Goldman Sachs and Dreyfus are slightly tweaking and streamlining their money fund lineups, announcing a handful of liquidations, according to recent SEC filings. A Prospectus Supplement for the Goldman Sachs Money Markets Funds explains, "At a meeting of the Board of Trustees of Goldman Sachs Trust held on June 13-14, 2023, the Trustees approved, on behalf of the Funds, the termination of the Resource, Premier, Select, Capital, Cash Management and Service Share Classes of the following Funds: Financial Square Money Market Fund - Resource, Capital, Cash Management, Premier; Financial Square Prime Obligations Fund - Resource, Cash Management, Premier, Service; Financial Square Treasury Instruments Fund - Resource Financial Square Treasury Solutions Fund - Resource; Financial Square Federal Instruments Fund - Premier, Select; Investor Money Market Fund - Resource; and Investor Tax-Exempt Money Market Fund - Resource." (Note: Please join us on July 27 at 2pm Eastern for a "Money Fund Wisdom Demo & Training" session, where we'll review Crane Data's product suite and database query system with a focus on our MFI Daily asset series. We'll also comment on the data disclosure changes pending from the SEC's recent Money Market Fund Reforms.)
The filing adds, "Effective immediately, in anticipation of the Termination, the Terminated Share Classes of the Funds will no longer be sold to new investors or existing shareholders (except through reinvested dividends) or be eligible for exchanges from other Goldman Sachs Funds. In addition, effective immediately, the Terminated Share Classes of the Funds will be closed to all new accounts. The Termination is expected to occur on or about July 14, 2023 or on such later date as the officers of the Trust determine."
A separate filing for Dreyfus Institutional Preferred Money Market Funds - Dreyfus Institutional Preferred Government Plus Money Market Fund states, "Effective as of the close of business on July 6, 2023, SL Shares of Dreyfus Institutional Preferred Government Plus Money Market Fund have been terminated, and all references to the Fund's SL shares in the Statement of Additional Information are hereby removed." For more on recent fund liquidations (of which there have been very few), see Crane Data's May 22 Link of the Day, "Cavanal Hill Liquidates $71M U.S. Treasury Service Class, Added to Fed RRP List," our Jan. 5 LOTD, "Harbor Money Market Fund Liquidates," our Sept. 19, 2022 News, "SSGA to Liquidate State Street ESG Liquid Reserves," and our July 7, 2022 News, "DWS Liquidating Govt Cash Mgmt Fund.")
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of July 14) includes Holdings information from 62 money funds (up 2 from two weeks ago), which totals $2.554 trillion (up from $2.491 trillion) of the $5.841 trillion in total money fund assets (or 43.7%) tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here.)
Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.361 trillion (down from $1.384 trillion two weeks ago), or 53.3%; Treasuries totaling $748.9 billion (up from $694.1 billion two weeks ago), or 29.3%, and Government Agency securities totaling $226.3 billion (down from $229.6 billion), or 8.9%. Commercial Paper (CP) totaled $61.6 billion (down from two weeks ago at $67.7 billion), or 2.4%. Certificates of Deposit (CDs) totaled $62.6 billion (up from $60.1 billion two weeks ago), or 2.5%. The Other category accounted for $53.6 billion or 2.1%, while VRDNs accounted for $39.6 billion, or 1.5%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $748.9 billion (29.3% of total holdings), the Federal Reserve Bank of New York with $711.9 billion (27.9%), Fixed Income Clearing Corp with $169.6B (6.6%), Federal Home Loan Bank with $165.7B (6.5%), Federal Farm Credit Bank with $51.1B (2.0%), JP Morgan with $41.8B (1.6%), RBC with $39.2B (1.5%), Barclays PLC with $37.5B (1.5%), Goldman Sachs with $36.0B (1.4%) and BNP Paribas with $33.4B (1.3%).
The Ten Largest Funds tracked in our latest Weekly include: Goldman Sachs FS Govt ($267.8B), JPMorgan US Govt MM ($255.9B), Fidelity Inv MM: Govt Port ($175.1B), Morgan Stanley Inst Liq Govt ($163.1B), JPMorgan 100% US Treas MMkt ($152.6B), Dreyfus Govt Cash Mgmt ($105.7B), Allspring Govt MM ($105.2B), Fidelity Inv MM: MM Port ($104.2B), Invesco Govt & Agency ($96.7B) and State Street Inst US Govt ($96.2B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Finally, ICI also released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. This release says, "The Investment Company Institute (ICI) reports that, as of the final Friday in June, prime money market funds held 43.1 percent of their portfolios in daily liquid assets and 58.8 percent in weekly liquid assets, while government money market funds held 81.8 percent of their portfolios in daily liquid assets and 88.0 percent in weekly liquid assets." Prime DLA was down from 47.1% in May, and Prime WLA was down from 61.5%. Govt MMFs' DLA was up from 78.0% and Govt WLA increased from 84.6% the previous month.
ICI explains, "At the end of June, prime funds had a weighted average maturity (WAM) of 24 days and a weighted average life (WAL) of 48 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 24 days and a WAL of 64 days." Prime WAMs were 5 days longer and WALs were 2 days longer from the previous month. Govt WAMs were 3 days longer and WALs were 1 day longer from May.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas rose from $403.71 billion in May to $451.64 billion in June. Government money market funds’ holdings attributable to the Americas rose from $4,114.34 billion in May to $4,151.36 billion in June."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $451.6 billion, or 55.5%; Asia and Pacific at $124.1 billion, or 15.2%; Europe at $229.8 billion, or 28.2%; and, Other (including Supranational) at $8.9 billion, or 1.2%. The Government Money Market Funds by Region of Issuer table shows Americas at $4.151 trillion, or 92.0%; Asia and Pacific at $103.6 billion, or 2.3%; Europe at $245.1 billion, 5.4%, and Other (Including Supranational) at $11.5 billion, or 0.3%.
