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Rating:Odd Lots, September 16, 1999 Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, September 16, 1999

Odd Lots, September 16, 1999

Reported by Hayley Green

Class B shares the wave of the future
From TheStreet.com
A proxy filing from the American Funds group could be a signal that Class A mutual fund shares -- shares with a front-end load -- are dying. The fund is asking shareholders of its seven oldest funds for permission to launch class B fund shares sometime in the future. The move is significant because low-profile American is the third-largest fund group and the only major broker-sold firm to offer its funds strictly through A shares. American says it doesn't have any immediate plans to launch B shares, but a favorable vote from shareholders would signal a move in the future.

Lipper rankings system undergoes changes
From Investor's Business Daily
Lipper Inc. said its will put its new ranking system goes into effect today, making it easier for investors to compare and evaluate U.S. stock funds. The big change is that funds are evaluated by Lipper according to actual portfolio holdings as opposed to how a fund is defined in its prospectus. Lipper has also created 15 new categories that rate a fund on the size of the stocks it owns and its investment style.

SEC probes mutual fund commissions
From The Wall Street Journal
The SEC is looking into the trading practices of mutual fund firms. The commission is concerned that commission costs haven't dropped even as the individual investor pays less than ever to trade. The SEC is interested in finding out why mutual fund companies are still paying a static rate for commissions, while the price has dropped for many individual investors. The SEC says it wants to make sure fund firms are doing everything they can to get a good bargain.

Vanguard board scheduled to meet
From The Wall Street Journal
The board of directors at Vanguard will hold a regularly scheduled meeting Friday, with the top item on the agenda being: whether John Bogle will be forced to step down as a director. Company policy requires directors to retire at 70-years-old. The board is not expected to make an exception for its founder. According to people familiar with Vanguard, there are two likely candidates for the replacement: one, Michael Miller, Vanguard's managing director of planning and development and de facto chief operating officer; or two Robert DiStefano, Vanguard's managing director of information technology. However, the board may choose not to fill his position or may select a director from outside Vanguard.  

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