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Monday, September 22, 2003

Fido Drops Select Loads

by: Sean Hanna, Editor in Chief

Fidelity is dropping the front-end load on its Select funds in an effort to boost sales. The Boston Behemoth dropped the 3 percent commissions on the 42 sector funds after the market close Monday afternoon. It announced the decision on Friday. Investors who buy the shares through third-parties will continue to pay commissions.

The Select funds hold $18.3 billion in assets, according to figures provided by Fidelity. By dropping the loads, Fidelity appears to be hoping that investors will give the funds another look and boost sales.

The move to drop the loads follows a decision earlier this year by the firm to sell its equity funds without any commissions.

The decision to drop the loads on the sector funds also follows a recent decision by the Vanguard Group to offer its own series of 10 index-based sector funds. Vanguard does not include loads on any of its funds.  

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