SR-NASD-2004-043

Disclosure of Fees and Expenses in Mutual Fund Performance Sales Material

NASD has filed with the SEC a proposed rule change to NASD Rules 2210 and 2211 to require mutual fund communications with the public that provide performance data to disclose the fund’s fees, expenses and standardized performance. These new requirements would improve investor awareness of the costs of buying and owning a mutual fund, facilitate comparisons of funds, and make presentation of standardized performance more prominent.