Sec.3-31b-8. Method of valuation of each unit

The combined investment funds shall be valued as of the close of business on each valuation date as follows:

(a) Securities listed on exchanges registered with the U.S. Securities and Exchange Commission shall be valued at the closing price on the last trading day of the valuation period. If the security did not trade, the Treasurer shall value the security using one of the following methods which, in the Treasurer’s opinion, best represents fair market value:

(1) The closing price on the last day the security traded; or

(2) The mean between the bid and asked prices on the last trading day of the valuation period.

(b) Unlisted securities shall be valued at the mean of the bid and ask on the last trading day of the valuation period or if there is no bid and ask then such mean on the last trading day a bid and ask is available. If no ask price is reported, the bid may be used.

(c) Prices for the valuation referred to in subsections (a) and (b) of this section may be obtained from the Master Custodian Bank, a private pricing service designated by the Treasurer, the Wall Street Journal, New York Times or a newspaper having general circulation in the city of Hartford.

(d) With respect to investments without established markets such as limited partnerships and similar instruments, the Treasurer shall determine fair value by relying on appraisals and valuations provided by general partners, or other appropriate methods or sources. In the event that such valuation cannot be determined from such sources, or if, in the opinion of the Treasurer, the valuation is not reasonable, the Treasurer shall determine the fair market value of the investments, using other appropriate methods or sources.

(e) Securities purchased and awaiting payment against delivery shall be included for valuation purposes as a security held, and the purchase price, including broker's commissions or expenses of the purchase, shall be set up as a liability. Securities sold but not delivered pending receipt of proceeds shall be valued at the net sales price.

(f) The fair market value of rights and warrants when securities are trading ex-rights or ex-warrants together with principal cash shall also be included in determining the total value of the units. Valuation of rights and warrants "shall" be determined in the same manner as that of other securities as described in subsections (a), (b), (c) and (d) of this section.

(g) The net asset value of the investment fund, including all assets, liability and income components, divided by the total number of units outstanding, shall determine the market value per unit.

(Effective April 19, 1991; Amended September 30, 1998; Amended September 13, 2016)