Two Dreyfus municipal money market funds to reorganize

By Toni Weeks

San Luis Obispo, Calif., June 19 – The board of directors of the Dreyfus Municipal Money Market Fund, Inc. has approved a proposed reorganization of the fund and is seeking shareholder approval to transfer the fund’s assets in a tax-free reorganization to the General Municipal Money Market Fund, according to a 497 filing with the Securities and Exchange Commission.

A shareholders meeting will be held on Aug. 25 in New York to approve the plan of reorganization.

Dreyfus also announced in a separate 497 filing with the SEC that the board of trustees of Dreyfus New York AMT-Free Municipal Cash Management unanimously approved the tax-free reorganization of the fund into Dreyfus New York Municipal Cash Management.

This reorganization does not need shareholder approval and is expected to occur Aug. 28.

In each case, the reorganization is part of a broader set of changes being proposed by Dreyfus for its current money market fund offerings, the filing said. The reorganization will permit fund shareholders to pursue the same investment goals in a larger combined fund that has a substantially similar investment objective and investment management policies as the fund. Management also believes that the reorganization should enable shareholders to benefit from more efficient portfolio management and will eliminate the duplication of resources and costs associated with servicing the funds as separate entities.

New York-based Dreyfus Corp. is the investment adviser to the funds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.