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A filing for the Morgan Stanley Institutional Liquidity Fund tells us in a "Supplement dated June 17, 2024 to the Morgan Stanley Institutional Liquidity Funds Impact Partner Class Summary Prospectus and Prospectus dated February 29, 2024 Money Market Portfolio," "Effective June 17, 2024, shares of the Fund are available to investment through the direct to fund company operating model on the portal hosted by Morgan Stanley Investment Management Inc. (CashInvest by Morgan Stanley). The Fund will continue to be available to investment through a Financial Intermediary (as defined below)." (Note: Please join us for our next conference, European Money Fund Symposium, which will take place Sept. 19-20, 2024 in London, England! Attendees and Crane Data subscribers may access our latest conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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The Association for Financial Professionals, a group representing corporate treasurers, published its "2024 AFP Liquidity Survey" last week. (See AFP's press release.) The cover letter says, "Invesco is proud to once again partner with the Association of Financial Professionals (AFP) to sponsor the 19th annual AFP Liquidity Survey Report. This marks the fifth year that Invesco has sponsored this industry-leading exploration into current and emerging corporate cash management trends." Invesco's Laurie Brignac explains, "The cash management landscape has certainly evolved over the five years that Invesco has sponsored this report. Treasury professionals have adapted to multiple challenges during those five years including zero rates, banking challenges, Covid disruptions, geopolitical events, elevated inflation, and the highest rates in decades. A key theme that emerged in this year's report is the elevated levels of cash balances across most organizations, and expectations that this will continue to be the case."

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The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund assets falling to $6.098 trillion, after rising for the previous 8 weeks. MMF assets are up by $212 billion, or 4.5%, year-to-date in 2024 (through 6/18/24), with Institutional MMFs up $45 billion, or 1.5% and Retail MMFs up $167 billion, or 9.9%. Over the past 52 weeks, money funds have risen by $665 billion, or 12.2%, with Retail MMFs rising by $463 billion (23.2%) and Inst MMFs rising by $202 billion (5.9%). (Note: Thank you to those who attended our Money Fund Symposium last week in Pittsburgh! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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The Federal Reserve released its latest quarterly "Z.1 Financial Accounts of the United States" statistical survey (a.k.a. "Flow of Funds") earlier this month. Among the 4 tables it includes on money market mutual funds, the First Quarter 2024 edition shows that Total MMF Assets increased by $83 billion to $6.441 trillion in Q1'24. The Household Sector, by far the largest investor segment with $4.025 trillion, saw the biggest asset increase in Q1, followed by Nonfinancial Corporate Businesses. The Fed's latest Z.1 numbers, which contain one of the few looks at money fund investor segments available, also showed noticeable increases for the Other Financial Business (formerly Funding Corps) and Mutual Funds categories in Q1 2024. (Note: Thanks once more to those who attended our Money Fund Symposium last week in Pittsburgh! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center." Mark your calendars for next year's Money Fund Symposium, which is scheduled for June 23-25, 2025 in Boston, Mass.)

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The June issue of our Bond Fund Intelligence, which was sent to subscribers Monday morning, features the stories, "Active Bond Funds Beat Passive Says Eaton Vance," which quotes from a recent paper, and "ICI's 2024 Fact Book Reviews '23 Bond Fund Trends, Flows," which excerpts from the annual publication on fund statistics. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns rose in May while yields were mixed. 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.) (Note too: Thanks again to those who attended our Money Fund Symposium last week in Pittsburgh! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds moved higher again over the past 30 days to $1.275 trillion, while yields were mostly flat. Assets for USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023 and 2024. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $38.3 billion over the 30 days through 6/13. The totals are up $77.6 billion (6.5%) year-to-date for 2024, they were up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. dollar cause Euro and Sterling totals to shift when they're translated back into totals in U.S. dollars. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.) (Note too: Thank you to those who attended and supported our Money Fund Symposium last week in Pittsburgh! We hope you had a great show and safe trip home. Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund assets rising for the 8th straight week to $6.121 trillion, breaking above their previous April 3 record of $6.111 trillion. MMF assets are up by $234 billion, or 4.9%, year-to-date in 2024 (through 6/12/24), with Institutional MMFs up $75 billion, or 2.5% and Retail MMFs up $159 billion, or 9.5%. Over the past 52 weeks, money funds have risen by $669 billion, or 12.3%, with Retail MMFs rising by $462 billion (23.2%) and Inst MMFs rising by $207 billion (6.0%). (Note: Thank you to those attending our Money Fund Symposium this week in Pittsburgh! We hope you had a great conference and visit.... Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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A Prospectus Supplement filing for Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio tells us, "This supplement amends the Summary and Statutory Prospectuses and Statement of Additional Information of the above referenced Funds and is in addition to any other supplement(s), unless otherwise specified. You should read this supplement in conjunction with the Summary and Statutory Prospectuses and SAI and retain it for future reference. On June 11, 2024, the Board of Trustees of Short-Term Investments Trust approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Funds." (Note: For those attending our Money Fund Symposium this week in Pittsburgh, we hope you're enjoying the show! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 2024, show that Repo holdings and Treasuries both jumped while CD and CP fell. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $105.6 billion to $6.347 trillion in May, after decreasing $61.4 billion in April, $63.1 billion in March. Assets increased $66.9 in February, $86.6 in January, $51.1 billion in December and $244.0 billion in November. They decreased $57.9 billion in October, but increased $56.1 in September, $106.7 billion in August and $78.3 billion in July. Repo continues to bounce back and remained as the largest portfolio segment after reclaiming the top spot the month prior, increasing $26.8 billion, after a steep slide three months prior. Treasuries rose by $51.0 billion, staying at the No. 2 spot among portfolio segments. The U.S. Treasury continues to be the single largest Issuer to MMFs. `In May, U.S. Treasury holdings rose to $2.446 trillion, while the Fed RRP's fell $93.5 billion to $414.5 billion. 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: For those attending our Money Fund Symposium this week (June 12-14), welcome to Pittsburgh! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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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 new May 31 data for Wednesday's News. But we also already 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 our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of May 31, includes holdings information from 975 money funds (up 3 from last month), representing assets of $6.540 trillion (up from $6.425 trillion). Prime MMFs inched up to $1.391 trillion (up $14.0 billion), or 21.3% of the total. (Note too that there were no funds reclassifying away from "Prime" in the SEC's latest monthly data set.) We review the new N-MFP data, and we also look at our revised MMF expense data, which shows charged expenses inching higher and money fund revenues slightly dropping to $17.0 billion (annualized) in May. (Note: We look forward to seeing you at our Money Fund Symposium show in Pittsburgh this week (June 12-14)! Safe travels, and attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Crane Data's latest monthly Money Fund Market Share rankings show assets increased among most of the largest U.S. money fund complexes in May, after falling in March and April. Money market fund assets rose by $79.2 billion, or 1.2%, last month to $6.465 trillion. Total MMF assets have decreased by $7.7 billion, or -0.1%, over the past 3 months, but they've increased by $611.0 billion, or 10.4%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by JPMorgan, BlackRock, Schwab, Vanguard and Goldman Sachs, which grew assets by $12.6 billion, $12.0B, $11.9B, $10.7B and $9.8B, respectively. Declines in May were seen by Fidelity, Dreyfus, DWS, HSBC and PGIM, which decreased by $5.3 billion, $4.6B, $4.3B, $3.1B and $824M, 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 were slightly up in May. (Note: We look forward to seeing many of you this week at our big Money Fund Symposium show in Pittsburgh (June 12-14)! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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The June issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers Friday morning, features the articles: "Allspring, UBS, Dreyfus, DWS All File Plans to Leave Prime," which covers the continued exodus from Prime Institutional MMFs; "ICI 2024 Fact Book Shows Money Fund Trends in '23," which quotes from ICI's annual compilation of fund statistics; and, "Money Funds Largest Buyers of T-Bills Says JPM; Berkshire," which looks at holders of Treasuries. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/24 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 11, and our June Bond Fund Intelligence is scheduled to go out on Monday, June 17. (Note: Register ASAP for our Money Fund Symposium next week in Pittsburgh, June 12-14. We hope you'll join us!)

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