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Wednesday, July 08, 2009

Six More Funds Ax B Shares

by: Meredith Mazzilli

Another fund firm has joined what is quickly turning into a mass abandonment of B-shares. An SEC filing dated July 7 revealed that Praxis Funds will be dropping the Class B Shares of the MMA Intermediate Income, Core Stock, International, Value Index, Small Cap and Growth Index Funds. The shares will be closed on August 14 and converted into Class A Shares of the respective funds. Class B shares will be closed to new investors beginning July 14.

Class B shares are currently offered at NAV with no up-front sales charge, and sales of the shares before the fifth anniversary of purchase are subject to a deferred sales charge.

First American Funds dropped B shares from five of its funds in June (see The MFWire, 6/09/09), and American Funds and Evergreen Investments also scrapped such shares from their lineup in April.

The MMA Praxis funds are a faith-based family of seven funds that participate in company screening, shareholder advocacy and community development investing. 

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