More Municipal MMF Liquidations
A Prospectus Supplement for the "Allspring Municipal Cash Management Money Market Fund" states, "At a meeting held on November 13-15, 2023, the Board of Trustees of Allspring Funds Trust unanimously approved the liquidation of the Fund. Effective at the close of business on November 17, 2023, the Fund is closed to new investors. Existing shareholders may continue to make additional purchases until January 18, 2024. The liquidation of the Fund is expected to occur after close of business on or about January 19, 2024. Shareholders of the Fund on the date of liquidation will receive a distribution of their account proceeds in complete redemption of their shares. After the liquidation, the Fund will no longer be offered and all references to the Fund are removed from the prospectuses and Statement of Additional Information." The funds liquidated include: Allspring Muni Cash Mg MM Ad (WUCXX), Allspring Muni Cash Mg MM Inst (EMMXX) and Allspring Muni Cash Mg MM S (EISXX). For more recent Liquidations, see these Crane Data News articles: "Goldman Liquidates Tax-Exempt Shares" (1/16/24), "Morgan Stanley Changing T-E to Retail" (1/4/24), "WSJ on Record Cash Sums: Bullish or Not? BlackRock Liquidating CA, NY" (11/28/23), "Morgan Stanley Liquidates Tax-Exempts" (9/21/23), "JPMorgan Liquidates E*Trade Shares" (9/7/23), "Morgan Stanley Latest to Abandon ESG MMFs" (8/16/23), "Goldman Liquidating Resource Shares" (7/19/23), "SSGA to Liquidate State Street ESG Liquid Reserves" (9/19/22), "DWS Liquidating Govt Cash Mgmt Fund" (7/7/22), "Morgan Stanley NY Muni MM Gone" (10/5/20) and "SEC's Blass on Push for More MMF Reforms; Vanguard Liquidating PA, NJ" (9/28/20). In other news, a notice entitled, "First American Funds Announces Reorganization" states, "The First American Funds, Inc. ('FAF') announced that effective today the First American money market funds of FAF, currently organized as a Minnesota corporation, were reorganized into First American Funds Trust ('FAF Trust'), a Massachusetts business trust. Each series of FAF Trust, is substantially identical to its corresponding fund under FAF with all the same investment objectives and policies, fees and expenses, and tickers and CUSIP numbers. As a Massachusetts business trust, FAF Trust is expected to have a more flexible governance structure designed to allow the funds to operate with greater efficiencies, react more quickly to competitive and regulatory conditions, and be authorized to issue an unlimited number of outstanding shares. Each fund reorganization is intended to be a tax-free reorganization for Federal income tax purposes. At a special meeting of FAF held on December 18, 2023, shareholders approved a reorganization proposal. The FAF Board of Directors had previously approved the reorganization agreement."
