TYPE A MUTUAL FUND ASSUMPTIONS FOR EXAMPLES #1 TO #4: EXAMPLE #1 DIVIDENDS OR DIVIDEND REINVESTMENT

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1 ASSUMPTIONS FOR EXAMPLES #1 TO #4: Price on trade date is $10.00 per unit for Equity Fund and $11.00 per unit for Growth Fund Price movement to $11.00 per unit for Equity Fund and $10.00 per unit for Growth Fund No - load Funds traded All redemptions of this Fund Family are processed through one account All purchases of this Fund Family are processed through one account Money balances and units can be linked by individual client EXAMPLE #1 DIVIDENDS OR DIVIDEND REINVESTMENT Dividends or dividend reinvestments are usually processed by the Fund Company but not recorded by the Member Firm due to a timing lag. The broker does not know the amount of the dividend until informed by the Fund Company which may be after the Fund Company has already adjusted their own records and produced the monthly file or statements. For example, a client of Broker A has 400 units of Equity Fund in her account at May 31 with a market value of $10.00 per unit. On May 31, the fund paid a dividend of $0.30 per share. The dividend was reinvested and the client acquired 12 additional units in the fund (400 units x $0.30 / $10.00) On Broker A s records: The broker records would not show the amount of the dividend, therefore, would still be showing a total of 400 units. On the Fund Company's records The Fund Company records would reflect the amount of the dividend and would show total units of 412. Difference The difference would be the amount of the dividend, which is 12 units. Capital Requirements calculated at June 30th for the May 31st Monthly Financial Report ( MFR ) This is a long security position difference with no money difference and the margin required would be nil. EXAMPLE #2 - REDEMPTIONS (1,000 UNITS OF EQUITY FUND AT $10.00) Initial position: 1,000 Long - Client's account - 5-

2 EXAMPLE #2 REDEMPTIONS (CON T) On trade date: Dr. Redemption account $10,000 Cr. Client's account $10,000 1,000 Long - Redemption account 1,000 Short - Client s account On Settlement Date: A. Assuming proper and matched settlement takes place Dr. Cash $10,000 1,000 Long - Box account Cr. Redemption account $10,000 1,000 Short - Redemption account Redemption account is flat and box account is flat. The client has been credited the $10,000 and his security position flattened. Therefore, no capital is required. B. Assuming money settled, but money amounts did not match Dr. Cash $9,950 1,000 Long - Box account Cr. Redemption account $9,950 1,000 Short - Redemption account - Net $50 debit should be provided as a capital requirement for unresolved money differences. Provision of the net amount of $50 is reasonable under these circumstances. The exposure is the difference between the contracted amount and the amount received from the Fund Company. - If there had been differences in the number of units the differences should be provided for as part of security differences reconciliations and considered in the determination of total margin required. C. Assuming the trade did not settle Since the trade did not settle, the Redemption account would continue to show a $10,000 debit balance. Since the trade did not settle, the following security position balances would remain: 1,000 Long - Redemption account - The debit could be offset by credits in the same fund for positions held by the same client. The debit could not be offset by credits relating to the balances or positions with a different Fund Company or a different client. - Long break with money. The capital required would be calculated as the mark-to-market plus applicable inventory margin. In this case a gain exists due to the favourable market movement (since the client should get the original redemption price even if the trade has to be redone). The capital required is ($10.00-$11.00) x 1,000 + inventory margin 50% of $11,000 or $4,

3 EXAMPLE #3 - PURCHASES (1,000 UNITS OF EQUITY FUND AT $10.00) Record receipt of cash from client: Dr. Cash $10,000 Cr. Client' s account $10,000 On trade date: Dr. Client's account $10,000 Cr. Purchase account $10,000 1,000 Long - Client s account 1,000 Short - Purchase account On Settlement Date: A. Assuming proper and matched settlement takes place Dr. Purchase account $10,000 1,000 Long - Purchase account Cr. Cash $10,000 The client account is long the units, the purchase account is cleared and the NCI box account is short the units. B. Assuming money settled, but money amounts did not match Dr. Purchase account $11,000 1,000 Long - Purchase account Cr. Cash $11,000 - Net $1,000 DR. in the Purchase account. Therefore, capital requirement is $1, There would be no security position difference as both the Fund Company and the client account show the position. No margin required. C. Assuming the trade did not settle Since the trade did not settle, the Purchase account would continue to show a $10,000 credit balance Since the trade did not settle, the following security position balances would remain: 1,000 Long - Client s account 1,000 Short - Purchase account - No margin required. Credit available to offset debits relating to the same client only where net money settlements are made with the Fund Company. - The Fund Company does not show a position but the client account does. Unresolved short with money difference. The capital required is ($11.00-$10.00) x 1,000 units + inventory margin 50% of ($11.00 x 1,000) or $6,500 Any credit calculated cannot be offset against other debits. - 7-

4 EXAMPLE #4 - SWITCHES WITHIN SAME FAMILY OF FUNDS When a client switches between different fund types within the same family of funds, timing differences can arise between the Member Firm and the Fund Company in recording the transactions. The way most mutual fund order processing systems work now is that the order is not passed to the back-office system (ADP/ISM/Dataphile) until receipt of the order is confirmed by the Fund Company s system. Timing differences may arise because trades processed by the Fund Company but not by the Member Firm as of the reconciliation date. For example, a client has 300 units of Growth Fund in his account with a Member Firm. On May 31st the client switches their holdings in the Growth Fund to the Equity Fund. Fund Company s records: Redeem all the units of Growth Fund and then use the proceeds to purchase units of Equity Fund. All these transactions have a trade date of May 31, and therefore are included in the monthly file sent to the Member Firm for reconciliation purposes. Member Firm s records: Transactions were not processed on May 31. Margin Requirements calculated at June 30th for the May 31st MFR Since both the redemption and purchase were not processed by the Member Firm, the reconciliation would show differences of: (a) 300 units Short Growth Fund and (b) 330 units Long Equity Fund. The short positions should be margined by taking the market value plus the applicable inventory margin, in this case 50%. [An offset for the market value of the long position can be taken to reduce the margin otherwise required on the short position because these two fund types have the same load characteristics. This applies only to switches where the Fund Company has not processed both sides of the transaction on the monthly file.] Market Value: Equity Fund = 330 short x $11.00 per unit = $3,630 short Growth Fund = 300 long x $10.00 per unit = $3,000 long Capital required: = Margin required on short market value of long = [Market value of short + 50% x market value of short] - market value of long = [$3, % x $3,630] - $3,000 = $2,445 If only one side of the switch has been processed, the capital requirements would be calculated as previously described for redemptions or purchases (See Examples #2 and #3 above). - 8-

5 APPENDIX B TYPE B MUTUAL FUND The following facts were assumed in the example listed below: Fund Company does not provide a monthly file or statement No loan value extended on the fund No activity in the fund, except for transfers or liquidating trades, for at least six months Total market value of positions at the Fund Company is $10 million. The capital required would be $1 million ($10 million market value x 10%). - 9-

6 APPENDIX C TYPE C MUTUAL FUND The following facts were assumed in the example listed below: Fund Company does not provide a monthly file or statement Fund does not fall under the Type B mutual fund Total market value of positions at the Fund Company is $10 million. The margin required would be $10 million ($10 million market value x100%)

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