be tax cons
Page 47 and 48: VOTING Voting rights Entitlement to
Page 49 and 50: In certain cases (for example, the
Page 51 and 52: On completion of a winding up of th
Page 53 and 54: The ACD and other companies within
Page 55 and 56: issues (ESMA/2012/832EN). Where a F
Page 57 and 58: APPENDIX I FUND DETAILS Name: Inves
Page 59 and 60: Share Classes: track the performanc
Page 61 and 62: APPENDIX II INVESTMENT AND BORROWIN
Page 63 and 64: In applying the limits above not mo
Page 65 and 66: voting rights in that body corporat
Page 67 and 68:
Efficient portfolio management The
Page 69 and 70:
(i) for transactions undertaken to
Page 71 and 72:
APPENDIX III ELIGIBLE SECURITIES MA
Page 73 and 74:
APPENDIX IV PAST PERFORMANCE 30/05/
Page 75 and 76:
Scottish Widows’ Fund and Life As
show all

Prospectus Of Clerical Medical Open Ended Investment Company ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?