Computation of Net Asset Value. The Manager acknowledges and agrees with the Trustee that the Manager reserves and retains the power and authority to value the assets of the Funds either directly or through an agent appointed by the Manager, including the determination of the Series Net Asset Value of the Fund, Series Net Asset Value per Unit and the computation of Net Income and Net Realized Capital Gains for distribution purposes for each of the Funds in accordance with Applicable Laws. The Manager, in its discretion, may appoint a service provider, including RBC IST or an affiliate of the Manager, to provide the foregoing valuation services for the Manager on behalf of the Funds. (a) The Series Net Asset Value of each Fund and the Series Net Asset Value per Unit of each Fund shall be computed or caused to be computed by the Manager or by the Manager’s duly appointed agent. The Manager may appoint or employ agents for the purposes of discharging any of its duties under this Section 3.4. (b) The Net Asset Value of a Fund as at any particular time on a Valuation Day shall be the then fair market value of the assets of that Fund at the time the calculation is made less the amount of its liabilities at that time. (c) The Series Net Asset Value for a series of Units of a Fund as at any particular time on a Valuation Day is determined in accordance with the following calculation: (i) the Series Net Asset Value last calculated for that series; plus (ii) the increase in the assets attributable to that series as a result of the issue of Units of that series or the redesignation of Units as that series since the last calculation; minus (iii) the decrease in the assets attributable to that series as a result of the redemption of Units of that series or the redesignation of Units out of that series since the last calculation; plus or minus (iv) the share of the Net Change in Non Portfolio Assets on the Valuation Day attributable to that series since the last calculation; plus or minus (v) the share of market appreciation or depreciation of the portfolio assets since the last calculation attributable to that series; minus (vi) the share of Common Expenses allocated to that series since the last calculation; minus (vii) any Series Expenses attributable to that series since the last calculation. In addition, in calculating the Series Net Asset Value the following principles shall apply: (i) a Unit of a series of a Fund being issued or a Unit that has been redesignated as a series shall be deemed to become outstanding as of the next calculation of the applicable Series Net Asset Value following the time at which the applicable Series Net Asset Value per Unit that is the issue price or the redesignation basis of such Unit is determined and the issue price received or receivable for the issue of the Unit shall then be deemed to be an asset of the Fund attributable to the applicable series; and (ii) a Unit of a series of a Fund being redeemed or a Unit that has been redesignated as a Unit of a different series shall be deemed to remain outstanding until immediately before the next calculation of the applicable Series Net Asset Value following the receipt by or on behalf of the Manager of a redemption or redesignation request therefor in the manner provided in the relevant Disclosure Documents and the determination of the applicable Series Net Asset Value per Unit that is the redemption price or redemption basis of such Unit; thereafter, until paid, the redemption price of such Unit shall be deemed to be a liability of the Fund attributable to the applicable series. (d) The Series Net Asset Value per Unit of a series of Units of a Fund as at any particular time is the quotient obtained by dividing the applicable Series Net Asset Value as at such time by the total number of Units of that series outstanding at such time. This calculation shall be made without taking into account any issuance, redesignation or redemption of Units of that series to be processed by the Fund immediately after the time of such calculation on that Valuation Day. The Series Net Asset Value per Unit for each series of Units of a Fund for the purpose of the issue, redesignation or redemption of Units shall be calculated on each Valuation Day by or under the authority of the Manager as at such time on every Valuation Day as shall be fixed by the Manager from time to time and the Series Net Asset Value per Unit so determined for each series shall remain in effect until the time as of which the Series Net Asset Value per Unit for that series is next determined. (e) In determining Net Asset Value, Series Net Asset Value or Series Net Asset Value per Unit of a Fund, the fair market value of the assets and the amount of the liabilities of each Fund shall be calculated in such manner as the Manager or its agent, if applicable, in its sole discretion shall determine from time to time, subject to the following and the other provisions of this Section 3.4: (i) the value of any cash on hand, on deposit or on call, accounts receivable, prepaid expenses, demand notes, distributions receivable and interest accrued and not yet received, shall be valued at their full amount unless the Manager or its agent determines that the cash or other asset is not worth the that amount, in which event the value thereof shall be deemed to be such value as the Manager or its agent determines, to be the reasonable value thereof; (ii) the value of any bonds, debentures, and other debt obligations shall be valued by taking the average of the latest available bid and ask prices at the Valuation Time; (iii) short-term investments including notes and money market instruments shall be valued at their current market value at the Valuation Time. This value may be determined based on the cost of the investments, which approximates market value after taking into account accrued interest which is recorded separately from the investment. If short-term instruments are sold, the difference between the cost and the proceeds (less income previously credited for such security) will be recorded as income not capital; (iv) the value of any security, index futures or index options thereon which is listed on any recognized exchange shall generally be determined by taking its latest available sale price of a board lot on the principal stock exchange on which it is listed. However, the following exceptions apply: (A) where such sales or records are not available, or if the last such sale is not within the latest available bid and ask quotations on the valuation day, the fair value of the listed security will be determined based on market quotations which are believed to most closely reflect the fair value of the investment; (B) in calculating the value of inter-listed investments, over-the-counter (“OTC”) rather than stock exchange quotations may be used when they appear to reflect more closely the fair value of any particular investment; but if such stock exchange or OTC quotations do not properly reflect the prices which would be received by the Fund upon the disposal of such investments, values may be placed upon such investments which appear to it to reflect most closely the fair value of such investments; and (C) in calculating the value of foreign securities listed or dealt in exchanges outside North America, values will be placed upon such securities which appear to reflect most closely the fair value of such securities; (v) the value of any security, the resale of which is restricted or limited, shall be the lesser of the value thereof based on reported quotations in common use and that percentage of the market value of securities of the same series, the trading of which is not restricted or limited by reason of any representation, undertaking or agreement or by law, equal to the percentage that the Fund’s acquisition cost was of the market value of such securities at the time of acquisition, provided that a gradual taking into account of the actual value of the securities may be made where the date on which the restriction will be lifted is known; (vi) purchased or written clearing corporation options, options on futures, over the counter options, debt-like securities and listed warrants shall be valued at the current market value thereof; (vii) where a covered clearing corporation option, option on futures or over-the-counter option is written, the premium received by the Fund shall be valued as a deferred credit which shall be valued at an amount equal to the current market value of the clearing corporation option, options on futures or over-the-counter option that would have the effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment. The deferred credit shall be deducted in arriving at the Net Asset Value of the Fund. The securities, if any, which are the subject of a written clearing corporation option, or over-the-counter option shall be valued at their then current market value; (viii) the value of a futures contract, or a forward contract or swap, shall be the gain or loss with respect thereto that would be realized if, at the Valuation Time, the position in the futures contract, or the forward contract or swap, as the case may be, were to be closed out unless “daily limits” are in effect in which case fair value shall be based on the current market value of the underlying interest; (ix) margin paid or deposited in respect of a futures contract and a forward contract shall be reflected as an account receivable and margin consisting of assets other than cash shall be noted as held as margin; (x) all liabilities and obligations of the Fund payable by the Fund in foreign currency shall be converted into Canadian funds by applying the rate of exchange obtained from the best available sources to the Manager or its agent including, but not limited to, the Trustee or any of its affiliates; (xi) the value of any security or property to which, in the opinion of the Manager or its agents, the above principles cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) is determined at the most recently available sale price on a Valuation Day, or if such sale price is not available, at a sale price based on relevant market and/or company data that is believed to most closely reflect the fair value of the investment; and (xii) all expenses or liabilities (including fees payable to the Manager) of the Fund shall be calculated on an accrual basis.
Appears in 3 contracts
Samples: Master Trust Agreement, Master Trust Agreement, Master Trust Agreement
Computation of Net Asset Value. The Manager acknowledges and agrees with the Trustee that the Manager reserves and retains the power and authority to value the assets of the Funds either directly or through an agent appointed by the Manager, including the determination of the Series Net Asset Value of the Fund, Series Net Asset Value per Unit and the computation of Net Income and Net Realized Capital Gains for distribution purposes for each of the Funds in accordance with Applicable Laws. The Manager, in its discretion, may appoint a service provider, including RBC IST or an affiliate of the Manager, to provide the foregoing valuation services for the Manager on behalf of the Funds.
(a) The Series Net Asset Value of each Fund and the Series Net Asset Value per Unit of each Fund shall be computed or caused to be computed by the Manager or by the Manager’s duly appointed agent. The Manager may appoint or employ agents for the purposes of discharging any of its duties under this Section 3.4.
(b) The Net Asset Value of a Fund as at any particular time on a Valuation Day shall be the then fair market value of the assets of that Fund at the time the calculation is made less the amount of its liabilities at that time.
(c) The Series Net Asset Value for a series of Units of a Fund as at any particular time on a Valuation Day is determined in accordance with the following calculation:
(i) the Series Net Asset Value last calculated for that series; plus
(ii) the increase in the assets attributable to that series as a result of the issue of Units of that series or the redesignation of Units as that series since the last calculation; minus
(iii) the decrease in the assets attributable to that series as a result of the redemption of Units of that series or the redesignation of Units out of that series since the last calculation; plus or minus
(iv) the share of the Net Change in Non Portfolio Assets on the Valuation Day attributable to that series since the last calculation; plus or minus
(v) the share of market appreciation or depreciation of the portfolio assets since the last calculation attributable to that series; minus
(vi) the share of Common Expenses allocated to that series since the last calculation; minus
(vii) any Series Expenses attributable to that series since the last calculation. In addition, in calculating the Series Net Asset Value the following principles shall apply:
(i) a Unit of a series of a Fund being issued or a Unit that has been redesignated as a series shall be deemed to become outstanding as of the next calculation of the applicable Series Net Asset Value following the time at which the applicable Series Net Asset Value per Unit that is the issue price or the redesignation basis of such Unit is determined and the issue price received or receivable for the issue of the Unit shall then be deemed to be an asset of the Fund attributable to the applicable series; and
(ii) a Unit of a series of a Fund being redeemed or a Unit that has been redesignated as a Unit of a different series shall be deemed to remain outstanding until immediately before the next calculation of the applicable Series Net Asset Value following the receipt by or on behalf of the Manager of a redemption or redesignation request therefor in the manner provided in the relevant Disclosure Documents and the determination of the applicable Series Net Asset Value per Unit that is the redemption price or redemption basis of such Unit; thereafter, until paid, the redemption price of such Unit shall be deemed to be a liability of the Fund attributable to the applicable series.
(d) The Series Net Asset Value per Unit of a series of Units of a Fund as at any particular time is the quotient obtained by dividing the applicable Series Net Asset Value as at such time by the total number of Units of that series outstanding at such time. This calculation shall be made without taking into account any issuance, redesignation or redemption of Units of that series to be processed by the Fund immediately after the time of such calculation on that Valuation Day. The Series Net Asset Value per Unit for each series of Units of a Fund for the purpose of the issue, redesignation or redemption of Units shall be calculated on each Valuation Day by or under the authority of the Manager as at such time on every Valuation Day as shall be fixed by the Manager from time to time and the Series Net Asset Value per Unit so determined for each series shall remain in effect until the time as of which the Series Net Asset Value per Unit for that series is next determined.
(e) In determining Net Asset Value, Series Net Asset Value or Series Net Asset Value per Unit of a Fund, the fair market value of the assets and the amount of the liabilities of each Fund shall be calculated in such manner as the Manager or its agent, if applicable, in its sole discretion shall determine from time to time, subject to the following and the other provisions of this Section 3.4:
(i) the value of any cash on hand, on deposit or on call, accounts receivable, prepaid expenses, demand notes, distributions receivable and interest accrued and not yet received, shall be valued at their full amount unless the Manager or its agent determines that the cash or other asset is not worth the that amount, in which event the value thereof shall be deemed to be such value as the Manager or its agent determines, to be the reasonable value thereof;
(ii) the value of any bonds, debentures, and other debt obligations shall be valued by taking the average of the latest available bid and ask prices at the Valuation Time;
(iii) short-term investments including notes and money market instruments shall be valued at their current market value at the Valuation Time. This value may be determined based on the cost of the investments, which approximates market value after taking into account accrued interest which is recorded separately from the investment. If short-term instruments are sold, the difference between the cost and the proceeds (less income previously credited for such security) will be recorded as income not capital;
(iv) the value of any security, index futures or index options thereon which is listed on any recognized exchange shall generally be determined by taking its latest available sale price of a board lot on the principal stock exchange on which it is listed. However, the following exceptions apply: (A) where such sales or records are not available, or if the last such sale is not within the latest available bid and ask quotations on the valuation day, the fair value of the listed security will be determined based on market quotations which are believed to most closely reflect the fair value of the investment; (B) in calculating the value of inter-listed investments, over-the-counter (“OTC”) rather than stock exchange quotations may be used when they appear to reflect more closely the fair value of any particular investment; but if such stock exchange or OTC quotations do not properly reflect the prices which would be received by the Fund upon the disposal of such investments, values may be placed upon such investments which appear to it to reflect most closely the fair value of such investments; and (C) in calculating the value of foreign securities listed or dealt in exchanges outside North America, values will be placed upon such securities which appear to reflect most closely the fair value of such securities;
(v) the value of any security, the resale of which is restricted or limited, shall be the lesser of the value thereof based on reported quotations in common use and that percentage of the market value of securities of the same series, the trading of which is not restricted or limited by reason of any representation, undertaking or agreement or by law, equal to the percentage that the Fund’s acquisition cost was of the market value of such securities at the time of acquisition, provided that a gradual taking into account of the actual value of the securities may be made where the date on which the restriction will be lifted is known;
(vi) purchased or written clearing corporation options, options on futures, over the counter options, debt-like securities and listed warrants shall be valued at the current market value thereof;
(vii) where a covered clearing corporation option, option on futures or over-the-the- counter option is written, the premium received by the Fund shall be valued as a deferred credit which shall be valued at an amount equal to the current market value of the clearing corporation option, options on futures or over-the-counter option that would have the effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment. The deferred credit shall be deducted in arriving at the Net Asset Value of the Fund. The securities, if any, which are the subject of a written clearing corporation option, or over-the-counter option shall be valued at their then current market value;
(viii) the value of a futures contract, or a forward contract or swap, shall be the gain or loss with respect thereto that would be realized if, at the Valuation Time, the position in the futures contract, or the forward contract or swap, as the case may be, were to be closed out unless “daily limits” are in effect in which case fair value shall be based on the current market value of the underlying interest;
(ix) margin paid or deposited in respect of a futures contract and a forward contract shall be reflected as an account receivable and margin consisting of assets other than cash shall be noted as held as margin;
(x) all liabilities and obligations of the Fund payable by the Fund in foreign currency shall be converted into Canadian funds by applying the rate of exchange obtained from the best available sources to the Manager or its agent including, but not limited to, the Trustee or any of its affiliates;
(xi) the value of any security or property to which, in the opinion of the Manager or its agents, the above principles cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) is determined at the most recently available sale price on a Valuation Day, or if such sale price is not available, at a sale price based on relevant market and/or company data that is believed to most closely reflect the fair value of the investment; and
(xii) all expenses or liabilities (including fees payable to the Manager) of the Fund shall be calculated on an accrual basis.
Appears in 2 contracts
Samples: Master Trust Agreement, Master Trust Agreement
Computation of Net Asset Value. The Manager acknowledges and agrees with the Trustee that the Manager reserves and retains the power and authority to value the assets of the Funds either directly or through an agent appointed by the Manager, including the determination of the Series Net Asset Value of the Fund, Series Net Asset Value per Unit and the computation of Net Income and Net Realized Capital Gains for distribution purposes for each of the Funds in accordance with Applicable Laws. The Manager, in its discretion, may appoint a service provider, including RBC IST Dexia or an affiliate of the Manager, to provide the foregoing valuation services for the Manager on behalf of the Funds.
(a) The Series Net Asset Value of each Fund and the Series Net Asset Value per Unit of each Fund shall be computed or caused to be computed by the Manager or by the Manager’s duly appointed agent. The Manager may appoint or employ agents for the purposes of discharging any of its duties under this Section 3.4.
(b) The Net Asset Value of a Fund as at any particular time on a Valuation Day shall be the then fair market value of the assets of that Fund at the time the calculation is made less the amount of its liabilities at that time.
(c) The Series Net Asset Value for a series of Units of a Fund as at any particular time on a Valuation Day is determined in accordance with the following calculation:
(i) the Series Net Asset Value last calculated for that series; plus
(ii) the increase in the assets attributable to that series as a result of the issue of Units of that series or the redesignation of Units as that series since the last calculation; minus
(iii) the decrease in the assets attributable to that series as a result of the redemption of Units of that series or the redesignation of Units out of that series since the last calculation; plus or minus
(iv) the share of the Net Change in Non Portfolio Assets on the Valuation Day attributable to that series since the last calculation; plus or minus
(v) the share of market appreciation or depreciation of the portfolio assets since the last calculation attributable to that series; minus
(vi) the share of Common Expenses allocated to that series since the last calculation; minus
(vii) any Series Expenses attributable to that series since the last calculation. In addition, in calculating the Series Net Asset Value the following principles shall apply:
(i) a Unit of a series of a Fund being issued or a Unit that has been redesignated as a series shall be deemed to become outstanding as of the next calculation of the applicable Series Net Asset Value following the time at which the applicable Series Net Asset Value per Unit that is the issue price or the redesignation basis of such Unit is determined and the issue price received or receivable for the issue of the Unit shall then be deemed to be an asset of the Fund attributable to the applicable series; and
(ii) a Unit of a series of a Fund being redeemed or a Unit that has been redesignated as a Unit of a different series shall be deemed to remain outstanding until immediately before the next calculation of the applicable Series Net Asset Value following the receipt by or on behalf of the Manager of a redemption or redesignation request therefor in the manner provided in the relevant Disclosure Documents and the determination of the applicable Series Net Asset Value per Unit that is the redemption price or redemption basis of such Unit; thereafter, until paid, the redemption price of such Unit shall be deemed to be a liability of the Fund attributable to the applicable series.
(d) The Series Net Asset Value per Unit of a series of Units of a Fund as at any particular time is the quotient obtained by dividing the applicable Series Net Asset Value as at such time by the total number of Units of that series outstanding at such time. This calculation shall be made without taking into account any issuance, redesignation or redemption of Units of that series to be processed by the Fund immediately after the time of such calculation on that Valuation Day. The Series Net Asset Value per Unit for each series of Units of a Fund for the purpose of the issue, redesignation or redemption of Units shall be calculated on each Valuation Day by or under the authority of the Manager as at such time on every Valuation Day as shall be fixed by the Manager from time to time and the Series Net Asset Value per Unit so determined for each series shall remain in effect until the time as of which the Series Net Asset Value per Unit for that series is next determined.
(e) In determining Net Asset Value, Series Net Asset Value or Series Net Asset Value per Unit of a Fund, the fair market value of the assets and the amount of the liabilities of each Fund shall be calculated in such manner as the Manager or its agent, if applicable, in its sole discretion shall determine from time to time, subject to the following and the other provisions of this Section 3.4:
(i) the value of any cash on hand, on deposit or on call, accounts receivable, prepaid expenses, demand notes, distributions receivable cash dividends declared and interest accrued and not yet received, shall be valued at their full deemed to be the face amount thereof, unless the Manager or its agent determines that the cash any such deposit or other asset call loan is not worth the that amountface amount thereof, in which event the value thereof shall be deemed to be such value as the Manager or its agent determines, to be the reasonable value thereof;
(ii) the value of any bonds, debentures, and other debt obligations shall be valued by taking the average of the latest available bid and ask prices at the Valuation Time;
(iii) short-term investments including notes and money market instruments shall be valued at their current market value at the Valuation Time. This value may be determined based on the cost of the investments, which approximates market value after taking into account plus accrued interest which is recorded separately from the investment. If short-term instruments are sold, the difference between the cost and the proceeds (less income previously credited for such security) will be recorded as income not capitalinterest;
(iv) the value of any security, index futures or index options thereon which is listed on any recognized exchange shall generally be determined by taking its latest available the closing sale price of a board lot at the Valuation Time or, if there is no closing sale price, the value will be the last traded price available at the Valuation Time. If there is no last traded price available, the value will be the average between the closing bid and the closing asked price on the principal Valuation Day on which the Net Asset Value is being determined, all as reported by any report in common use or authorized as official by a recognized stock exchange; provided that if such stock exchange on which it is listed. However, the following exceptions apply: (A) where such sales or records are not available, or if the last such sale is not within open for trading on that Valuation Day, then the latest available bid and ask quotations on the valuation day, the fair value of the listed security will be determined based on market quotations the last previous Valuation Day on which are believed to most closely reflect the fair value of the investment; (B) in calculating the value of inter-listed investments, over-the-counter (“OTC”) rather than stock exchange quotations may be used when they appear to reflect more closely the fair value of any particular investment; but if such stock exchange or OTC quotations do not properly reflect the prices which would be received by the Fund upon the disposal of such investments, values may be placed upon such investments which appear to it to reflect most closely the fair value of such investments; and (C) in calculating the value of foreign securities listed or dealt in exchanges outside North America, values will be placed upon such securities which appear to reflect most closely the fair value of such securitieswas open for trading;
(v) the value of any security, the resale of which is restricted or limited, shall be the lesser of the value thereof based on reported quotations in common use and that percentage of the market value of securities of the same series, the trading of which is not restricted or limited by reason of any representation, undertaking or agreement or by law, equal to the percentage that the Fund’s acquisition cost was of the market value of such securities at the time of acquisition, provided that a gradual taking into account of the actual value of the securities may be made where the date on which the restriction will be lifted is known;
(vi) purchased or written clearing corporation options, options on futures, over the counter options, debt-like securities and listed warrants shall be valued at the current market value thereof;
(vii) where a covered clearing corporation option, option on futures or over-the-the- counter option is written, the premium received by the Fund shall be valued as a deferred credit which shall be valued at an amount equal to the current market value of the clearing corporation option, options on futures or over-the-counter option that would have the effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment. The deferred credit shall be deducted in arriving at the Net Asset Value of the Fund. The securities, if any, which are the subject of a written clearing corporation option, or over-the-counter option shall be valued at their then current market value;
(viii) the value of a futures contract, or a forward contract or swapcontract, shall be the gain or loss with respect thereto that would be realized if, at the Valuation Time, the position in the futures contract, or the forward contract or swapcontract, as the case may be, were to be closed out unless “daily limits” are in effect in which case fair value shall be based on the current market value of the underlying interest;
(ix) margin paid or deposited in respect of a futures contract and a forward contract shall be reflected as an account receivable and margin consisting of assets other than cash shall be noted as held as margin;
(x) all liabilities and obligations of the Fund payable by the Fund in foreign currency shall be converted into Canadian funds by applying the rate of exchange obtained from the best available sources to the Manager or its agent including, but not limited to, the Trustee or any of its affiliates;
(xi) the value of any security or property to which, in the opinion of the Manager or its agents, the above principles cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) is determined at the most recently available sale price on a Valuation Day, or if such sale price is not available, at a sale price based on relevant market and/or company data that is believed to most closely reflect shall be the fair value of thereof determined in such manner as the investmentManager or its agent from time to time provides; and
(xii) all material expenses or liabilities (including fees payable to the Manager) of the Fund shall be calculated on an accrual basis.
Appears in 1 contract
Samples: Master Trust Agreement
Computation of Net Asset Value. The Manager acknowledges and agrees with the Trustee that the Manager reserves and retains the power and authority to value the assets of the Funds either directly or through an agent appointed by the Manager, including the determination of the Series Net Asset Value of the Fund, Series Net Asset Value per Unit and the computation of Net Income and Net Realized Capital Gains for distribution purposes for each of the Funds in accordance with Applicable Laws. The Manager, in its discretion, may appoint a service provider, including RBC IST or an affiliate of the Manager, to provide the foregoing valuation services for the Manager on behalf of the Funds.
(a) The Series Net Asset Value of each Fund and the Series Net Asset Value per Unit of each Fund shall be computed or caused to be computed by the Manager or by the Manager’s duly xxxx appointed agent. The Manager may appoint or employ agents for the purposes of discharging any of its duties under this Section 3.4.
(b) The Net Asset Value of a Fund as at any particular time on a Valuation Day shall be the then fair market value of the assets of that Fund at the time the calculation is made less the amount of its liabilities at that time.
(c) The Series Net Asset Value for a series of Units of a Fund as at any particular time on a Valuation Day is determined in accordance with the following calculation:
(i) the Series Net Asset Value last calculated for that series; plus
(ii) the increase in the assets attributable to that series as a result of the issue of Units of that series or the redesignation of Units as that series since the last calculation; minus
(iii) the decrease in the assets attributable to that series as a result of the redemption of Units of that series or the redesignation of Units out of that series since the last calculation; plus or minus
(iv) the share of the Net Change in Non Portfolio Assets on the Valuation Day attributable to that series since the last calculation; plus or minus
(v) the share of market appreciation or depreciation of the portfolio assets since the last calculation attributable to that series; minus
(vi) the share of Common Expenses allocated to that series since the last calculation; minus
(vii) any Series Expenses attributable to that series since the last calculation. In addition, in calculating the Series Net Asset Value the following principles shall apply:
(i) a Unit of a series of a Fund being issued or a Unit that has been redesignated as a series shall be deemed to become outstanding as of the next calculation of the applicable Series Net Asset Value following the time at which the applicable Series Net Asset Value per Unit that is the issue price or the redesignation basis of such Unit is determined and the issue price received or receivable for the issue of the Unit shall then be deemed to be an asset of the Fund attributable to the applicable series; and
(ii) a Unit of a series of a Fund being redeemed or a Unit that has been redesignated as a Unit of a different series shall be deemed to remain outstanding until immediately before the next calculation of the applicable Series Net Asset Value following the receipt by or on behalf of the Manager of a redemption or redesignation request therefor in the manner provided in the relevant Disclosure Documents and the determination of the applicable Series Net Asset Value per Unit that is the redemption price or redemption basis of such Unit; thereafter, until paid, the redemption price of such Unit shall be deemed to be a liability of the Fund attributable to the applicable series.
(d) The Series Net Asset Value per Unit of a series of Units of a Fund as at any particular time is the quotient obtained by dividing the applicable Series Net Asset Value as at such time by the total number of Units of that series outstanding at such time. This calculation shall be made without taking into account any issuance, redesignation or redemption of Units of that series to be processed by the Fund immediately after the time of such calculation on that Valuation Day. The Series Net Asset Value per Unit for each series of Units of a Fund for the purpose of the issue, redesignation or redemption of Units shall be calculated on each Valuation Day by or under the authority of the Manager as at such time on every Valuation Day as shall be fixed by the Manager from time to time and the Series Net Asset Value per Unit so determined for each series shall remain in effect until the time as of which the Series Net Asset Value per Unit for that series is next determined.
(e) In determining Net Asset Value, Series Net Asset Value or Series Net Asset Value per Unit of a Fund, the fair market value of the assets and the amount of the liabilities of each Fund shall be calculated in such manner as the Manager or its agent, if applicable, in its sole discretion shall determine from time to time, subject to the following and the other provisions of this Section 3.4:
(i) the value of any cash on hand, on deposit or on call, accounts receivable, prepaid expenses, demand notes, distributions receivable and interest accrued and not yet received, shall be valued at their full amount unless the Manager or its agent determines that the cash or other asset is not worth the that amount, in which event the value thereof shall be deemed to be such value as the Manager or its agent determines, to be the reasonable value thereof;
(ii) the value of any bonds, debentures, and other debt obligations shall be valued by taking the average of the latest available bid and ask prices at the Valuation Time;
(iii) short-term investments including notes and money market instruments shall be valued at their current market value at the Valuation Time. This value may be determined based on the cost of the investments, which approximates market value after taking into account accrued interest which is recorded separately from the investment. If short-term instruments are sold, the difference between the cost and the proceeds (less income previously credited for such security) will be recorded as income not capital;
(iv) the value of any security, index futures or index options thereon which is listed on any recognized exchange shall generally be determined by taking its latest available sale price of a board lot on the principal stock exchange on which it is listed. However, the following exceptions apply: (A) where such sales or records are not available, or if the last such sale is not within the latest available bid and ask quotations on the valuation day, the fair value of the listed security will be determined based on market quotations which are believed to most closely reflect the fair value of the investment; (B) in calculating the value of inter-listed investments, over-the-counter (“OTC”) rather than stock exchange quotations may be used when they appear to reflect more closely the fair value of any particular investment; but if such stock exchange or OTC quotations do not properly reflect the prices which would be received by the Fund upon the disposal of such investments, values may be placed upon such investments which appear to it to reflect most closely the fair value of such investments; and (C) in calculating the value of foreign securities listed or dealt in exchanges outside North America, values will be placed upon such securities which appear to reflect most closely the fair value of such securities;
(v) the value of any security, the resale of which is restricted or limited, shall be the lesser of the value thereof based on reported quotations in common use and that percentage of the market value of securities of the same series, the trading of which is not restricted or limited by reason of any representation, undertaking or agreement or by law, equal to the percentage that the Fund’s acquisition cost was of the market value of such securities at the time of acquisition, provided that a gradual taking into account of the actual value of the securities may be made where the date on which the restriction will be lifted is known;
(vi) purchased or written clearing corporation options, options on futures, over the counter options, debt-like securities and listed warrants shall be valued at the current market value thereof;
(vii) where a covered clearing corporation option, option on futures or over-the-the- counter option is written, the premium received by the Fund shall be valued as a deferred credit which shall be valued at an amount equal to the current market value of the clearing corporation option, options on futures or over-the-counter option that would have the effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment. The deferred credit shall be deducted in arriving at the Net Asset Value of the Fund. The securities, if any, which are the subject of a written clearing corporation option, or over-the-counter option shall be valued at their then current market value;
(viii) the value of a futures contract, or a forward contract or swap, shall be the gain or loss with respect thereto that would be realized if, at the Valuation Time, the position in the futures contract, or the forward contract or swap, as the case may be, were to be closed out unless “daily limits” are in effect in which case fair value shall be based on the current market value of the underlying interest;
(ix) margin paid or deposited in respect of a futures contract and a forward contract shall be reflected as an account receivable and margin consisting of assets other than cash shall be noted as held as margin;
(x) all liabilities and obligations of the Fund payable by the Fund in foreign currency shall be converted into Canadian funds by applying the rate of exchange obtained from the best available sources to the Manager or its agent including, but not limited to, the Trustee or any of its affiliates;
(xi) the value of any security or property to which, in the opinion of the Manager or its agents, the above principles cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) is determined at the most recently available sale price on a Valuation Day, or if such sale price is not available, at a sale price based on relevant market and/or company data that is believed to most closely reflect the fair value of the investment; and
(xii) all expenses or liabilities (including fees payable to the Manager) of the Fund shall be calculated on an accrual basis.
Appears in 1 contract
Samples: Master Trust Agreement
