Unified Funds Shuts Down Asset Allocation Offering

Unified Funds is shutting down its Asset Allocation fund after its ability to attract assets was deemed not up to par.

Unified said the Asset Allocation fund, which had $2.6 million in assets as of July 31, lagged far behind the asset projections made by Unified Investment Advisers, which had been subsidizing the fund.

Asset Allocation is oriented toward the small investor, requiring an initial investment of only $1,000. Its one-year return was 8.1%. Investors in the fund have the option of withdrawing their money by Sept. 25, or having it placed into another Unified fund.

Unified sold all holdings in the fund's portfolio and invested them in money market instruments. The firm said it would distribute any capital gains to shareholders and reinvest them in additional shares, unless the shareholders request cash payments.