Strong Funds are being investigated by Eliot Spitzer, New Yorks Attorney General, for illegal after-hours trading. In what some might call an ironic turn, the company has just made changes in one of its funds to stop that practice among investors.
The Strong Advisor International Core Fund is assessing a 1% charge for trades that take place within 30 calendar days of a purchase, according to a filing with the Securities and Exchange Commission. The fee will apply to any shares purchased from October 1, 2003, and are not applicable to shares bought through distributions or dividend reinvestments.
Strong is using the "first-in, first-out" method to determine whether shares are eligible for the redemption fee. The fund is available in A, B, and C class shares.