The National Association of Securities Dealers has given member firms until May 15 to calculate the breakpoint fee discounts due to mutual fund customers who bought Class A shares in 2001 and 2002.

Brokers must include all supporting records and documents, which NASD will audit.

NASD said the process could require "substantial" efforts by brokers, but is necessary. NASD earlier reported that the average money overpaid on fund purchases that qualified for discounts was $235 for each paper-based transaction and $364 for trades processed electronically (see MFMN 3/17/03). A NASD official was quoted in the press as saying the total amount of unpaid breakpoint money in question is less than $700,000.

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