*See Memorandum to Primary Contacts-Closed End Funds No. 2-97, dated July 3, 1997.
[9129]
August 6, 1997
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 28-97
PRIMARY CONTACTS - CLOSED-END FUNDS No. 3-97
RE: INSTITUTE PROVIDES SURVEY RESULTS TO NASDAQ REGARDING DAILY
CALCULATION OF NAV
______________________________________________________________________________
As we previously informed you, the National Association of Securities Dealers
Automatic Quotation Service ("NASDAQ") is studying the feasibility of closed-end funds
reporting their net asset values daily through a mutual fund quotation system platform that is
under consideration.* In connection with this, NASDAQ expressed interest in knowing the
number of closed-end funds that would be willing to calculate net asset value daily if this
information was to be disseminated through NASDAQ.
Attached is a letter that we sent to NASDAQ reporting the results of a survey of closed-
end fund members regarding this matter. Specifically, three hundred fifty-three closed-end
funds responded to the survey. Of these, 270 (76%) stated that they would be willing to
calculate net asset value daily if this information was to be disseminated through NASDAQ.
Dorothy M. Donohue
Associate Counsel
Attachment (in .pdf format)