MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 16, 2008 Schroders to Liquidate Two Muni Bond Funds Schroder Investment Management plans to liquidate the Schroder Municipal Bond Fund and the Schroder Short-Term Municipal Bond Fund. The funds were closed as of October 14. "Recently, management of the Funds has become concerned that a large amount of redemptions in a short period of time could force the Funds to sell portfolio securities at unfavorable prices, to the disadvantage of all of the Funds’ shareholders," Schroder stated in an October 14 letter to the funds' shareholders. The disruption of the municipal bond dealer markets, it added, "has made it difficult for the Funds to sell their portfolio holdings in an orderly fashion to meet redemption requests." The liquidation will take place in phases, with the first capital distribution expected to occur on or about November 28. The Schroder Municipal Bond Fund was down 12.6 percent and Schroder Short-Term Municipal Bond Fund was down 7.3 percent this year through October 14, according to Morningstar. Printed from: MFWire.com/story.asp?s=19666 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |