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Accounting Today posted a brief entitled, "IRS offers relief on money market redemptions." It explains, "The Internal Revenue Service issued guidance Friday saying a redemption of shares in a money market fund won'​t be treated as part of a wash sale, which would subject it to taxes. Revenue Procedure 2023-​35 says a redemption of money market fund shares will not be treated as part of a wash sale under Section 1091 of the Tax Code. The revenue procedure amplifies an earlier one from 2014, Revenue Procedure 2014-​45, and extends its wash sale relief to redemptions of shares in money market funds that maintain fixed share prices. The IRS noted that money market funds have historically tried to keep the prices at which their shares are distributed, redeemed and repurchased stable -- usually at $​1.​00 -- with only minimal fluctuations in the value of an MMF'​s portfolio on a per-​share basis. Prior to amendments in 2014, Rule 2a-​7 of the Investment Company Act of 1940 generally allowed a fund to compute its price per share by using either or both of the amortized cost method of valuation, and the penny-​rounding method of pricing. Under the amortized cost method of valuation, a money market fund'​s net asset value per share was determined by valuing its portfolio securities at their acquisition cost, adjusted for amortization of premium or accretion of discount."

The Wall Street Journal asks, "Want This 6% CD? You Have to Have $​5 Million." The article states, "JPMorgan Chase has got a deal for you -- if you have an extra $​5 million lying around. The New York bank, the largest in the U.​S., is offering customers of its private bank division a 6% rate on a six-​month certificate of deposit if they put $​5 million or more into the product. JPMorgan isn'​t exactly hurting for deposits. But like other banks, its overall deposits have declined since the Federal Reserve started raising interest rates in early 2022. Special rate offers are a bid to keep wealthy customers happy -- and maybe earn more of their business." It tells us, "​Mass-​market customers shouldn'​t expect the same. JPMorgan is paying 5% to retail banking customers who put in $​100,​000 or more for the same period, according to its website. Customers who put in less than $​100,​000 can earn 4%. The bank'​s basic interest-​bearing checking and savings accounts still pay just 0.​01%. Funds have to come from outside of JPMorgan to qualify for the 6% rate, the bank said. Other banks are advertising six-​month CDs paying 5% or more." The Journal adds, "​The Fed'​s steep rate increases changed that picture. By the start of this year, wealthy customers in particular were moving their extra cash into Treasurys and money-​market funds for higher rates. Over the past year, deposits in JPMorgan'​s asset and wealth management unit have fallen 22%, far more than overall deposits. Wealth deposits are also down by double digits at competitors Bank of America and Wells Fargo. Banks are generally paying between 4% and 5% on new wealth-​management deposits compared with around 2.​5% to land regular customers' deposits, said Adam Stockton, a managing director at Curinos, a firm that tracks data including deposit rates. He said a 6% rate is very rare."

Barron'​s writes, "Bank Deposits Plunged in the Past Year. Schwab Took the Biggest Hit." They comment, "Banks have had an unusually rough year. Just how bad is evident in a new report from S&​P Global Market Intelligence. Total deposits across U.​S. banks fell 4.​8%, or $​872 billion, to $​17.​27 trillion as of June 30, according to S&​P Global. The drop was the first in a data set that dates back to 1994. Among the top 15 deposit holders, Charles Schwab reported the largest year-​over-​year decrease in deposits of 31.​1% to $​304.​79 billion, according to S&​P Global which attributed the decline mostly to outflows from brokerage accounts." The article continues, "The S&​P Global report, which looked at data from the Federal Deposit Insurance Corp, underscores just how much the business environment changed for banks over the past year. The Federal Reserve has raised rates at a rapid pace to combat record-​setting inflation. As interest rates have risen, Americans have been moving money from low-​paying bank accounts to higher yielding options such as money market funds. That process has been a particular headache for Schwab (​SCHW). Though the company is best known for its brokerage platform, it also operates a sizable bank and sweeps customers' uninvested cash into low-​paying bank accounts. As the data show, customers have been withdrawing deposits to invest in money market funds, often on Schwab'​s platform. The process, known as cash sorting, has been putting pressure on Schwab'​s earnings. When the company'​s outflows exceed cash on hand, it relies on costly solutions such as loans from the Federal Home Loan Banks system." Finally, Barron'​s says, "The majority of large U.​S. banks posted declines in their deposit balances year-​over-​year, with almost 30% of the industrywide decline attributable to JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup, according to S&​P Global."

A recently published paper asks, "Does SOFR-​linked Debt Cost Borrowers More Than LIBOR-​Linked Debt?" The intro says, "​The transition from London Interbank Offered Rate (​LIBOR) to Secured Overnight Financing Rate (​SOFR) affects the reference rate of floating-​rate debt worth trillions of dollars. Focusing on the primary market for dollar-​denominated floating rate notes (​FRNs), we compare the yield spreads of FRNs linked to LIBOR and SOFR, issued by the same entity during the same month. After adjusting for the maturity-​matched spread expectations from derivatives markets, we find signi cantly lower spreads for SOFR-​linked FRNs. A qualitatively similar pattern emerges for syndicated loans, despite identi cation challenges. Hence, concerns that the benchmark transition resulted in higher borrowing costs are unwarranted." Written by Sven Klingler of BI Norwegian Business School and Olav Syrstad of Norges Bank, it explains, "The transition from London Interbank Offered Rate (​LIBOR) to Secured Overnight Financing Rate (​SOFR) is one of the most signi cant events in fi nancial markets to date -- it affects the reference rate for loans and other floating rate debt worth trillions of dollars and has sparked an ongoing debate between policymakers and market participants. While policy makers endorse SOFR as robust reference rate, one problem with SOFR is its disconnect from market-​wide funding conditions as it captures the cost of funding US Treasuries overnight.... Lenders in SOFR-​linked debt therefore lose the hedging benefi t of receiving higher interest payments during funding crises, which was inherent in LIBOR.... If the lenders value these hedging benefits, the transition from LIBOR to SOFR has an adverse effect on borrowing conditions for floating-​rate debt. The aim of our study is to test for this adverse effect by comparing the borrowing costs associated with floating-​rate debt tied to LIBOR and SOFR." The study adds, "The primary market for dollar-​denominated floating rate notes (​FRNs) is an ideal laboratory for our analysis -- we observe issuances linked to both LIBOR and SOFR from the same entity during the same month. In addition, the predetermined payment schedule of FRNs allows us to extract maturity-​matched spread expectations from derivatives markets and adjust for the expected difference in variable rate payments. Our main fi nding contrasts with the concerns outlined above: Borrowers pay lower adjusted yield spreads for FRNs linked to SOFR and therefore benefit from a '​SOFR discount'. This discount is strongest for FRNs (​i) maturing after the announced LIBOR cessation date, (​ii) associated with underwriters more active in SOFR-​linked debt, and (​iii) facing high demand from money market mutual funds (​MMFs)."

Money fund yields rose 1 bp this past week to 5.​17%, after remaining unchanged for the three weeks prior, as measured by our Crane 100 Money Fund Index for the week ended Friday, 9/​22. The Crane 100 is an average of 7-​day yields for the 100 largest taxable money funds. We expect yields to remain flat in coming days as they'​ve finished digesting the Fed'​s (​last) July 26th 25 basis point hike. Yields were 5.​16% on 8/​31, 5.​09% on July 31, 4.​94% on June 30, 4.​61% on March 31 and 4.​05% on 12/​31/​22. The vast majority of money market fund assets now yield 5.​0% or higher. Assets of money market funds rose by $​21.​2 billion last week to $​6.​019 trillion according to Crane Data'​s Money Fund Intelligence Daily, and they have risen by $​39.​9 billion since the start of September (​after rising $​98.​3 billion in August). Weighted average maturities were unchanged last week. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (​currently 682), shows a 7-​day yield of 5.​06%, unchanged in the week through Friday. Prime Inst MFs were up 1 bp at 5.​27% in the latest week. Government Inst MFs were up 1 bp at 5.​13%. Treasury Inst MFs up 1 bp for the week at 5.​11%. Treasury Retail MFs currently yield 4.​88%, Government Retail MFs yield 4.​84%, and Prime Retail MFs yield 5.​09%, Tax-​exempt MF 7-​day yields were up 61 bps to 3.​35%. According to Monday'​s Money Fund Intelligence Daily, with data as of Friday (​9/​22), 24 money funds (​out of 809 total) yield under 3.​0% with $​18.​1 billion in assets, or 0.​3%; 105 funds yield between 3.​00% and 3.​99% ($​100.​2 billion, or 1.​7%), 225 funds yield between 4.​0% and 4.​99% ($​1.​265 trillion, or 21.​0%) and 455 funds now yield 5.​0% or more ($​4.​636 trillion, or 77.​0%). Our Brokerage Sweep Intelligence Index, an average of FDIC-​insured cash options from major brokerages, was unchanged at 0.​62%. The latest Brokerage Sweep Intelligence, with data as of Sept. 22, shows that there were no changes over the past week. Three of the 11 major brokerages tracked by our BSI still offer rates of 0.​01% for balances of $​100K (​and lower tiers). These include: E*​Trade, Merrill Lynch and Morgan Stanley.

Morningstar writes on bond fund and money market funds in "6 Charts On Where Bond Fund Investors Are Putting Their Money." The piece tells us, "​Investors have favored bond funds over stock funds for many years, but as interest rates stay elevated, they are shifting where they put their money. Prior to the big rise in interest rates in 2022, investors gravitated toward short-​term and high-​yield bond funds. Now, with interest rates higher across the board, investors are choosing safer government and long-​term bond funds and taking advantage of high interest rates on money market funds." Under the section, "Investors Take Advantage of Money Market High Yields," they state, "Instead of exploring riskier corners of the bond market, many investors are taking advantage of higher yields on money market funds. The average seven-​day yield on a money market fund sits at 4.​27%, up from 1.​72% a year ago and a mere 0.​01% two years ago. Investors pulled $​53.​6 billion from money market funds last year but have feverishly returned to them since then. These funds have collected $​724 billion this year, outpacing flows to all long-​term funds. Investors particularly flocked to money market funds in the first quarter, after the collapse of some regional banks caused panic over the safety of bank deposits."

MarketWatch posted the piece, "When Fed rates plateau, expect these key investors to join the $​6 trillion charge into money-​market funds." It says, "Like Taylor Swift, assets in money-​market funds keep setting records this year. But a key group of investors isn'​t even leading the charge, said Deborah Cunningham, chief investment officer, global liquidity markets at Federated Hermes. Cranes data tracked total assets in the industry as topping $​6 trillion for the first time ever in August, with those levels potentially eclipsing $​7 trillion by year'​s end. 'Retail flows have fueled the asset growth in this cycle,' Cunningham said ahead of the Federal Reserve'​s rate decision on Wednesday, when its policy rate is expected to remain unchanged at a 22-​year high. 'Institutional flows will happen at the end of this year, and into 2024,' she said, should historical patterns in the half-​century-​old industry end up repeating." The article explains, "​That'​s because institutions in Fed hiking cycles tend to buy Treasury bills and other cash-​like investments directly from the source, she said. 'It'​s only when rates plateau, then stay there for a while, and then start to go down the other side, that you see institutional demand go into money-​market funds,' she said. '​The reason for that is funds have a weighted average maturity that is 30, 40 or 50 days, so they lag the direct market, and keep rates higher for longer when interest rates are going down.' Cunningham heads the roughly $​530 billion cash management effort at Federated Hermes, a unique group that is both women-​led and longstanding, with its leadership climbing the ranks of the firm through the 1980s and '​90s. Paige Wilhelm heads prime liquidity for the group, while Susan Hill leads government liquidity and Mary Jo Ochson oversees tax-​free liquidity investments and short-​term municipal bonds." Marketwatch adds, "Money-​market funds started seeing more inflows in mid-​2022 when the Fed first began lifting its rate from a 0%-​0.​25% range. They shot higher this March after the collapse of Silicon Valley Bank, while hitting a record $​6 trillion of assets (​see chart) after July when the Fed bumped up its rate to a current 5.​25%- 5.​5% range. While institutional assets tend to migrate into money-​market funds when Fed rates start falling, other factors, including the typically strong year-​end period for inflows and fears of uninsured bank deposits, could play prominent roles in the coming months, said Peter Crane, president and publisher of Crane Data and Money Fund Intelligence."

Two recent Prospectuses Supplement filings announce the liquidations of Morgan Stanley California Tax-​Free Daily Income Trust and Morgan Stanley Tax-​Free Daily Income Trust. The first filing tells us, "The Board of Trustees of Morgan Stanley California Tax-​Free Daily Income Trust approved a Plan of Liquidation with respect to the Trust on June 15, 2023. The liquidation of the Trust will occur only if liquidation pursuant to the Plan of Liquidation is approved by shareholders. If shareholder approval is obtained, the Liquidation is expected to occur on or about September 15, 2023. The Trust will suspend the offering of its shares to all investors at the close of business on or about July 11, 2023." It explains, "Subject to shareholder approval and pursuant to the Plan of Liquidation, substantially all of the assets of the Trust will be liquidated, known liabilities of the Trust will be satisfied or provided for, the remaining proceeds will be distributed to the Trust'​s remaining shareholders of record equal to their proportionate interest in the Trust, and all of the issued and outstanding shares of the Trust will be redeemed on the Liquidation Date. Additional information regarding the Liquidation will be included in proxy materials that are anticipated to be mailed to shareholders on or about July 26, 2023 seeking votes from shareholders on the proposed Liquidation. This supplement is not a solicitation of a proxy." The filing adds, "Morgan Stanley Investment Management Inc. believes that the Liquidation is in the best interests of the Trust and its shareholders. In order to facilitate the Liquidation, the Adviser or its affiliates expect to purchase shares of the Trust before the record date in an amount in excess of 50% of the Trust'​s outstanding shares. The Adviser or its affiliates intend to vote those shares "​FOR" the Liquidation. Such share ownership and associated voting intentions create potential conflicts of interest. Prior to the Liquidation Date, the Trust will engage in business activities for the purpose of winding up its business and affairs and transitioning the Trust'​s holdings to cash and cash equivalents in preparation for the orderly Liquidation and subsequent distribution of proceeds to remaining shareholders as of the close of business on the Liquidation Date. Prior to the Liquidation Date, the Trust may no longer pursue its investment objective or be managed consistent with its stated investment strategies, which may impact the Trust'​s performance. Shareholders may bear increased brokerage and other transaction expenses relating to the sale of portfolio investments prior to the Liquidation Date. Prior to the Liquidation Date, shareholders of the Trust may: exchange their shares of the Trust for shares of the appropriate class of any other Morgan Stanley fund that is open to investment, subject to the requirements and limitations in that Morgan Stanley fund'​s prospectus; remain invested in the Trust; or redeem their shares at any time in the manner described in the Trust'​s Prospectus. Unless shares of the Trust are held in a tax-​qualified account, the liquidation of shares held by a shareholder will generally be considered a taxable event." For more on liquidations, see these recent Crane Data News articles: "JPMorgan Liquidates E*​Trade Shares" (​9/​7/​23), "Morgan Stanley Latest to Abandon ESG MMFs" (​8/​16/​23), "Goldman Liquidating Resource Shares" (​7/​19/​23), "SSGA to Liquidate State Street ESG Liquid Reserves" (​9/​19/​22), "DWS Liquidating Govt Cash Mgmt Fund" (​7/​7/​22), and "Cavanal Hill Liquidates $​71M U.​S. Treasury Service Class, Added to Fed RRP List" (​5/​22/​23).

While we'​re excited for next week'​s European Money Fund Symposium in Edinburgh, Scotland (​9/​25-​26), Crane Data is also making preparations for our "​basic training" Money Fund University event, which will take place December 18-​19, 2023 at The Westin Jersey City Newport in Jersey City, NJ. Crane'​s Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics, but this year'​s event will again feature a slightly higher level "Master'​s in Money Markets" agenda. The event focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry'​s top lawyers, strategists, and portfolio managers, and the Jersey City show will include a Holiday cocktail party and a free training session for Crane Data clients. Money Fund University offers a 2-​day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "​cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Attendee registration for Crane'​s Money Fund University is just $​750, exhibit space is $​2,​000, and sponsorship opportunities are $​3K (​Bronze), $​4K (​Silver), and $​5K (​Gold). A block of rooms has been reserved at The Westin Jersey City Newport. (​Please reserve before 11/​17.) We'​d like to thank our past and pending MFU sponsors -- Dreyfus/​BNY Mellon, J.​P. Morgan Asset Management, Fitch Ratings, TD Securities, S&​P Global Ratings, Dechert LLP, BlackRock, Fidelity Investments, K&​L Gates, Federated Hermes, Credit Suisse and State Street -- for their support, and we look forward to seeing you in Jersey City in December. Crane Data is also preparing the preliminary agenda for our next Bond Fund Symposium, which will be held March 25-​26, 2024, at the Loews Philadelphia Hotel in Philadelphia, Pa. Our Bond Fund Symposium offers a concentrated program for fixed-​income managers and dealers with a focus on the ultra-​short segment. Registration for Bond Fund Symposium is $​1000; exhibit space is $​2,​000 (​includes 2 tickets); and sponsorship opportunities are $​3K, $​4K, $​5K, and $​6K. Finally, we'​ll also soon be making plans for our next "​big show," Money Fund Symposium, which will be held June 12-​14, 2024, at The Westin in Pittsburgh. Let us know if you'​d like more details on any of our events, and we hope to see you in Edinburgh next week, in Jersey City in December, in Philly in March or in Pittsburgh in June 2024!

Money fund yields remained unchanged for the third straight week, averaging 5.​16%, as measured by our Crane 100 Money Fund Index for the week ended Friday, 9/​15. The Crane 100 is an average of 7-​day yields for the 100 largest taxable money funds. We expect yields to remain flat in coming days as they'​ve finished digesting the Fed'​s (​last) July 26th 25 basis point hike. Yields were 5.​16% on 8/​31, 5.​09% on July 31, 4.​94% on June 30, 4.​61% on March 31 and 4.​05% on 12/​31/​22. The vast majority of money market fund assets now yield 5.​0% or higher. Assets of money market funds fell by $​23.​6 billion last week to $​5.​998 trillion according to Crane Data'​s Money Fund Intelligence Daily, and they have risen by $​18.​7 billion since the start of September (​after rising $​98.​3 billion in August). Weighted average maturities were unchanged last week. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (​currently 682), shows a 7-​day yield of 5.​06%, up 1 bp in the week through Friday. Prime Inst MFs were up 1 bp at 5.​26% in the latest week. Government Inst MFs were up 1 bp at 5.​12%. Treasury Inst MFs up 1 bp for the week at 5.​10%. Treasury Retail MFs currently yield 4.​87%, Government Retail MFs yield 4.​83%, and Prime Retail MFs yield 5.​08%, Tax-​exempt MF 7-​day yields were down 37 bps to 2.​74%. According to Monday'​s Money Fund Intelligence Daily, with data as of Friday (​9/​15), 111 money funds (​out of 809 total) yield under 3.​0% with $​85.​8 billion in assets, or 1.​4%; 20 funds yield between 3.​00% and 3.​99% ($​38.​2 billion, or 0.​6%), 225 funds yield between 4.​0% and 4.​99% ($​1.​255 trillion, or 20.​9%) and 453 funds now yield 5.​0% or more ($​4.​619 trillion, or 77.​0%). Our Brokerage Sweep Intelligence Index, an average of FDIC-​insured cash options from major brokerages, was unchanged at 0.​62% after rising 1 bp five weeks prior. The latest Brokerage Sweep Intelligence, with data as of Sept 15, shows that there were no changes over the past week. Three of the 11 major brokerages tracked by our BSI still offer rates of 0.​01% for balances of $​100K (​and lower tiers). These include: E*​Trade, Merrill Lynch and Morgan Stanley.

The Financial Times writes "Nervy investors pour $​1tn into money market funds." They tell us, "Investors have poured $​1tn into global money market funds so far in 2023, attracted by the best yields available in years and uncertainty over the outlook for the US economy. The flood of cash into money market funds over the past eight-​and-​a-​half months -- a trend concentrated mainly in the US -- puts the vehicles on course for record inflows of $​1.​5tn by the end of this year, according to Bank of America Securities, citing annualised data from flow tracker EPFR. Strategists at the US bank wrote overnight that the persistent flood of cash into such funds, which typically hold very low risk assets such as short-​dated government debt that are easy to buy and sell, reflected '​one trillion dollars of doubt' about the outlook for the economy and riskier assets." See also, The Wall Street Journal'​s "Rising Rates Make Big Companies Even Richer." It states, "​The winners from higher rates were high-​quality borrowers, who locked in low interest rates around the pandemic with bonds maturing further in the future than any time this century. Higher rates have little immediate impact on their borrowing costs -- only affecting bonds when they are refinanced—​while they earn more on their cash piles straight away." The piece adds, "Take Microsoft, the world'​s second-​most valuable company. It has more cash and short-​term investments than debt, so it was never going to be threatened by higher rates. But it has also fixed its borrowing costs: It paid exactly the same interest, $​492 million, in the latest quarter as a year earlier. However, it earned substantially more on its cash and short-​term investments, with the annualized rate rising to about 3.​3% from 2.​1%; combined with a small increase in its hoard to $​111 billion, it earned $​905 million in interest just in the quarter, up from $​552 million. Microsoft'​s experience appears to be reflected economywide. Corporate net interest payments -- that is, interest paid on debt minus that received on savings -- fell as interest rates rose, the opposite of what usually happens."

The Investment Company Institute'​s latest "Money Market Fund Assets" report shows MMF assets hitting record levels for 8th week out of the past 9 (​they were down a hair 3 weeks ago), breaking above the $​5.​6 trillion level last week for the first time ever. ICI'​s weekly asset series rose to a record $​5.​643 trillion, and shows MMFs up over $​1.​09 trillion, or 24.​0%, over the past 52 weeks. Assets are up by $​908 billion, or 19.​2%, year-​to-​date in 2023, with Institutional MMFs up $​469 billion, or 15.​3% and Retail MMFs up $​438 billion, or 26.​1%. (​Totals are up $​822.​3 billion, or 17.​1%, since 2/​22/​23.) Over the past 52 weeks, money funds have risen $​1.​091 billion, or 24.​0%, with Retail MMFs rising by $​606 billion (​40.​1%) and Inst MMFs rising by $​484 billion (​15.​9%). Their weekly release says, "Total money market fund assets increased by $​17.​70 billion to $​5.​64 trillion for the week ended Wednesday, September 13, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $​16.​26 billion and prime funds increased by $​2.​98 billion. Tax-​exempt money market funds decreased by $​1.​54 billion." ICI'​s stats show Institutional MMFs rising $​7.​6 billion and Retail MMFs rising $​10.​1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $​4.​637 trillion (​82.​2% of all money funds), while Total Prime MMFs were $​888.​7 billion (​15.​8%). Tax Exempt MMFs totaled $​116.​7 billion (​2.​1%). ICI explains, "Assets of retail money market funds increased by $​10.​14 billion to $​2.​12 trillion. Among retail funds, government money market fund assets increased by $​5.​34 billion to $​1.​39 trillion, prime money market fund assets increased by $​5.​76 billion to $​618.​30 billion, and tax-​exempt fund assets decreased by $​964 million to $​105.​79 billion." Retail assets account for over a third of total assets, or 37.​5%, and Government Retail assets make up 65.​8% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $​7.​57 billion to $​3.​53 trillion. Among institutional funds, government money market fund assets increased by $​10.​92 billion to $​3.​25 trillion, prime money market fund assets decreased by $​2.​78 billion to $​270.​44 billion, and tax-​exempt fund assets decreased by $​572 million to $​10.​88 billion." Institutional assets accounted for 62.​5% of all MMF assets, with Government Institutional assets making up 92.​0% of all Institutional MMF totals. According to Crane Data'​s separate Money Fund Intelligence Daily series, money fund assets broke the $​6.​0 trillion level on Sept. 1 and hit a record $​6.​046 trillion on Tuesday, 9/​2, before easing back to $​6.​036 trillion Wednesday. Assets have risen by $​56.​8 billion in September through 9/​13 after rising by $​98.​3 billion in August and $​34.​7 billion in July. Note that ICI'​s asset totals don'​t include a number of funds tracked by the SEC and Crane Data, so they'​re over $​400 billion lower than Crane'​s asset series.

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