Nations Funds, the mutual fund arm of the Bank of America of Charlotte, N.C., is planning structural changes which could increase the distribution and cut the costs of its mutual funds.

The $68 billion fund group is planning to streamline its fund operations by reducing the number of funds it offers. At the same time, Nations Funds is moving to change the legal structure of at least some funds to permit them to adopt the so-called master-feeder system, an arrangement the fund group believes may make it easier to increase assets and add new funds.

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