The SEC appears to have succeeded with its appeals to the mutual fund industry to limit redemption fees to two percent.

Fidelity Investments of Boston has dropped the three percent redemption fee it has imposed on its Small Cap Stock Fund, Fidelity said in an SEC filing April 28. Fidelity reduced the fee to two percent for all shareholders redeeming after April 28, according to the SEC filing. The three percent fee had been in effect since the fund was formed in March 1998.

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