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MFI Daily Data

MFI Daily Data Sample

MFI Daily Data offers the largest and most competitive funds and investors a nightly look at dividend factors and daily yields. Available in Excel, RSS, or custom FTP, Money Fund Intelligence Daily contains:

  • Daily Dividend Factors - Factors or "mill rates" show the amount paid, or credited, by each fund.
  • Yields (1-day, 7-day, 30-day) - Daily 1-day, 7-day and 30-day yields are included, along with rankings.
  • Assets, AMs, Ratings, Cutoffs - Other data includes assets, average maturities, AAA ratings and trading deadlines.
  • Custom Sorts, Rankings - Sort by 1-day yield, or by 30-day, and select your own custom peer group.
  • Crane Money Fund Indexes - Our benchmark money market averages by fund type on every performance data point.

We've begun collecting funds on a daily basis and expect to go live with this product in April. E-mail us for a sample!

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MFI Daily Data News

Aug 11
 

Crane Data's latest Money Fund Intelligence Family & Global Rankings, which rank the market share of managers of money market mutual funds in the U.S. and globally, will be sent out to subscribers later this week. The August edition, with data as of July 31, 2015, shows asset increases for the majority of US money fund complexes in the latest month, as well as over the past 3 months. Assets increased by $49.9 billion overall, or 1.9%, in July; over the last 3 months, assets are up $94.1 billion, or 3.8%. For the past 12 months through June 30, total assets are up $122.2 billion, or 5.0%. Below, we review the latest market share changes and figures. (Note: Crane Data's August Money Fund Portfolio Holdings will be released later on Tuesday, and our August Money Fund Intelligence was released last Friday.)

The biggest gainers in July were Goldman Sachs, JP Morgan, Fidelity, Federated, BofA, and Dreyfus, rising by $10.3 billion, $7.3B, $7.2 billion, $5.6B, $4.9B, and $4.5B, respectively. JP Morgan, Goldman Sachs, Fidelity, BlackRock, Federated, and Morgan Stanley had the largest increases over the 3 months through July 31, 2015, rising by $16.6 billion, $15.8B, $15.6B, $10.2B, $10.2B, and $9.9B, respectively. (Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product, and the combined "Family & Global Rankings" are available to our Money Fund Wisdom subscribers.)

Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager by far with $410.3 billion, or 15.9% of all assets (up $7.2 billion in June, up $15.6 billion over 3 mos., and up $5.6B over 12 months). Fidelity was followed by JPMorgan's $257.2 billion, or 10.0% (up $7.3B, up $16.6B, and up $25.9B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained the third largest MMF manager with $209.5 billion, or 8.1% of assets (up $3.7B, up $10.2B, and up $27.9B). Federated Investors was fourth with $206.3 billion, or 8.0% of assets (up $5.6B, up $10.2B, and up $9.4B), and Vanguard ranked fifth with $174.0 billion, or 6.7% (down $644M, up $1.7B, and up $2.6B).

The sixth through tenth largest U.S. managers include: Dreyfus ($170.9B, or 6.6%), Goldman Sachs ($156.0B, or 6.0%), Schwab ($155.9B, 6.0%), Morgan Stanley ($125.2B, or 4.9%), and Wells Fargo ($110.0B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($79.7B, or 3.1%), SSgA ($77.2B, or 3.0%), BofA ($55.7B, or 2.2%) which moved ahead of Invesco, Invesco ($55.3B, or 2.1%), Western Asset ($43.2B, or 1.7%), First American ($41.8B, or 1.6%), UBS ($36.8B, or 1.4%), Deutsche ($30.1B, or 1.2%), Franklin ($24.5B, or 1.0%), and American Funds ($15.0B, or 0.6%). Crane Data currently tracks 69 U.S. MMF managers, down one from last month. (Reich & Tang was liquidated last month.)

Over the past year through July 31, 2015, BlackRock showed the largest asset increase (up $27.9B, or 15.4%), followed by JP Morgan (up $25.9B, or 11.2%), Morgan Stanley (up $23.8B, or 23.5%), Goldman Sachs (up $21.0B, or 15.6%), Dreyfus (up $17.5B, or 11.4%), and Federated (up $9.4B, or 4.8%). Other asset gainers for the year include: BofA (up $7.4B, or 15.3%), Fidelity (up $5.6B, or 1.4%), First American (up $5.2B, or 14.3%), Franklin ($4.8B, 24.3%), and Northern (up $3.8B, 5.0%). The biggest decliners over 12 months include: SSgA (down $4.8B, or -5.9%), RBC (down $4.3B, or -22.8%), Schwab (down $3.6B, or -2.3%), Deutsche (down $3.0B, or -9.2%), American Funds (down $2.9B, or -16.2%), and T. Rowe Price (down $1.3B, or -8.1%). (Note that money fund assets are very volatile month to month.)

When European and "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for Goldman moving up to No. 4 (dropping Vanguard to 7), and Western Asset appearing on the list at No. 10 (displacing Wells Fargo from the Top 10). Looking at the largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), the largest money market fund families are: Fidelity ($416.9 billion), JPMorgan ($382.3 billion), BlackRock ($308.7 billion), Goldman Sachs ($235.4 billion), and Federated ($214.6 billion). Dreyfus/BNY Mellon ($195.3B), Vanguard ($174.0B), Schwab ($155.9B), Morgan Stanley ($143.9B), and Western ($119.4B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals. (Note that big moves in the dollar have recently caused volatility in Euro and Sterling balances, which are converted back into USD.)

Finally, our August 2015 Money Fund Intelligence and MFI XLS show that yields went up for many indexes in July. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 842), remained at 0.02% for both the 7-Day Yield and the 30-Day Yield (annualized, net) Average. The Gross 7-Day Yield and 30-Day Yield were 0.16% (unchanged). Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.04%, up from 0.03% last month. Also, our Crane 100 shows a Gross 7-Day Yield of 0.20% (up from 0.19%) and a Gross 30-Day Yield of 0.19% (same as last month). For the 12 month return through 7/31/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%.

Our Prime Institutional MF Index (7-day) yielded 0.05% (unchanged), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, and Crane Govt Retail Index Indexes all yielded 0.01%, while Prime Retail yielded 0.02% (up from 0.01%). The Crane Tax Exempt MF Index also yielded 0.01%. The Gross 7-Day Yields for these indexes were: Prime Inst 0.24% (up from 0.23%), Govt Inst 0.13% (same as last month), Treasury Inst 0.08% (same), and Tax Exempt 0.12% (down from 0.13%) in July. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.02% for YTD, 0.03% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.41% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)

Aug 07
 

The August issue of Crane Data's Money Fund Intelligence was sent out to subscribers Friday morning. The latest edition of our flagship monthly newsletter features the articles: "Going Govt II: More Managers Plan Shifts to 'Govie' Funds," which discusses moves by BlackRock, Goldman, Deutsche and others to change Prime funds into Government funds; "PIMCO's Jerome Schneider Looks at 2a-7 and Beyond," where the head of PIMCO money market funds talks about the "new paradigm" for cash investors; and "MMFs in Disguise? New Ultra-Shorts from SSgA, Others," which reports on the launch of several new money fund-like ultra short bond funds. We have also updated our Money Fund Wisdom database query system with July 31, 2015, performance statistics, and sent out our MFI XLS spreadsheet this a.m. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our July Money Fund Portfolio Holdings are scheduled to ship Tuesday, August 11, and our August Bond Fund Intelligence is scheduled to go out on Friday, August 14. In other news, the SEC updated its "2014 Money Market Fund Reform Frequently Asked Questions" document.

The lead article in MFI says, "As we move into the second half of 2015, money market fund managers are beginning to fine tune their product lineups to prepare for the new rules in 2016. In July, we saw BlackRock, SSgA, Goldman, and Deutsche further evolve with specific and significant fund changes. These latest moves include (in total) another potentially sizable shift of assets (roughly $50 billion) from Prime to Government. We review the latest batch of announcements and filings below."

It continues, "The most notable new changes, perhaps, came from BlackRock. In April, BlackRock announced that it was keeping the TempFund as Prime Institutional and subject to the floating NAV, converting TempCash to a short maturity FNAV fund, and converting several Prime Retail funds to Government funds. In a series of late July filings, they've now outlined which funds are being converted. Specifically, 3 former Merrill Lynch prime retail money funds -- BIF Money Fund (which used to be CMA Money Fund, at one point the largest money fund in the world), Ready Assets Prime Fund, and Retirement Reserves Money Fund -- will be converted to Government funds. Also, BlackRock's FFI Premier Institutional, FFI Institutional Fund, and FFI Select Institutional will be converted from Prime Institutional to Government. All totaled, about $18 billion will be changing from Prime to Government funds. BlackRock also announced that it is liquidating 3 Muni money funds, BlackRock New Jersey MM Portfolio, BlackRock Virginia MMP, and BlackRock North Carolina MMP."

In our "profile" this month, we interview Jerome Schneider, Managing Director and Lead Portfolio Manager for Short Term Strategies at PIMCO. It reads, "Schneider oversees not only money market funds, but all short duration strategies. In that role, Schneider and his team have positioned PIMCO to compete in an evolving marketplace, "focusing on actively managed strategies which offer liquidity management, capital preservation, and income." As he told us, investors are now dealing with a "different set of cards" that will change the game going forward. Schneider discusses those changes and PIMCO’s strategy of creating opportunities in 2a-7 and beyond."

One of the questions asks: "Q: What changes do you see in the marketplace? Schneider: Obviously, the shift from Prime to Government is going to be more of a strategic shift for many investors who want to maintain that $1 par NAV and avoid fees and gates. We have money funds that are going to remain available and we have the capacity to continue to grow those funds. But over the next 2 years or so, we think we will see an evolution out of the liquidity management paradigm that we've had for the past 40 years into a new one that is continuing to be defined. It's not completely formed, and in fact it's in the embryonic stages. As things change -- such as regulations, banks, intermediaries, monetary policies, and even monetary tools such as the reverse repo facility -- all of these things are going to impact how we think about capital preservation and liquidity going forward. Investors are going to have to understand these changes and rely on partners who can help them. Most importantly, we suggest that investors should not limit themselves to the historic frameworks that the industry has used for the past forty years to manage liquidity. Liquidity management will evolve and investors will benefit if they are flexible enough to adapt to these changes."

The third article says, "Money market fund managers are not just revamping their money funds, they are also looking to supplement their lineups with ultra-short bond funds or enhanced cash portfolios. Some of these new funds, for the most part, look and act like money market funds with the potential for slightly higher yields. But they aren't subject to 2a-7 regulations, in particular the pending 4 decimal point pricing and the emergency gates and fees. At a time when new regulations, as well as supply concerns, could impact both Prime and Government money market funds, managers are getting prepared to capture possible outflows by offering alternatives just outside the MMF space."

It adds, "State Street Global Advisors is the latest firm to jump into the ultra-short bond fund space. SSgA filed with the Securities & Exchange Commission to launch 3 new short duration bond funds -- State Street Ultra Short Term Bond Fund, State Street Current Yield Fund, and State Street Conservative Income Fund. The Ultra Short Term Bond Fund's average effective duration is expected to be 1 year or less, said the SEC filing."

The issue also has a brief entitled, "Moody's: MFs to Gain $5B. It says, "In a new report entitled, "`Rising Rates to Unleash $5 billion for US Money Fund Sponsors," Moody's Investors Service says U.S. money market fund managers can expect to double MMF revenues in the near future as the industry is poised to recover some $5 billion in fees <b:>`_."

Crane Data's July MFI XLS, with July 31, 2015, data shows total assets rising by $52.4 billion in July, after rising $15.5 billion in June. YTD, MMF assets are down by $62.4 billion, or 2.4% (through 7/31/15). Our broad Crane Money Fund Average 7-Day Yield and 30-Day Yield remained at 0.02%, while our Crane 100 Money Fund Index (the 100 largest taxable funds) ticked up 1 basis point to 0.04% (7-day and 30-day). On a Gross Yield Basis (before expenses were taken out), funds averaged 0.16% (Crane MFA, up 0.01% from last month) and 0.20% (Crane 100, up 0.01% from last month). Charged Expenses averaged 0.14% and 0.16% (unchanged) for the two main taxable averages. The average WAMs for the Crane MFA and the Crane 100 were 36 and 39 days, respectively, unchanged from last month. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

In other news, the SEC released an updated version of its "Money Market Fund Reform Frequently Asked Questions. The updated FAQ includes new information on a number of topics, including Form N-CR, compliance dates for Form-PF, on Retail investors and beneficial ownership, and suspending redemptions, among others. One of the changes is on Question 16 relates to determining beneficial ownership for the purposes of qualifying as a retail money market fund.

The addendum says, "Rule 13d-3 also treats a person as a beneficial owner based on the person having sole or shared voting power over securities. Voting power may be unrelated to the power to redeem securities, and therefore would not be significant when determining beneficial ownership of a retail money market fund. Accordingly, in the staff's view and notwithstanding Rule 13d-3, policies and procedures would be deemed "reasonably designed to limit all beneficial owners of the fund to natural persons" even if they do not use voting power as a basis for identifying beneficial owners of the fund. The staff believes that such policies and procedures may also permit institutional decision makers to share investment power with a natural person. For example, accounts managed by an institutional decision maker on behalf of one or more natural persons may qualify to invest in a retail money market fund, provided that such natural persons have sole or shared investment power over the shares as defined in rule 13d-3."

Jul 14
 

Crane Data's latest Money Fund Intelligence Family & Global Rankings, which rank the market share of managers of money market mutual funds in the U.S. and globally, were sent out to subscribers late last week. The July edition, with data as of June 30, 2015, shows asset increases for the majority of US money fund complexes in the latest month. However, most fund complexes show losses over the past three months due to steep drops in April. Assets increased by $9.2 billion overall, or 0.4%, in June; over the last 3 months, assets are down $53.3 billion, or 2.1%. But for the past 12 months through June 30, total assets are up $42.2 billion, or 1.7%. Below, we review the latest market share changes and figures. (Note: Crane Data's July Money Fund Portfolio Holdings were released on Friday, and our July Money Fund Intelligence was released last Wednesday.)

The biggest gainers in June were Federated, Fidelity, BofA, UBS, Vanguard, and Dreyfus, rising by $7.1 billion, $5.0 billion, $4.3 billion, $1.8 billion, $1.5 billion, and $1.5 billion, respectively. BofA, JP Morgan, First American, Oppenheimer, and Western had the largest increases over the 3 months through June 30, 2015, rising by $3.2B, $2.0B, $1.1B, $1.0 billion, and $928M, respectively. (Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product, and the combined "Family & Global Rankings" are available to our Money Fund Wisdom subscribers.)

Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager by far with $403.1 billion, or 16.0% of all assets (up $5.0 billion in June, down $333 billion over 3 mos., and down $2.0B over 12 months). Fidelity was followed by JPMorgan's $249.9 billion, or 9.9% (up $367M, up $2.0B, and up $11.6B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained the third largest MMF manager with $205.8 billion, or 8.2% of assets (up $1.6B, down $9.8B, and up $21.5B). Federated Investors was fourth with $200.8 billion, or 8.0% of assets (up $7.1B, down $5.0B, and down $1.2B), and Vanguard ranked fifth with $174.6 billion, or 6.9% (up $1.5B, up $909M, and up $3.8B).

The sixth through tenth largest U.S. managers include: Dreyfus ($166.4B, or 6.6%), Goldman Sachs ($145.6B, or 5.8%), Schwab ($145.2B, 5.8%), Morgan Stanley ($116.9B, or 4.6%), and Wells Fargo ($107.6B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($78.8B, or 3.1%), SSgA ($76.8B, or 3.0%), Invesco ($53.9B, or 2.1%), BofA ($50.7B, or 2.0%), Western Asset ($45.0B, or 1.8%), First American ($42.1B, or 1.7%), UBS ($36.5B, or 1.4%), Deutsche ($31.2B, or 1.2%), Franklin ($24.5B, or 1.0%), and American Funds ($15.0B, or 0.6%). Crane Data currently tracks 70 managers, down one from last month.

Over the past year through June 30, 2015, BlackRock showed the largest asset increase (up $21.5B, or 11.6%), followed by Morgan Stanley (up $12.6B, or 12.1%), Dreyfus (up $12.2B, or 7.9%), JP Morgan (up $11.6B, or 4.9%), Goldman Sachs (up $7.0B, or 5.0%), and Franklin (up $6.1B, or 33.1%). Other asset gainers for the year include: Northern (up $4.3B, or 5.8%), Vanguard ($3.8B, 2.2%), BofA (up $3.7B, or 7.9%), First American (up $3.1B, or 8.0%), and Western (up $3.1B, 11.8%). The biggest decliners over 12 months include: Schwab (down $12.9B, or -8.2%), SSgA (down $7.1B, or -8.5%), Reich & Tang (down $4.6B, or -42.6%), RBC (down $3.6B, or -19.7%), Deutsche (down $3.3B, or -9.4%), Fidelity (down $2.0B, or -0.5%), American Funds (down $1.6B, or -9.6%), T. Rowe Price (down $1.4B, or -8.6%), and Federated (down $1.2B, or -0.6%). (Note that money fund assets are very volatile month to month.)

When European and "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for Goldman moving up to No. 4 (dropping Vanguard to 7), and Western Asset appearing on the list at No. 10 (displacing Wells Fargo from the Top 10). Looking at the largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), the largest money market fund families are: Fidelity ($409.7 billion), JPMorgan ($379.5 billion), BlackRock ($306.5 billion), Goldman Sachs ($225.5 billion), and Federated ($208.9 billion). Dreyfus/BNY Mellon ($191.6B), Vanguard ($174.6B), Schwab ($145.2B), Morgan Stanley ($134.7B), and Western ($124.1B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals. (Note that big moves in the dollar have recently caused volatility in Euro and Sterling balances, which are converted back into USD.)

Finally, our July 2015 Money Fund Intelligence and MFI XLS show that yields remained largely unchanged in June, though gross yields again inched higher (as did Prime Inst yields). Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 858), remained at 0.02% for both the 7-Day Yield and the 30-Day Yield (annualized, net) Average. The Gross 7-Day Yield and 30-Day Yield both ticked up to 0.16% (from 0.15%). Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.03%, the same as last month. Also, our Crane 100 shows a Gross 7-Day Yield and a Gross 30-Day Yield of 0.19% (same as last month). For the 12 month return through 6/30/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%.

Our Prime Institutional MF Index (7-day) yielded 0.05% (up from 0.04%), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, and Prime Retail Indexes all yielded 0.01%, while Crane Govt Retail Index yielded 0.02% (up from 0.01%). The Crane Tax Exempt MF Index yielded 0.01%. The Gross 7-Day Yields for these indexes were: Prime Inst 0.23% (up from 0.22%), Govt Inst 0.13% (same as last month), Treasury Inst 0.08% (same), and Tax Exempt 0.13% (up from 0.11%) in June. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.01% for YTD, 0.03% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.43% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)

Jul 08
 

The July issue of Crane Data's Money Fund Intelligence was sent out to subscribers Wednesday morning. The latest edition of our flagship monthly newsletter features the articles: "Vanguard Goes Pure Retail; UBS, SSgA, MS Reveal Plans," which explains what several of the largest managers have said recently on money fund reforms; "Anticipation, Change Focus of 7th Money Fund Symposium," which recaps the highlights of our record breaking conference last month in Minneapolis; and "Responding to MM Reform Questions at Crane MFS," which features commentary from the SEC's Sarah ten Siethoff and other attorneys on reform FAQs. It also discusses recent fund liquidations. We have also updated our Money Fund Wisdom database query system with June 30, 2015, performance statistics, and sent out our MFI XLS spreadsheet earlier this a.m. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our July Money Fund Portfolio Holdings are scheduled to ship Friday, July 10, and our July Bond Fund Intelligence is scheduled to go out on July 17.

The lead article in MFI says, "In June, a wave of fund companies announced how they plan to adapt to the new money fund rules, including one of the biggest, Vanguard. UBS, SSgA and Morgan Stanley also made MMF announcements. Of note, Vanguard became the first to decline to offer institutional floating rate Prime or municipal money funds, though every other large complex had pledged to offer these to date."

It continues, "A press release entitled, "Vanguard To Designate Prime And Tax-​Exempt Money Market Funds For Individuals," explains, "Vanguard plans to designate its $133.4 billion Prime Money Market Fund and its six tax-exempt funds (one national and five state municipal money funds) as "retail funds," meaning that individual investors will continue to have access to these funds at a stable $1 NAV. In addition, Vanguard announced two name changes, effective December 2015: Institutional Shares of Vanguard Prime MMF will be renamed Admiral Shares. Vanguard Admiral Treasury MMF will be renamed Vanguard Treasury Money Market Fund."

In our "profile" this month, we review the highlights of our Money Fund Symposium. It reads, "Crane's 7th Annual Money Fund Symposium, which was held in Minneapolis in late June, is now in the books, and it goes down as our largest conference ever. We had a record number (501) of attendees, and we also had what many have called our best program ever. Thanks to those that participated! Below, we review some of the highlights."

MFI explains, "The conference kicked off with a welcome address and Q&​A featuring Karla Rabusch, President of Wells Fargo Advantage Funds. Rabusch said, "We are focused on clients first, that's why we are all here. Sometimes it feels like we're focused on regulators first because we're responding so much to [them]. But we need to make sure that we're fitting our clients' needs into the regulatory framework. There is always going to be a place for money funds. We'll see how they transition -- how much [shifts] to government funds, how much stays in prime, how it all works. There are obviously going to be opportunities, and we're all going to find ways to meet the needs of our clients."

It adds, "Day 1 also featured a session on the "State of the Money Fund Industry" with Crane Data's Peter Crane, Federated Investors' Deborah Cunningham, and JP Morgan Securities' Alex Roever. Crane said, "Money funds still hold $2.6 trillion; it's amazing that the base is still there. So while people predict where the money might flow in 2016, I take the 'under' on this. I think assets will be pretty much where they are today, because they have been flat for the last 4 years. If the money hasn't gone elsewhere by now, what in God's name is it waiting for?" Roever added, "We've got fund sponsors like Federated, Fidelity, Blackrock, etc., who are who are making all sorts of plans about what to do as reform approaches.... The missing piece in all this is the shareholders, and actually that's the most important piece. Where do they move their money and are they going to have the ability to actually move?" Predicting fund flows out of prime or bank deposits and potentially into government funds is "the biggest parlor game.""

The third article says, "One of the featured speakers at Crane's Money Fund Symposium in Minneapolis, June 24-26, was Sarah ten Siethoff, Senior Special Counsel at the Securities & Exchange Commission, who elaborated on some Frequently Asked Questions on money fund reforms. She sat on a panel along with attorneys Stephen Keen of Perkins Coie; and Jack Murphy of Dechert, in a session called "Money Fund Rules: Questions on the Rule." Keen & Murphy provided an overview of reforms, then focused their attention on some of the FAQs that they felt required additional clarification."

The issue also has a brief entitled, "Fund Liquidations Jump in June. It says, "JP Morgan, Fidelity, Federated, Touchstone, and Reich & Tang all liquidated money funds in recent weeks as a result of lineup changes and mergers precipitated by reforms."

Crane Data's July MFI XLS, with June 30, 2015, data shows total assets rising by $15.5 billion in June, after rising $26.8 billion in May. (MMFs assets fell by $156.8 billion total in the first 4 months of 2015.) YTD, MMF assets are down by $114.8 billion, or 4.3% (through 6/30/14). Our broad `Crane Money Fund Average 7-Day Yield and 30-Day Yield remained at 0.02%, while our Crane 100 Money Fund Index (the 100 largest taxable funds) stayed at 0.03% (7-day and 30-day). On a Gross Yield Basis (before expenses were taken out), funds averaged 0.16% (Crane MFA, up 0.01% from last month) and 0.19% (Crane 100, same as last month) on an annualized basis for both the 7-day and 30-day yield averages. Charged Expenses averaged 0.14% and 0.15% (unchanged) for the two main taxable averages. The average WAMs for the Crane MFA and the Crane 100 were 36 and 39 days, respectively, down 2 days and 1 day, respectively, from last month. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

In other news, the International Monetary Fund released its annual assessment of the US economy, commenting on a number of areas, including money markets. On money market funds it says reforms have helped, but vulnerabilities remain. "Changes to the triparty repo infrastructure (including reengineering of the settlement cycle, improvements in the collateral allocation processes, and limits on intra-day credit) have reduced risks. Despite reforms, vulnerabilities in the triparty repo market remain large (including the reliance on two clearing banks). Potential next steps could include the use of central counterparty clearing houses for repo transactions. This, in turn, would require implementing adequate risk management requirements for central counterparty clearing houses including cyber resilience, standardized stress testing, and recovery and resolution regimes. The requirement that some money market funds move to a floating net asset value by 2016 is a positive step. `However, a significant share of funds will be able to maintain stable net asset values, allowing institutional and retail investors to treat their investment as deposit-like, despite their greater liquidity risks. Shifting all money market funds to floating net asset values should be reconsidered."