Morgan Stanley Kills Active Assets
Morgan Stanley filed a Prospectus Supplement for its Active Assets money market funds, including Active Assets California Tax-Free Trust, Active Assets Government Securities Trust, Active Assets Money Trust, and Active Assets Tax-Free Trust, that states, "The Board of Directors of each Fund approved the termination (the "Termination") of each Fund. The Termination is expected to occur on or about September 21, 2016. Each Fund will suspend the offering of its shares to all investors at the close of business on September 20, 2016." (See our August 15 News, "Morgan Stanley Pulls Plug on Prime, Muni Sweeps; ignites on Strikes.") Since July 31, these Morgan Stanley funds, along with several other Prime and Tax Exempt retail funds that appear to be liquidating, total 20.0 billion.
