Fund lineup tweaks, mergers and liquidations continue, as JP Morgan abandoned its "B" share classes and Federated prepares to liquidate a Euro MMF. JP Morgan filed with the SEC to convert its B shares in three funds -- JP Morgan Prime Money Market Fund, JP Morgan Liquid Assets Money Market Fund, and JP Morgan US Treasury Plus Money Market Fund -- into other share classes. The Prospectus Supplement SEC filing for J.P. Morgan Trust I and II says, "Accelerated Conversion of Class B Shares to Morgan Shares. The Board of Trustees of the J.P. Morgan Funds has approved the automatic conversion of the Funds' Class B Shares into Morgan Shares on or about June 19, 2015 (the “Conversion Date”), notwithstanding the conversion schedule set forth in each prospectus that indicates a later date. On the Conversion Date, all Class B Shares of the Funds will automatically convert to Morgan Shares of the same Fund. No contingent deferred sales charges will be assessed in connection with this automatic conversion. This automatic conversion is not expected to be a taxable event for federal income tax purposes or to result in the recognition of gain or loss by converting shareholders, although shareholders should consult their own tax advisors. As of the Conversion Date, all references to Class B Shares of the Funds in the Prospectus, Summary Prospectuses and Statement of Additional Information are hereby deleted." Also, a release entitled, "Fitch Withdraws Federated Short-Term Euro Prime Fund's 'AAAmmf' Rating," explains, "Fitch Ratings has withdrawn the Federated Short-Term Euro Prime Fund's 'AAAmmf' rating. The fund is managed by Federated Investors (UK) LLP. Fitch is withdrawing the rating as the fund will close (subject to FCA approval), liquidate all holdings and return the proceeds to investors. Accordingly, Fitch will no longer provide ratings or analytical coverage for the entity." In other news, Fed Governor Lael Brainard gave a speech on "Recent Changes in the Resilience of Market Liquidity." It says, "Recent events and commentary raise concerns about a possible deterioration in liquidity at times of market stress, particularly in fixed income markets."
