Yet another fund group has decided to pull the plug on offering B-shares to new fund investors.
In a recent Securities and Exchange Commission filing, Dreyfus of New York notified fund investors that it would cease offering B-shares to new investors as of June 1. However, Dreyfus' existing B-share investors won't have to give up or convert their shares, and their reinvested dividends can still go into B-shares. In a separate statement, Dreyfus said that B-shares were being discontinued due to a "lack of significant demand." The firm also acknowledged that the initiative will "simplify fund offerings for shareholders."