Standard Life Mutual Funds Ltd. says it is terminating three funds effective May 21.

The Montreal-based company says the deferred sales charge option Natural Resource Fund, the Global Science and Technology Fund and the Global Balanced RSP Fund were closed to new purchases as of March 2.

“After careful review of the market environment, we concluded that it would be in the best interest of the unitholders to terminate these funds,” said Anthony Cardone, senior vice-president, marketing for Standard Life, in a release. “This decision is based on the fact that the fixed costs of the funds are being shared by a relatively small number of unitholders. Our decision also reflects our goal of improving cost-efficiency for all funds under management.”

The company said existing unitholders will be given the opportunity to switch their units at no cost to other Standard Life Mutual Funds. Redemptions must be settled before May 20.

“Any investments in the funds not switched out or redeemed by this date will be automatically invested in the Standard Life Money Market Fund,” the company, a unit iof The Standard Life Assurance Co., said.

The fund manager intends to terminate the funds on or about May 21.