If instructions are received after noon they will be priced at the following business day's valuation. The main advantage of OEICs over unit trusts is the flexibility and transparency that they offer. All OEIC funds are priced on a single mid-market basis, which means that the buying and selling prices on a single day are the same. Any relevant initial charge will be deducted from the amount applied to purchase shares. The price of each share is calculated by dividing the net asset value of a fund attributable to a particular class of share, by the number of shares of that class in issue.
Unit trusts have a dual pricing system.
Funds comprising mainly of bonds normally quote a gross redemption yield after all charges but before tax has been deducted. Funds mainly made up of equities normally quote a yield representing the estimated annual pay out net of tax for the basic rate tax payer. Change on the buying price from one day to the next.