Nov. 18, 2002 — Strong Capital Management Inc. said it has agreed to acquire State Street Research:Tax Exempt Fund/A (SSATX), a municipal bond fund. Terms were not disclosed.
The fund, which carries a 4.5% load, will be Strong’s first municipal bond fund to carry such a charge, a spokesman for the fund complex said. Strong decided to acquire an existing fund because it could offer it faster than if the company created its own fund, the spokesman, Drew Wineland, said.
State Street Research has been exiting the municipal bond business in order to focus on other fixed-income investments, a company spokeswoman said. The fund is its only retail municipal bond fund, she said.