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If the mutual fund outside is tax free , then the mutual fund inside a variable would be subject to a step up in basis . Mercer Bullard , a leading mutual fund advocate and securities law professor at the University of Mississippi , said : " These findings that prominent mutual fund managers colluded with hedge funds to pick the pockets of fund shareholders undermines the integrity of the fund industry and reminds us of the importance of state regulators ' enforcement efforts in uncovering and fighting securities fraud . I wish to announce a joint funding opportunity for Marine Conservation research . The appropriate funding agency must be notified of the situation by Research and Graduate Studies .