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RidgeWorth Maryland Municipal Bond Fund delays meeting on new policy
By Toni Weeks
San Diego, Feb. 24 - The special shareholders meeting of the RidgeWorth Maryland Municipal Bond Fund concerning the adoption of a new fundamental investment policy for the fund has been rescheduled, according to a 497 filing with the Securities and Exchange Commission.
The meeting will now be at 10 a.m. ET on April 9. It had been scheduled for Feb. 24.
Shareholders of record as of the close of business on Feb. 22 are being asked to vote at the meeting to consider a potential change to the fundamental investment policy of the fund.
If approved, the fund will invest at least 80% of its net assets plus any borrowings for investment purposes in short-term municipal securities.
Currently, the fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in municipal securities, including securities subject to the U.S. federal alternative minimum tax, with income exempt from regular U.S. federal income tax and Maryland state income tax.
The board said that the new policy would be in the best interests of the fund and its shareholders by preserving their ability to receive income exempt from U.S. federal income taxes while broadening the pool of investable securities to a national level. The board also noted that the proposed policy will not provide income that is exempt from Maryland state income tax.
If the policy is approved, the fund's name will change to the RidgeWorth Short-Term Municipal Bond Fund. If it is not approved, the current fundamental investment policy will remain in effect while the board considers an alternative course of action.
Atlanta-based RidgeWorth Investments is the fund's investment adviser.
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