May 20, 2004
There is a circumstance in which it could be unfair to require a 2 percent redemption fee and which therefore might warrant an exception to the proposed requirement. That circumstance is if an investor has received shares as a result of a fund distribution during the 5 days prior to desiring to make a withdrawal from his/her account. Investors in funds that make monthly distributions of income or other gains would be particularly suseptable to being penalized unfairly in this circumstance.