Management Practice Bulletin

SUMMARY OF MUTUAL FUND INDUSTRY EXPERIENCE

Management Practice has been an active adviser to mutual fund directors and their counsel since 1970. In each of the areas outlined below, we have worked closely with advisers, counsel, and indepentent directors.

  1. The advisory and distrobution agreement renewal process. We have reviewed annual renewal agreements where no changes were proposed by the adviser of the following clients:

    • Oppenheimer Funds Group
    • Daily Cash/Centennial Group
    • Dean Witter Funds Group
    • Pimco Funds
    • Aquila Management Group Of Money Market And Tax-Free Funds
    • Quest For Value Funds Group
    • Morgan Stanley Funds


  2. Special evaluations of fund fee schedules in the context of fee litigation. These reviews include comparisons of fund fee structures and expenses with similar funds, analysis of changes and trends in fee structures, analysis of relationship profitability for the sdviser, and modeling of possible variations to the existing starting fee and scale down formula. Clients for whom we have prepared these evaluations include the following:

    • Oppenheimer Money Market Fund
    • Daily Cash Accumulation Fund


  3. Special evaluation costs related to proposed or existing 12b-1 plans:

    • Morgan Stanley Fund
    • Dean Witter Funds Group
    • Oppenheimer Funds


  4. Evaluation of proposed changes in managemant fees or other elements of fund expense:

    • Dean Witter Funds Group
    • Oppenheimer Fund
    • United Funds Group


  5. Possible change of Adviser:

    • Shareholders Group Of Funds
    • United Funds Group
    • American Investors Fund


  6. Changes in Independent Director fees:

    • Oppenheimer Funds Group
    • Putnam Funds
    • Tempelton Funds
    • Aquila Management Group

 

© 2002 Management Practice, Inc.