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Money Fund Wisdom News

May 14
 

The May issue of Crane Data's Bond Fund Intelligence, which was sent out to subscribers Monday morning, features the lead story, "Tale of Two Categories: Ultra Short Hot, High-Yield Not," which reviews the recent shift in flows into shorter-term funds, and the profile, "ICI 2018 Fact Book Reviews Bond Fund Trends, Flows," which reviews the latest on bond funds from the annual update from the mutual fund industry's trade association. Also, we recap the latest Bond Fund News, including the continued move higher in yields and drop in returns. BFI also includes our Crane BFI Indexes, which show declines in April in most sectors except ultra-short and high-yield funds. We excerpt from the latest BFI below. (Contact us if you'd like to see a copy of our latest Bond Fund Intelligence and BFI XLS, and watch for our next Bond Fund Portfolio Holdings data set next Monday.

Our lead "Tale of Two Categories" BFI story says, "While flows into bond funds overall remain robust, we're starting to see a split in the types of funds attracting assets. Negative returns are beginning to turn investors away from some categories, and ultrashort-term bond funds are clearly benefiting from a reduction in risk mentality. Below, we review some of the recent flow numbers and contrast recent short-term inflows with outflows in high-yield and other categories."

It continues, "The Wall Street Journal wrote recently, 'Bond Investors Pour Into Short-Term Funds.' They explain, 'Investors are flocking to short-term bond funds at a record pace as yields have risen to their highest levels in a decade. For the first time since the financial crisis, investors this year can earn 2% or more on low-risk debt that matures in a year or less. While it's a paltry payout compared with pre-crisis levels, it's a welcome reprieve after years of near-zero interest rates, which dragged down payments on money-market accounts or certificates of deposit and pushed savers to buy riskier bonds, or those with longer maturities, in pursuit of investment income.'"

The article continues, "Assets in mutual and exchange-traded funds that buy ultra-short-term debt rose to a record $168 billion in March, and inflows are near all-time highs, according to Morningstar. Yields on the shortest-term Treasury securities have been climbing steadily since December 2016, when the Fed began to raise interest rates in an attempt to bring monetary policy more in line with pre-crisis norms. The Fed is expected to lift rates at least twice more this year, perhaps as early as next month."

Our 2018 Fact Book piece says, "The Investment Company Institute recently published its "2018 Investment Company Fact Book" which contains an update on the bond fund marketplace in 2017 and a wealth of statistics on bond mutual funds. ICI's chapter on 'Bond Mutual Funds' says, 'Bond fund flows typically are correlated with the performance of US bonds (Figure 3.8), which, in turn, is largely driven by the US interest rate environment. Long-term interest rates fluctuated in 2017, but finished the year only 5 basis points below where they started.'"

It continues, "The 10-year Treasury began 2017 at 2.45 percent, and declined 14 basis points by June 30. Over the same period, the total return on bonds fell to zero. During the second half of 2017, long-term interest rates increased, and finished the year at 2.40 percent. Despite the modest increase in interest rates during the second half of the year, bond mutual funds received positive net new cash flows in every month. In 2017, bond mutual funds had net inflows of $260 billion, more than double the $107 billion in net inflows received in 2016."

The Fact Book explains, "During the first half of 2017, when long-term interest rates were declining, taxable bond funds received $121 billion in net inflows (Figure 3.9). During the second half of the year, investors added $113 billion, on net, to taxable bond mutual funds even though long-term interest rates were moving up."

A BF News brief entitled, "Yields Higher, Returns Down in April," explains, "Most bond fund categories showed increases in yields and negative returns last month. The BFI Total Index averaged a 1-month return of -0.28% and the 12-month gain fell to 1.17%. The BFI 100 returned -0.31% in April and 0.97% over 1 year. The BFI Conservative Ultra-Short Index returned 0.21% over 1 month and 1.31% over 1-year; the BFI Ultra-Short Index averaged 0.13% in April and 1.12% over 12 mos. Our BFI Short-Term Index returned -0.06% and 0.58%, and our BFI Intm-Term Index returned -0.60% and 0.14% for the month and year. BFI's Long-Term Index returned -0.78% in April and 0.65% for 1 yr; BFI's High Yield Index returned 0.38% in April and 2.96% for 1 yr."

Another brief quotes The Financial Times article, "Money Flies Out of Bond Funds." They tell us, "Bond funds hoovered up cash for more than a third of a century as investors were drawn by their promise of modest, reliable returns that balanced out their allocations against more adventurous asset classes. But as global monetary policy tightens and central banks promise further interest rate rises, many commentators have called the end of the 36-year bond bull market. The most popular fixed income funds are losing their lustre."

Yet another brief comments on the Journal's "A Star Bond-Fund Manager Avoids the Shortcuts". It quotes the article, "Mary Ellen Stanek thinks a lot about sleep.... Ms. Stanek and her team at Baird Funds are happy to avoid ... excitement. Ms. Stanek gets her buzz from hearing shareholders say that they think of her bond funds as 'sleep insurance,' something they own so that they can rest easy at night.... Ms. Stanek is president of Baird Funds [and] has built her reputation the same way she has built the track records of her bond funds -- slowly and by avoiding big missteps."

A sidebar entitled, "ICI: Bond Flows Rebound," tells us, "ICI's latest "Combined Estimated Long-Term Fund Flows and ETF Net Issuance with data as of May 2, 2018, says, 'Bond funds had estimated inflows of $3.47 billion for the week, compared to estimated inflows of $2.24 billion during the previous week. Taxable bond funds saw estimated inflows of $3.63 billion, and municipal bond funds had estimated outflows of $163 million.' Over the past 5 weeks through 5/2/18, bond funds and bond ETFs have seen inflows of $23.62 billion."

It adds, "The ICI's latest 'Trends in Mutual Fund Investing - March 2018' shows bond fund assets rising $24.9 billion to $4.095 trillion. Over the 12 months through 3/31/18, bond fund assets have increased by $318.2 billion, or 8.4%. The number of bond funds decreased by 5 to 2,145. This was down 31 from a year ago."

May 10
 

Crane Data released its May Money Fund Portfolio Holdings Wednesday, and our most recent collection of taxable money market securities, with data as of April 30, 2018, shows a sharp drop in Treasuries and a rebound in Repo, Agencies and Time Deposits. Money market securities held by Taxable U.S. money funds overall (tracked by Crane Data) increased by $46.4 billion to $2.908 trillion last month, after decreasing $105.0 billion in March, but increasing $70.6 billion in February and $3.2 billion in January. Repo reclaimed its spot as the largest portfolio segment, ending Treasuries brief reign. Treasury bills and securities, which dropped after a two-month surge, fell to No. 2, followed by Agencies. CP remained a distant fourth ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Visit our Content center to download the latest files, or contact us to see our latest Money Fund Portfolio Holdings reports.)

Among all taxable money funds, Repurchase Agreements (repo) jumped $99.9 billion (12.2%) to $917.1 billion, or 31.5% of holdings, after dropping $89.6 billion in March, $21.9 billion in February and $80.9 billion in January. Treasury securities plunged $108.3 billion (-11.5%) to $830.2 billion, or 28.5% of holdings, after jumping $95.3 billion in March and $104.6 billion in Feb., but falling $1.5 billion in January. Government Agency Debt rose by $23.4 billion (3.6%) to $678.0 billion, or 23.3% of all holdings, after falling $58.1 billion in March and $9.4 billion in February, but rising $25.3 billion in January. Repo, Treasuries and Agencies total $2.425 trillion, representing a massive 83.4% of all taxable holdings.

CP, CDs and Other (mainly Time Deposits) securities all rose in the fourth month of the year. Commercial Paper (CP) was up $8.8 billion (4.3%) to $210.8 billion, or 7.2% of holdings (after falling $16.2 billion in March, and rising $6.5 billion in February and $23.1 billion in January). Certificates of Deposits (CDs) rose by $1.7 billion (1.0%) to $168.9 billion, or 5.8% of taxable assets (after falling $6.7 billion in March and $9.5 billion in Feb., but increasing $13.3 billion in January). Other holdings, primarily Time Deposits, jumped by $18.4 billion (2.6%) to $91.6 billion, or 3.1% of holdings. VRDNs held by taxable funds increased by $2.6 billion (30.3%) to $11.4 billion (0.4% of assets).

Prime money fund assets tracked by Crane Data rose to $664 billion (up from $636 billion last month), or 22.8% (up from 22.2%) of taxable money fund holdings' total of $2.908 trillion. Among Prime money funds, CDs represent a quarter of holdings at 25.4% (down from 26.3% a month ago), followed by Commercial Paper at 31.7% (down from 31.8%). The CP totals are comprised of: Financial Company CP, which makes up 20.8% of total holdings, Asset-Backed CP, which accounts for 5.7%, and Non-Financial Company CP, which makes up 5.2%. Prime funds also hold 5.4% in US Govt Agency Debt, 8.8% in US Treasury Debt, 5.9% in US Treasury Repo, 3.4% in Other Instruments, 10.6% in Non-Negotiable Time Deposits, 8.8% in Other Repo, 3.4% in US Government Agency Repo, and 1.2% in VRDNs.

Government money fund portfolios totaled $1.560 trillion (53.6% of all MMF assets), up from $1.546 trillion in March, while Treasury money fund assets totaled another $683 billion (23.5%), up from $679 billion the prior month. Government money fund portfolios were made up of 41.2% US Govt Agency Debt, 19.9% US Government Agency Repo, 18.9% US Treasury debt, and 19.6% in US Treasury Repo. Treasury money funds were comprised of 69.9% US Treasury debt, 29.9% in US Treasury Repo, and 0.2% in Government agency repo, Other Instrument, and Investment Company shares. Government and Treasury funds combined now total $2.243 trillion, or 77.1% of all taxable money fund assets, down from 77.8% last month.

European-affiliated holdings rose $113.2 billion in April to $663.8 billion among all taxable funds (and including repos); their share of holdings rose to 22.1% from 22.8% the previous month. Eurozone-affiliated holdings rose $73.4 billion to $414.4 billion in April; they account for 14.3% of overall taxable money fund holdings. Asia & Pacific related holdings increased by $17.6 billion to $234.2 billion (8.1% of the total). Americas related holdings fell $85.6 billion to $2.007 trillion and now represent 69.0% of holdings.

The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements, which increased $51.5 billion, or 10.3%, to $550.2 billion, or 18.9% of assets; US Government Agency Repurchase Agreements (up $50.8 billion to $333.9 billion, or 11.5% of total holdings), and Other Repurchase Agreements ($33.0 billion, or 1.1% of holdings, down $2.4 billion from last month). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $10.4 billion to $138.1 billion, or 4.7% of assets), Asset Backed Commercial Paper (down $2.0 billion to $37.9 billion, or 1.3%), and Non-Financial Company Commercial Paper (up $0.3 billion to $34.7 billion, or 1.2%).

The 20 largest Issuers to taxable money market funds as of April 30, 2018, include: the US Treasury ($830.2 billion, or 28.5%), Federal Home Loan Bank ($550.3B, 18.9%), BNP Paribas ($134.6B, 4.6%), RBC ($81.9B, 2.8%), Federal Farm Credit Bank $78.8B, 2.7%), Credit Agricole ($64.7B, 2.2%), Wells Fargo ($63.1B, 2.2%), HSBC ($61.9B, 2.1%), Barclays PLC ($54.1B, 1.9%), Societe Generale ($45.7B, 1.6%), Sumitomo Mitsui Banking Co ($45.1B, 1.6%), Natixis ($43.7B, 1.5%), JP Morgan ($42.9B, 1.5%), Mitsubishi UFJ Financial Group Inc ($40.8B, 1.4%), Bank of America ($35.3B, 1.2%), ING Bank ($35.3B, 1.2%), Credit Suisse ($33.7B, 1.1%), Citi ($33.6B, 1.1%), Nomura ($33.6B, 1.2%), and Toronto-Dominion ($31.5B, 1.1%).

In the repo space, the 10 largest Repo counterparties (dealers) with the amount of repo outstanding and market share (among the money funds we track) include: BNP Paribas ($123.6B, 13.5%), RBC ($62.9B, 6.9%), HSBC ($53.4B, 5.8%), Credit Agricole ($51.9B, 5.7%), Wells Fargo ($49.4B, 5.4%), Barclays PLC ($42.9B, 4.7%), Societe Generale ($40.9B, 4.5%), JP Morgan ($35.0B, 3.8%), Natixis ($33.7B, 3.7%), and Nomura ($33.6B, 3.7%).

The 7 largest Fed Repo positions among MMFs on 4/30/18 include: JP Morgan US Trs Plus ($4.7B in Fed Repo), Franklin IFT US Govt MM ($3.8B), JP Morgan US Govt ($1.7B), Morgan Stanley Inst Liq Govt Sec ($1.7B), BlackRock Lq FedFund ($0.9B), BlackRock Lq T-Fund ($0.6B), and BlackRock Cash Treas ($0.5B).

The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($19.1B, 4.7%), Toronto-Dominion Bank ($16.4B, 4.1%), Credit Suisse ($15.7B, 3.9%), Swedbank AB ($15.6B, 3.9%), Mitsubishi UFJ Financial Group Inc. ($14.0B, 3.5%), Wells Fargo ($13.7B, 3.4%), Credit Agricole ($12.4, 3.2%), Sumitomo Mitsui Banking Co ($12.5, 3.1%), Australia & New Zealand Banking Group Ltd ($12.2B, 3.0%) and Canadian Imperial Bank of Commerce ($11.5B, 2.9%).

The 10 largest CD issuers include: Wells Fargo ($13.6B, 8.1%), Bank of Montreal ($10.5B, 6.3%), RBC ($10.2, 6.1%), Mitsubishi UFJ Financial Group Inc ($9.6B, 5.7%), Svenska Handelsbanken ($9.3B, 5.5%), Swedbank AB ($8.6B, 5.1%), Mizuho Corporate Bank Ltd ($8.3B, 5.0%) Sumitomo Mitsui Banking Co ($7.4B, 4.4%), Canadian Imperial Bank of Commerce ($6.5B, 3.9%), and Citi ($6.1B, 3.7%).

The 10 largest CP issuers (we include affiliated ABCP programs) include: Toronto-Dominion Bank ($9.2B, 5.1%), Credit Suisse ($8.5B, 4.7%), Commonwealth Bank of Australia ($8.2B, 4.6%), JPMorgan ($7.8B, 4.3%), RBC ($6.9B, 3.9%), Australia & New Zealand Banking Group Ltd ($6.5B, 3.6%), Bank of Nova Scotia ($6.3B, 3.5%), National Australia Bank Ltd ($6.2B, 3.4%), Westpac Banking Co ($5.7B, 3.2%), and HSBC ($5.6B, 3.1%).

The largest increases among Issuers include: Credit Agricole (up $39.6B to $64.7B), Federal Home Loan Bank (up $29.8B to $550.3B), Credit Suisse (up $18.8B to $33.7B), Mizuho Corporate Bank Ltd (up $13.8B to $28.5B), Natixis (up $12.5B to $43.7B), Goldman Sachs (up $11.2B to $26.0B), Societe Generale (up $9.3B to $45.7B), JP Morgan (up $7.2B to $42.9B), Sumitomo Mitsui Banking Co (up $6.6B to $45.1B), and Swedbank AB (up $6.0B to $15.6B).

The largest decreases among Issuers of money market securities (including Repo) in April were shown by: the US Treasury (down $108.3B to $830.2B), the Federal Reserve Bank of New York (down $8.9B to $13.7B), Bank of Nova Scotia (down $8.7B to $26.2B), Federal Home Loan Mortgage Co (down $5.5B to $28.5B), RBC (down $4.9B to $81.9B), Fixed Income Clearing Co (down $4.1B to $19.6B), Canadian Imperial Bank of Commerce (down $3.1B to $24.9B), National Australia Bank Ltd (down $2.9B to $8.1B), Bank of Montreal (down $2.0B to $29.6B), and Federal National Mortgage Association (down $1.5B to $15.2B).

The United States remained the largest segment of country-affiliations; it represents 62.0% of holdings, or $1.802 trillion. France (10.3%, $298.0B) remained in the No. 2 spot and Canada (7.0%, $204.5B) remained No. 3. Japan (6.3%, $183.9B) stayed in fourth place, while the United Kingdom (5.1%, $147.7B) remained in fifth place. The Netherlands (2.0%, $57.4B) remained ahead of Germany (1.7%, $49.5B) in sixth and seventh place, respectively. Switzerland (1.6%, $45.2B) and Sweden (1.5%, $43.6B) moved ahead of Australia (1.3%, $37.9B) to rank 8th, 9th and 10th place. (Note: Crane Data attributes Treasury and Government repo to the dealer's parent country of origin, though money funds themselves "look-through" and consider these U.S. government securities. All money market securities must be U.S. dollar-denominated.)

As of April 30, 2018, Taxable money funds held 31.6% (up from 28.6%) of their assets in securities maturing Overnight, and another 14.2% maturing in 2-7 days (down from 15.0%). Thus, 45.8% in total matures in 1-7 days. Another 24.6% matures in 8-30 days, while 12.2% matures in 31-60 days. Note that over three-quarters, or 82.6% of securities, mature in 60 days or less (down slightly from last month), the dividing line for use of amortized cost accounting under SEC regulations. The next bucket, 61-90 days, holds 7.4% of taxable securities, while 8.6% matures in 91-180 days, and just 1.4% matures beyond 181 days.

May 07
 

The May issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers over the weekend, features the articles: "Money Fund Expenses Higher in ‘17; Crane Data Turns 12," which discusses the decline in fee waivers due to higher yields; "Investortools' James Morris on Money Fund Software," which interviews the VP of a money fund software tool provider; and, "FDIC Sweep Rates Rising, Feeling Pressure from MMFs," which highlights a recent increase in brokerage sweep yields. We've also updated our Money Fund Wisdom database with April 30, 2018, statistics, and sent out our MFI XLS spreadsheet Saturday. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our May Money Fund Portfolio Holdings are scheduled to ship on Wednesday, May 9, and our May Bond Fund Intelligence is scheduled to go out Monday, May 14.

MFI's "Expenses" article says, "ICI published “Trends in the Expenses and Fees of Funds, 2017” recently, which finds that while overall mutual fund expenses continue lower, money market fund expenses rose for the second year in a row on declining fee waivers. ICI writes, 'The average expense ratios for money market funds rose 5 basis points in 2017 to 0.25%. This increase was indirectly related to the Federal Reserve raising short-term interest rates three times in 2017. These actions prompted fund advisers to continue paring expense waivers.'"

Our lead piece continues, "They tell us, 'On an asset-weighted basis, average expense ratios incurred by mutual fund investors have fallen substantially over the past two decades…. The average expense ratio for money market funds dropped from 0.52% to 0.25% over this period.'"

MFI's latest Profile reads, "This month, Money Fund Intelligence interviews James Morris, a Vice President at Investortools, an Illinois-based company that produces portfolio management and compliance software. We talk about their history and software products, recent regulatory changes, and cash separate accounts. Our interview follows."

MFI says, "Tell us about your beginnings. Morris explains, "Investortools goes all the way back to 1983 … back to the early days. We started out focusing on tax exempt mutual funds, and have grown our product suite from our initial product, which is called ‘Perform.’ We now offer of a handful of products that all can be integrated into one common software suite, or used on a standalone basis. Our presence in the money fund space started around the middle 1990s."

Morris continues, "I have been with the company for over 17 years now, and our presence in the money fund space predates that. Our money fund product is called ‘Smart,’ which stands for Short Maturity Analytic Reporting Tool. We have seen some pretty substantive growth in this space, as the fixed income market has evolved over the past couple of decades. About half of our business relates to separate accounts or SMAs. I use the term broadly -- I'm talking about institutional SMAs, private clients, high net worth, family office, and retail separate accounts."

MFI also says, "Tell us more about the products." Morris responds, "If you are in the short maturity space, Smart is the focal point of our products. So that means it incorporates all of our 2a-7 compliance and stress testing with reports and graphs oriented to short maturity. It also is designed to integrate into that suite I mentioned, so you can have Perform for your long portfolios, and Smart for the short and ultrashort portfolios, all integrated with CreditScope, which provides the credit team instant answers to how much credit exposure they have."

Our "FDIC Sweep" article says, "Brokerage 'sweep' providers continue to feel the heat from higher rates, but they also continue to shift assets into bank deposits and away from money market funds. Our Brokerage Sweep Intelligence product shows the average yield for FDIC insured sweeps has risen to 0.18% (for accounts of $100K) from 0.02% a year ago. (See our table on p. 8 too.) Like we did 2 years ago in MFI, we briefly review some of the recent changes in this $1 trillion market below."

It continues, "FDIC-insured sweeps now make up the vast majority of brokerage sweep cash, but this could change as money fund yields continue to rise. The signals are mixed though. A handful of recent articles have discussed brokerage clients’ growing frustration with near-zero yields, but brokerages continue to lag in raising rates and continue to funnel cash into banks. (See our “WSJ Hits Brokerage Sweep Rates.”)

The piece adds, "Charles Schwab, the 8th largest manager of money market mutual funds with $138.8 billion in assets as of April 30, is the latest and one of the last brokerages to shift sweep assets from money funds to bank deposits. But their shift may prove to be a contrarian indicator. (They’ve also have been hedging by offering low expense and high-yielding “position” money funds.) In Q1, they shifted $25 billion from MMFs to deposits (and it looks like this continued in April)."

Our May MFI XLS, with April 30, 2018, data, shows total assets increased $203 million in April to $2.984 trillion, after decreasing $52.6 billion in March, increasing $37.2 billion in February, and decreasing $54.3 billion in January. Our broad Crane Money Fund Average 7-Day Yield was up 6 basis points to 1.35% during the month, while our Crane 100 Money Fund Index (the 100 largest taxable funds) was up 8 bps to 1.55%.

On a Gross Yield Basis (7-Day) (before expenses were taken out), the Crane MFA rose 6 bps to 1.80% and the Crane 100 rose 8 bps to 1.84%. Charged Expenses averaged 0.45% and 0.28% (unchanged), respectively for the Crane MFA and Crane 100. The average WAM (weighted average maturity) for the Crane MFA and Crane 100 were 30 and 29 days, respectively (down 2 days from last month). (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

Apr 24
 

Preparations are well underway for Crane's Money Fund Symposium, the largest gathering of money market fund managers and cash investors in the world. Our next "big show" will take place June 25-27, 2018 at The Westin Convention Center, in Pittsburgh, Pa. The latest agenda, which we review below, is now available and registrations are being taken. Our Symposium last summer in Atlanta attracted over 550 attendees, and we expect another robust turnout for our 10th annual event in Pittsburgh this summer. The conference lineup will feature a keynote from Federated Investors' President & CEO Chris Donahue, as well as a 'who's who' of the money market mutual fund industry.

Money Fund Symposium attracts money fund managers, marketers and servicers, cash investors, money market securities dealers, issuers, and regulators. Visit the MF Symposium website at www.moneyfundsymposium.com) for more details. Registration is $750, and discounted hotel reservations are also now available. We review the full agenda, as well as the rest of Crane Data's 2018 conference calendar, below.

Our June 25 Opening (afternoon) Agenda kicks off with a "Welcome to Money Fund Symposium 2018" from Peter Crane, President of Crane Data. Then our keynote talk features Federated Investors' President & Chief Executive Officer Chris Donahue, who will discuss "Money Funds: Getting Back to Business." The rest of the Day One agenda includes: "Global & European Money Market Funds," with Reyer Kooy of IMMFA and Alastair Sewell of Fitch Ratings; "Ultra-Short Bond Funds, SMAs & Alt-Cash," with Dave Martucci of J.P. Morgan Asset Management, Michael Morin of Fidelity Investments, and Peter Yi of Northern Trust AM; and, a "Major Money Fund Issues 2018" panel moderated by Peter Crane and featuring Jason Granet of Goldman Sachs A.M., Tracy Hopkins of BNY Mellon Cash Investment Strategies, and Jeff Weaver of Wells Fargo Funds. (The opening day's refreshments will be sponsored by Fidelity and the opening evening's reception will be sponsored by Bank of America Merrill Lynch.)

Day 2 of Money Fund Symposium 2018 begins with "Strategists Speak '18: Rates, Repo & Alt-Cash," which features Mark Cabana of Bank of America Merrill Lynch, Joseph Abate of Barclays, and Alex Roever of J.P. Morgan Securities. This session is followed by: a panel entitled, "Senior Portfolio Manager Perspectives," including Laurie Brignac of Invesco, Dave Walczak of UBS Asset Mgmt, and John Tobin of J.P. Morgan A.M.; a session on "Government and Treasury Money Fund Issues," featuring Geoff Gibbs of Deutsche Funds and Sue Hill of Federated; and, a "Muni & Tax Exempt Money Fund Update" with Justin Schwartz of Vanguard, John Vetter of Fidelity, and Sean Saroya of J.P. Morgan Securities. (Day 2's breakfast is sponsored by J.P. Morgan Securities and the coffee break is sponsored by Wells Fargo.)

The Afternoon of Day 2 (after a Dreyfus-sponsored lunch) features the segments: "Dealer's Choice: Supply & Alternate Buyers," including Stewart Cutler of Barclays, Joseph Johnson of Goldman Sachs and Rob Crowe of Citi Global Markets; "Treasury, Agency & Fed Repo Issuance, with Priya Misra of TD Securities, Dave Messerly of the FHLBanks - Office of Finance, and Josh Frost of the Federal Reserve Bank of NY; a presentation on "FDIC Insured Options & Sweep Issues" with Kevin Bannerton of Total Bank Solutions and Eric Lansky of StoneCastle Cash Management; and, a segment on "Portals, Info & Tech Update: Data, Software," with ` Fred Berretta <p:>`_ of Cachematrix, Greg Fortuna of State Street Fund Connect, and Tory Hazard of ICD. (The Day 2 break is sponsored by Invesco and the reception is sponsored by Barclays.)

The third day of Symposium (after a Federated-sponsored breakfast) features the sessions: "State of the Money Fund Industry" with Peter Crane of Crane Data and Deborah Cunningham of Federated Investors; "Regulatory Issues: Repo, SEC Sweeps, European," with Steve Cohen of Dechert, Sharon Pichler of the SEC, and Todd Zerenga of Perkins Coie LLP; and, "Corporate Investment & Washington Issues," with Tony Carfang from Treasury Strategies and Tom Hunt from AFP. Finally, the last session, entitled, "Ratings Agency Roundtable: Criteria, Risks," with Robert Callagy from Moody's Investors Service, Greg Fayvilevich from Fitch Ratings, and Guyna Johnson from S&P Global Ratings. (The coffee break is sponsored by First American Funds.)

We hope you'll join us in Pittsburgh this June! We'd like to encourage attendees, speakers and sponsors to register and make hotel reservations ASAP. E-mail us at info@cranedata.com to request the full brochure, or click here to see the latest.

In other conference news, thanks to those who attended last month's Crane's Bond Fund Symposium in Los Angeles. Our next Bond Fund Symposium is scheduled for March 21-22, 2019, in Philadelphia. Note: Crane Data Subscribers and attendees have access to the BFS conference binder materials, including Powerpoints, recordings and attendee lists. See the bottom of our "Content Center" for a listing of available conference materials or visit our Bond Fund Symposium 2018 Download Center.

Also, mark your calendars for Crane's 6th annual "offshore" money fund event, European Money Fund Symposium, which will be held in London, England, September 20-21, 2018. This website (www.euromfs.com) is now taking registrations and the preliminary agenda will be released soon. (Contact us to inquire about sponsoring or speaking.)

Finally, our next Money Fund University "basic training" event is scheduled for Jan. 24-25, 2019, in Stamford, Conn. Watch www.cranedata.com for more details on these events, and please let us know if you have any questions or feedback on our growing conference business.