Sept. 24, 2003 — Fidelity Investments said it would drop sales charges on all its sector funds on Monday, leaving its entire retail fund line completely free of so-called front-end loads.
The move eliminates the 3% charges on the remaining 42 Fidelity Select portfolios, which invest in selected industries and have some $18.3 billion in assets.
In June, Fidelity eliminated the sales charge on its flagship Fidelity Magellan (FMAGX), and on four other funds: Fidelity Contrafund (FCNTX), Fidelity Discovery Fund (FCONX), Fidelity Low Priced Stock (FLPSX), and Fidelity New Millennium (FMILX). The company previously eliminated the charges on nine international stock funds.
An earlier version of this article did not specify that Fidelity eliminated sales charges on its retail fund line. Fidelity can still charge fees on its Fidelity Advisor funds, which are sold through brokers and intermediaries.