First American Funds is scrapping B shares in five of its funds. The change affects the Minneapolis-based fund firm's Small Cap Value, International Select, 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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