TITLE

Unusual Split in Tax-Free Fund at U.S. Global Investors

AUTHOR(S)
Fine, Jacob
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/26/2005, Vol. 351 Issue 32057, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that San Antonio-based U.S. Global Investors Inc. earlier this month instituted a highly unusual five-for-one share split of its tiny $20 million Near-Term Tax-Free Fund lo lower the volatility of its net asset value. By having created so many new shares through the split, shifts in bond prices will have a more spread out impact on its shares, enabling the fund to maintain a more stable NAV as it continues to invest in short-to-intermediate term bonds. The idea for the split was first hatched by the firm a few years ago as a way to offer investors an alternative to money market funds that could still generate higher returns.
ACCESSION #
15821862

 

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