American Funds plans to stop selling Class B and 529-B shares effective April 21, according to the Los Angeles-based fund firm's Web site.

"Our contract with the third party that financed the B shares has ended," American Funds spokesman Chuck Freadhoff told The MFWire. "We're unable to find another party that we felt offered terms that were advantageous to our shareholders."

American Funds launched B shares in 2000.

"Given the lack of third-party financing, combined with the dwindling popularity of B shares, we felt it was best to end the program," Freadhoff said.  

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