Managed Municipal Fund seeks OK to reorganize into Centre Active U.S. Tax-Exempt Fund

By Toni Weeks

San Luis Obispo, Calif., Dec. 16 – The board of directors of Managed Municipal Fund, Inc. approved on Dec. 10 a reorganization of the fund into a newly created series, the Centre Active U.S. Tax-Exempt Fund, according to a 497 filing with the Securities and Exchange Commission.

The reorganization is conditional on shareholder approval at a meeting on March 16. If approved, the reorganization is expected to occur on March 17.

Centre will manage the new fund’s portfolio using a similar investment objective and strategy as the old fund.

The fund seeks a high level of total return with relative stability of principal and, secondarily, a high level of current income exempt from federal income tax through investment in a portfolio consisting primarily of tax-free municipal obligations.

New York-based International Strategy & Investment, Inc. is the investment adviser as well as the ISI Funds administrator.

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