SECURITY VALUATION Sample Clauses
The Security Valuation clause defines how the value of securities will be determined for the purposes of the agreement. Typically, it outlines the methods, timing, and sources to be used in calculating the market value of stocks, bonds, or other financial instruments, such as referencing closing prices on a specific exchange or using an independent valuation agent. This clause ensures that both parties have a clear and agreed-upon process for valuing securities, which is essential for accurate settlement, margin calculations, or collateral requirements, thereby reducing disputes and promoting transparency.
SECURITY VALUATION. In valuing the Fund's assets, all listed securities, including purchased options, for which market quotations are readily available are valued at the last sales price on the valuation date, or if there was no sale on such date, at the mean between the current bid and asked prices. Securities which are traded over-the-counter are valued at the average of the mean of current bid and asked prices obtained from reputable brokers. All non-equity securities as to which market quotations are readily available are valued at their market values. Short-term securities which mature in 60 days or less are valued at amortized cost. Other securities and assets for which market values are not readily available (including investments which are subject to limitations as to their sale or for which a ready market for the securities in the quantities owned by the Fund does not exist) are valued at fair value as determined in good faith by the Board of Directors (the "Board"), although the actual calculations may be done by others.
SECURITY VALUATION. For assets in which valuations of the Trust’s underlying investments are provided to USBFS by the Trust, USBFS is authorized to rely on such valuations without investigation or verification.
SECURITY VALUATION. Security transactions are recorded as of trade date. Debt securities are valued at prices supplied by independent pricing services, which consider such factors as Treasury spreads, yields, maturities and ratings. Valuations may be supplemented by dealers and other sources, as required. Equity securities are valued at the last sale price on the principal exchange where they are traded. The values of interest rate swaps are determined by obtaining dealer quotations. Securities for which market quotations are not readily available are valued at their fair values as determined by, or under the direction of, the Board of Trustees. The Trust may also use the fair value of a security, including a non U.S. security, when the closing market price on the principal exchange where the security is traded no longer accurately reflects the value of the security as of the close of the exchange. At November 30, 2007, there were no securities fair valued. Temporary cash investments are valued at cost which approximates market value. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Trust becomes aware of the ex-dividend data in the exercise of reasonable diligence. Discount and premium on debt securities are accreted or amortized, respectively, daily, on an effective yield to maturity basis and are included in interest income. Interest income, including income on interest bearing cash accounts, is recorded on an accrual basis. Pioneer Municipal and Equity Income Trust -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS 11/30/07 (continued) -------------------------------------------------------------------------------- Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
SECURITY VALUATION. In valuing the Fund's assets, all listed securities, including purchased options, for which market quotations are readily available are valued at the last sales price on the valuation date, or if there was no sale on such date, at the mean between the current bid and asked prices. Securities which are traded over-the-counter are valued at the average of the mean of current bid and asked prices obtained from reputable brokers. Short-term securities which mature in 60 days or less are valued at amortized cost. Other securities and assets for which market values are not readily available (including investments which are subject to limitations as to their sale or for which a ready market for the securities in the quantities owned by the Fund does not exist) are valued at fair value as determined in good faith by the Board of Directors (the "Board"), although the actual calculations may be done by others.