Nearly one in three sales to mutual funds with front-end sales charges don't get the discount they deserve. That's according to a report jointly issued last week by the Securities and Exchange Commission, the National Association of Securities Dealers and the New York Stock Exchange.

Concluding a three-month joint examination of 9,000 mutual transactions at 43 broker/dealers of all sizes, the regulators determined that between Oct. 1, 2001 and Sept. 30, 2002, brokers frequently neglected to provide the information necessary for customers to qualify for a fund's breakpoint discount.

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