Supermarket Adds American Funds' New Share Class
June 25, 2001
The American Funds group announced last week that it is offering its two-month old "F" class of shares to fee-based financial advisers who purchase the funds for clients through the institutional fund supermarket of TD Waterhouse Securities.
American Funds, managed by Capital Research & Management of Los Angeles, first introduced F shares on March 15 of this year to allow fee-based advisers to purchase the funds at net asset value. The new shares are available on 26 American Funds offered through TD Waterhouse's supermarket. The new F share class carries no up-front sales charges or contingent deferred sales charges, said the fund group in its announcement.
"The financial advisers we serve prefer commission-free investment alternatives for their clients and have frequently inquired about investing in American Funds at net asset value," said Thomas Bradley, President of TD Waterhouse Institutional Services, in a statement.
Also this past March, the American Funds debuted C shares, after introducing B shares on its funds only last year. Up until then only A shares were available on all funds. The creation of additional classes of shares "was in response to the growing need for flexibility," explained the fund adviser at its Web site.