Fair Valuations. Upon request of the Adviser, the Sub-Adviser will provide advice and assistance to the Adviser as to the determination of the fair value of certain investments where market quotations are not readily available for purposes of calculating the Fund’s net asset value in accordance with valuation procedures and methods established by the Board.
Fair Valuations. The Management Valuation Team shall have the authority and responsibility to make fair value determinations if it concludes in the exercise of its reasonable judgment that any fair valuation determination that could reasonably be arrived at would not impact the NAV of any class of any Fund by $0.005 or more. For any fair value determinations that could impact the NAV of any class of any Fund by $0.005 or more, the Management Valuation Team will develop a valuation recommendation and seek approval of that recommendation from the Valuation Committee. The Management Valuation Team also is responsible for reviewing pricing errors and determining whether the NAV of a class of a Fund must be corrected in accordance with the NAV Error Correction Policy detailed in Exhibit A to these Procedures. The Management Valuation Team shall also have the authority to stale price any security for which trading has been halted due to a pending approval from the Federal Drug Administration (the "FDA") until trading on the security has resumed regardless of the impact on the net asset value.
