BlackRock to Manage State Farm MMF
A notice for the State Farm Money Market Fund tells us that shareholders will vote to have the fund's management outsourced to BlackRock. It says, "You are cordially invited to attend a special meeting of shareholders ... of State Farm Money Market Fund ..., a series of State Farm Mutual Fund Trust ..., which will be held on Friday, September 14, 2018 at 8:00 a.m. (Central time), at the offices of State Farm Investment Management Corp. … Bloomington, Illinois.... SFIMC, the investment adviser to the Target Fund, after a review of the nature and goals of its mutual fund advisory business, has determined to reduce the extent of its mutual fund advisory business activities. Accordingly, on May 23, 2018, SFIMC recommended, and the Board of Trustees of the Target Trust … approved, an Agreement and Plan of Reorganization with respect to the Target Fund pursuant to which the Target Fund would be reorganized ... into BlackRock Summit Cash Reserves Fund ..., a series of BlackRock Financial Institutions Series Trust, a money market mutual fund advised by BlackRock Advisors, LLC.... After considering the fees and expenses, performance, investment objectives and strategies of the Acquiring Fund and the terms and conditions of the Reorganization, including the tax consequences, the Target Board unanimously recommends that you vote in favor of the Reorganization because it believes the Reorganization is in the best interests of the Target Fund."
