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Money Management Executive

Van Eck Kills B Shares on Global Hard Asset Fund

August 22, 2003, 1:00 a.m. EDT 1 Min Read

Van Eck Funds is planning on removing class B shares on its Global Hard Asset Fund, a filing published with the Securities and Exchange Commission Thursday revealed. The fund will no longer offer the shares beginning Sept. 3. Beginning Oct. 31, all shareholders with class B shares will find those shares coverted to class C. Shareholders will no longer be subject to the contingent deferred sales charge but to a contingent deferred redemption fee of 1% for one year after purchase of any class C share.

Phoenix decided not to offer class B shares on its two new asset allocation funds (see MME 8/15/03).

B shares have come under increasing scrutiny over the last few months as regulators and investors have charged various brokerage firms’ representatives with selling the expense-laden share class in order to pump up brokerage commissions.

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Money Management Executive
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