March 16, 1990
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 9-90
RE: UPDATE ON MASSACHUSETTS FEE INTERPRETATION
__________________________________________________________
As we previously reported, the Massachusetts Securities
Division re-interpreted its position with respect to the manner
fees are to be calculated for securities registered in
Massachusetts. (See Memo dated January 16, 1990 to Unit
Investment Trust Members.) As a part of the new fee
interpretation, virtually all unit trust are required to pay the
maximum fee of $1,500 for each series registered in
Massachusetts.
The Institute has retained Massachusetts counsel and met
with the Director of the Massachusetts Securities Division in an
attempt to resolve this matter informally. Attached is a copy of
the Institute's follow-up letter to the Director outlining our
position with respect to the new fee policy.
We will keep you advised of developments.
Patricia Louie
Assistant General Counsel
Attachment