market will be valued at the market settlement price but if the settlement price is not available the value shall be the realizable value estimated in good faith by the Directors, the Manager or a competent person appointed by the Directors and approved by the custodian. g.
Over The Counter derivative contracts will be valued based either on (i) a counterparty quotation or (ii) alternative valuation method proposed by a competent person appointed by the Directors with the approval of the Custodian.
h.
Forward foreign exchange contracts will be valued by reference to the prevailing market quotation being the price at which new forward contracts of the same size and maturity would be under taken in the relevant market.
i.
Units or shares in a collective investment scheme will be valued on the basis of the latest available net asset value per unit or share as published by the scheme or if listed on a Recognised Stock Exchanges as per(a)above.
j.
In the case of a money market fund, the Directors may use the amortised cost method of valuation whereby the securities are valued at their acquisition cost when purchased and thereafter a constant proportionate accretion and amortization of any premium or accretion or discount on the securities are recorded until the maturity of the security.
k.
In the case of a Fund which is not a money market fund, the Directors may value securities having a residual maturity not exceeding three (3) months using the amortised cost method where such securities have no specific sensitivity to market parameters, including credit risk.
The Directors are empowered, with the consent of the Custodian, to adjust the value of any investment assets if, having regard to marketability, applicable interest rates, anticipated rate of dividend, liquidity or other relevant considerations they consider that such adjustment is necessary to reflect fair value. Where the value of an asset is expressed in foreign currency, such value shall be converted to JMD at such rate as the Directors shall determine to be appropriate, except in the case of the Global Money Market Fund and the Global US Dollar Fixed Income Fund which are denominated in USD. Where the value of any asset is not ascertainable based on the principles
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