August 4, 1993
TO: ACCOUNTING/TREASURERS MEMBERS NO. 23-93
MEMBERS - ONE PER COMPLEX NO. 52-93
OPERATIONS MEMBERS NO. 27-93
SEC RULES MEMBERS NO. 61-93
TRANSFER AGENT ADVISORY COMMITTEE NO. 40-93
RE: NEW YORK STOCK EXCHANGE OPEN FOR BUSINESS DECEMBER 31, 1993
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Many fund prospectuses contain disclosure to the effect that the fund will
price its shares on days when the New York Stock Exchange is open for business.
In this regard, please be advised that pursuant to New York Stock Exchange Rule
51, the Exchange will be open on Friday, December 31, 1993, the day before New
Year's Day.
Although Rule 51 generally provides that when a holiday observed by the
Exchange falls on a Saturday, the Exchange will not be open for business on the
preceding Friday, the rule contains an exception if "unusual conditions exist,
such as the ending of a monthly or the yearly accounting period," as will be the
case on December 31. Therefore, funds that disclose that they will price on days
when the New York Stock Exchange is open should make arrangements to price their
shares on that day.
Please note that the Exchange also will be open on Monday, January 3, 1994.
However, in accordance with Rule 51, the Exchange will be closed on Friday,
December 24, 1993.
Craig S. Tyle
Vice President - Securities