First American Funds
is scrapping B shares in five of its funds.
The change affects the Minneapolis-based fund firm's Small Cap Value
, Small Cap Index
, Mid Cap Index
and Large Cap Select
funds, according to a notice
posted on the First American Web site.
The conversion from Class B to Class A shares will take place on June 29.
A First American spokesperson was not immediately available for comment
on the change.
Fund firms have been stepping away from B shares, with American Funds
(see The MFWire,
04/03/09) and Evergreen Investments
, now part of Wells Fargo
, (see The MFWire,
04/30/09), being among the more recent ones that have decided to stop selling such shares.
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