Client Alert

NASDAQ Official Closing Price: New Pricing Standard May Affect Mutual Fund Pricing Policies and Registration Statement Disclosure

April 14, 2003

Investment Management Practice Group

On April 14, 2003, the NASDAQ Stock Market, Inc. implemented an official closing price standard for Nasdaq-listed issues. In the past, mutual funds have relied on the “last sale price” disseminated by Nasdaq for NAV calculation. The new standard, known as the Nasdaq Official Closing Price, is expected to replace the “last sale price.”

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