Excelsior Under New Management

Value & Restructuring, as well as the 35 other Excelsior funds, are still commission-free despite being sold to an adviser that levies sales charges.

Excelsior Value & Restructuring, a fund that buys the beaten-down shares of companies in transition, is undergoing a change of its own. Effective October 1, the fund -- a member of the Kiplinger 25 -- fell under the management of the Columbia Funds.

In July, Charles Schwab sold Excelsior's previous adviser, U.S. Trust, to Bank of America, which distributes the Columbia funds. The 36 funds in the Excelsior fund family join Columbia's 88 funds, most of which levy sales charges. But do-it-youself investors have no cause for concern -- at least for now. Columbia is still offering all Excelsior funds commission-free (it is also offering A- and C-class load versions for funds sold through brokers and other third parties).

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Staff Writer, Kiplinger's Personal Finance