The NASD's newly created Mutual Fund Task Force has been fully staffed and is ready for action. The task force will meet for the first time on June 23, 2004.

For readers curious about the purpose of a task force staffed by 20 fund executives and broker dealers, the task force's stated purpose is to "consider ways to bring greater transparency to mutual fund costs and distribution arrangements."

The Task Force is a result of collective effort between the NASD and the SEC, and will provide comment to the SEC on rule proposals. During the first phase, the Task Force will examine transaction costs, and distribution in the second phase.

The Task Force members include:

William C. Alsover, Jr., Chairman, Centennial Securities Corporation, Inc.
John J. Brennan, Chairman and CEO, The Vanguard Group
Martin L. Flanagan, President and Co-CEO, Franklin Resources, Inc.
Robert Graham, Vice Chairman, AMVESCAP PLC
Paul G. Haaga, Jr., Executive Vice President, Capital Research and Management Co.
David B. Jones, Senior Vice President, Product Strategy & Communications, Fidelity Management & Research Co.
Ronald J. Kessler, Vice Chairman and Executive Vice President, A.G. Edwards & Sons, Inc.
Thomas P. Lemke, Partner, Morgan, Lewis & Bockius LLP
Jeffrey M. Lyons, Executive Vice President, Asset Management Products and Services, Charles Schwab & Co., Inc.
William M. Lyons, President and CEO, American Century Companies, Inc.
Mark D. Madoff, Co-Director of Trading, Bernard L. Madoff Investment Securities LLC, New York, NY;
Robert McCann, Executive Vice President and Vice Chairman, Wealth Management Group, Merrill Lynch, Pierce, Fenner & Smith Inc.
Robert C. Pozen, Chairman, MFS Investment Management
James S. Riepe, Vice Chairman, T. Rowe Price Group, Inc.
Todd Robinson, Chairman and CEO, Linsco Private Ledger Financial Services
John H. Schaefer, President and Chief Operating Officer, Individual Investor Group, Morgan Stanley
Timothy C. Scheve, President and CEO, Legg Mason Wood Walker, Inc.
Brian Shea, Chief Operating Officer, Pershing, LLC
Erik Sirri, Professor, Finance Division, Babson College
Thomas Streiff, Senior Vice President, Director of Investment Solutions, UBS Financial Services, Inc. 

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