First American Funds plans to merge its Income Builder Fund into the Strategy Conservative Allocation Fund. The shareholder vote is slated for May 19.

The Minneapolis-based fund firm also plans to change the investment strategy and name of its Small-Mid Cap Core Fund. Instead of investing mainly in both small and mid-cap stocks, the fund will focus primarily on mid-caps. The fund will then become known as First American Mid Cap Select Fund. The switch will go into effect May 4. 

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