Earlier this week, Crane Data sent out a survey to subscribers of our flagship monthly newsletter, Money Fund Intelligence, to gauge the money market mutual fund and cash investor community's responses to the SEC's recent "Money Market Mutual Fund Reform" proposals. The initial responses indicate that the overall proposals are being rated favorably, but the SEC's shortening of WAM (maturity) and removal of illiquid securities provisions are causing the most concerns among money market mutual funds. Our survey to date is also showing that ultra-low interest rates are now seen as a more pressing issue than regulatory changes.

Below, we show the full survey. We invite Crane Data website visitors to add their feedback to our subscribers'. Look for a more detailed discussion and results following their publication in Money Fund Intelligence next Friday.

The "Money Fund Intelligence Subscriber Survey" introduction says: "Dear MFI Subscriber: I hope you're well and hope you're having a nice summer. I wanted to take a moment to solicit your opinions on the SEC's recently issued "Money Market Fund Reform" proposals. I'd appreciate brief answers to the questions below. Responses will be kept "blind" and only released in the aggregate. We'll include the results in the upcoming August issue of Money Fund Intelligence. Thanks again for your input and support, and have a great week! Sincerely, Pete Crane"

MONEY FUND INTELLIGENCE SUBSCRIBER SURVEY July 2009

1. Overall, on a scale of 1 to 10 with 10 being the highest, how do you rate the SEC's MMF Reform proposals? ________.

2. Which of the SEC's Proposed MMF Reform Amendments do you think would do the most good? a. Moving WAM from 90 to 60 days b. Removing Second Tier Securities c. Adding Liquidity Mandates d. Removing Illiquid Securities e. Disclosing monthly portfolio holdings f. Other ___________.

3. Which of the SEC's Proposed MMF Reform Amendments do you think would do the most harm? a. Moving WAM from 90 to 60 days b. Removing Second Tier Securities c. Adding Liquidity Mandates d. Removing Illiquid Securities e. Disclosing monthly portfolio holdings f. Other ___________.

4. What are the most important issues facing money market mutual funds in the coming months? (rank highest to lowest with 1 being the highest, 2 being next, etc.) a. Regulatory Changes ___ b. Consolidation ___ c. Ultra-Low Interest Rates ___ d. Rising Rates ___ e. Competition from Banks or New Products ___ f. Other ___ ___________.

5. On a scale of 1 to 10 with 10 being the highest, rate the attractiveness of a floating NAV. _______

6. If you could add or remove a change, what would it be? ____________________________________.

Thanks for your input! (Please e-mail responses to pete@cranedata.com.)

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