American Funds posted "Money market fund changes and FAQ" on its website recently, describing its recent funds merger, "Shareholders of The Cash Management Trust of America and The U.S. Treasury Money Fund of America approved merging those funds into American Funds Money Market Fund. On July 10, 2009, shares of The Cash Management Trust of America and The U.S. Treasury Money Fund of America were automatically exchanged for an equal number of shares of American Funds Money Market Fund." (FYI, Crane Data has replaced the Cash Mgmt Trust of American (CTAXX) with the new American Funds MMF (AFAXX) in our Crane 100 Money Fund Index.) The statement adds, "Capital Research and Management Company (CRMC) reimbursed some expenses of The Cash Management Trust of America and The U.S. Treasury Money Fund of America with the goal of maintaining a $1.00 a share at net asset value. CRMC will continue to reimburse some expenses of American Funds Money Market Fund. Shareholders of The Tax-Exempt Money Fund of America have approved a conversion of that fund into the new American Funds Short-Term Tax-Exempt Bond Fund. Shares in the money market fund will be converted on a 10-to-1 basis into shares of the bond fund on August 7, 2009." An FAQ regarding the money market changes is also included.
