NAV Calculation and Reporting Clause Samples

The NAV Calculation and Reporting clause defines the process and requirements for determining and communicating the Net Asset Value (NAV) of a fund or investment vehicle. It typically outlines the frequency of NAV calculations, the methodology to be used, and the responsibilities of the parties involved in preparing and distributing NAV reports. For example, it may require monthly NAV calculations using specified accounting standards and mandate timely delivery of NAV statements to investors. This clause ensures transparency and consistency in valuing the fund's assets, thereby providing investors with reliable information for decision-making and compliance purposes.
NAV Calculation and Reporting. (a) ▇.▇. ▇▇▇▇▇▇ shall perform NAV calculations in accordance with: (i) the Prospectus; (ii) the 1940 Act; (iii) Valuation Procedures; and (iv) instructions which are consistent with ▇.▇. ▇▇▇▇▇▇’▇ operating model, provided that, in the cases of (iii) and (iv), they are consistent with (i) and (ii). (b) ▇.▇. ▇▇▇▇▇▇ shall perform the following NAV calculation functions Daily, unless otherwise agreed with the Customer: (i) recording all security transactions including appropriate gains and losses from the sale of Fund securities; (ii) recording each Fund’s (or class’) capital share activities based upon Share Transactions received by the Transfer Agent; (iii) recording interest income, amortization/accretion income and dividend income; (iv) accruing Fund (or class) expenses according to instructions received from the Customer; (v) recording all corporate actions affecting securities held by each Fund; (vi) determining the outstanding receivables and payables for all (1) security trades, (2) Share Transactions; and (3) income and expense accounts; (vii) obtaining security prices from independent pricing services, or if such quotes are unavailable, obtaining such prices from the Customer or its designee, as approved by the Board; and (viii) following directions from the Customer with respect to the fair valuation of assets of the Fund. (c) ▇.▇. ▇▇▇▇▇▇ shall report confirmed NAV calculations to (i) the Customer; (ii) the Transfer Agent; and (iii) such third parties as agreed with the Customer.
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NAV Calculation and Reporting. (a) J.▇. ▇▇▇▇▇▇ shall perform NAV calculations in accordance with: (i) the Prospectus; (ii) the 1940 Act; (iii) Valuation Procedures; and (iv) Instructions which are consistent with J.▇. ▇▇▇▇▇▇’▇ operating model, provided that, in the cases of (iii) and (iv), they are consistent with (i) and (ii). (b) J.▇. ▇▇▇▇▇▇ shall perform the following NAV calculation functions Daily, unless otherwise agreed with the Customer: (i) recording all security transactions including appropriate gains and losses from the sale of Fund securities applying dual sell selection methodology such that highest “book” cost applied to market trades and lowest “book” cost applied to in-kind redemption trades; (ii) recording each Fund’s (or class’) capital share activities based upon Share Transactions received by the Order Taker; ETF Fund Servicing Agreement – March 2010 version (iii) accounting for and recording interest income, amortization/accretion income and dividend income and distributions made by each Fund; (iv) accruing Fund (or class) expenses according to instructions received from the Funds’ Administrator; (v) recording all corporate actions affecting securities held by each Fund; (vi) determining the outstanding receivables and payables for all (1) security trades, (2) Share transactions; and (3) income and expense accounts; (vii) obtaining security prices from independent pricing services, or if such quotes are unavailable, obtaining such prices from the Funds’ Investment Adviser or its designee, as approved by the Board (viii) sending the daily PCF to the Customer as directed; (ix) calculating the Cash Component of the PCF and transmitting it as directed by the Customer; (x) amortize premiums and accrete discounts on securities purchased at a price other than face value, if requested by a Fund; (xi) differentiating between and track gains/losses from redemption in kind trades and gains/losses from market trades; (xii) creating for each Fund, the PCF file on any given business day and transmitting the PCF file to the NSCC daily
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NAV Calculation and Reporting. (a) J.▇. ▇▇▇▇▇▇ shall perform NAV calculations in accordance with: (i) the Prospectus; (ii) the 1940 Act; (iii) Valuation Procedures; and (iv) Instructions which are consistent with J.▇. ▇▇▇▇▇▇’▇ operating model, provided that, in the cases of (iii) and (iv), they are consistent with (i) and (ii). (b) J.▇. ▇▇▇▇▇▇ shall perform the following NAV calculation functions Daily, unless otherwise agreed with the Customer: (i) recording all security transactions including appropriate gains and losses from the sale of Fund securities; (ii) recording each Fund’s (or class’) capital share activities based upon Share Transactions received by the Transfer Agent; (iii) recording interest income, amortization/accretion income and dividend income; (iv) accruing Fund (or class) expenses according to instructions received from the Funds’ Administrator; (v) recording all corporate actions affecting securities held by each Fund; (vi) determining the outstanding receivables and payables for all (1) security trades, (2) Share Transactions; and (3) income and expense accounts; (vii) obtaining security prices from independent pricing services, or if such quotes are unavailable, obtaining such prices from the Funds’ Investment Adviser or its designee, as approved by the Board; and (viii) following directions from the Fund’s Investment Adviser with respect to the fair valuation of assets of the Fund. (c) J.▇. ▇▇▇▇▇▇ shall report confirmed NAV calculations to (i) the Investment Adviser; (ii) the Transfer Agent; and (iii) such third parties as agreed with the Customer. (d) J.▇. ▇▇▇▇▇▇ shall provide maintenance on behalf of the Funds of all books (in accordance with GAAP and Tax Basis) and records which the Funds are, or may be, required to keep and maintain pursuant to any applicable statutes, rules and regulations, including without limitation Rules 31a-1 and 31a-2 under the 1940 Act, relating to the maintenance of books and records in connection with the services to be provided hereunder.
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