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Centre Funds announces plans for Centre Active U.S. Tax Exempt Fund
By Toni Weeks
San Luis Obispo, Calif., Nov. 26 – Centre Funds announced its plans to launch a new municipal fund, the Centre Active U.S. Tax Exempt Fund.
According to an N-1A filing with the Securities and Exchange Commission, the fund will seek to maximize investors’ total return through capital appreciation and current income exempt from federal income tax. Under normal circumstances, it will invest at least 80% of its net assets in federally tax-exempt securities of state and local governments in the United States and their political subdivisions, agencies and instrumentalities. Investments may include general obligation bonds, revenue bonds, facility or tax and industrial revenue bonds and pre-refunded bonds. The securities in which the fund invests will normally be rated within the three highest rating categories by Moody’s Investors Service, Inc. or Standard & Poor’s Ratings group but may be unrated if determined to be of equivalent quality.
According to the filing, the fund will be the successor to an acquired fund, which has yet to be named, through a reorganization that will take place in 2015.
James A. Abate will be the portfolio manager.
The fund will offer investor class and institutional class shares. The ticker symbols have not been set.
There will be no sales load. Including management fees of 0.4%, and taking into account the effects of a fee waiver and expenses reimbursement agreement, total annual fund operating expenses are expected to be 0.95% for investor class and 0.7% for institutional class shares.
New York-based Centre Asset Management, LLC will serve as the fund’s investment adviser.
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