John Hancock MMF Converted to Govt
Though the SEC's Money Fund Reforms have been live for over a month and a half now, we continue to find money market fund filings that we missed in the flurry of changes ahead of the October 14 deadline. One we missed was the 495 million John Hancock Money Market Fund, which said in an earlier filing about its "Conversion to Government Money Market Fund," "On December 10, 2015, the Board of Trustees approved the conversion of the fund to a government money market fund as defined under Rule 2a-7 under the Investment Company Act of 1940, effective April 6, 2016 (the "Conversion Date"). In connection with this conversion, effective on the Conversion Date, the Principal Investment Strategies of the fund are amended and restated as follows: The fund operates as a "government money market fund" in accordance with Rule 2a-7 under the Investment Company Act of 1940 and is managed in the following manner: under normal market conditions, the fund invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are fully collateralized by U.S. Government securities or cash....; the fund seeks to maintain a stable net asset value ("NAV") of $1.00 per share and its portfolio is valued using the amortized cost method as permitted by Rule 2a-7; the fund invests only in U.S. dollar-denominated securities; the fund buys securities that have remaining maturities of 397 days or less (as calculated pursuant to Rule 2a-7); the fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life to maturity of 120 days or less the fund must meet certain other criteria, including those relating to maturity, liquidity and credit quality as a government money market fund, the fund is not subject to liquidity fees or redemption gates, although the Board may elect to impose such fees or gates in the future."
