RiverSource Investments, the Minneapolis-based fund arm of Ameriprise, begins offering six new mutual funds today, including three RiverSource Income Builder Series funds-of-funds, a small-cap value fund, an emerging markets bond fund and a floating rate fund.

To protect against inflation and reduce risk, its Income Builder Series packages three income-generating funds-of-funds with various risk and yield levels. The series is managed by the fixed-income team and the disciplined equity and asset allocation team.

The firm has also added three other mutual funds.

The Disciplined Small Cap Value Fund, which provides shareholders with long-term growth of capital by investing mostly in small-cap value stocks, will be managed by its disciplined equity and asset allocation team.

The Emerging Markets Bond Fund, which seeks to add income potential gradually by investing mainly in emerging markets debt securities, will be overseen by the fixed-income team. It plans to limit exposure to foreign currencies and employs a top-down country focused approach.

And finally, the Floating Rate Fund, which provides high current income that rises after increasing interest rates, will be managed by the fixed income team and the Los Angeles-based bank loan team. It invests in floating rate debt instruments, such as bank loans, adjustable rate mortgages and floating rate asset-based securities. The fund, which will also focus on capital preservation, may also invest part of its assets in non-floating rate instruments, such as various fixed-income securities, and short-term money market instruments for liquidity, diversification and incremental return.

All six funds were filed with the SEC on Nov. 23, 2005.

RiverSource Investments, a subsidiary of Ameriprise Financial, Inc., will offer its funds through Ameriprise financial advisors and retirement plans. 

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