Market Vectors Double Tax-Free Municipal Income Fund registers shares

By Toni Weeks

San Diego, Aug. 3 - The Market Vectors Double Tax-Free Municipal Income Fund has registered common shares in an N-2 filing with the Securities and Exchange Commission.

The newly organized, non-diversified, closed-end management investment company will seek current income exempt from U.S. federal income tax and state personal income tax with preservation of capital as a secondary objective.

Under normal market conditions, the fund will invest at least 80% of its managed assets in municipal securities, with a substantial percentage of those issued by the Commonwealth of Puerto Rico and its political subdivisions, organizations, agencies and instrumentalities. "Managed assets" is defined as the total assets of the fund less the sum of its accrued liabilities, other than debt attributable to leverage.

The portfolio managers will be James T. Colby III and Michael F. Mazier.

The fund registered a token 40,000 shares at $25 each for $1 million in proceeds. It plans to list shares on the New York Stock Exchange. The ticker symbol has not yet been set.

Shareholder fees have not yet been determined.

New York-based Van Eck Associates Corp. will serve as the fund's investment adviser.

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