In a move that could influence others in the mutual fund industry, Fidelity Investments has dumped a large portion of its holdings in mortgage companies Freddie Mac and Fannie Mae.

The Boston-based fund giant ditched 48% of its holdings in Freddie Mac and about 17% of its holdings in Fannie Mae during the second quarter, according to filings with the Securities and Exchange Commission. While a Fidelity spokeswoman said the firm does not comment on its holdings and would not discuss any specifics, Fidelity's actions are closely watched by those in the industry and could cause others to follow suit.

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