Securities Valuation. The Fund's Board of Trustees has established procedures for the valuation of the Fund's securities. In general those procedures are as follows:
Securities Valuation. It is understood that in determining security valuations, JFS shall employ one or more pricing services, as directed by Curian on behalf of the Funds, to determine valuations of portfolio securities for purposes of calculating net asset values of the Funds. JFS shall recommend to Curian a list of pricing vendors for Curian’s review and Curian will make a recommendation to the Funds’ Board of Trustees for approval. JFS shall price the securities and other holdings of the Funds for which market quotations or prices are available by the use of such services. For those securities where prices are not provided by the pricing service(s) utilized by JFS, JFS shall provide to Curian, without any determination of the resulting fair value, prices and related information that may be utilized by Curian, in the course of its authority delegated to it by the Board of Trustees to establish the fair value prices employing the method approved by the Board. The Funds are responsible for approving, in good faith, the method for determining the fair value of the securities, which such responsibility the Funds have delegated to Curian. Curian shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to JFS the resulting prices for use in its calculation of net asset values. JFS is authorized to rely on the prices provided by such service(s) or by the Funds’ investment adviser(s) or other authorized representative of the Funds without investigation or verification.
Securities Valuation. The Fund's Board of Trustees has established procedures for the valuation of the Fund's securities. In general those procedures are as follows:
(1) money market debt securities held by a non-money market fund that had a maturity of less than 397 days when issued that have a remaining maturity of sixty (60) days or less, and (2) debt instruments held by a money market fund that have a remaining maturity of 397 days or less. o Securities not having readily-available market quotations are valued at fair value determined under the Board's procedures. If the Manager is unable to locate two market makers willing to give quotes, a security may be priced at the mean between the "bid" and "asked" prices provided by a single active market maker (which in certain cases may be the "bid" price if no "asked" price is available). In the case of municipal securities, when last sale information is not generally available, the Manager may use pricing services approved by the Board of Trustees. The pricing service may use "matrix" comparisons to the prices for comparable instruments on the basis of quality, yield, and maturity. Other special factors may be involved (such as the tax-exempt status of the interest paid by municipal securities). The Manager will monitor the accuracy of the pricing services. That monitoring may include comparing prices used for portfolio valuation to actual sales prices of selected securities. Puts, calls, interest rate futures and municipal bond index futures are valued at the last sale price on the principal exchange on which they are traded or on NASDAQ, as applicable, as determined by a pricing service approved by the Board of Trustees or by the Manager. If there were no sales that day, they shall be valued at the last sale price on the preceding trading day if it is within the spread of the closing "bid" and "asked" prices on the principal exchange or on NASDAQ on the valuation date. If not, the value shall be the closing bid price on the principal exchange or on NASDAQ on the valuation date. If the put, call or future is not traded on an exchange or on NASDAQ, it shall be valued by the mean between "bid" and "asked" prices obtained by the Manager from two active market makers. In certain cases that may be at the "bid" price if no "asked" price is available. When the Fund writes an option, an amount equal to the premium received is included in the Fund's Statement of Assets and Liabilities as an asset. An equivalent credit is included in the...
Securities Valuation. The Fund's Board of Trustees has established procedures for the valuation of the Fund's securities. In general those procedures are as follows: o Equity securities traded on a U.S. securities exchange or on NASDAQ are valued as follows:
(1) if last sale information is regularly reported, they are valued at the last reported sale price on the principal exchange on which they are traded or on NASDAQ, as applicable, on that day, or (2) if sale information is not available on a valuation date, they are valued at the last reported sale price preceding the valuation date if it is within the spread of the closing "bid" and "asked" prices on the valuation date or, if not, at the closing "bid" price on the valuation date. o Equity securities traded on a foreign securities exchange generally are valued in one of the following ways:
(1) at the last sale price available to the pricing service approved by the Board of Trustees, or (2) at the last sale price obtained by the Manager from the report of the principal exchange on which the security is traded at its last trading session on or immediately before the valuation date, or (3) at the mean between the "bid" and "asked" prices obtained from the principal exchange on which the security is traded or, on the basis of reasonable inquiry, from two market makers in the security.
Securities Valuation. The Board of Directors has established procedures for the valuation of each Portfolio's securities. In general those procedures are as follows: |_| Equity securities traded on a U.S. securities exchange or on Nasdaq are valued as follows:
Securities Valuation. It is understood that in determining security valuations, JFS employs one or more pricing services, as directed by the Fund, to determine valuations of portfolio securities for purposes of calculating net asset values of the Fund. The Fund shall identify to JFS the pricing service(s) to be utilized on behalf of the Fund. JFS shall price the securities and other holdings of the Fund for which market quotations or prices are available by the use of such services. For those securities where prices are not provided by the pricing service(s) utilized by JFS, JFS shall provide to the Fund’s investment adviser (the “Adviser”), without any determination of the resulting fair value, prices and related information that may be utilized by the Adviser, in the course of its authority delegated to it by the Board of Trustees as the Adviser to establish the fair value prices employing the method approved by the Board. The Fund shall approve, in good faith, the method for determining the fair value of the securities. The Adviser shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to JFS the resulting prices for use in its calculation of net asset values. JFS is authorized to rely on the prices provided by such service(s) or by the Adviser(s) or other authorized representative of the Fund without investigation or verification.
Securities Valuation. It is understood that in determining security valuations, JFS employs one or more pricing services, as directed by Fund Services on behalf of the Funds, to determine valuations of portfolio securities for purposes of calculating net asset values of the Funds. JFS shall recommend to Fund Services a list of pricing vendors for Fund Services’ review and Fund Services will make a recommendation to the Funds’ Board of Trustees for approval. JFS shall price the securities and other holdings of the Funds for which market quotations or prices are available by the use of such services. For those securities where prices are not provided by the pricing service(s) utilized by JFS, JFS shall provide to Fund Services, without any determination of the resulting fair value, prices and related information that may be utilized by Fund Services, in the course of its authority delegated to it by the Board of Trustees to establish the fair value prices employing the method approved by the Board. The Funds are responsible for approving, in good faith, the method for determining the fair value of the securities. For those securities where valuation prices are not readily available, the Funds’ investment adviser(s)/sub-adviser(s) and/or Fund Services shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to JFS the resulting prices for use in its calculation of net asset values. JFS is authorized to rely on the prices provided by such service(s) or by the Funds’ investment adviser(s)/sub-adviser(s) or other authorized representative of the Funds without investigation or verification.
Securities Valuation. It is understood that in determining Fund security valuations, JFS employs one or more pricing services, as directed by the Company, to determine valuations of portfolio securities for purposes of calculating net asset values of the Funds. The Company shall identify to JFS the pricing service(s) to be utilized on behalf of the Funds. JFS shall price the securities and other holdings of each Fund for which market quotations or prices are available by the use of such services. For those securities where prices are not provided by the pricing service(s) utilized by JFS, the Company shall approve, in good faith, the method for determining the fair value of the securities. The Funds’ investment advisers shall determine or obtain the valuation of the Funds’ respective securities in accordance with those procedures and shall deliver to JFS the resulting prices for use in its calculation of net asset values. JFS is authorized to rely on the prices provided by such service(s) or by the investment advisers or other authorized representative of the Funds without investigation or verification.
Securities Valuation. It is understood that in determining Fund security valuations, AFS employs one or more pricing services, as directed by the Company, to determine valuations of portfolio securities for purposes of calculating net asset values of the Funds. The Company shall identify to AFS the pricing service(s) to be utilized on behalf of the Funds. AFS shall price the securities and other holdings of each Fund for which market quotations or prices are available by the use of such services. For those securities where prices are not provided by the pricing service(s) utilized by AFS, the Company shall approve, in good faith, the method for determining the fair value of the securities. The Funds’ investment advisers shall determine or obtain the valuation of the Funds’ respective securities in accordance with those procedures and shall deliver to AFS the resulting prices for use in its calculation of net asset values. AFS is authorized to rely on the prices provided by such service(s) or by the investment advisers or other authorized representative of the Funds without investigation or verification.
Securities Valuation. 52.1. If (i) matters occur which can modify the value of a Guarantee (such as the market trend or the changes to the respective Security) or (ii) the requirement of valuating a Security is set by the law or requested by an authority, BCR is entitled to order the performance of an independent valuation report of it, the Costs being covered by the Customer.
