Phoenix Investment Counsel
to launch two bond funds, the Phoenix Institutional Bond Fund and the Phoenix Institutional Multi-Sector Short Term Bond Fund.
The manager of the no-load Bond Fund will seek to provide income and capital appreciation by investing at least 80 percent of total assets in investment-grade bonds. The fund will be benchmarked against the Lehman Brothers Aggregate Bond Index.
Management fees for the Bond Fund will be 45 basis points, and total operating expenses will be limited to 55 basis points for Class X shares and 80 basis points for Class Y shares until April 30, 2006.
and Christopher Kelleher
will co-manage the fund.
The Short Term Bond Fund will seek to provide investors with income and preserve NAV caused by interest rate changes. The fund will also invest 80 percent of its assets in investment-grade bonds.
The Short Term Bond Fund's total expenses will be 74 basis points, but Phoenix will waive cap the fee at 50 basis points until April 30, 2006.
will manage the fund.
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