For the Grand Prix Fund, Monday was expected to be payday.

The one-year old aggressive growth fund that adheres to a momentum investment strategy was to drastically cut its sales charge on that day. The fund's usual sales charge, which can be as high as 5.25 percent, was to be cut to one percent. As a result, sales, which have been in the $10,000 to $12,000 per day range, were expected to be in the $3 million range on that day, said Robert Zuccaro, president of the fund and Target Investors, the fund's adviser in Wilton, Conn. That would increase the fund's total assets of $10 million by 30 percent.

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