HSBC Files for New P Share Class
A Prospectus Supplement filing for the HSBC U.S. Government Money Market Fund (Class P Shares – HGPXX), HSBC U.S. Treasury Money Market Fund (Class P Shares – HTPXX) and the HSBC ESG Prime Money Market Fund (Class D Shares – HEDXX, Class I Shares – HEIXX, Intermediary Class Shares – HEGXX, Intermediary Service Class – HETXX, Class Y Shares – HEYXX and Class P Shares – HPPXX) tells us, "The Class P Shares of HSBC U.S. Government Money Market Fund and the HSBC U.S. Treasury Money Market Fund have not yet commenced operations and therefore are not currently being offered by HSBC Funds. The HSBC ESG Prime Money Market Fund has not yet commenced operations and therefore it is not currently being offered by HSBC Funds." The new P share classes will have 0.18% expense ratios after fee waivers according to the Form N-1A Prospectus filing. In other news, a filing for Federated Hermes Government Reserves Fund B (GRBXX) tells us, "On November 10, 2022, the Boards of Trustees/Directors of the Federated Hermes Funds listed below approved a Plan of Conversion for the Class B Shares of the Funds pursuant to which the Class B Shares of each of the Funds will be converted into each Fund's existing Class A Shares on or about February 3, 2023, resulting in the closure and termination of the Funds' Class B Shares. In approving the conversion, the Board determined that the conversion of the Class B Shares into Class A Shares is in the best interests of the shareholders of the Class B Shares. The Funds' Class B Shares were previously closed to new investments and new accounts, with the exception of exchanges by existing Class B shareholders." It adds, "Pursuant to the Plan of Conversion, Class B shareholders will automatically receive shares of Class A Shares in exchange for their Class B Shares without any fee, load or charge to the shareholder, including any contingent deferred sales charges, on or about February 3, 2023. Future purchases of Class A Shares will be at the applicable sales load schedule. Shareholders should consult their Fund’s prospectus for additional information regarding Class A sales loads and other expenses."
