Bank of America Money Market Fund Frozen

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CNBC online editor Charlie Gasparino is reporting that his sources tell him that that Bank of American has frozen a money market fund tailored towards institutional investors.
The fund is called the Colombia Strategic Cash Portfolio. Apparently Bank of America has sent a letter to investors notifying them that the fund will no longer take subscriptions or redemptions. The fund is invested in debt securities that are caught up in the crunch. He says Bank of America has not yet confirmed the story.

Update:
And now they have. Gasparino says Bank of America confirms the story of the fund freeze. Anyone know who has money caught up in this fund?

Update:
Both CNBC and our commenters report that it's not a straight money-market fund but a fund intended to achieve money-market type results. It's heavily invested in SIV paper, we're told. Where's that MLEC thing when you need it?

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