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Eagle Tax-Exempt Bond Fund announces plans to launch in November
By Toni Weeks
San Diego, Oct. 25 - Eagle Series Trust said it will launch a new municipal fund in November, according to an N-1A filing with the Securities and Exchange Commission.
The Eagle Tax-Exempt Bond Fund will seek income exempt from federal income tax and consistent with the preservation of capital. During normal market conditions, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities, the interest on which is exempt from federal income tax. Investments may include securities that are not a tax preference item for purposes of the federal alternative minimum tax. The fund expects to invest primarily in municipal debt securities, and may invest up to 20% of its portfolio in high-yield securities.
James C. Camp and Burton N. Mulford are co-portfolio managers for the fund.
The fund will launch with class A, class C, class I, class R-3, class R-5 and class R-6 shares.
Shareholder fees consist of a 3.75% maximum sales charge for class A shares and a 1% maximum deferred sales charge for class C shares.
Management fees will run 0.3% for all share classes. Including other fees and expenses and taking into account fee caps and expense reimbursements, total annual fund operating expenses are expected to be 0.85% for class A, 1.65% for class C, 0.6% for class I and class R-5, 1.15% for class R-3 and 0.5% for class R-6 shares.
St. Petersburg, Fla.-based Eagle Asset Management, Inc. is the fund's investment adviser.
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