A fund family, or family of funds, is a group of mutual funds controlled by a single investment company, bank, or other financial institution.
The various funds within the family have different investment objectives, such as growth or income. If you invest in several funds in a family, you can transfer assets from one fund to another by phone or online.
If it's a family of load funds, there may or may not be a sales charge for the transfer. If it's a no-load fund, no sales charges apply.
You will owe capital gains taxes on any profit you realize from selling fund shares that have increased in value even if the money is reinvested in another fund. The only way you'll avoid taxes is if you own the funds in a tax-deferred or tax-free account.
However, if the shares have lost value when you sell, you'll have a capital loss.