Prospectus Of Clerical Medical Open Ended Investment Company ...

Recommendations

Info

If the Company or the ACD becomes aware that the holder of shares in respect of which income is allocated or paid without deduction of UK income tax ("gross paying shares") has failed or ceased to be entitled to have income so allocated or paid, then the Company shall, without delay, treat the shareholder concerned as if he had served on the Company a switching notice requesting switching of all gross paying shares owned by such shareholder for shares in respect of which income is allocated or paid net of tax ("net paying shares") of the class or classes which, in the opinion of the ACD, most nearly equates to the class or classes of gross paying shares held by that shareholder. A person who becomes aware that he is holding or owns affected shares in any of the relevant circumstances, shall forthwith, unless he has already received a notice as aforesaid, either transfer all his affected shares to a person qualified to own them or, where possible, switch the affected shares for other shares in the Company the holding of which would not fall within any of the relevant circumstances or give a request in writing for the redemption of all of his affected shares in accordance with the COLL Sourcebook. If a shareholder who holds gross paying shares fails or ceases to be entitled to have income so allocated or paid without deduction of UK income tax, then he shall, without delay, give notice thereof to the Company and the Company shall, upon receipt of such a notice treat the shareholder concerned as if he had served on the Company a switching notice requesting switching of all gross paying shares owned by such shareholder for net paying shares of the class or classes which, in the opinion of the ACD, most nearly equates to the class or classes of gross paying shares held by that shareholder. Publication of prices Currently, the prices of shares in each class of shares in each Fund are published daily in the Financial Times and are also available on the website which, as at the date of this prospectus, is http://www.clericalmedical.co.uk/Business/FundsPrices/DailyFundPrices.asp or by calling our Administrator. The ACD issues and redeems shares on a forward pricing basis, not on the basis of the published prices. 28
DISTRIBUTIONS AND ACCUMULATION The annual accounting period for the Company ends on 28 February (the "accounting reference date") or a day chosen by the ACD, if the ACD notifies the Depositary, being within seven days of that date. The half-yearly accounting period ends on the day six months before the accounting reference date or a day chosen by the ACD, with the agreement of the Depositary, being within seven days of that date. For the Income Fund, there will be additional interim accounting periods ending on 31 May and 30 November. The amount of income to be distributed or accumulated by a Fund is calculated on the last day of the relevant accounting period. Income is distributed quarterly, on or before 31 July, 31 October, 31 January and 30 April to the holders of income shares in the Income Fund. Income is accumulated quarterly on or before 31 July, 31 October, 31 January and 30 April to the holders of accumulation shares in the Income Fund and annually on or before 30 April to holders of accumulation shares in the International Managed, FTSE 100 Tracker and Balanced Managed Funds. Income is transferred to the capital account of the Fund on the same dates. For all Funds except the Income Fund any income from debt securities will be distributed on an effective yield basis. The Income Fund will distribute on a coupon basis where the coupon yield is at least equal to the effective yield. If the effective yield basis is more than the equivalent coupon yield basis, the distribution will be made on an effective yield basis. In the event that a distribution is made on an effective yield basis the capital value of the Income Fund will be reduced by an amount equal to the difference between the effective yield and coupon yield amounts. Tax certificates will be sent to shareholders in a Fund at the time of each annual, half yearly and quarterly distribution or accumulation of income in the Fund. Current valuations will also be sent to shareholders in a Fund at the time of each annual and half yearly distribution or accumulation of income. Unless the ACD agrees otherwise, a direct credit or warrant for the amount of the net distribution will be sent to the bank account of the shareholder (or, in the case of joint holders, to the first named on the register). The ACD may also agree to make payment by cheque to the registered address of the shareholder and made payable to the order of the shareholder (or, in the case of joint holders, made payable and sent to the registered address of the first named holder on the register). The ACD may also agree that income is reinvested in further shares of the same class in the same Fund. When the average of the allocations of income to holders (excluding the ACD, the Depositary, and their associates) would be less than £10, the ACD may, in its discretion, as 29
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 and 16: • Any other property will be valu
Page 17 and 18: On the occasions when the dilution
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: 2. which would require the Company,
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

Prospectus Of Clerical Medical Open Ended Investment Company ...

Create successful ePaper yourself

Delete template?

Save as template?