Sept. 4, 2002 -- An effort to liquidate the American Century Global Natural Resources/Inv (BGRIX) failed yesterday because too few shareholders voted on the proposal.
American Century Investments is considering options for the fund and may present the liquidation proposal to shareholders again, a company spokeswoman said.
American Century had sought to eliminate the fund because it lacks assets. The fund's performance had "not been strong enough to attract" investments, the company said in a regulatory filing in April. The fund, which was closed to new investors in May, remains closed.
A "minor error" in the wording of the original proposal forced American Century to send out a corrected version, and this may have confused shareholders and contributed to the measure's failure, the spokeswoman, Deb Larson, said.
The fund complex has never liquidated a fund, although it has eliminated others through mergers, Larson said.