Temporary Exemption for Liquidation of Certain Money Market Funds

The Securities and Exchange Commission ("Commission") is adopting an interim final temporary rule under the Investment Company Act of 1940 ("Investment Company Act" or "Act") to provide relief from certain provisions of the Act for those money market funds that have elected to participate in a temporary guaranty program ("Guaranty Program" or "Program") established by the U.S. Department of Treasury ("Treasury Department"). The Guaranty Program includes a procedure for the orderly liquidation of money market fund assets in certain circumstances, and the interim final temporary rule will permit money market funds that commence liquidation under the Guaranty Program to temporarily suspend redemptions of their outstanding shares and postpone the payment of redemption proceeds.