Prospectus Of Clerical Medical Open Ended Investment Company ...

The ACD will waive the limits relating to the minimum value of shares for a
redemption request for those investors who hold shares purchased before 9 August
2004. For those investors, the current minimum value in the case of a person who is
a lump sum investor is £500 and in the case of a person with a regular payment
savings plan it is £50.
Each of the minimum amounts set out above may be varied from time to time at the
discretion of the ACD.
Switching between Funds
With the qualifications mentioned below, a shareholder is entitled to switch shares of one
class in a Fund ("original shares") for the appropriate number of shares of another class in
the same Fund or for shares of a class in a different Fund ("new shares"). The appropriate
number of shares is determined by the following formula:
N = O x (CP x ER)
_________
SP
Where N is the number of new shares to be issued, rounded down to the nearest whole
number of smaller denomination shares; O is the number of original shares to be switched,
CP is the price at which one original share can be redeemed, and ER is one where the
original shares and new shares are designated in the same currency and, in any other case,
is the exchange rate determined by the ACD in its absolute discretion (but subject to COLL
Sourcebook) as representing the effective rate of exchange between the two relevant
currencies as at the date the exchange notice is received by the Company having adjusted
such rate as may be necessary to reflect any costs incurred by the Company in making any
transfer of assets as may be required as a consequence of such an exchange being
effected; and SP is the price at which one new share can be purchased (net of any initial
charge), in both cases at the applicable valuation point (see below). Smaller denomination
shares are treated as fractions of shares for the purpose of this calculation.
The right to switch is subject to the following:
• the ACD and the Depositary are not obliged to give effect to a request for a switch if
the value of the shares to be switched is less than £1,000 or if it would result in the
shareholder holding shares of any Fund of less than the minimum holding for that
Fund; and
• If the ACD has reasonable grounds for doing so, the ACD may refuse to issue new
shares to an investor. If the ACD decides that it can apply this rule to a holder who
requests to switch, it will carry out the instruction to redeem original shares but will
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