A hodgepodge of minor mishaps

Before

Proper valuations are necessary for accurate fee bills, and performance calculations, among others. ABC Capital employs FT IDC’s pricing service to populate the price files of the portfolio accounting system (Advent AXYS). Prices for equity securities are updated daily; those for fixed income securities are updated on the 15th and last day of each month. In the event of a missing price, or if a price is not available from IDC, then Bloomberg is used as the secondary source, and the third source used is the custodian. When the registrant finds that the valuation price from IDC, Bloomberg, and the custodian are missing, stale, or do not sufficiently reflect fair valuation (for example in the case of thinly traded bonds), then ABC Capital may seek prices from a sell side firm to gather valuations which better reflect a fair valuation. These pricing exceptions are rare, and as such require approval of the Registrant’s COO before the system price file can be updated.

Before, with commentary

Proper valuations are necessary for accurate fee bills, and performance calculations, among others. ABC Capital employs FT IDC’s pricing service [does the reader know what this is?] to populate the price files of the portfolio accounting system [this language is very stilted] (Advent AXYS) [does the reader care?]. Prices for equity securities are updated daily; those for fixed income securities are updated on the 15th and last day of each month. In the event of a missing price, or if a price is not available from IDC, then Bloomberg is used [passive voice] as the secondary source, and the third source used is the custodian. When the registrant finds that the valuation price from IDC, Bloomberg, and the custodian are missing, stale, or do not sufficiently reflect fair valuation (for example in the case of thinly traded bonds), then ABC Capital may seek prices from a sell side firm to gather valuations which better reflect a fair valuation. These pricing exceptions are rare, and as such require approval of the Registrant’s [In one paragraph, the disclosing company is ABC Capital twice, “the registrant” once, and “the Registrant” once.] COO before the system price file can be updated.

After

We need proper valuations for many purposes, such as for producing accurate fee bills and measuring performance. To that end, we employ FT Interactive Data Corporation’s (IDC) pricing service to generate the information that fuels our portfolio accounting system. Prices for equity securities are updated daily; prices for fixed income securities are updated on the 15th and last day of each month. If a price is missing or not available from IDC, we rely on Bloomberg as the secondary source, and the custodian as the third source. If these sources do not generate a current price or a price that we think reflects fair value (for example, in the case of thinly traded bonds), then we may seek prices from a sell-side firm as well. These pricing exceptions are rare; we cannot rely on valuations obtained from sell-side firms without approval of the Chief Operating Officer.