Introduction To Primary Share Class

Ted

FYI: In an effort to simplify this process, MutualFunds.com has come up with the idea of a primary share class for each fund.

Now, when a user searches our screener for funds related to an asset class, looks at a fund company page or a category page, the various tables on the site will show just one share class for each fund. By default, this is the Primary Share Class. This way, it becomes simpler to compare different funds. Users don’t have to look at several rows of data for the same fund anymore. However, an investor can choose a different specific share class or multiple classes, if they already know what they are looking for.
Regards,
Ted
https://mutualfunds.com/education/introduction-to-primary-share-class/

msf

"A prime example of this would be Franklin Templeton’s Franklin Mutual Beacon Fund. The fund’s Class A (TEBIX), Class C (TEMEX) and Class Z shares (BEGRX) all launched in 1962."

Some of us remember Michael Price's Mutual Series funds, including Beacon. They were all no load until he sold them to Franklin Templeton. Franklin created the load shares (then called Class I and Class II) in 1996, and grandfathered the original shares as class Z shares. The load classes date from then, not from 1962. Data quality?

Here's an excerpt from a 1996 fund filing:

The Fund [i.e. the Mutual Series Funds, collectively] began offering multiple classes of shares on November 1, 1996: Mutual Shares Fund - Class Z, Mutual Shares Fund - Class I, Mutual Shares Fund - Class II, Mutual Qualified Fund - Class Z, Mutual Qualified Fund - Class I, Mutual Qualified Fund - - Class II, Mutual Beacon Fund - Class Z, Mutual Beacon Fund - Class I, Mutual Beacon Fund - Class II, Mutual European Fund - Class Z, Mutual European Fund - Class I, Mutual European Fund - Class II, Mutual Discovery Fund - Class Z, Mutual Discovery Fund - Class I, and Mutual Discovery Fund - Class II. All shares purchased before Novembe 1, 1996, are considered Class Z shares.

Emphasis added.