1.   But ask them when fund shareholders should sell their funds, and you get a blank stare.

2.   And fund shareholders would do well to examine their statements closely.

3.   And when only long-term funds are considered, fund shareholders have more than three-quarters of their assets in stocks, with the remaining one-quarter in bonds.

4.   Because the vast majority of funds were racing ahead, this might not give pause to experienced fund shareholders.

5.   Because Vanguard is owned by the fund shareholders rather than by a management company, its funds are run at cost.

6.   A devotion to companies that are doing well and a willingess to cut losses has a tax advantage for fund shareholders.

7.   A purchase would also have to go before the fund shareholders for a vote.

8.   But Fidelity, its fund shareholders and the public expect a lot.

9.   Competition for investors has become so heated that a couple of brokerage firms have decided to make it easier for fund shareholders to switch brokers.

10.   Depending on the outcome of the inquiry, fund shareholders could see significant changes in how their shares are valued.