[11078]
June 25, 1999
TO: ACCOUNTING/TREASURERS COMMITTEE No. 19-99
RE: SURVEY OF POLICIES FOR PROCESSING AS-OF TRANSACTIONS
______________________________________________________________________________
The Accounting Policy Subcommittee prepared the attached survey of policies for
processing "as-of" transactions in fund shares. Delays or errors in processing shareholder
transaction requests may cause a fund to honor the request at the net asset value on the date it was
originally received. These as-of transactions may result in a gain or loss to the fund due to
fluctuations in net asset value between the date the transaction request was originally received, and
the date the transaction request was processed. The attached questionnaire is intended to survey
policies for monitoring the impact of as-of transactions and standards for fund reimbursement.
Please complete the attached questionnaire and return it to the Institute by July 30.
Responses will be compiled by the Institute and released in aggregate form (i.e., no individual firm
responses will be released separately). Survey results will be distributed to participating firms. If
you have any questions please contact the undersigned at 202/326-5851 or smith@ici.org.
Gregory M. Smith
Director - Operations/
Compliance & Fund Accounting
Attachment