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Crane Data's latest MFI International shows that assets in European or "offshore" money market mutual funds continued falling over the past month to $959.2 billion. European MMF assets have declined during the first 4 1/2 months of 2022, after hitting a record high of $1.101 trillion in mid-December. These U.S.-style money funds, domiciled in Ireland or Luxembourg but denominated in US Dollars, Pound Sterling and Euros, decreased by $27.2 billion over the 30 days through 5/12. They're down $103.8 billion (-9.8%) year-to-date. Offshore US Dollar money funds are down $10.7 billion over the last 30 days and are down $33.3 billion YTD to $501.2 billion. Euro funds dropped E6.9 billion over the past month. YTD they're down E29.8 billion to E128.5 billion. GBP money funds decreased L6.4 billion over 30 days; they are down by L15.5 billion YTD to L231.6B. U.S. Dollar (USD) money funds (191) account for over half (52.3%) of the "European" money fund total, while Euro (EUR) money funds (93) make up 15.2% and Pound Sterling (GBP) funds (127) total 32.6%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Friday), below. (Note: For those attending our Money Fund Symposium, June 20-22 in Minneapolis, Minn, make your hotel reservations soon! Our discounted rate expires this week.)

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The May issue of our Bond Fund Intelligence, which was sent to subscribers Friday morning, features the lead story, "BlackRock's Fink, Federated's Donahue on Bond Funds in Q1," which reviews discussions of bond fund sectors on recent earnings calls; and, "Baird's Mary Ellen Stanek Wins Morningstar PM Award," which quotes from a press release on the ultra-short manager. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns continued sharply lower while yields rose for the 7th straight month. We excerpt from the new issue below. (Contact us if you'd like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.) (See also The Wall Street Journal's, "Crash of TerraUSD Shakes Crypto. 'There Was a Run on the Bank'" and editorial "Warnings From the Crypto Crash.")

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UBS Asset Management distributed a PDF entitled, "Liquidity Perspectives: Sustainability in Liquidity & Cash Management," which tells us, "Sustainability has become an increasingly important requirement for companies, investors, and society. UBS Asset Management’s liquidity and cash management strategies are no exception. Many UBS AM money market funds, low duration and ultra-low duration solutions are ESG (environmental, social, governance) integrated -- meaning incorporating ESG considerations are part of a holistic approach to issuer research, analysis and portfolio construction. UBS AM also offers liquidity and cash management strategies that are ‘Sustainability Focused,’ that have specific sustainable goals incorporated into the investment strategy."

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Crane Data's May Money Fund Portfolio Holdings, with data as of April 30, 2022, show that Treasuries plunged again last month while Other (mostly Time Deposits) jumped. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $55.2 billion to $4.884 trillion in April, after decreasing $40.9 billion in March, increasing $2.9 billion in February and decreasing $108.3 billion in January. Assets rose $114.1 billion in December, $46.4 billion in November and $72.4 billion in October. But they decreased $26.0 billion in Sept., increased $47.4 billion in August and decreased $89.1 billion in July. Repo remained the largest portfolio segment, while Treasuries remained in the No. 2 spot. (Though overall Repo fell, MMF holdings of Fed repo inched higher to $1.662 trillion.) Agencies were the third largest segment, CP remained fourth, ahead of Other/Time Deposits, CDs and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Note: For those planning on attending our upcoming Money Fund Symposium conference, which is June 20-22 in Minneapolis, Minn, make your hotel reservations soon!)

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Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the April 30 data for Wednesday's News. But we also uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via Holding file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of April 30, includes holdings information from 999 money funds (down 1 fund from last month), representing assets of $5.028 trillion (down from $5.089 trillion). Prime MMFs now total $834.8 billion, or 16.6% of the total. We review the new N-MFP data, and we also look at our revised MMF expense data, which shows charged expenses moving higher again as fee waivers continued to shrink in April, below.

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Crane Data's latest monthly Money Fund Market Share rankings show assets decreased among the vast majority of the largest U.S. money fund complexes in April. Money market fund assets decreased $74.6 billion, or -1.5%, last month to $4.972 trillion. Assets decreased by $69.4 billion, or -1.4%, over the past 3 months; they've decreased by $20.9 billion, or -0.4%, over the past 12 months through April 30. The only increases among the 25 largest managers last month were seen by Invesco, BlackRock, Goldman Sachs, SEI and HSBC, which grew assets by $13.5 billion, $12.3B, $6.3B, $3.1B and $0.3B, respectively. The largest declines in April were seen by Fidelity, Northern, Federated Hermes, Dreyfus and Allspring, which decreased by $38.5 billion, $17.9B, $9.2B, $8.9B and $7.6B, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which rose again in April, below.

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The May issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Comments to SEC on MMF Reforms Support Liquidity Fee," which discusses the feedback on pending regulatory changes; "Fidelity Letter Blasts SEC on Swing Pricing, Negative Yields," which quotes from the largest fund manager's feedback to the Commission; and, "Earnings Reports Show Fee Waivers Retreating in Q1'22," which reviews the latest reports on the return of fees in MMFs. We also sent out our MFI XLS spreadsheet Friday morning, and we've updated our database with 4/30/22 data. Our May Money Fund Portfolio Holdings are scheduled to ship on Tuesday, May 10, and our May Bond Fund Intelligence is scheduled to go out on Friday, May 13. (Note: Our MFI, MFI XLS and Crane Index products are all available to subscribers via our Content center.)

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The Independent Adviser for Vanguard Investors writes about "Money Market or Cash in the Bank" in its May 2022 newsletter. They ask, "Did your invite to Vanguard's new Cash Deposit option get lost in the mail along with mine? Don't worry. This isn't a party you need to show up early for. In the middle of April, Vanguard quietly rolled out a new settlement fund option for your cash (or at least, for some investors' cash). Settlement (also called sweep) accounts are the place where cash goes to rest in your brokerage account unless you actively choose to put it somewhere else. For most Vanguard investors, your sweep account is Federal Money Market. The new, invitation-only option is called Vanguard Cash Deposit. And as I said, Vanguard is keeping it under wraps. No marketing campaign, no press release, no hoopla as far as I can tell. I only heard about the program through an updated SEC form that Vanguard was required to send me." (Note: Please join us for our Money Fund Symposium conference, June 20-22 in Minneapolis, Minn.)

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With the weather getting warmer and the conference business rebounding, Crane Data is ramping up preparations for its big show. Crane's Money Fund Symposium, the largest gathering of money market fund managers and cash investors in the world, will take place June 20-22, 2022 at The Hyatt Regency Minneapolis, in Minneapolis, Minn. (Note that we're starting on the Juneteenth Holiday, but we're unable to move the dates.) The agenda is all set and registrations are still being taken. Money Fund Symposium attracts money fund managers, marketers and servicers, cash investors, money market securities dealers, issuers, and regulators for 2 1/2 days of sessions, socializing and networking. We review the latest agenda, as well as Crane Data's other 2022 conferences, below.

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The SEC recently released its latest quarterly "Private Funds Statistics" report, which summarizes Form PF reporting and includes some data on "Liquidity Funds," or pools which are similar to but not money market funds. The publication shows overall Liquidity fund assets were lower in the latest reported quarter (Q3'21) to $302 billion (down from $319 billion in Q2'21 and down from $323 billion in Q3'20). The SEC's "Introduction" tells us, "This report provides a summary of recent private fund industry statistics and trends, reflecting data collected through Form PF and Form ADV filings. Form PF information provided in this report is aggregated, rounded, and/or masked to avoid potential disclosure of proprietary information of individual Form PF filers. This report reflects data from Fourth Calendar Quarter 2019 through Third Calendar Quarter 2021 as reported by Form PF filers." (Note: Crane Data believes the largest portion of these liquidity fund assets are securities lending reinvestment pools.)

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Federated Hermes hosted its Q1'22 quarterly earnings call on Friday, which contained comments on money fund fee waivers, swing pricing, rising rates and more. CEO Chris Donahue comments, "Moving to money markets, assets declined about $27 billion in Q1 compared to Q4 totals, as money market fund assets decreased by $33 billion, and our separate account money market assets increased by about $6 billion. Our total money market assets at the end of Q1 were just above the total that we had at the end of the first quarter of '21. Seasonal trends impacted both money market funds and separate accounts. Rising interest rates and competitive pressure also impacted money market fund asset levels. Our money market fund market share, including sub-advised funds, was about 6.9% at the end of Q1, down from about 7.4% at the end of 2021." (Note: See also The Wall Street Journal's "Making Your Cash Work Harder as Interest Rates Rise.")

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ICI released its latest weekly "Money Market Fund Assets" report, as well as its latest monthly "Trends in Mutual Fund Investing" and "Month-End Portfolio Holdings of Taxable Money Funds" for March 2022 yesterday. The former shows assets rebounding strongly after plummeting for 3 weeks in a row. The big jump follows last week's 8th largest weekly decline ever (which included the April 15 tax payment date). Year-to-date, MMFs are down by $195 billion, or -4.2%, with Institutional MMFs down $127 billion, or -3.9% and Retail MMFs down $68 billion, or -4.6%. Over the past 52 weeks, money fund assets are down by $20 billion, or 0.4%, with Retail MMFs falling by $67 billion (-4.6%) and Inst MMFs rising by $47 billion (1.5%). (Month-to-date in April through 4/27, MMF assets have decreased by $54.0 billion to $4.960 trillion according to Crane's MFI Daily, which tracks a broader universe of funds.)

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