As I've mentioned previously, one of my dweebish hobbies is scouring my Edgar-parser for new filings. Here are a few of the more interesting mutual funds that have entered the registration queue in recent days:

• Champlain Mid Cap: Champlain Small Company has been nothing short of terrific in its first few years of existence. This forthcoming mid cap fund will be run by the same crew, led by Scott Brayman. They've been running a mid cap strategy in private accounts for some time now ($43 million in total as of 2007). So, it's not as if they just hatched this idea, which is encouraging. The longer-term concern is insuring that there's not too much blurring of the lines between the mid cap and small cap funds, as that would invite capacity constraints. But Champlain has been unusually forthcoming about its plans to close products before asset growth gets out of hand. I would expect they've been just as circumspect in planning this fund's launch. It's slated to cost 1.30% after expense waivers.
• PIMCO Fixed Income Unconstrained: Apart from the name (which is awful in all of its literal glory...should we think of PIMCO Total Return Return as 'PIMCO Handcuffed'...'PIMCO Throttled'...?), this looks intriguing. I'm not a big bond-head, but the strategy description, excerpts of which I've pasted below, makes it sound like something akin to Dan Fuss' freewheeling approach at Loomis Sales Bond Fund. I would expect PIMCO to excel with this kind of mandate given the sheer information advantage the firm enjoys by dint of its scale and global reach. Also, given the very wide duration corridor, it seems tailor made to serve as an expression of PIMCO's tactical views on the global bond markets--views which are rarely unremarkable. Chris Dialynas will run the fund. No word on expenses, though I wouldn't expect a strategy like this one to come cheap (and PIMCO is not the first name in retail bond fund cost leadership). All the same, an interesting option for investors employing, say, a core-satellite approach on the fixed income side of their asset allocation.

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The Fund intends to utilize various investment strategies in a broad array of fixed income sectors to achieve its investment objective. The average portfolio duration of this Fund will normally vary from negative 3 years to positive 8 years based on PIMCO’s forecast for interest rates.

The Fund may invest up to 40% of its total assets in high yield securities (“junk bonds”) rated below Ba by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may also invest without limitation in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. In addition, the Fund may invest up to 50% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets.

The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The total return sought by the Fund consists of income earned on the Fund’s investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. 

• PIMCO Global Advantage: I can sum-up this fund's potential allure in one word--El-Erian. The onetime manager of stalwart PIMCO Emerging Markets Bond, Mohamed El-Erian was vaulted to rock-star status when Harvard tapped him to succeed Jack Meyer in heading-up the college's huge (and uber-successful) endowment warchest. PIMCO recently lured El-Erian back into the fold by offering him the plum post of heir-apparent to Bill Gross. He is, by all accounts, a supremely brilliant man and his record at his previous charges is very impressive. This fund will mark El-Erian's return to the mutual fund realm. He's never run a mutual fund strategy as wide-ranging as this one's will be, though there's no reason to believe that he's not up to the task. Following are excerpts of the strategy description (the portfolio's duration can range from 0 - 8 years; credit quality between B and AAA; no cap on foreign bond holdings). The prospectus doesn't set forth the fund's fees. Suffice it to say that this is another strong candidate for the 'satellite' or 'alpha' traunch of a fixed-income asset allocation.

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

PIMCO selects the Fund’s foreign country and currency compositions based on an evaluation of various factors, including, but not limited to, relative interest rates, exchange rates, monetary and fiscal policies, and trade and current account balances. The Fund may invest without limitation in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. In addition, the Fund may invest in both investment-grade securities and high yield securities (“junk bonds”) rated B or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The average portfolio duration of this Fund varies based on PIMCO’s forecast for interest rates and, under normal market conditions, is not expected to exceed eight years.

The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The “total return” sought by the Fund consists of income earned on the Fund’s investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. 

The fund analysts will have the last word on these funds' bona fides once they pick up coverage. But they look very promising to my eyes.