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Colleges scramble as investment fund freezes
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NEW HAVEN, Conn. - An investment fund that serves about 1,000 colleges and private schools partially froze withdrawals this week amid the credit crunch, forcing colleges to develop new plans to pay bills. Wachovia Bank, trustee for the $9.3 billion Short Term Fund offered by Commonfund, said Monday it was terminating the fund and establishing a process to ensure the orderly liquidation and distribution of the fund’s assets. Wachovia initially told investors Monday that they could only withd
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