Short Takes: Dreyfus Launches 'Tax-Managed Growth Fund'

Dreyfus Corp. has introduced the Dreyfus Premier Tax Managed Growth Fund, which seeks to maximize returns and minimize taxes.

The fund, which opened to investors on Nov. 4, is being offered through bank and nonbank broker dealers, including Mellon Bank Corp., Pittsburgh. The "tax-managed growth fund" seeks long-term capital appreciation while minimizing realized capital gains and taxable current income.

Subadvised by Fayez Sarofim & Co., the fund targets large-cap companies with the potential for above-average and predictable earnings growth.

It is designed to enhance after-tax return for shareholders through a long-term buy-and-hold investment approach. Stocks will be held an average of at least five years.

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