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AllianceBernstein Floating Rate Strategies Fund plans to launch
By Toni Weeks
San Luis Obispo, Calif., Nov. 8 - AllianceBernstein Bond Fund, Inc. announced plans to offer a new fund that targets floating-rate investments, the AllianceBernstein Floating Rate Strategies Fund.
According to an N-1A filing with the Securities and Exchange Commission, the fund will seek the highest level of income that is available without assuming what the adviser considers to be undue risk to principal.
Under normal circumstances, it will invest at least 80% of its assets in floating-rate investments, floating-rate securities and instruments that seek to provide the economic equivalent of floating-rate investments. Investments will include floating-rate senior secured syndicated bank loans, floating-rate unsecured loans and floating-rate revolving credit facilities. The portfolio may also include floating-rate asset-backed securities and other floating-rate bonds, loans, notes and securities. The fund may select investments of any credit quality but anticipates investing most of its assets in below-investment-grade investments. The fund's investments may be of any duration and maturity.
Gershon Distenfeld, Janegail Orringer, Ivan Rudolph-Shabinsky and Ashish Shah will comprise the portfolio management team.
The fund plans to offer nine share classes. Ticker symbols have not yet been determined.
Shareholder fees will consist of a 4.25% maximum sales load on class A shares and a 1% maximum deferred sales load on class C shares.
Management fees and total annual fund operating expenses have not yet been set.
The fund's investment adviser is New York-based AllianceBernstein LP.
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