Money Buzz 10/04
The state of family funds, Check 21 and more
Waive Goodbye
Invesco, Janus, Merrill Lynch, Putnam Investments-the list ofmutual fund families under fire for questionable practices isswelling. Still, investors who paid front-end sales loads may bereluctant to switch fund families, fearing another round of upfrontfees and capital gains taxes.
Before you take it on the chin, says John Gannon, vice presidentof investor education at the National Association of Securities Dealers, check thefine print of your fund prospectus. "Some funds allow a netasset value (NAV) transfer, which enables investors who paid afront- or back-end load to purchase a new fund without having topay the upfront sales charge," he says.
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