BlackRock's BIF Money Fund, which was formerly the Merrill Lynch CMA Money Fund and at one time was the largest money fund in the world, liquidated on Friday, as Merrill Lynch takes steps to squeeze out the last segments of brokerage sweep assets left in money market funds. A Prospectus Supplement for the BBIF Money Fund and BBIF Treasury Fund says, "On September 26, 2018, the Board of Trustees of BBIF Money Fund and BBIF Treasury Fund (each individually, a 'Fund' and collectively, the 'Funds') approved a proposal to liquidate the Funds. Accordingly, on or about November 30, 2018 (the 'Liquidation Date'), all of the assets of the Funds will be liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and each Fund will then be terminated. Shareholders may continue to redeem their Fund shares at any time prior to the Liquidation Date. The Funds may not achieve their investment objective as the Liquidation Date approaches. Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidations on their tax situation." For more on brokerages shifting sweep assets from money funds into lower-paying bank deposits, see our Nov. 28 News, "SF Chronicle on Brokerage Sweeps; Bloomberg on Europe Rejecting RDM," which says, "Here's a look at what some brokerage firms are doing with their sweep accounts. Merrill Lynch: Before September, Merrill Lynch clients had a choice of money market funds or bank deposits as their sweep account, but only 4 percent chose money market funds, according to a company spokeswoman. In September, Merrill made bank accounts the only sweep option for most new accounts."

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