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Valuation Procedure","page_number":57,"box":{"x":153,"y":661,"width":323,"height":16}},{"id":"4a390717-fcbf-4a5c-97d6-fcb787d88bb5","block_type":"box","text":"Investments will be valued","page_number":57,"box":{"x":154,"y":688,"width":177,"height":8}},{"id":"9476f77d-b6f2-493b-a9d2-7deff1085c9b","block_type":"box","text":"as described below,","page_number":57,"box":{"x":338,"y":688,"width":133,"height":10}},{"id":"cd837f08-2d2f-43b3-84f9-b11e2a7079ff","block_type":"box","text":"using either the mark-to-market method or the","page_number":57,"box":{"x":153,"y":703,"width":318,"height":11}},{"id":"5a457103-2743-423a-9dc0-8187d4bb00b6","block_type":"box","text":"amortised cost method.","page_number":57,"box":{"x":153,"y":719,"width":155,"height":9}},{"id":"2788b909-81cc-49be-bca7-19677669ccf2","block_type":"box","text":"Mark-to Market Method","page_number":57,"box":{"x":154,"y":747,"width":163,"height":8}},{"id":"8f5e2a4d-0942-43e5-aa20-25d9128a350e","block_type":"box","text":"Under the mark-to-market method, the value of","page_number":57,"box":{"x":154,"y":774,"width":318,"height":10}},{"id":"b572b1d0-3841-496a-9a1e-b67a50289f28","block_type":"box","text":"investments shall be, where the investment is","page_number":57,"box":{"x":153,"y":790,"width":318,"height":10}},{"id":"16b39d68-43ef-4cba-bc0f-2d6ba4fe40c2","block_type":"box","text":"quoted, listed or normally dealt in on a Regulated","page_number":57,"box":{"x":153,"y":806,"width":318,"height":11}},{"id":"4f37b278-90d2-454a-9c53-87e20bb80970","block_type":"box","text":"Market, the more prudent side of bid and ask","page_number":57,"box":{"x":154,"y":821,"width":318,"height":11}},{"id":"d1a75dbd-5319-4927-8f70-d0cd2e9329d5","block_type":"box","text":"market prices on such Regulated Market as at","page_number":57,"box":{"x":153,"y":837,"width":319,"height":11}},{"id":"13dde44a-8769-43b2-b471-fe179c4b4d18","block_type":"box","text":"the Valuation Point, provided that where such","page_number":57,"box":{"x":153,"y":853,"width":318,"height":11}},{"id":"4b915c56-5fb0-4652-bdea-700a4f7dfa1a","block_type":"box","text":"valuation is not possible or the market data is not","page_number":57,"box":{"x":153,"y":868,"width":319,"height":11}},{"id":"7a086b33-be28-46ce-a796-22e82bd7817a","block_type":"box","text":"of sufficient quality, the investment shall be","page_number":57,"box":{"x":153,"y":884,"width":318,"height":11}},{"id":"afa58fbb-8390-4873-aceb-7c71607521e9","block_type":"box","text":"valued conservatively using mark-to-model","page_number":57,"box":{"x":527,"y":130,"width":318,"height":11}},{"id":"f141ee48-e0c7-441f-b040-4321778fff13","block_type":"box","text":"methods.","page_number":57,"box":{"x":528,"y":146,"width":60,"height":9}},{"id":"97f02438-1bd9-4490-8648-3dfe26b9740b","block_type":"box","text":"Amortised Cost Method","page_number":57,"box":{"x":527,"y":174,"width":169,"height":8}},{"id":"b3d39c58-014b-4358-83a8-ed8914c9a411","block_type":"box","text":"Under amortised cost method, the value of","page_number":57,"box":{"x":528,"y":201,"width":319,"height":10}},{"id":"af530558-9b6c-452a-aa92-f040cc6f7f91","block_type":"box","text":"investments shall be their amortised cost.","page_number":57,"box":{"x":528,"y":217,"width":317,"height":9}},{"id":"8d0da9b5-16eb-4d80-8703-8b1bc2f93685","block_type":"box","text":"Amortised cost provides that the investments are","page_number":57,"box":{"x":527,"y":233,"width":319,"height":11}},{"id":"63818da4-a6ba-4115-9d82-24d83e8b7989","block_type":"box","text":"valued at their cost of acquisition adjusted for","page_number":57,"box":{"x":527,"y":248,"width":320,"height":11}},{"id":"6cb29bcd-aaac-4bf7-9717-dc2c8ff4b852","block_type":"box","text":"amortisation of premium or accretion of discount","page_number":57,"box":{"x":528,"y":264,"width":318,"height":11}},{"id":"36b19249-fb60-4531-bcf3-c39a497666c6","block_type":"box","text":"on the investments rather than at the current","page_number":57,"box":{"x":528,"y":280,"width":318,"height":8}},{"id":"ba598a68-3f9b-4795-9ef6-7204c0bf5327","block_type":"box","text":"market value of the investments.","page_number":57,"box":{"x":528,"y":295,"width":214,"height":9}},{"id":"07aef624-9d4e-4fcf-835c-b469b8596489","block_type":"box","text":"VNAV MMFs","page_number":57,"box":{"x":527,"y":323,"width":88,"height":9}},{"id":"ccd45bc2-b9e9-405f-9aed-d361ba36f046","block_type":"box","text":"When calculating the NAV of the VNAV MMFs,","page_number":57,"box":{"x":527,"y":351,"width":318,"height":11}},{"id":"d90ff150-335c-43b4-860c-5d3280bf79e4","block_type":"box","text":"the investments shall be valued using the mark","page_number":57,"box":{"x":527,"y":366,"width":319,"height":11}},{"id":"6ebebab2-6aaa-42c8-af7a-63b4a0ca4241","block_type":"box","text":"to-market method. The NAV per Share shall be","page_number":57,"box":{"x":527,"y":382,"width":319,"height":11}},{"id":"7421e3ea-3b9b-4b40-8e8e-df051907fed3","block_type":"box","text":"calculated to four decimal places.","page_number":57,"box":{"x":528,"y":398,"width":220,"height":11}},{"id":"d9e90529-21f7-42e7-8e2d-29c8024a0f89","block_type":"box","text":"Public debt CNAV Funds","page_number":57,"box":{"x":528,"y":425,"width":175,"height":9}},{"id":"4927af42-d89b-4067-8137-1eeaac918126","block_type":"box","text":"When calculating the Stable NAV per Share of","page_number":57,"box":{"x":527,"y":453,"width":320,"height":11}},{"id":"d1f5aa7e-2675-42cc-89ca-cfbf603605d1","block_type":"box","text":"the Public debt CNAV Funds, the investments","page_number":57,"box":{"x":527,"y":469,"width":319,"height":10}},{"id":"df5a2133-8b32-461b-bf95-4843df85fb5b","block_type":"box","text":"shall be valued using the amortised cost method.","page_number":57,"box":{"x":528,"y":484,"width":317,"height":11}},{"id":"9d6ba67c-6d4e-4e06-a01d-092f44d2ac67","block_type":"box","text":"Such Stable NAV per Share shall be calculated","page_number":57,"box":{"x":528,"y":500,"width":317,"height":11}},{"id":"2dc41fb1-7cc5-4214-89e6-23d2d68e23db","block_type":"box","text":"to two decimal places","page_number":57,"box":{"x":527,"y":516,"width":143,"height":11}},{"id":"0ad4c2c8-590c-42f5-a31d-6e2e14780762","block_type":"box","text":".","page_number":57,"box":{"x":672,"y":523,"width":2,"height":1}},{"id":"40d8e640-b88a-43ce-a5c4-379fe4f6675d","block_type":"box","text":"In addition, the Public debt CNAV Funds shall","page_number":57,"box":{"x":529,"y":543,"width":316,"height":11}},{"id":"80df9ad0-38a6-4d20-bc5e-0ca6e3ae9821","block_type":"box","text":"calculate their NAV per Share to four decimal","page_number":57,"box":{"x":528,"y":559,"width":317,"height":11}},{"id":"54477e52-3cde-44ed-903f-88359d7d7d9c","block_type":"box","text":"places and in which all investments are valued","page_number":57,"box":{"x":528,"y":575,"width":317,"height":11}},{"id":"91b38589-0928-4d0b-bb83-8bc1bde69d1f","block_type":"box","text":"using the mark-to-market method. The","page_number":57,"box":{"x":528,"y":591,"width":318,"height":11}},{"id":"89f7aad1-9ff2-43ca-9e03-1a76d51c51ff","block_type":"box","text":"difference between the NAV per Share and the","page_number":57,"box":{"x":528,"y":606,"width":318,"height":11}},{"id":"b2a14ed2-a15c-4639-9fb3-20f5fa5af8a1","block_type":"box","text":"Stable NAV per Share shall be published daily.","page_number":57,"box":{"x":528,"y":622,"width":307,"height":11}},{"id":"d9fde50c-9e08-4c6b-9a49-0cfbe2d9f825","block_type":"box","text":"LVNAV MMF Funds","page_number":57,"box":{"x":528,"y":650,"width":136,"height":8}},{"id":"9fcc1e0d-dd81-4b2a-af89-0b6c26858798","block_type":"box","text":"When calculating the Stable NAV per Share of","page_number":57,"box":{"x":527,"y":677,"width":320,"height":11}},{"id":"a5cb9e9b-13f5-43ab-a6f8-586365483184","block_type":"box","text":"the LVNAV MMFs, the Management Company","page_number":57,"box":{"x":527,"y":693,"width":320,"height":11}},{"id":"b7cde06e-bbb7-474d-8092-095952f65af5","block_type":"box","text":"intends that the amortised cost method of","page_number":57,"box":{"x":528,"y":708,"width":319,"height":9}},{"id":"6dfc1b53-3c75-4d30-902c-6fec61d771d6","block_type":"box","text":"valuation shall be used, in accordance with the","page_number":57,"box":{"x":527,"y":724,"width":319,"height":10}},{"id":"432f9b06-92a1-4517-9e68-0d47aecc8bf9","block_type":"box","text":"Central Bank’s requirements and Article 29 of","page_number":57,"box":{"x":528,"y":740,"width":319,"height":11}},{"id":"839015a2-c656-429b-bd65-1c20d7b815a7","block_type":"box","text":"the MMF Regulations, in respect of investments","page_number":57,"box":{"x":527,"y":756,"width":319,"height":11}},{"id":"d291edc6-b22e-43df-9597-026fede7dec9","block_type":"box","text":"whose residual maturity is less than 75 days and","page_number":57,"box":{"x":527,"y":771,"width":319,"height":11}},{"id":"f7a1f8f6-aecc-47e3-aea1-0b755c3a9cc6","block_type":"box","text":"whose mark-to-market value is within 10 basis","page_number":57,"box":{"x":527,"y":787,"width":319,"height":9}},{"id":"af2ab670-9650-4247-8c91-eff4efd1a8ee","block_type":"box","text":"points of the amortised cost value. All other","page_number":57,"box":{"x":528,"y":803,"width":319,"height":11}},{"id":"ec012fe1-0d62-4652-850c-7f0a35129775","block_type":"box","text":"investments shall be valued using the mark-to","page_number":57,"box":{"x":528,"y":819,"width":318,"height":11}},{"id":"7bbd4c7a-64ed-47a8-8364-69d447420e2c","block_type":"box","text":"market method. Such Stable NAV per Share","page_number":57,"box":{"x":528,"y":834,"width":318,"height":11}},{"id":"4670c80b-f54c-46be-a285-63db0ab2f603","block_type":"box","text":"shall be calculated to two decimal places for","page_number":57,"box":{"x":528,"y":850,"width":319,"height":11}},{"id":"f17d11ed-0097-44d8-97f6-234c5cce8f91","block_type":"box","text":"Shares which are distributing and to four decimal","page_number":57,"box":{"x":528,"y":866,"width":318,"height":11}},{"id":"a2db8185-c131-4ed9-9576-cfc64f823342","block_type":"box","text":"places for Shares which are accumulating (or","page_number":57,"box":{"x":528,"y":881,"width":319,"height":11}},{"id":"e94589cc-a112-47f6-8811-0339e70c7b9b","block_type":"box","text":"Information Classification: General","page_number":58,"box":{"x":154,"y":90,"width":209,"height":8}},{"id":"2b7ee1fb-b59b-45e2-8b86-9b018220e5ab","block_type":"box","text":"43264553.84","page_number":58,"box":{"x":153,"y":945,"width":93,"height":9}},{"id":"cdff0e07-1da3-48f2-bf18-5db0bf20db1d","block_type":"box","text":"Information Classification: General","page_number":58,"box":{"x":74,"y":968,"width":214,"height":8}},{"id":"50d3aabf-ebf8-41d4-8f7c-510a22203a7a","block_type":"box","text":"such other number of decimal places as the","page_number":58,"box":{"x":153,"y":133,"width":318,"height":11}},{"id":"3f0d29fb-1b93-441a-a1ce-2ef7db2cb3a2","block_type":"box","text":"Management Company may determine).","page_number":58,"box":{"x":154,"y":149,"width":267,"height":11}},{"id":"b28f0acd-bb37-43d5-b46c-8bd845f510ac","block_type":"box","text":"In addition, the LVNAV MMF Funds shall","page_number":58,"box":{"x":154,"y":176,"width":308,"height":10}},{"id":"11d2df2e-a42f-4e9a-97f8-54664d0afcd8","block_type":"box","text":"calculate their NAV per Share to four decimal","page_number":58,"box":{"x":153,"y":192,"width":309,"height":11}},{"id":"cc8a88e3-7cc5-40de-a32c-95be84355ded","block_type":"box","text":"places where all investments are valued using","page_number":58,"box":{"x":153,"y":208,"width":309,"height":11}},{"id":"51a8d73a-9bc7-46cc-b1e6-6d678680e5ad","block_type":"box","text":"the mark-to-market method. 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