Prospectus Of Clerical Medical Open Ended Investment Company ...

CONTENTS
DIRECTORY ......................................................................................................... 3
CONSTITUTION.................................................................................................... 7
SHARES IN THE COMPANY................................................................................... 12
VALUATIONS ..................................................................................................... 14
ISSUE, REDEMPTION AND SWITCHING OF SHARES................................................. 18
DISTRIBUTIONS AND ACCUMULATION .................................................................. 29
THE FEES AND EXPENSES OF THE ACD AND INVESTMENT ADVISER .......................... 31
THE FEES AND EXPENSES OF THE DEPOSITARY...................................................... 33
OTHER PAYMENTS OF THE COMPANY .................................................................... 35
RISK FACTORS .................................................................................................. 37
TAXATION......................................................................................................... 42
REPORTS AND ACCOUNTS ................................................................................... 46
VOTING ............................................................................................................ 47
WINDING UP OF THE COMPANY AND TERMINATION OF FUNDS................................. 49
OTHER INFORMATION......................................................................................... 51
FUND DETAILS................................................................................................... 57
INVESTMENT AND BORROWING POWERS AND RESTRICTIONS ................................. 61
ELIGIBLE SECURITIES MARKETS .......................................................................... 71
PAST PERFORMANCE .......................................................................................... 73
DIRECTORS OF THE ACD..................................................................................... 74
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