# Swisscanto (LU)
## Notes on the annual report (continued) as at 31 March 2021

### Note 2: Main accounting policies (cont.)
- Liquid assets, trustee funds and fixed-term deposits are valued on the basis of their nominal value plus accrued interest.
- Units in UCITS and other UCIs are valued according to their last published net asset value. If no net asset value is available, but only acquisition and sale prices, the units of such UCITS and other UCIs may be valued at the mean value between such acquisition and sale prices. If no current prices are available, the valuation is carried out by the Management Company in accordance with other criteria to be specified by the Board of Directors and on the basis of the probable sale price which must be estimated with due care and in good faith.
- Derivatives that are not traded on an exchange or any other regulated market are to be valued at the fair value that is appropriate after careful assessment, taking into account the overall circumstances.
- For each subfund the assets that are denominated in a currency other than that of the subfund are converted to the subfund’s currency at the prevailing mean rate. Forward contracts entered into to hedge currency risk are included in the conversion.
- Dividends are posted on the “ex-dividend” date and interest is deferred daily.
- The realised gains or losses resulting from the sale of securities will be calculated on the basis of the average purchase price.
- Calculation of the net asset valueThe net asset value of the shares is calculated by the Management Company for each individual subfund as per the fund contract and item 3.1 in the sales prospectus on every banking business day in Luxembourg.
- Valuation of forward exchange contractsAny unrealised gains or losses resulting from the valuation of open forward exchange contracts at the reporting date are included in the statement of net assets and the income and expense statement.
- Capital gains or losses from security transactionsThe realised gains or losses resulting from the sale of securities will be calculated on the basis of the average purchase price.
- Swinging Single Prices (SSP)The SSP method is used for all subfunds. With the SSP method, the ancillary costs created by subscriptions and redemptions for the purchase and sale of investments (price spreads, brokerage in line with market conditions, commission, fiscal charges etc.) are taken into account in the calculation of the NAV. If, on a banking day, the total subscriptions and redemptions of all unit classes of a subfund result in a net inflow or outflow, the net asset value of the relevant subfund is increased or reduced. This amount is known as the “modified net asset value”. The adjustment results in an increase in the net asset value if the net movements lead to a rise in the number of units in the relevant subfund. It results in a decrease in the net asset value if the net movements cause a fall in the number of units.

The transaction costs incurred by subscriptions and redemptions on the trading day are paid by the investors who commission these transactions.
The surcharge on, or deduction from, the transaction costs incurred by subscriptions or redemptions is effected at a flat rate and is based on an average value from a previous period of a maximum of one year.
The maximum adjustment is 2% of the net asset value of the subfund in question.
If the fund has been on the market for less than one year, depending on the fund’s special features this factor will be determined so that a representative figure results.

Translation (ENFR, 2021-03-31):
# Swisscanto (LU)
## Table des matières

### Page
* Voir note 12