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Van Eck to launch Unconstrained Emerging Markets Bond Fund July 9
By Toni Weeks
San Diego, June 27 - Van Eck Funds announced in an N-1A filing with the Securities and Exchange Commission that it will launch a new fund that invests in emerging market debt securities.
The Unconstrained Emerging Markets Bond Fund offers class A, class C, class I and class Y shares, which trade under the symbols EMBAX, EMBCX, EMBUX and EMBYX, respectively. It is expected to commence operations on July 9.
The fund seeks total return consisting of income and capital appreciation and, under normal conditions, invests at least 80% of its net assets in securities that are either (i) issued by an emerging market government, quasi-government or corporate entity, regardless of currency type, or (ii) denominated in the currency of an emerging market country, regardless of the location of the issuer.
The fund may also invest in corporate bonds, debentures, notes, commercial paper, time deposits, certificates of deposit, debt obligations and emerging markets currencies. It may invest up to 20% of its net assets in securities issued by other investment companies, including exchange-traded funds.
The portfolio manager will be Eric Fine.
Class A shares will incur a 5.75% maximum sales charge. Class C shares are subject to a 1% maximum deferred sales charge. There are no other shareholder fees.
Management fees will run 0.8% for all of the share classes. The investment adviser, New York-based Van Eck Associates Corp., will waive fees or pay expenses as necessary to limit the total annual fund operating expenses to 1.25% for class A, 1.95% for class C, 0.95% for class I and 1% for class Y shares.
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