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A Securities and Exchange Commission regulation that requires that investment companies price all of
their buy and sell orders of fund shares according to the next net asset value (NAV). This valuation
process is for open-end mutual fund transactions in which the mutual fund itself is constantly issuing and
redeeming mutual fund shares at the most recent NAV per share.

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Forward pricing is implemented when a trade is placed to buy or sell shares of an open-end mutual
fund. This occurs because open-end funds only recalculate the net asset value of their mutual fund
shares after the market closes each trading day. As a result, any mutual fund order placed by an investor
can't be quoted at a previous net asset value price, and must instead be given according to the next
computed net asset valuation