Dreyfus Renames Citizens Select MMFs
Dreyfus changed the name of its Citizens Select Funds on March 1. Dreyfus CitizensSelect Prime Money Market Fund changed its name to Dreyfus Prime Money Market Fund. The filing says, "The fund's Class A shares will be redesignated as Citizens shares.... The fund's Class C shares will be converted into Class B shares, and Class D shares will be redesignated as Class C shares. The existing administrative services fees and omnibus account services fees for the Class B and Class C shares will be eliminated." Also, Dreyfus CitizensSelect Treasury Money Market Fund changed its name to Dreyfus Institutional Preferred Treasury Money Market Fund. The prospectus supplement adds, "The fund's Class A shares will be redesignated as Hamilton shares. The fund's Class C shares and Class D shares will be converted into Class B shares. Following such conversion, Class B shares will be redesignated as Premier shares." Also, Federated filed with the SEC to change the name of its Federated Tax-Free Trust to Federated Institutional Tax-Free Trust. This filing says, "The Fund is expected to operate as an institutional money market fund and will be required to transact at a floating NAV.... Effective March 31, 2016, the Fund will change its name to Federated Institutional Tax-Free Cash Trust. As an institutional money market fund, the Fund will not be limited to institutional investors, but will continue to be available to retail investors as well." We initially reported on this change in our Nov. 17 News, "Federated Designates Inst MMFs; Wells, Goldman, BlackRock Gain in Oct.." Finally, the NY Fed posted a piece on its Liberty Street Economics blog, entitled, "Would Monetary Tightening Increase Bank Wholesale Funding?."
