Determining the daily value of a mutual fund is a tricky business-never more so than when markets turn volatile. The recent turmoil in emerging markets put industry pricing practices to the test.

Some fund companies, concluding that the closing prices of stocks traded on Asian exchanges were too mercurial to be relied upon, instead used a "fair value" calculation to arrive at the price of a fund share. Some investors who bought shares overnight-before the funds' updated daily values were available-were dismayed not to receive the price they expected.

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