WASHINGTON - The alphabet soup of fund share classes has become so confusing that the mutual fund industry, the SEC and Congress should examine whether the law that created the system should be changed, according to an industry executive.

Jessica Bibliowicz, president and chief operating officer of John A. Levin & Co., said that the use of various classes of mutual fund shares is confusing investors more than benefitting them. Investors primarily are concerned with their net performance rather than how they pay to purchase their funds, Bibliowicz said. In addition, the class system - in which investors pay sales charges by purchasing an A, B, C or some other class of fund - increasingly is not reflecting the economic reality of the marketplace, Bibliowicz said.

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