Dreyfus launches Dreyfus Floating Rate Income Fund

By Toni Weeks

San Luis Obispo, Calif., Sept. 30 - Dreyfus announced in a press release that it has launched the Dreyfus Floating Rate Income Fund.

The fund seeks high current income by investing at least 80% of its net assets in floating-rate loans and other floating-rate securities, up to 20% of its net assets in high-yield instruments and up to 20% in the securities of foreign issuers.

William Lemberg and Chris Barris are the fund's primary portfolio managers, with Lemberg responsible for floating-rate loans and securities and Barris primarily responsible for high-yield, fixed-rate securities. Both are managing directors at Alcentra NY, LLC, the fund's subadviser.

"Floating-rate loans could be attractive to investors seeking an asset class with lower interest rate sensitivity, seniority in a company's capital structure and diversification potential, as floating-rate loans generally exhibit low correlation to other asset classes," Dreyfus president Charles Cardona said in the release. "The loan market has traditionally catered to large, institutional investors. The new fund provides access to a broad range of investments not generally available to individual investors."

The fund's ticker symbol is "DFLAX."

New York-based Dreyfus is the fund's investment adviser.

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