Fidelity (Soft) Closes Treasury MMFs
A message sent by Fidelity tells investors, "This is a notification that effective close of business on March 31, 2020, Fidelity Treasury Only Money Market Fund, FIMM Treasury Only Portfolio and FIMM Treasury Portfolio will be closed to new investors (soft close). See below for further information. Please be advised that these funds should be automatically updated on all applicable ... files. Please update your systems and applications accordingly." The funds include: FIMM Treasury Only Portfolio: Class I (FSIXX), Class II (FOXXX), Class III (FOIXX), Class IV (FOPXX), Institutional Class (FRSXX) and Select Class (FTYXX); Treasury Only Money Market (FDLXX), FIMM Treasury Portfolio: Class I (FISXX), Class II (FCEXX), Class III (FCSXX), Class IV (FTVXX), Institutional Class (FRBXX) and Select Class (FTUXX). We'll be watching for other funds to limit the massive inflows to delay the dawn of negative yields in coming days. For more, see these Crane Data News articles: More on Ultra-Low Treasury Rates, Fee Waivers and Negative Yields (1/7/09), Flurry of Fund Filings on Treasury Funds Closings, Waivers, Insurance (1/14/09), MarketWatch Writes Treasury Money-Market Funds Shutting The Door (1/27/09), Vanguard Merges Treasury Money Funds, Closes Federal Money Market (6/3/09) and Schwab Q and A on Closing of U.S. Treasury Money Fund to Sweeps (10/6/11).
