ICON High Yield Bond Fund plans to launch at end of September

By Toni Weeks

San Luis Obispo, Calif., Aug. 21 – ICON Funds announced it plans to launch a new high-yield, fixed-income fund on Sept. 30, according to an N-1A filing with the Securities and Exchange Commission.

The ICON High Yield Bond Fund will seek high current income and growth of capital. It will normally invest at least 80% of its assets in high-yield securities from the lower rating categories of the major rating agencies (BB+ or lower by Standard & Poor’s or Fitch Ratings, Inc. or Ba1 or lower by Moody’s Investor Services).

The fund may invest up to 20% of its assets in non-dollar-denominated bonds or in equity securities of issuers located inside or outside of the United States. The fund may invest in convertible and preferred securities and up to 10% of its assets in distressed securities.

Zach Jonson and Donovan J. (Jerry) Paul will be the co-portfolio managers.

There will be no shareholder fees. Including management fees of 0.65%, annual fund operating expenses are expected to be 0.8%.

Greenwood Village, Colo.-based ICON Advisers will act as the investment adviser to the fund.

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