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Thursday, September 17, 2015 An East Coast Shop Converts Its Only Money Fund Another mutual fund company is leaving the changing money market mutual fund business, in this case by transforming its sole money fund into something else.
Petter emailed MFWire a statement about the upcoming conversion: In the wake of impending money market fund reform, we determined that the most appropriate course of action would be to convert Delaware Cash Reserve Fund to an ultrashort fund. The fund's board approved the conversion in August. Following the conversion, the fund will no longer operate as a money market fund with a stable net asset value of $1.00 per share, but will have a fluctuating NAV. The fund dates back to 1978. Printed from: MFWire.com/story.asp?s=52567 Copyright 2015, InvestmentWires, Inc. All Rights Reserved |