Client Alert

Continued Regulatory Focus on Breakpoints and B-Share Suitability

November 10, 2003

Gerald J. Fields and Richard C. Schoenstein

While late trading and market timing have dominated the headlines in recent mutual fund industry

and the National Association of Securities Dealers continue to pursue the failure by firms to provide breakpoint discounts on Class A share purchases, coming forth with a host of new activities designed to compensate investors who may have been deprived of breakpoint opportunities. Additionally, these regulators are continuing their efforts to seek out and sanction unsuitable Class B share recommendations. This Alert is a brief summary of theAlert on these issue in early August of 2003.

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