Below, we reprint the article, "Top Money Funds of 2019; 11th Annual MFI Awards," from the January edition of our Money Fund Intelligence.... In this issue, we recognize the top-performing money funds, ranked by total returns, for calendar year 2019, as well as the top funds for the past 5-year and 10-year periods. We present the funds below with our annual Money Fund Intelligence Awards. These are given to the No. 1-ranked funds based on 1-year, 5-year and 10-year returns, through Dec. 31, 2019, in each of our major fund categories -- Prime Institutional, Government Institutional, Treasury Institutional, Prime Retail, Government Retail, Treasury Retail and Tax‐Exempt.

The Top-Performing Prime Institutional fund (and fund overall) was BlackRock Cash Inst MMF SL (BRC01), which returned 2.49% (with 125 funds total), but DWS ESG Liquidity Inst (ESGXX) was first if restricted funds are excluded with a return of 2.41%. For Prime Retail funds, Vanguard Variable Insurance MM Fund (VAN03) ranked No. 1 (2.32%, 81 funds total), but Fidelity Inv MM: MM Port Inst (FNSXX) had the best return in 2019 (2.30%) if restricted funds are excluded.

The Top‐Performing Government Institutional funds in 2019 were Fidelity Flex Govt Money Market Fund (FLGXX) and Fidelity Series Govt Money Market Fund (FGNXX), which both returned 2.27% (144 funds total). AIG Govt MMF Class A (SMAXX) and American Century US Govt MM G (AGGXX) were the Top Government Retail funds over 1‐year with returns of 2.25% (155 funds total).

BlackRock Select Treas Strategies Inst (MLSXX) ranked No. 1 in the Treasury Institutional class with a return of 2.39% (134 funds total). Federated Trust for US Treas Obl IS (TTOXX) was No. 1 among Treasury Retail funds, returning 2.05% (72 funds total).

Top Funds over Past Five Years. For the 5‐year period through Dec. 31, 2019, DWS ESG Liquidity Cap (ESIXX) took top honors for the best performing Prime Institutional money fund with a return of 1.31% (108 funds total). Fidelity Inv MM: MM Port Inst (FNSXX) ranked No. 1 among Prime Retail with an annualized return of 1.23% (62 funds total).

Dreyfus Inst Pref Govt Plus MF (DRF03) ranked No. 1 among Govt Institutional funds with a return of 1.06% (103 funds total), while Vanguard Federal Money Mkt Fund (VMFXX) ranked No. 1 among Govt Retail funds over the past 5 years with a return of 1.01% (137 funds total). BlackRock Select Treas Strategies Inst (MLSXX) ranked No. 1 in 5‐year performance among Treasury Inst money funds with a return of 1.00% (117 funds total). Federated Trust for US Treas Obl IS (TTOXX) ranked No. 1 among Treasury Retail funds with a return of 0.94% (66 funds total).

Best Money Funds of the Decade. The highest performer of the past 10 years and No. 1 among Prime Inst MMFs was BlackRock Cash Inst MMF SL (BRC01) or Morgan Stanley Inst Liq ESG MMP Inst (MPUXX) if you exclude restricted funds. They returned 0.74% and 0.68%, respectively (97 funds total). Fidelity Inv MM: MM Port Inst (FNSXX), which returned 0.71% (62 funds total), was best among Prime Retail.

UBS Liquid Assets Govt Fund (UBS02), which returned 0.60% (99 funds total), (No. 1 among Govt Inst funds); Vanguard Federal Money Mkt Fund (VMFXX) ranked No. 1 among Govt Retail funds, returning 0.51% (132 funds total). BlackRock Select Treas Strategies Inst (MLSXX) returned the most among Treasury Inst funds over the past 10 years at 0.56% (104 funds total). Federated Trust for US Treas Obl IS (TTOXX) ranked No. 1 among Treasury Retail MMFs at 0.47% (104 funds total).

Top Tax‐Exempt Funds. We're also giving out awards for the best‐performing Tax‐Exempt money funds. Fidelity SAI Muni Money Market Fund (FMQXX) ranked No. 1 for the 1‐year period ended Dec. 31, 2019, with a return of 1.55% (88 funds total). Over the last 5 years, Federated Municipal Obligs WS (MOFXX) was the top performer with a return of 0.81% (83 funds total). BMO Tax Free MMF Premier (MFIXX) was the top‐ranked fund for the 10‐year period with a return of 0.48% (78 funds total).

See the MFI Award Winner listings on page 6 of the MFI newsletter, and see our latest MFI XLS for more detailed rankings. The tables on page 6 show the No. 1 ranked money fund for each category based on 1‐year, 5‐year, and 10‐year annualized total returns.

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