OTHER NEWS - July 6, 1994

Mutual Fund Reporting Deadline Extended: The National Assn. of Securities Dealers said it will extend by 10 minutes the deadline for mutual fund companies to report their net-asset values to the public. On June 17, Fidelity Investments sent a day-old price report for 150 funds without telling the NASD that a computer glitch had prevented it from completing the tabulation by 5:30 p.m. EDT, the old deadline. The incorrect asset values were reported in the next day’s newspapers and on wire services. The episode raised concerns over the accuracy of such reports. Last week, Securities and Exchange Commission Chairman Arthur Levitt Jr. asked the mutual fund industry and the NASD to report on what steps could be taken to eliminate such price reporting problems.