Bankers Trust Corp., New York, has launched a stable-value mutual fund for investors who own individual retirement accounts.

The BT PreservationPlus Income Fund, available since mid-August, seeks to offer investors yields similar to those of an intermediate-term bond fund, while maintaining a constant $10 share price.

"It's an innovative solution for today's investors," a spokeswoman said. Investors may buy the no-load fund for a minimum investment of $500. The fund will invest primarily in top-quality, fixed-income securities, including U.S. government and agency bonds, corporate bonds, and mortgage- backed securities. The bonds' book value, their cost plus accrued interest, is guaranteed by contracts with insurers and banks.

The company hopes to distribute the product through mutual fund companies, giving them the option of private-labeling the portfolio.

Bankers Trust has more than $365 billion of assets under management.

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