Since the SEC began publicly disclosing its Form N-MFP filings without a 2-month delay in April 2016, Crane Data has been parsing and integrating this new trove of data into our existing collections and products. Beginning with the January 2017 issue of our Money Fund Intelligence newsletter and MFI XLS performance spreadsheet (which will ship on 1/9), we will add a number of private and internal money market funds previously unreported to our listings. We've been offering these full fund listings in "beta" format in our "fundsnmfp" file (available to Money Fund Wisdom subscribers via our "Content" center) for a number of months now, and we've listed several of these in our Money Fund Portfolio Holdings collections for awhile, but watch for more inclusion in the coming months. We review the largest of these and our latest fund additions below, and we also review a name change for the TDAM Money Market Funds and money fund reform piece from T. Rowe Price below.
The largest of these internal and private money funds include: Vanguard Market Liquidity Fund ($49.6 billion), Fidelity Cash Central Fund ($34.6B), DFA Short Term Investment Fund ($26.4B), Fidelity Securities Lending Cash Central Fund ($20.4B), Franklin U.S. Government MMP ($18.3B), Prudential Institutional MMF ($13.9B), Columbia Short-Term Cash Fund ($11.3B), State Street Navigator Securities Lending Govt MMP ($11.0B), TIAA-CREF Money Market Account ($11.1B), MFS Institutional Money Market Portfolio ($5.5B), JNL Money Market Fund ($3.8B), T. Rowe Price Treasury Reserve Fund ($3.2B), Vanguard Municipal Cash Management Fund ($2.4B), Fidelity Municipal Cash Central Fund ($2.1B), and Fidelity Money Market Central Fund ($1.8B). (Note that most of these do not have ticker symbols and many don't include the advisor name in their official filing names.)
The 15 funds above total $219.7 billion, while the 10 Prime funds among these total $178.3 billion. We'll be adding approximately just over half of the assets this month ($110.3 billion), with most of the remainder added over the first half of 2017. (So be wary of these asset distortions in the coming months.) Note that these funds, and those listed in our Form N-MFP files (and on the SEC's site) are all true "money market mutual funds" -- if they report as money funds, they're money funds -- but most aren't available to outside investors. These additions don't, however, include private or internal "pools" that aren't registered as MMFs. (We're still slowly attempting to locate and identify many of these too. Contact us if you'd like to see our latest "fundsnmfp" list.)
For more information on internal and private money funds and other pools, see our June 29, 2016 News, "UBS Liquidates Sweeps, Goes Govt; Vanguard Floats Internal Money Fund," our April 4, 2016 News, "Prudential Core MMF Goes Bond; BlackRock, BofA Approved; Calamos," and our July 10, 2015 News, "OFR Sheds Light on Liquidity Funds, STIFs, Managed Accts in Form PF."
In other news, a recent Prospectus Supplement filing for TD Asset Management Funds USA Funds tells us, "Effective December 7, 2016: The TDAM Money Market Portfolio is renamed TD Money Market Portfolio; the TDAM U.S. Government Portfolio is renamed TD U.S. Government Portfolio; the TDAM Municipal Portfolio is renamed TD Municipal Portfolio; the TDAM California Municipal Money Market Portfolio is renamed TD California Municipal Money Market Portfolio; and the TDAM New York Municipal Money Market Portfolio is renamed TD New York Municipal Money Market Portfolio."
It adds, "Accordingly, effective December 7, 2016, all references in the Prospectus and SAI to "TDAM Money Market Portfolio", "TDAM U.S. Government Portfolio" , "TDAM Municipal Portfolio", "TDAM California Municipal Money Market Portfolio", and "TDAM New York Municipal Money Market Portfolio" are replaced with the "TD Money Market Portfolio", "TD U.S. Government Portfolio", "TD Municipal Portfolio", "TD California Municipal Money Market Portfolio", and "TD New York Municipal Money Market Portfolio", respectively."
No word yet on whether TD Asset Management, the manager, will be changing its name or why the funds are changing names. TDAM is the 31st largest manager of U.S. money market funds with $5.5 billion. (See our August 12, 2016 News, "TDAM Does About Face, Liquidates Inst MMF and Inst Muni; More Filings," and our April 1, 2016 News, "All In: TDAM to Maintain Full MMF Roster; ICI Trends, Composition.")
Finally, in mid-December, T. Rowe Price published "New Rules for Money Market Mutual Funds," which says, "Money funds generally will remain low-risk, highly liquid places to keep cash for the short term."
The piece says, "Individual investors in money market mutual funds saw some federal rule changes governing their funds as of the middle of October of this year. The Securities and Exchange Commission (SEC) rules divide money funds into two camps -- government and nongovernment funds. The changes are most significant for nongovernment money funds. However, overall, the new rules should have little or no everyday impact on many investors."
TRP's update adds, "Money funds generally will remain low-risk, highly liquid places to keep cash for short-term needs, and those for individual investors will continue to be managed to keep their net asset value (NAV) at $1.00 per share. Under the new rules, nongovernment money funds are now required to have the ability, under certain extreme circumstances, to put into place liquidity fees and to restrict redemptions to prevent an investor "run" on money funds. This change was prompted by the money market stresses following the Lehman Brothers bankruptcy filing in 2008 that caused at least one non-T. Rowe Price money market fund's NAV to go below $1.00 per share."
