Delaware Liquidates Govt Cash Mgmt
A filing for Delaware Government Cash Management Fund alerts us of the fund's liquidation. It explains, "On May 20, 2020, the Board of Trustees of Delaware Group Equity Funds IV unanimously voted and approved a proposal to liquidate and dissolve the Fund. The liquidation and dissolution are now expected to take effect on or about Dec. 4, 2020. As noted in the supplement dated June 25, 2020 to the Fund's summary and statutory prospectuses, the Fund closed to new investors and all sales efforts ceased as of the close of business on Thursday, July 2, 2020. However, the Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until close of business Dec. 2, 2020." The filing continues, "Shareholders will be permitted to exchange their shares for the same share class of any of Delaware Funds by Macquarie's other funds prior to the Funds' liquidation date. Any exchange would be made at the current net asset value of the Funds and the selected Delaware Fund.... Existing shareholders of the Fund may continue to purchase shares until close of business Dec. 2, 2020.... Check writing is available for certain shareholders of Delaware Government Cash Management Fund at no cost, through checks dated Sept. 30, 2020, at which point this service will cease." This marks the latest liquidation in the money market fund sector. For more on recent liquidations, see these recent Crane Data News articles: "Rolling w/Reform Changes III: Recap of '20 Prime Exits, News & Moves" (1/7/21), "Wells Joins Dreyfus in Merging Prime Money Funds; PFM Debunks ECRs" (1/4/21), "Northern Drops Other Prime Shoe, Exits Muni Too; MFI Intl Holdings (12/15/20), "BMO Liquidating Inst Prime MMF (11/17/20), and "Morgan Stanley NY Muni MM Gone (10/5/20).
