Fidelity Investments is adding an emerging-markets income fund to its Fidelity Advisor product line, according to Mutual Fund Advance, an industry newsletter.
The Advisor funds are sow through banks and other financial intermediaries.
The new fund, which is currently in registration with the Securities and Exchange Commission, will seek high income through a wide range of emerging-market debt, including corporate and sovereign debt.
Up-Front Fee
Investors will pay a 4.75% up-front sales fee. The fund will be offered with a minimum initial investment of $2,500. Sales could commence by Feb. 14, the newsletter reported.
Separately, the newsletter reported that Dreyfus Corp. is expanding its selection of insured municipal bond funds.
The New York-based fund company is adding single-state funds for Connecticut, Florida, New Jersey, and New York plus a national fund to its Premier Insured Municipal Bond fund family. It currently offers a California insured municipal bond fund.
The new funds will be offered in two share classes: "A" shares, with a 4.5% front-end load; and "B" shares, with a 3% back-end load plus a 0.5% 12b-1 fee.
Dreyfus, which manages some $80 billion of mutual fund assets, is expected to merge by mid-1994 with Mellon Bank Corp., Pittsburgh.
The fund company is a leading seller of mutual funds through banks.
