OXFORD, Miss. -- The mutual fund fee bill is in the mail. And it should spell out, in hard dollars and cents, all the hidden costs of mutual funds, including 12b-1 fees. And these total costs can be so significant that in some cases they are several times greater than the fund's stated expense ratio.

That was the consensus from the majority of panelists on The Mutual Fund Summit here a week ago, which attracted 11 lawmakers, regulators and industry leaders, including Investment Company Institute Chairman Paul Haaga and SEC Director of the Division of Investment Management Paul Roye. The event took place just a day after the Zero Alpha Group released a report showing that brokerage commissions average 27 basis points (see related story, page 5.)

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