Highest-Yielding Money Market Funds ranked by 7-Day yield ( as of July 12, 2024 )
Institutional Money Funds 7-Day Yield%
Western Asset Prem Inst Liq Res Cap (WAAXX) 5.37
State Street Inst Liq Reserve Prem (SSIXX) 5.36
DWS ESG Liquidity Inst (ESGXX) 5.36
Federated Hermes Inst Prime Obligs IS (POIXX) 5.34
Morgan Stanley Inst Liq Prime MMP Inst (MPFXX) 5.34
Retail Money Funds 7-Day Yield%
Invesco Premier Investor (IMRXX) 5.37
First American Ret Prime Obligs X (FXRXX) 5.35
Allspring MMF Prm (WMPXX) 5.35
UBS Prime Preferred Fund (UPPXX) 5.35
Federated Hermes Prime Cash Oblig WS (PCOXX) 5.34
Tax Exempt Money Funds 7-Day Yield%
Federated Hermes Muni Obligs WS (MOFXX) 4.05
Dreyfus Tax-Ex Cash Mgmt Inst (DEIXX) 3.99
UBS Tax-Free Preferred Fund (SFPXX) 3.99
Western Asset Select Tax Free Res Sel (CIFXX) 3.98
Vanguard Municipal MMF (VMSXX) 3.88

Money Market News

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One year ago, we wrote that the "SEC Adopts Money Market Fund Reforms," which reviewed the U.S. Securities & Exchange Commission's latest attempt to make money funds more robust and able to withstand events like the March 2020 Covid crisis. Our update said, the "Money Market Fund Reforms ... abandoned [the SEC's] swing pricing proposal for Prime and Tax Exempt Institutional money market funds and replaced it with a mandatory liquidity fee regime. They also increased liquidity and disclosure requirements." We review the reforms with a focus on the latest piece to go live -- the Form N-MFP disclosures -- below. (Note: Crane Data has been adjusting our Form N-MFP data files to incorporate the latest data reporting changes. Our files have now been posted for Money Fund Wisdom subscribers, though we'll no doubt be tweaking and correcting some issues in the coming days.)

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Inside Money Fund Intelligence

MFI PDF July 2024 Issue

Largest Money Fund Managers

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The July 2024 issue of Money Fund Intelligence features: "AFP Liquidity Survey: Banks, MMFs, T-Bills Kings of Cash," which breaks down the latest trends in corporate cash; "Money Fund Symposium ’24: Records, 5%, Big Prime Shift," which quotes from our recent Money Fund Symposium in Pittsburgh; and, β€œICI Worldwide: MMFs Rise to $​10.4 Tril. in Q1’24; US, China," which reviews the latest figures on money fund markets outside of the U.S.

Each monthly issue of Money Fund Intelligence features news, performance information and rankings on money market mutual funds. Statistics include: assets, weighted average maturity, weighted average life, expense ratio, 7-day yield, 30-day yield, 1-year, 3-yr, 5-yr, 10-yr, and since inception return, as well as 7- and 30-day gross yields. MFI also contains tables of the top-yielding and the largest money funds, and our benchmark Crane Money Fund Indexes.

Subscriptions are $500 a year, and include online access to archived issues and additional features. Bulk discounts and site licenses are available. Write info@cranedata.com or call 1-508-439-4419 to subscribe or to request more information.

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The table below is excerpted from our monthly spreadsheet product, Money Fund Intelligence XLS. It shows the largest money market mutual fund managers as of June 30, 2024. (MFI XLS contains percentile rankings, fund family rankings, MNAVs, WLA, portfolio composition, and more).

Excerpt from MFI XLS

About Crane Data LLC

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Crane Data is a money market and mutual fund information company founded by Peter G. Crane and Shaun Cutts. We collect money market mutual fund, bank savings, and cash investment performance, statistics, and information and distribute rankings, news, and indexes.

Crane Data publishes Money Fund Intelligence, Money Fund Intelligence XLS, Money Fund Wisdom, the Crane Money Fund Indexes, and a series of products tracking money markets, mutual funds and cash investments. We also produce conferences, including Crane's Money Fund Symposium. For more information and samples, e-mail info@cranedata.com or call us at 1-508-439-4419.

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Jul 09
Sewell Elected Chair of IMMFA

Alastair Sewell of Aviva Investors was elected Chair of IMMFA, the London-based Institutional Money Market Funds Association, replacing Kim Hochfeld of SSGA. IMMFA is the "trade association representing the European money market fund industry," according to their website.

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Jul 01
Kitchen Retiring from Cavanal Hill

Mike Kitchen, a Senior Vice President and Senior Money Market Portfolio Manager at Cavanal Hill Investment Management is retiring after over 25 years in the money fund industry. Cavanal Hill is affiliated with BOK Financial. We'd like to thank Mike for his service and wish him all the best in retirement!

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Jun 11
RIP Dreyfus'​s Louis Geser

We just learned that Louis Geser passed away recently after a long battle with pancreatic cancer. Geser was Director of Short Duration Credit Research at Dreyfus and BNY Mellon during the mid-00's. Our condolences to his family and all who knew Lou. (See the Obituary here.)

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Crane Data News & Features

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European Money Fund Symposium 9/19-20/24

Thank you to those who supported our big Money Fund Symposium show in Pittsburgh! Mark your calendars for next year's event, which will be June 23-25, 2025 in Boston. Subscribers and attendees may access the recordings and conference materials in our MFS 2024 Download Center. We're making preparations for our next event, European Money Fund Symposium, which will be in London, Sept. 19-20, 2024, and for our Money Fund University, which will be in Providence, Dec. 19-20, 2024. Our next Bond Fund Symposium is scheduled for March 27-28, 2025 in Newport Beach, Calif. Watch for more details on future shows in coming months, and let us know if you'd like more information. We hope to see you in London in September, in Providence in December or in Newport Beach of Boston in 2025!