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Monday, December 06, 2004

Summit Loads Up

Reported by Theresa Sim

Summit Mutual Funds is exploring the loaded universe. The Cincinnati, Ohio-based fund firm is putting a load on its large cap equity funds in an attempt to increase the distribution of the funds, said David Mazza, director of distribution platforms for Summit Mutual Funds.

Summit will draw on the 400 representatives associated with fellow Union Central Life Insurance subsidiary, Enterprise Union Central, to sell the loaded funds. The representatives sell load funds "very well," said Mazza. Summit is not relying on Carillon Investments, the broker-dealer subsidiary of Union Central Life, because they do not have experience selling other funds, added Mazza.

Depending on the success of the equity funds, Summit will consider adding loads to its other funds in the future, said Mazza. 

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