Starting in June, The Dreyfus Corporation
will sell no new Class B shares of its Premier Family of Funds.
Dreyfus, the New York City-based fund arm of Mellon Financial Corporation
, outlined the cessation of new sales in a supplement to its current prospectus
The filing stated that existing holders of Class B shares within the fund family will be permitted to retain these shares in their current form. Existing holders may reinvest dividends into further Class B shares, and exchange fund shares for Class B shares of other Dreyfus Premier funds and Dreyfus Founders funds. Additionally, as of the June 1 effective date, Class B shares may be exchanged for Class B shares of General Money Market Fund, Inc (GMMF).
However, as of June 1, the company will allow no investments in Class B shares of any fund, other than through reinvested dividends or exchanges. The restriction also applies to automatic investment plans. The 45-day reinvestment privilege with respect to Class B shares will also be discontinued as of the effective date, as will the right to exchange Class B shares of a fund for shares of Dreyfus Worldwide Dollar Money Market Fund, Inc. (DWDMMF).
DWDMMF shares already held through a previous exchange may, however, be exchanged for Class B shares of a Dreyfus Premier fund, Dreyfus Founders fund, of GMMF.
Stay ahead of the news ... Sign up for our email alerts now