Virtus Tax-Exempt Bond Fund swaps subadviser

By Toni Weeks

San Diego, June 15 - Shareholders of the Virtus Tax-Exempt Bond Fund voted on Tuesday to make changes to the fund's subadviser and principal investment strategies, according to a 497 filing with the Securities and Exchange Commission.

The new subadviser, Newfleet Asset Management, LLC, replaces Harris Investment Management, Inc.

The fund now seeks to generate high current income exempt from federal income tax by investing, under normal circumstances, at least 80% of its assets in municipal bonds of varying maturities, and the balance may be invested in taxable fixed-income securities.

Timothy M. Heaney and Lisa H. Leonard are the new portfolio managers. They replace John D. Boritzke and Duane A. McAllister of Harris.

Hartford-based Virtus Investment Advisers, Inc. is the fund's investment adviser.

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