In this second part of our two-part series on wrong net asset values (NAVs), we go beyond last week's column on what causes wrong pricing to explore what a fund does when it just can't get the NAV right.

Security pricing errors that occur within the fund accounting or operational areas of a mutual fund aren't much fun. But the necessity for making individual value judgments on the prices of a thinly traded, exotic, or illiquid securities can present its own set of challenges, and is a second error checkpoint.

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