Web NASDAQ.com
Glossary

Select the "key phrase" below for Frequently Asked Questions.
 

1y Target Est
This value is an estimate provided by analysts following this stock.
12(b)-1 Fee
Fee assessed shareholders by the mutual fund for some of its promotional expenses. A 12b-1 fee must be specifically registered as such with the Securities and Exchange Commission and the fact that such charges are levied must be disclosed.
13 Week Treasury Bill - IRX
The T-Bill index - (IRX) is based on the discount rate of the most recently auctioned 13-week U.S.Treasury Bill. The new T-bill is substituted weekly on the trading day following its auction, usually a Monday.
50 Day Avg. Daily Volume
This is the average share volume for the past 50 trading days. This field allows you to compare today's trading to the average daily volume.
Actual EPS, CPS, or DPS
Reported annual Earnings Per Share (EPS -Trailing 12 months), cash flow (CPS) or Dividends Per Share (DPS) for a company for the fiscal year indicated. For companies which report on a quarterly basis, this information will contain the sum of the actual earnings, cash flow or dividends for the previous four quarters. For companies that report semi-annually, the field will contain the sum of the previous two semi-annual actuals.
After Hours Best Ask
The price at which someone who owns a security offers to sell a NASDAQ security during the current day’s After Hours market; also known as the asked price. Investors may trade in the After Hours Market (4:00-6:30 p.m. ET for NASDAQ stocks and 4:00-8:00 p.m. ET for NYSE and Amex stocks). Participation by Market Makers and ECNs is strictly voluntary and as a result, this session may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders. NASD Rule 3350 (the Short Sale Rule) will initially not apply during 4:00 p.m. to 8:00 p.m. ET.
After Hours Best Bid
The price a prospective buyer is prepared to pay at a particular time for trading a NASDAQ security during the current day’s After Hours market. Investors may trade in the After Hours Market (4:00-6:30 p.m. ET for NASDAQ stocks and 4:00-8:00 p.m. ET for NYSE and Amex stocks) on The NASDAQ Stock Market. Participation by Market Makers and ECNs is strictly voluntary and as a result, this session may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders.
After Hours High
The after hours high represents the highest price a person purchased this security during the current day’s After Hours trading session. Investors may trade in After Hours Market (4:00-6:30 p.m. ET for NASDAQ stocks and 4:00-8:00 p.m. ET for NYSE and Amex stocks). Participation by Market Makers and ECNs is strictly voluntary and as a result may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders.
After Hours Last Sale
An electronic entry by an NASD Member firm representing the price involved in a transaction of a NASDAQ security during the current day’s After Hours session. The trade report must be submitted to NASDAQ within 90 seconds after the execution of the trade. Investors may trade in the After Hours Market (4:00-6:30 p.m. ET for NASDAQ stocks and 4:00-8:00 p.m. ET for NYSE and Amex stocks). Participation by Market Makers and ECNs is strictly voluntary and as a result may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders.
After Hours Low
The after hours low represents the lowest price a person purchased this security during the After Hours trading session. Investors may trade in the After Hours Market (4:00-6:30 p.m. ET for NASDAQ stocks and 4:00-8:00 p.m. ET for NYSE and Amex stocks). Participation by Market Makers and ECNs is strictly voluntary and as a result may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders.
After Hours Volume
An electronic entry by an NASD Member firm representing the number of shares involved in a transaction of a NASDAQ security during the current day’s After Hours session. The trade report must be submitted to NASDAQ within 90 seconds after the execution of the trade. Investors may trade in After Hours Market (4:00-6:30 p.m. ET for NASDAQ stocks and 4:00-8:00 p.m. ET for NYSE and Amex stocks). Participation by Market Makers and ECNs is strictly voluntary and as a result may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders.

Please note that the volume on the After-Hours Most Active page contains consolidated volume.
After Hours % Change
After Hours Percent change represents the percent increase/decrease between the last sale and the Market Close. See Market Close.
Weighted Alpha
The Alpha is a measure of how much a stock has risen or fallen over a one-year period. The original research was restricted to large cap stocks, so the corresponding rise in the S&P 500 index was subtracted; however, as there are a number of interesting stocks that do not fit well into any category, and others that fit into more than one category, the results are presented without subtracting any index.
Barchart.com takes this Alpha (measure of how much a stock has changed in the one-year period) and weights this, assigning more weight to recent activity, and less (0.5 factor) to activity at the beginning of the period. Thus the weighted alpha is a measure of one year growth with an emphasis on the most recent price activity.
A stock whose price has risen over the one-year period will have a positive Weighted Alpha. A stock whose price has not changed in the period will have a small Weighted Alpha and a stock whose price has dropped over the period will have a negative Weighted Alpha.
N.B. The Weighted Alpha is limited in the amount it may change from one day to the next, thus eliminating large price jumps from the calculation .
American Depositary Receipt (ADR)
A security, created by a U.S. bank, that evidences ownership to a specified number of shares of a foreign security held in a depositary in the issuing company's country of domicile. The certificate, transfer, and settlement practices for ADRs are identical to those for U.S. securities. U.S. investors often prefer ADRs to direct purchase of foreign shares because of the ready availability of price information, lower transaction costs, and timely dividend distribution.
American Stock Exchange (AMEX)
The second-oldest U.S. stock exchange, located on Wall Street in New York City. Started as an alternative to the NYSE, the AMEX originating on the curb outside the NYSE, where brokers traded stocks that failed to meet the Big Board's listing requirements. Considerably smaller in market capitalization and trading volume than NASDAQ and the NYSE, the AMEX conducts trading through a centralized specialist system and is home primarily to small and medium-sized companies
AMEX Composite - XAX
The AMEX Composite Index - (XAX) the American Stock Exchange introduced a new AMEX Composite Index with a new ticker symbol, XAX, on January 2, 1997. The XAX is a market capitalization-weighted, price appreciation index, and replaces the AMEX Market Value Index (XAM) which, since its inception, has been calculated on a "total return basis" to include the reinvestment of dividends paid by AMEX companies. The new AMEX Composite Index is more comparable with other major indexes, which reflect only the price appreciation of their respective components.
Analyst
A person with expertise in evaluating financial investments; he or she performs investment research and makes recommendations to institutional and retail investors to buy, sell, or hold; most analysts specialize in a single industry or business sector.
International Analyst Coverage
NASDAQ.com displays US research coverage only; in many cases, non-US related research coverage can be accessed on the homepage of respective companies.
Announcement Date
The date on which the company first made news of the split public.
Annualized Dividend
This field is a calculated value and uses the last dividend paid multiplied by the frequency. It is the amount of a dividend paid to shareholders over four quarters. A quarterly dividend is therefore multiplied by four to determine its annualized value. A monthly dividend is multiplied by twelve. A one-time dividend is considered fully-annualized at its base value. One-time dividends are not multiplied. See also: Dividend.
Ask
The price at which someone who owns a security offers to sell it; also known as the asked price. (See also "Best Ask".)
Assets
Any possessions that has value in an exchange.
Average Daily Share Volume
The number of shares traded per day, averaged over a period of time, usually one year.
Average Maturity
The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with longer average life.
Beginning Net Asset Value
The market value of a fund share on a predetermined start date.
Best Ask
The price at which someone who owns a security offers to sell it; also known as the asked price. Please note that the New York Stock Exchange and the American Stock Exchange do not provide Ask information on a delayed basis. (See also "Ask".)
Best Bid
The price a prospective buyer is prepared to pay at a particular time for trading a unit of a given security. Please note that the New York Stock Exchange and the American Stock Exchange do not provide Bid information on a delayed basis. (See also "Bid".)
Beta
A measure of the volatility of a stock relative to the overall market. A beta of less than one indicates lower risk than the market; a beta of more than one indicates higher risk than the market. NASDAQ.com uses the S&P 500 as the underlying index to measure the overall market for beta.
Bid
The price a prospective buyer is prepared to pay at a particular time for trading a unit of a given security. (See also "Best Bid".)
Capital Gains Distribution
Payments to mutual fund shareholders of profits from the sale of securities in a fund's portfolio. Capital gains distributions (if any) are usually made annually.
Common Stocks
The basic form of equity ownership in a corporation.
Consensus Rating
The average of analysts recommendations for a single entity. As many brokers have different ratings systems, their recommendations must be standardized so that a consensus can be calculated. The I/B/E/S ratings are calculated using a standard set of recommendations, maintained by I/B/E/S, each with an assigned numeric value:

1. Strong Buy
2. Buy
3. Hold
4. Underperform
5. Sell

Each recommendation received from the analysts is mapped to one of the I/B/E/S standard ratings. Assigning a numeric value to the broker text enables I/B/E/S to calculate a consensus recommendation. This consensus recommendation appears as the mean (average) of the assigned values.
Date of Record
The date on which a shareholder must officially own shares in order to be entitled to a dividend.
Days to Cover
Calculated as the aggregate short interest for the month divided by the average daily share volume traded for the period between short interest settlement dates. If days to cover is between 0 and 1, it is rounded up to 1 on NASDAQ.com
Debt to Equity Ratio
Long-term debt divided by shareholders' equity, showing relationship between long-term funds provided by creditors and funds provided by shareholders; high ratio may indicate high risk, low ratio may indicate low risk.
Deleted
A security is no longer included in The NASDAQ Stock Market.
Diluted EPS
Diluted EPS is a company's EPS figure as calculated using fully diluted shares outstanding. It takes into account non-exercised stock options and convertible bonds, hence the number is fully diluted.

EOL sends YTD diluted EPS numbers as reported by the companies on the SEC quarterly and annual filings. ISS calculates trailing twelve months diluted EPS using the last 12 months diluted numbers provided by EOL. ISS takes into account the YTD aspect of those numbers and calculates the TTM EPS accordingly. ISS also adjusts the EPS numbers if the company issued stock splits or reverse splits in the last 12 months.

GoldPlated receives this adjusted TTM EPS from ISS.
Distribution Date
Date on which the payout of realized capital gains on securities in the fund portfolio occurred.
Diversification
The acquisition of a group of assets in which returns on the assets are not directly related over time. Proper investment diversification is intended to reduce the risk inherent in particular securities. An investor seeking diversification for a securities portfolio would purchase securities of firms that are not similarly affected by the same variables. For example, an investor would not want to combine large investment positions in airlines, trucking and automobile manufacturing because each industry is significantly affected by oil prices and interest rates.
Dividend
Distribution of earnings to shareholders, prorated by the class of security and paid in the form of money, stock, scrip, or, rarely, company products or property. The amount is decided by the Board of Directors and is usually paid quarterly. Mutual fund dividends are paid out of income, usually on a quarterly basis from the fund's investments.
Dow Jones Industrial Average - DJIA
The Dow Jones Industrial Average index - (DJIA) is a price-weighted average of 30 actively traded blue chip stocks, primarily industrials but including American Express Co. and American Telephone and Telegraph Co. Prepared and published by Dow Jones & co., it is the oldest and most widely quoted of all the market indicators. The components, which change from time to time, represent between 15% and 20% of the market value of NYSE stocks. The DJIA is calculated by adding the closing prices of the component stocks and using a divisor that is adjusted for splits and stock dividends equal to 10% or more of the market value of an issue as well as substitutions and mergers. The average is quoted in points, not in dollars.
Down on Unusual Volume
Refers to a decrease in stock price for stocks exhibiting unusual volume. See our FAQs section for additional information regarding Unusual Volume.
Dual Listed
For the purpose of this website - A company which lists its securities on both The NASDAQ Stock Market and the New York Stock Exchange.
EBITDA
Earnings before interest, taxes, depreciation, and amortization.
Effective Annualized Seven-Day Yield
Yield for 7 day period including the day reported, calculated by adding 1 to the base period return used in calculating the standard 7 day yield raising the total to the power of 365 divided by 7 and subtracting 1 (NOTE: To be reported on Wednesday only).
Earnings Per Share (EPS)
The EPS listed on our infoquote and Summary Quote page is "12-mos Rolling". EPS represents the portion of a company's profit allocated to each outstanding share of common stock. Net income (reported or estimated) for a period of time is divided by the total number of shares outstanding (TSO) during that period; See growth rate measures for EPS.
Electronic Data Gathering, Analysis, and Retrieval EDGAR
An electronic system implemented by the SEC that is used by companies to transmit all documents required to be filed with the SEC in relation to corporate offerings and ongoing disclosure obligations. EDGAR became fully operational mid-1995.
Ending Net Asset Value
The market value of a fund share on a predetermined end date.
Ex-dividend
Interval between the announcement and the payment of the next dividend.
Ex-dividend Date
The date on or after which a security begins trading without the dividend (cash or stock) included in the contract price.
Expense Ratio
The proportion of assets of a mutual fund required to pay annual operating expenses and management fees. If a fund charges an annual fee of 50c per $100 of net assets, the expense ratio will be .5%. The expense ratio is independent of any sales fees.
Family of Funds
Group of mutual funds managed by the same investment management company. Each fund typically has a different objective; one may be a growth-oriented stock fund, whereas another may be a bond fund or money market fund. Shareholders in one of the funds can usually switch their money into any of the family's other funds, sometimes at no charge. Family of funds with no sales charges are called no load families. Those with sales charges are called load families.
Fiscal Periods
Because not all companies have the same fiscal year end, we, in cooperation with I/B/E/S, use FY1, FY2, etc., to identify unique fiscal periods for forecast data. For comparison purposes, I/B/E/S rounds off the quarter end dates to the nearest month end.

The following is a description of how this labeling works:

FY = fiscal year
Q = quarter
SAN = semiannual

The most recently reported earnings number is denoted with a zero (0). Then, the first estimate year is denoted with a one (1), the year after that, a two (2), and so on. So, as an example, if FY0 corresponds to the December 96 year end reported, then FY1 data refers to estimates for December 97, FY2 refers to estimates for the December 98 year end, and so on. Use the same conventions for interim periods (quarter and semiannual).
Footnotes:
Footnote A
To be used if the fund's return to shareholders may differ due to capital gains or losses. This footnote applied to money market funds only.
Footnote B
To be used if there are any sales charges or account charges which impact yield. This footnote applies to money market funds only.
Footnote C
Return of Capital information is being submitted for the year in the Capital Gains Distribution field.
Footnote D
To be used on any day that a mutual fund's net asset value is reduced by a capital gains distribution.
Footnote F
To be used by any type of fund that reports quotations as of the day prior to the day of reporting.
Footnote G
To be used if the fund's capital gains figure includes short term gains.
Footnote N
To be used by mutual funds when the fund does not have a sales load, i.e. there is no front-end and no contingent deferred sales load.
Footnote P
To be used by mutual funds if the fund has adopted a rule 12(b)1 distribution plan under which a specific charge is made against the net assets of the fund.
Footnote R
To be used by mutual funds with redemption fees, contingent deferred sales charges, or other charges deducted from net asset value upon redemption (other than charges for special services such as wire transfer).
Footnote S
To be used on the ex-date for stock splits or stock dividends.
Footnote T
To be used if the fund began reporting prices to NASDAQ during the current year (in this case 1999).
Footnote X
To be used by mutual funds on any day a fund goes ex-dividend.
Foreign
A non U.S. company with securities trading on The NASDAQ Stock Market.
Forward P/E (1yr)
A widely used stock evaluation measure. For a security, the Price/Earnings Ratio is given by dividing the Last Sale Price by the Average EPS (Earnings Per Share) Estimate for the specified fiscal time period. The forward P/E refers to the value for the next full year.
Gold - GOX
The CBOE Gold Index - (GOX) is an equal-dollar-weighted index composed of 10 companies involved primarily in gold mining and production. The index is re-balanced after the close of business on expiration Friday on the March quarterly cycle.
Growth Rate Measures for EPS
  • Current year/last year % growth shows the percent change between the current year's Forecasted mean EPS estimate and the last reported actual EPS
  • Next year/current year % growth shows the percent change between next year's forecasted mean EPS estimate and the current year's forecasted mean estimate
  • Historical EPS growth % (historical 5 year growth)shows the average annual EPS growth for the company over the past five years
  • 5 year growth median is the median annual growth forecast over the next five years
  • 12 Month Forward % Growth is the projected growth in the company's EPS over the next 12 months (PEG Ratio)
Held
A situation where a security is temporarily not available for trading (e.g. Market Makers are not allowed to display quotes).
Inside Market
The highest bid and the lowest offer prices among all competing Market Makers in a NASDAQ security, i.e., the best bid and offer prices.
IPO Date
The date that the security started publicly trading.
IPV
Ordinarily calculated during the trading day, based upon the current market value of the securities in a Creation Unit together with an applicable cash amount on a given business day, and represented on a per ETF-share basis, as described in its prospectus
Last Sale Reporting
An electronic entry by NASD Members to The NASDAQ Stock Market of the price and the number of shares involved in a transaction in a NASDAQ security. The trade reported must be submitted to NASDAQ with 90 seconds of the execution of the trade.
Limit Order
A Limit Order is an order to buy or sell a stock at a customer specified price.
Load Fund
Mutual Fund that is sold for a sales charge by a brokerage firm or other sales representative. Such funds may be stock, bond or commodity funds, with conservative or aggressive objectives.
Long Term Gain
A gain on the sale of a capital asset where the holding period was twelve months or more and the profit was subject to the long term capital gains tax.
Management's Discussion and Analysis (MD&A)
A key area looked at by analysts; an interpretive section of the prospectus and of the annual report, frequently called the Financial Review.
Margin account
A brokerage account that permits an investor to purchase securities on credit and to borrow on securities already in the account. Buying on credit and borrowing are subject to standards established by the Federal Reserve and by the firm carrying the account. Interest is charged on any borrowed funds only for the period of time the loan is outstanding.
Market Category
The market it trades on, either NASDAQ Global Select Market (NGS), NASDAQ Global Market (NGM), or NASDAQ Capital Market (NCM).
Market Close
An electronic entry by NASD Members to The NASDAQ Stock Market of the regular trading day's last reported trade. Investors may trade during the regular trading session from 9:30am - 4:00pm. Trades must be submitted to NASDAQ within 90 seconds of the execution of the trade by an NASD Member Firm.
Market Close Date
Date on which the closing Net Asset Value (NAV) was last calculated.
Market Makers
The NASD member firms that use their own capital, research, retail and/or systems resources to represent a stock and compete with each other to buy and sell the stocks they represent. There are over 500 member firms that act as NASDAQ Market Makers. One of the major differences between The NASDAQ Stock Market and other major markets in the U.S. is NASDAQ's structure of competing Market Makers. Each Market Maker competes for customer order flow by displaying buy and sell quotations for a guaranteed number of shares. Once an order is received, the Market Maker will immediately purchase for or sell from its own inventory, or seek the other side of the trade until it is executed, often in a matter of seconds.
Market Maker Spread
The difference between the price at which a Market Maker is willing to buy a security and the price at which the firm is willing to sell it i.e., the difference between a Market Maker's bid and ask for a given security. Since each Market Maker positions itself to either buy or sell inventory at any given time, each individual Market Maker spread is not indicative of the market as a whole. (See also "Inside Market".)
Market Order
A Market Order is an order to buy or sell a stock at the market's current best displayed price.
Market Surveillance
The department responsible for investigating and preventing abusive, manipulative, or illegal trading practices on The NASDAQ Stock Market. Considerable resources are devoted to surveilling The NASDAQ Stock Market. A vast array of sophisticated automated systems reviews each trade and price quotation on an on-line, real-time basis. Off-line computer-based analyses are conducted to evaluate trading patterns on a monthly, weekly and daily basis.

Whenever any of these automated systems indicate unusual price or volume in a stock, NASDAQ Market Surveillance analysts determine if this was the result of legitimate market forces or perhaps a violation of rules. Among other things, analysts review press releases, review historical trading activity, interview brokers, Market Makers, and NASDAQ-listed company officials. Market Surveillance continues its inquiries until unusual movements are adequately explained.

If legitimate market forces were at work the case is closed without action. If it appears rule violations have occurred, a disciplinary action is initiated. Where corporate insiders or members of the investing public are involved in a potential violation, the case will be referred to the SEC.

Market Value
For NASDAQ-listed securities, the price per share of the specified security multiplied by the number of shares outstanding for the specified security. The shares outstanding number used in this market value calculation is the number used by NASDAQ for index calculation and may not include all shares globally issued and outstanding.
Maturity Date
The date on which the principal amount of a bond is to be paid in full.
Material News
News released by a NASDAQ company that might reasonably be expected to affect the value of a company's securities or influence investors decisions. Material news includes information regarding corporate events of an unusual and non-recurring nature, news of tender offers, unusually good or bad earnings reports, and a stock split or stock dividend. (See also "Trading Halt".)
Mean
The mathematical average of a range of numbers (calculated by dividing the sum total of all the items in the range by the total number of items in the range).
Mean Recommendation
This number relates to the average recommendation for the stock. The values are from 1 to 5. A five indicates a sell, and a one indicates a strong buy.
Median
The middle number in a defined distribution; when looking at estimates, median refers to the estimate above and below which lie an equal number of estimates for the period indicated.
Money Market Fund
Open-ended mutual fund that invests in commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit, and other highly liquid and safe securities, and pays money market rates of interest. The fund's net asset value remains a constant $1 a share, only the interest rate goes up or down.
Most Active
Most active NASDAQ Global Select Market or NASDAQ Global Market stocks.
Mutual Fund
Fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, commodities or money market securities.
NASDAQ Composite Index -
The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The Index is market-value weighted. This means that each company's security affects the Index in proportion to it's market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index.

Today the NASDAQ Composite includes over 5,000 companies, more than most other stock market indexes. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indexes.

NASDAQ International Ltd.
A subsidiary of the NASD headquartered in London, England. Its mission is to support NASD members in London, serve as a liaison to international companies seeking to list securities on NASDAQ, encourage foreign institutional participation in NASDAQ stocks, and to heighten the international image of the NASD and its markets.
NASDAQ International Service
An extension to The NASDAQ Stock Market's trading systems that allows early morning trading from 3:30 to 9:00 A.M. Eastern Standard Time on each U.S. trading day. This NASDAQ service enables participants to monitor trades during London market hours. NASD members are eligible to participate in this session through their U.S. trading facilities or through those of an approved U.K. affiliate.
NASDAQ Global Select Market Companies
The NASDAQ Global Select Market has the highest initial listing standards in the world. Approximately 1,200 companies are listed on the Global Select, having met these stringent financial and liquidity requirements for initial listing and continue to meet stringent financial, liquidity and corporate governance requirements. For more information on the requirements to be included on The NASDAQ Global Select Market, please see Listing Standards & Fees.
NASDAQ Global Market Companies
The NASDAQ Global Market consists of over 1,450 companies that have applied for listing, having met and continued to meet stringent financial and liquidity requirements and agreed to meet specific corporate governance standards. Formerly called The NASDAQ National Market, this market was renamed in 2006 to reflect the global leadership and international reach of this market and the companies whose securities are listed here. For more information on the requirements to be included on The NASDAQ Global Market, please see Listing Standards & Fees.
NASDAQ Close (NOCP)
The NASDAQ® Official Closing Price (NOCP) is a process for identifying the NASDAQ market-specific closing price for NASDAQ-listed issues. The NOCP replaces the NASDAQ market-specific closing price that was based solely on the last reported NASDAQ trade. Subject to review by NASDAQ MarketWatch, the NOCP will equal the normalized price of the last trade reported to NASDAQ’s proprietary trade reporting system—Automated Confirmation Transaction ServiceSM (ACTSM—with a last sale eligible sale condition modifier as of 4:00:02 p.m., US Eastern Time. "Normalizing" the NOCP means it will be adjusted to the nearest prevailing inside quote whenever the last sale is reported away from the inside market. Market participants, data distributors and investors will be provided with the NOCP for all