JPMorgan Liquidates OH, MI Muni MFs
JP Morgan and BlackRock recently liquidated some of their smallest money market funds, according to SEC Filings. J.P. Morgan liquidated its JPM Michigan Municipal Money Market and the JPM Ohio Municipal Money Market funds and BlackRock liquidated its BlackRock Cash Government Money Fund. The first Prospectus Supplement, entitled, "Notice of Liquidation of the JP Morgan Michigan Municipal Money Market Fund and JP Morgan Ohio Municipal Money Market Fund," says, "The Board of Trustees of the JPMorgan Michigan Municipal Money Market Fund and JPMorgan Ohio Municipal Money Market Fund (the "Funds") has approved the liquidation and dissolution of each of the Funds on or about December 12, 2014 (the "Liquidation Date"). On the Liquidation Date, each Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on that Fund's books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of each Fund deem appropriate subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date. Effective immediately, each Fund may depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation." (The funds held almost all of its assets in "repo," often a sign of pending liquidation, as of the latest month-end according to our Money Fund Portfolio Holdings data.) Also, BlackRock liquated its BlackRock Cash Funds: Government. Its filing states, "On November 19, 2014, the Board of Trustees of BlackRock Funds III (the "Trust") approved a proposal to close BlackRock Cash Funds: Government (the "Fund") to new investors and thereafter to terminate the Fund. Accordingly, effective 5:00 P.M. (Eastern time) on November 20, 2014, the Fund will no longer accept purchase orders from new investors. On or about December 19, 2014 (the "Termination Date"), the Fund will be terminated as a series of the Trust." (BlackRock also recently liquidated Select and Trust share classes of its BlackRock Cash Inst, Prime and Treasury funds too.) See our latest article on MMF liquidations in the October issue of our Money Fund Intelligence, and see our Nov. 4 "`Link of the Day" "Virtus on Liquidating MMFs" and our Sept. 25 LOTD on Williams Capital Liquidating its MMF.
