[tag=VBN] [lemma=to] [lemma="88"] [lemma=□ | □]
[tag=VBN] [lemma=to] [lemma="88"] [lemma=and | □]
[tag=VBN] [lemma=to] [lemma="88"] [lemma="88" | □]
Of the 124 eligible cases , 88 were included and were compared to 88 of the 159 controls identified ( participation rates were 71 % and 55 % , respectively ) . Specifically , allegations have been made that certain funds gave frequent updates of their portfolio holdings to favored shareholders , enabling these shareholders to use a fund 's portfolio information to short the fund 's holdings in the same or similar proportions to the fund 's established positions.22 In addition , more than 30 % of mutual fund complexes that responded to a recent Commission examination request for information sent to 88 of the largest such complexes appear to have disclosed portfolio information in circumstances that may have provided certain fund shareholders with the ability to make advantageous decisions to place orders for fund shares . In late 2003 , the SEC preliminarily found ( see testimony of SEC enforcement director Steve Cutler ) , in responses to queries sent to 88 of the largest fund complexes and 34 broker-dealers , a similarly striking level of illegal conduct . The number has shrunk to 88 and will be further reduced to 40 in the coming year .