Dreyfus recently released a statement entitled, "Successfully Navigating a Changing Money Market Environment," which outlines its post-MMF reform strategy (we learned from Wells Fargo Strategist Garret Sloan). It says, "At Dreyfus, the needs of our clients and partners are paramount. To that end, we invested a considerable amount of time and effort to better understand your ideas and opinions on how best to structure our products and services in a manner that will serve those needs, consistent with the new money market fund regulations adopted in July 2014. We expect to integrate that feedback with our deliberations on a number of critical money market fund product line-up issues, including the following: 1. Offering Institutional prime and municipal money market mutual funds with variable net asset values; 2. Working out how to provide same-day liquidity within a variable net asset value money market fund; 3. Reviewing the efficacy of offering an Institutional money market fund that restricts investments to securities with remaining maturities of 60 days or less; 4. Offering Government/Treasury money market funds without the potential imposition of standby liquidity fees and gating mechanisms; 5. Structuring a number of our existing money market funds so as to meet the Rule 2a-7 definition for a "Retail money market fund" and thus be able to offer fund shares at a stable $1 net asset value; and 6. Supplementing our registered fund product line-up with select unregistered products for qualified investors. Recognizing that money market fund regulations may be changing the way you think about cash, please keep in mind that Dreyfus currently offers various cash products that seek current income, principal preservation, and/or return potential across the short duration spectrum. These product offerings include: 1. Domestic and offshore money market funds. 2. Separately managed accounts (duration ranging from 60 days–three years), 3. A short duration bond mutual fund, 4. Sub-advisory capabilities. From among these products, Dreyfus can help you create an account plan that employs a "tiered" investment strategy.... Your inventory of cash can be allocated into building blocks that may provide the desired liquidity and high current income for your overall portfolio. Please be assured that Dreyfus will continue to offer a diverse array of cash management products to meet the various needs and requirements of institutional and retail investors. We appreciate all the comments we have received to date and will continue to communicate progress in implementing the SEC reforms over the next 20 months. Thank you for your trust and loyalty." In other news, the NY Fed released a "Statement Regarding Reverse Repurchase Transaction Counterparties." It says, "On November 12, 2014, the Federal Reserve Bank of New York (the New York Fed) announced the application submission deadline for the final wave of reverse repurchase agreement (RRP) counterparties. The 25 new RRP counterparties selected from this last wave were added to the complete list of RRP counterparties on January 16, 2015. The new counterparties have now completed the legal, operational and technical setup and are expected to be able to fully participate in the RRP operations with the New York Fed on March 16. All RRP counterparties are expected to satisfy the continued eligibility criteria previously set forth."

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