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ran ran cash before we even had funds so we had risk averse strategies from the very
rank rank up there in the top 3. But rates in fact are the biggest issue
rate rates in fact are the biggest issue. We ve seen an inordinate amount of waivers
re re issuing As you well know banks are a large portion of most prime fund
reaches
real real life version of that when clients of the Putnam Institutional Prime Money Market Fund
reason reasons why we are very adamant in today s proposed regulatory changes that the gates
recent recent credit cycle We never exited our business with the European banks. We shortened the durations
reduc reduced profitability. That s in the context of what s available on an overall gross
reflect reflecting back into the abysmally low rates . and it s not a healthy market. We need
reform formToday we excerpt from our latest fund profile in our Money Fund Intelligence newsletter 500
reformtoday formToday we excerpt from our latest fund profile in our Money Fund Intelligence newsletter 500
regard regard to our overall investment team approach Maybe that s why we were more confident
regist registered money market fund on the books of the SEC Federated Money Market Management . It has 40 years
regs
regul regulation are challenges also and rank up there in the top 3. But rates in fact
regular regular basis. We re trying to walk a tightrope between the relationships that we ve developed
regulatori regulatory changes that the gates and fees option does work . That was a real life
relationship relationship with on a regular basis. We re trying to walk a tightrope between the relationships
repo repo Cunningham We generally have some exposure in our government funds that are eligible to use the program
requir requirements and rulemaking around the product don t eliminate any of those three stability i.e. the constant
restrict restrictions requirements and rulemaking around the product don t eliminate any of those three stability
return return commensurate with whatever the market is providing . Unfortunately over the course of the last
right right Cunningham No I m knocking on wood that is true. We ve never had to get parental
risk risk averse strategies from the very beginning. As far as our historical involvement in the money
round round of 2a 7 to the 92 amendments the 96 amendments the 2010 amendments etc I started
rulemak rulemaking around the product don t eliminate any of those three stability i.e. the constant
run running cash since the beginning of time. We now have the oldest registered money market
safeti safety and stability and give whatever return you can from a market perspective. So what
said said that we have 25 or so other counterparties that we also want to maintain
saving
say say ad nauseam that the goal from a cash investor s perspective is to have
sec SEC Federated Money Market Management . It has 40 years of history at this point. We ran cash
secur securities But we want to make sure that we continue to do our jobs along
seem seems to be pretty optimistic about continuing. They re calling it an exercise now and not just
seen seen an inordinate amount of waivers which are not losses but they are reduced profitability
set setting process. This is a program that the NY Fed seems to be pretty optimistic
sharehold shareholders of Federated Prime Obligations Fund . Without that gate being imposed there could have been
shorten shortened the durations mostly reflective of the volatility and the lack of liquidity that was evolving
side side of the equation with regard to our overall investment team approach Maybe that s why we were