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Crane Data's latest MFI International shows that assets in European or "offshore" money market mutual funds fell slightly over the past month to $1.008 trillion, the third month in a row for asset declines. These U.S.-style money funds, domiciled in Ireland or Luxembourg but denominated in US Dollars, Pound Sterling and Euros, decreased by $8.4 billion over the 30 days through 10/14. They're down $51.7 billion (-4.9%) year-to-date. Offshore US Dollar money funds are up $6.9 billion over the last 30 days but are down $11.4 billion YTD to $524.4 billion. Euro funds are up E1.7 billion over the past month, and YTD they're down E17.5 billion to E139.9 billion. GBP money funds have fallen L12.5 billion over 30 days, and are down by L26.4 billion YTD to L230.2B. U.S. Dollar (USD) money funds (192) account for half (52.0%) of the "European" money fund total, while Euro (EUR) money funds (94) make up 16.3% and Pound Sterling (GBP) funds (116) total 31.6%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Wednesday), below. (Note: For more on European and offshore money funds, join us for our European Money Fund Symposium Online, a free 2 1/2 hour webinar, which takes place Oct. 21 from 9:30am-12:00pm Eastern. Register here to attend.)

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The October issue of our Bond Fund Intelligence, which will be sent to subscribers Friday morning, features the lead story, "Worldwide Bond Fund Assets Rise in Q2'21 to $13.5 Trillion," which reviews global bond fund markets; and "PMs Talk Ultra-Shorts, SMAs at Money Fund Symposium," which shares some highlights from our recent money fund conference. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns fell in September and yields declined. 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.)

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As we mentioned in Tuesday's Link of the Day, the Financial Stability Board, a group of global regulators, published its "Policy Proposals to Enhance Money Market Fund Resilience - Final Report earlier this week. We've already quoted from the press release, "Policy proposals to enhance money market fund resilience: Overview of the responses to the consultation" and from the FSB's statement, "Policy proposals to enhance money market fund resilience: Final report." But today we excerpt from the summary document, "Policy proposals to enhance money market fund resilience - Overview of the responses to the consultation." (Reminder: Please join us next week for European Money Fund Symposium Online, a free 2 1/2 hour webinar on Oct. 21 from 9:30-12:00pm Eastern. Register here.)

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Crane Data's October Money Fund Portfolio Holdings, with data as of Sept. 30, 2021, show Repo jumping for the 8th month in a row and Treasury holdings plunging for the 6th straight month. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $26.0 billion to $4.853 trillion in September, after increasing $47.4 billion in August and decreasing $89.1 billion in July. Assets also rose $1.5 billion in June, $30.2 billion in May and $29.1 billion in April. Repo reclaimed the largest portfolio segment, the first time since March 2020, while Treasuries slid down to No. 2. MMF holdings of Fed repo rose to over $1.4 trillion. Agencies were the third largest segment, CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Note: Please join us for our upcoming European Money Fund Symposium Online, a free 2 1/2 hour webinar, which takes place Oct. 21 from 9:30-12:00pm Eastern.)

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Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday (we're off Monday for Columbus Day), and we'll be writing our regular monthly update on the September 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 Friday. (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 Sept. 30, 2021 includes holdings information from 1,010 money funds (the same number as last month), representing assets of $5.000 trillion (down from $5.027 trillion). Prime MMFs now total $863.6 billion, or 17.3% of the total. We review the new N-MFP data below, and we also look at our revised MMF expense data.

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Crane Data's latest Money Fund Market Share rankings show assets were mixed across the largest U.S. money fund complexes in September. Money market fund assets decreased $878 million, or 0.0%, last month to $4.962 trillion. Assets decreased by $13.4 billion, or -0.3%, over the past 3 months, but they've increased by $48.2 billion, or 1.0%, over the past 12 months through Sept. 30, 2021. The largest increases among the 25 largest managers last month were seen by BlackRock, Morgan Stanley, Northern, Federated Hermes and DWS, which grew assets by $11.0 billion, $6.5B, $4.3B, $3.2B and $3.0B, respectively. The largest declines in September were seen by JPMorgan, Invesco, Dreyfus and Wells Fargo, which decreased by $11.3 billion, $6.2B, $5.4B and $3.0B, 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 below, and we also look at money fund yields in September.

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The October issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Thursday morning, features the articles: "ESG & Social Trend Reaches Frenzy as Funds Go All-In," which discusses the latest news and moves by managers to burnish their sustainability or diversity credentials; "Money Fund Symposium Flies in Philly; Regulations Focus," which reviews the highlights from our return to conferences; and, "Worldwide MF Assets Higher in Q2'21 Led by China, U.S.," which examines the latest global MMF market rankings. We also sent out our MFI XLS spreadsheet Thursday a.m., and have updated our Money Fund Wisdom database query system with 9/30/21 data. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our October Money Fund Portfolio Holdings are scheduled to ship on Tuesday, Oct. 12, and our October Bond Fund Intelligence is scheduled to go out next Friday, Oct. 15.

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Today, we again excerpt highlights from our recent Money Fund Symposium conference in Philadelphia. This time we quote from the "Senior Portfolio Manager Perspectives" session, which featured Mike Kitchen of Cavanal Hill Investment Management, Pia McCusker of State Street Global Advisors and Peter Yi of Northern Trust Asset Management. They tell us about Treasury, repo and credit markets, and comment on what they're buying and not buying. (Note: The Money Fund Symposium recordings and materials are available to Attendees and Crane Data Subscribers here. Mark your calendars for the next Crane's Money Fund Symposium, which is scheduled for June 20-22, 2022 in Minneapolis, Minn.)

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Two weeks ago, Crane Data hosted its Money Fund Symposium conference in Philadelphia, attracting over 250 people to our first in-person event since January 2020. One of the highlights was the "Major Money Fund Issues 2021" session, which featured a panel made up of Dreyfus CIS's John Tobin, Invesco's Laurie Brignac, and UBS Asset Management's Rob Sabatino. Moderated by Ed Baldry of EPBComms, the segment discussed potential regulatory reforms, Prime MMFs, separate accounts and digital assets, among other things. We excerpt some of the highlights below. (See our Sept. 29 Crane Data News, "Callahan, Cunningham Money Fund Symposium Keynote Talks ESG, Regs," and watch for coverage in the next issue of Money Fund Intelligence. Note: For those that couldn't make it, our Money Fund Symposium recordings and materials are available here.)

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We haven't written much about money fund liquidations and consolidations this year, and haven't featured an article in our Money Fund Intelligence newsletter since March 2021 ("Liquidations, Changes Slowly Reshape Manager Landscape"). But we just learned of another small fund family preparing to liquidate. A filing for Delaware Ivy Cash Management Fund tells us, "[O]n September 13, 2021, the Boards of Trustees of the Ivy Funds ... unanimously voted and approved a proposal to liquidate and dissolve [the] Delaware Ivy Cash Management Fund, Delaware Ivy VIP Government Money Market [and a number of other Delaware Ivy funds]. The liquidations and dissolutions are expected to take effect on or about November 15, 2021. Retirement accounts, as applicable, within these Funds will be liquidated on or about the Effective Date.... For Fund accounts with automated purchases, exchanges, and/or withdrawals established, these transactions will cease prior to liquidation if no action is taken."

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Earlier this week, staffers from the Federal Reserve Bank of Boston and the Federal Reserve Bank of New York published a paper on "The Money Market Mutual Fund Liquidity Facility," which reviews the Fed's emergency support measures from March 2020. Authors Ken Anadu, Marco Cipriani, Ryan Craver, and Gabriele La Spada explain, "In this article, we discuss the run on prime money market funds (MMFs) that occurred in March 2020, at the onset of the COVID-19 pandemic, and describe the Money Market Mutual Fund Liquidity Facility (MMLF), which the Federal Reserve established in response to it. We show that the MMLF, like a similarly structured Federal Reserve facility established during the 2008 financial crisis, was an important tool in stemming investor outflows from MMFs and restoring calm in short-term funding markets. The usage of the facility was higher by funds that suffered larger outflows. After the facility's introduction, outflows from prime MMFs decreased more for those funds that had a larger share of illiquid securities. Importantly, following the introduction of the MMLF, interest rates on MMLF-ineligible securities decreased at a slower rate than those on MMLF-eligible securities, even after controlling for credit risk."

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The Investment Company Institute released its latest monthly "Trends in Mutual Fund Investing" and "Month-End Portfolio Holdings of Taxable Money Funds" for August 2021 on Wednesday. The monthly "Trends" report shows that money fund assets increased $25.5 billion in August to $4.535 trillion. This follows a decreased $24.4 billion in July, a decrease of $73.4 billion in June, and increases of $78.6 billion in May, $31.9 billion in April, $129.4 billion in March and $39.4 billion in February. MMFs decreased $5.2 billion in January, $10.0 billion in December and $12.0 billion in November, and assets also fell $47.6 billion in October and $118.4 billion in September. For the 12 months through August 31, 2021, money fund assets have increased by $12.6 billion, or 0.3%. (Month-to-date in September through 9/28, MMF assets have increased by $5.4 billion according to Crane's MFI Daily.)

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