Prudential Investments launches Prudential Floating-Rate Income fund

By Melissa Kory

Cleveland, April 7 - Prudential Investments said it launched the Prudential Floating-Rate Income fund (FRFAX), which is designed to help protect against changing market conditions and may reduce interest rate risk.

The new fund invests primarily in floating-rate loans and other floating-rate debt securities, which historically offered attractive yield and stability in times of rising interest rates.

"Today's historically low interest rates have many investors concerned that if rates start rising, it could have a negative impact on their bond investments," Judy Rice, president of Prudential Investments, said in a news release.

Prudential Investments is the mutual fund family of Prudential Financial Inc., a financial and insurance product provider based in Newark, N.J.

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