Fund Industry Committed to Ensuring Investors Receive "Breakpoints" Offered by Mutual Funds
NASD/Industry Task Force Outlines Steps to Improve Investor Education and Protection

Washington DC, July 22, 2003 - The mutual fund industry strongly supports efforts to ensure that the nation's mutual fund shareholders receive discounts or "breakpoints" on eligible purchases through intermediaries of mutual fund shares with front-end sales loads.

"The mutual fund industry takes its obligation to shareholders very seriously and will voluntarily implement the task force recommendations and continue to work with others in the securities industry to ensure that mutual fund investors receive the discounts for which they are eligible," said Craig S. Tyle, General Counsel of the Investment Company Institute and a member of the task force.