How do Fidelity Select fund expense ratios compare to mutual fund industry averages?
The expense ratio of a mutual fund represents the annual percentage of a fund’s assets paid out in expenses. Expenses include management, 12b-1, transfer agent and all other fees associated with the fund’s daily operations and distribution. The expense ratio for each Fidelity Select fund is below (many considerably below) the comparable mutual fund industry average as calculated by Lipper Analytics, Inc. As of 8/31/05, all Fidelity Select fund expense ratios are at or below 1.25%, and many are less than 1%. In other words, Fidelity manages to provide top-notch services at well below average expense levels.
