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The NASD told the firm on Feb. 18 that, in violation of its prospectus provisions, DISC allowed rapid in-and-out trading by some investors in its International Equity Fund between July 1, 2003 and Oct. 31, 2003. Although DISC and DIA have cooperated with regulators on requests for information, the NASD contends that DISC violated certain record retention rules relating to e-mail communications.