The merger comes following shareholders green-lighting the proposal on March 13 after the unanimous approval of the Board of Directors on December 4, 2002. First American took the steps to provide for the potential of improved performance and reduced operating expenses, according to a news release.
Following are the funds that are merging:
- Large Cap Growth Fund to Large Cap Growth Opportunities Fund
- Health Sciences Fund to Large Cap Growth Opportunities Fund
- Mid Cap Growth Fund to Mid Cap Growth Opportunities Fund
- Small Cap Growth Fund to Small Cap Select Fund
- Emerging Markets Fund to International Fund
- Bond IMMDEX Fund to Core Bond Fund
- High Yield Bond Fund to High Income Bond Fund
The investment objective of each merging fund is identical or substantially similar to that of the corresponding surviving fund. The principal investment strategies and risk factors of each merging fund, with the exception of Health Sciences Fund, are similar to those of the corresponding surviving fund.
The fund mergers are intended to qualify as tax-free reorganizations, with merger expenses borne by US Bancorp Asset Management.