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Late trading or "after-hours" trading involves placing orders for mutual fund shares after the 4:00 p.m market close, but still getting that day's earlier price, rather than the next day's closing price. This practice is illegal under SEC rules but many mutual fund managers appear to have allowed exceptions for certain hedge funds and other favored investors who were able to obtain that day's price, notwithstanding that their orders were received after-hours.
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