A Prospectus Supplement filing for DWS Government Cash Management Fund explains, "Upon the recommendation of DWS Investment Management Americas, Inc., the investment advisor for DWS Government Cash Management Fund, a feeder fund of Government Cash Management Portfolio, the Board of Trustees of Deutsche DWS Money Market Trust has authorized, on behalf of the fund, the fund's termination and liquidation, which will be effective on or about August 31, 2022. Accordingly, the fund will redeem all of its outstanding shares on the Liquidation Date. The liquidation will be effected according to a Plan of Liquidation and Termination."
It continues, "The operational costs of the liquidation, including the notification to shareholders, will be borne by the Advisor. Shareholders who elect to redeem their shares prior to the Liquidation Date will receive the net asset value per share (normally, $1.00) on such redemption date for all shares they redeem. Shareholders whose shares are redeemed automatically on the Liquidation Date will receive the net asset value per share (normally, $1.00) for all shares they own on the Liquidation Date. As the Liquidation Date approaches, the fund's assets not already converted to cash or cash equivalents will be converted to cash or cash equivalents and the fund will not be pursuing its investment objective."
DWS adds, "The fund will be closed to new investors effective immediately. Retirement plans that currently offer the fund as an investment option may continue to offer the fund to their participants until the Liquidation Date and the fund will continue to accept subsequent investments and dividend reinvestments for existing accounts until the Liquidation Date, except that subsequent investments made by check or Automated Clearing House debit entries will no longer be accepted by the fund beginning two weeks prior to the Liquidation Date."
Our June Bond Fund Intelligence publication also recently mentioned the liquidation of DoubleLine Ultra Short Bond Fund. This filing says, "The Board of Trustees of DoubleLine Funds Trust has approved a plan of liquidation for the Fund. The liquidation of the Fund is expected to take place on or about July 29, 2022. Effective after the close of business on June 14, 2022, the Fund's shares will no longer be available for purchase by new investors or existing investors (other than qualified plans). Dividend reinvestments (where applicable) will continue until the Liquidation Date."
For more on recent liquidations (or the lack thereof) in the space, see our Crane Data News pieces: "Ivy Funds Liquidating ... Again (6/2/22); "Delaware Pauses Cash Liquidation" (11/1/21); "Delaware Ivy Cash Funds Liquidating" (10/4/21); "AIG Govt MMF, MuniFund Liquidate (8/3/21), "Western Files to Liquidate Tiny MMFs (6/7/21), "BlackRock Liquidates Ready Assets (2/11/21), "Delaware Liquidates Govt Cash Mgmt" (1/11/21); "DWS Liquidating Govt CR (BIRXX)" (11/25/20); "BMO Liquidating Inst Prime MMF" (11/17/20); "Morgan Stanley NY Muni MM Gone" (10/5/20); "SEC's Blass on Push for More MMF Reforms; Vanguard Liquidating PA, NJ" (9/28/20) and "Franklin, Legg Mason Deal Signals More Consolidation; More Liquidations (2/20/20).
Finally, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Wednesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of July 1) includes Holdings information from 71 money funds (down 16 from a week ago), which represent $2.527 trillion (down from $2.865 trillion) of the $4.982 trillion (50.7%) in total money fund assets tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website. See our June 10 News, "June MF Portfolio Holdings: NY Fed Repo Now Bigger Than US Treasuries," for more.)
Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.281 trillion (down from 1.433 trillion a week ago), or 50.7%; Treasuries totaling $947.5 billion (down from $1.052 trillion a week ago), or 37.5%, and Government Agency securities totaling $133.8 billion (down from $169.7 billion), or 5.3%. Commercial Paper (CP) totaled $52.0 billion (down from a week ago at $57.8 billion), or 2.1%. Certificates of Deposit (CDs) totaled $40.8 billion (down from $48.1 billion a week ago), or 1.6%. The Other category accounted for $45.2 billion or 1.8%, while VRDNs accounted for $26.8 billion, or 1.1%.
The Ten Largest Issuers in our Weekly Holdings product include: the Federal Reserve Bank of New York with $967.3 billion (38.3%), the US Treasury with $947.5 trillion (37.5% of total holdings), Federal Home Loan Bank with $82.3B (3.3%), Fixed Income Clearing Corp with $54.9B (2.2%), Federal Farm Credit Bank with $43.8B (1.7%), BNP Paribas with $42.3B (1.7%), RBC with $29.0B (1.1%), JP Morgan with $16.9B (0.7%), Sumitomo Mitsui Banking Corp with $16.9B (0.7%) and Barclays PLC with $15.9B (0.6%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($245.4B), Goldman Sachs FS Govt ($215.9B), Morgan Stanley Inst Liq Govt ($174.0B), BlackRock Lq FedFund ($168.8B), BlackRock Lq Treas Tr ($120.5B), Fidelity Inv MM: Govt Port ($117.0B), Dreyfus Govt Cash Mgmt ($114.4B), BlackRock Lq T-Fund ($111.7B), Goldman Sachs FS Treas Instruments ($111.2B) and Allspring Govt MM ($104.2B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary, or our Bond Fund Portfolio Holdings data series.)
