DTE Energy 2013 Annual Report Download - page 217

SCHEDULE D-3
VALUATION RULES
Time of Valuations
"Valuation Day" shall mean each day on which the New York Stock
Exchange is open for business.
J.P. Morgan shall determine the value of the Fund or the value of
the Fund’s units with respect to any Valuation Day as of the close of
business of the New York Stock Exchange on that day, or at such
other time on which J.P. Morgan and Customer may agree.
Valuation Rules
Except as otherwise expressly agreed by Customer and J.P.
Morgan, the value of securities or other property held by a Fund
shall be determined in accordance with the following rules (the
“Valuation Rules”) and as further directed by Customer in Schedule
D-1 attached hereto:
(a) General Rules
(i) Publicly-traded securities for which a price is readily available
shall be reported based upon information and financial publications
of general circulation, generally available statistical and valuation
services, and records of security exchanges, or from quotes from
brokers customarily used by J.P. Morgan for security pricing
purposes;
(ii) Units or shares in investment companies subject to the
Investment Company Act of 1940 (“40 Act”) (“Mutual Funds”), shall
be reported at the most recently announced net asset value
pursuant to regulations under the 40 Act;
(iii) Units or shares in limited liability companies, or other funds
other than Mutual Funds (each, together with units or shares of
investment companies, a “Fund”) or Group Trusts shall be reported
at their most recent asset value or other unit or share value stated
by the Fund or its operator;
(iv) Units in Group Trusts shall be reported at the value stated by
the trustee of the Group Trust;
(v) Contracts of a type that J.P. Morgan, acting reasonably,
determines to be an over-the-counter derivative (“OTC Derivative
Contracts”) shall be reported at the price provided by the applicable
investment manager or by a vendor selected by that investment
manager or the Customer; and
(vi) Other Securities shall be reported at prices certified by the
applicable investment manager or at the price provided by a vendor
or appraiser selected by the investment manager, or the Customer.
(b) J.P. Morgan shall follow general market practice with regard to
reviewing the reasonableness of prices received by it under clause
(a)(i), but shall not otherwise be responsible for any error or
inaccuracy in any such price as received by J.P. Morgan. The
Customer or the applicable investment manager, as the
Accounting Services Rider – February 2011 Page 5
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