HSBC Adds "Portal" Share Class
HSBC filed with the SEC to create a new "E" share class for three of its money market funds. The filing says, "Effective immediately, each of the HSBC Prime Money Market Fund, HSBC U.S. Government Money Market Fund and HSBC U.S. Treasury Money Market Fund will offer Class E Shares. Class E Shares will be offered primarily for investment through portal providers, intermediaries (anyone facilitating the purchase of a Fund by its clients), and institutional direct clients, if they meet the investment minimums set forth in the Prospectus. Purchases and redemptions of Class E Shares may only be made via wire transfer." The new E shares will have Total Expenses of 0.29%, made up of 0.10% Management Fees, 0.10% Shareholder Servicing Fees, and 0.09% in "Other Operating Expenses." Morgan Stanley also recently filed a couple of Prospectus Supplements with the SEC to make changes to synch the closing of money funds to the NYSE's closing. The first, regarding "Pricing Fund Shares," for Active Assets Institutional Govt Securities Trust and the Active Assets Inst Money Trust, says, "The NAV per share of each Fund is determined once daily, at the NYSE close (normally 4:00 p.m. Eastern time), on each day that the NYSE is open. Shares will generally not be priced on any day that the NYSE is closed." The other filing is related to the pricing of the Active Assets funds. Also, MSIM filed with the SEC on "Pricing of Portfolio Shares" on the Morgan Stanley Institutional Liquidity Funds, saying, "Shares of the Portfolios may be purchased or sold (redeemed) at the NAV next determined after the Fund receives your order in good order and State Street Bank and Trust Company (the "Custodian") receives monies credited by a Federal Reserve Bank ("Federal Funds") prior to the close of the Fed wire. You begin earning dividends the same day your Institutional Class shares are purchased provided the Fund receives your purchase amount in Federal Funds that day as set forth above. Orders to purchase shares of a Portfolio must be received by the Fund prior to the following times: for the Prime Portfolio, Government Portfolio and Treasury Portfolio - 5:00 p.m. Eastern time; for the Government Securities Portfolio and Treasury Securities Portfolio - 3:00 p.m. Eastern time; and for the Tax-Exempt Portfolio - 2:00 p.m. Eastern time." In other news, a release entitled, "SIFMA Issues 2016 Municipal Issuance Survey," says, "While short-term issuance is expected to increase in 2016, with $43 billion in short-term notes expected to be financed, compared to the estimated $35 billion in 2015, long-term issuance is expected to decrease, with $389 billion in long-term bonds expected, compared with the estimated $393 billion in 2015."
