(January 15, 2003) – The North American Securities Administrators Association today issued the following statement:

NASAA supports Chairmen Michael Oxley and Richard Baker’s request for a study by the General Accounting Office of current trends in mutual fund fees, disclosure and transparency. When evaluating mutual funds, investors need more information as well as more understandable information.

The last few years have been difficult for individual investors. State securities regulators are working with their federal counterparts, Congress and the industry to restore confidence in our securities markets. Greater disclosure of fees charged by mutual funds will help investors as they weigh their investment choices.

NASAA commends Chairmen Oxley and Baker for their interest in and leadership on this important issue and acknowledges the SEC’s and the industry`s work in recent years to increase disclosure and transparency of fees paid by mutual fund investors.

For More Information:
Bob Webster, Director of Communications
202/737-0900