NYSE Outage – Fund Valuation and Operations Based on the NYSE Close

July 22, 2015

The New York Stock Exchange (NYSE or Exchange) was forced to suspend trading for almost four hours on July 8, 2015 to resolve a technical problem that resulted from a software upgrade. The Exchange resumed normal trading operations prior to the Exchange’s regular close at 4:00 p.m. ET.

The outage was significant both in terms of its effect (or lack thereof) on the market for NYSE-listed securities, as well as for the questions the event raised for open-end funds registered under the Investment Company Act of 1940 (1940 Act) – in particular, with respect to the valuation of fund portfolio holdings, pricing of fund shares, and processing of transactions in fund shares.

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