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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