On March 11, 2003, staff from the SEC, NASD and NYSE issued a joint report regarding whether investors are receiving the benefit of available discounts ("breakpoints") on front-end sales charges in mutual fund transactions. The report: reviews the growth in mutual fund sales; contains general information about breakpoints and how they work; describes the "mechanics" of fund share purchase transactions; reviews the roles of various entities in connection with fund share purchases (funds, brokers, transfer agents); presents the findings of the agencies’ "examination sweep" of 43 brokers with respect to their (in)appropriate application of breakpoints; and presents several conclusions and "remedial actions."