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Money fund assets decreased for the first time in 7 weeks, but they've risen 9 weeks out of the past 11 and 23 weeks out of the past 26. ICI's latest "Money Market Fund Assets" report shows that MMF totals have increased by $421 billion, or 13.8%, year-to-date. Over the past 52 weeks, ICI's money fund asset series has increased by $595 billion, or 20.7%, with Retail MMFs rising by $249 billion (23.0%) and Inst MMFs rising by $346 billion (19.3%). ICI writes, "Total money market fund assets decreased by $1.55 billion to $3.47 trillion for the week ended Wednesday, October 16, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $10.55 billion and prime funds increased by $7.13 billion. Tax-exempt money market funds increased by $1.87 billion." ICI's weekly series shows Institutional MMFs falling $10.3 billion and Retail MMFs increasing $8.7 billion. Total Government MMF assets, including Treasury funds, were $2.587 trillion (74.6% of all money funds), while Total Prime MMFs were $742.8 billion (21.4%). Tax Exempt MMFs totaled $138.7 billion, 4.0%. They explain, "Assets of retail money market funds increased by $8.71 billion to $1.33 trillion. Among retail funds, government money market fund assets increased by $5.13 billion to $763.29 billion, prime money market fund assets increased by $2.81 billion to $442.74 billion, and tax-exempt fund assets increased by $744 million to $125.90 billion." Retail assets account for over a third of total assets, or 38.4%, and Government Retail assets make up 57.3% of all Retail MMFs. The release adds, "Assets of institutional money market funds decreased by $10.27 billion to $2.14 trillion. Among institutional funds, government money market fund assets decreased by $15.67 billion to $1.82 trillion, prime money market fund assets increased by $4.31 billion to $300.07 billion, and tax-exempt fund assets increased by $1.09 billion to $12.81 billion." Institutional assets accounted for 61.6% of all MMF assets, with Government Institutional assets making up 85.4% of all Institutional MMF totals. Earlier this month, assets tracked by Crane Data's Money Fund Intelligence Daily broke the $3.8 trillion level for the first time ever. Month-to-date through October 16, assets tracked by our MFID have increased by $38.2 billion but have dipped below the record to $3.797 trillion. In October so far, the Crane Institutional MF Index has increased by $15.8 billion to $2.517 trillion, while the Crane Retail MF Index rose $19.3 billion to $1.140 trillion. Prime MMFs have increased by $24.6 billion to $1.056 trillion while Govt (including Treasury) MMFs have grown by $10.5 billion to $2.600 trillion.

The Financial Times writes that the "Fed 'repo' plan could face fund manager resistance." The article explains, "Money market funds that are among the largest holders of US Treasury bills say they are reluctant to sell them to the Federal Reserve, presenting an obstacle to the central bank as it seeks to increase the amount of cash in short-term lending markets. The Fed announced last Friday that it would begin monthly purchases of roughly $60bn of Treasury bills, which have a maturity of less than 12 months, in an attempt to inject money into the financial system following a cash squeeze that sent overnight 'repo' lending rates surging in September.... The problem facing managers of money market funds -- which are permitted to buy assets with no more than 13 months to maturity -- is that they would rather keep the Treasury bills now in their possession than sell them to the Fed and then go back into the market to buy debt with potentially lower yields." The FT quotes SSGA's Pia McCusker, "We are not going to sell them.... It's a short-term gain and then I would have to replace it with something else at a much lower rate." The piece adds, "Money market funds are among the largest holders of Treasury bills, accounting for almost $550bn at the end of August, according to data from the Investment Company Institute. Several fund managers told the Financial Times that they have no incentive to sell without a steep increase in prices -- and a corresponding fall in yields." The article also quotes JPMAM's John Tobin, "It makes us question where are they going to find these bills.... When the Fed is going to be a large, indiscriminate buyer in the front end, that is going to put pressure on yields."

Barron's writes about "The Best Income Investments for a Low-Rate World and briefly mentions money funds and ultra-short bond funds. The article explains, "Given the narrow rate differential between short- and long-term bonds, there's a good argument for staying short. Money-market fund yields have fallen below 2%, as the Fed has cut short rates by a half-percentage point this year, to a range of 1.75% to 2%. An additional rate reductions by the central bank is likely later this year, and one more is expected in 2020. That could drop money-fund yields to 1.5% by early 2020." The piece comments, "Among the short-term bond funds that offer higher yields are Pioneer Multi-Asset Ultrashort Income (MAFRX), which has a yield of nearly 3%, and Pimco Low Duration Income (PFIAX), with 3.5%. Both have large investments in mortgage securities. JPMorgan Ultra-Short Income(JPST) and Pimco Enhanced Short Maturity Active(MINT) are large ETFs that yield about 2.5% and are heavy in corporate debt." Barron's adds, "For more risk-wary investors, there is the iShares 1-3 Year Treasury Bond exchange-traded fund (SHY), which yields 2.1%.... Warren Buffett favors ultrasafe Treasury bills for Berkshire Hathaway's cash hoard of more than $120 billion. Investors who want to follow Buffett can buy T-bills directly through the TreasuryDirect website, or purchase the iShares Short Treasury BondETF (SHV), which holds Treasuries with less than a one-year maturity. This low-volatility fund yields about 2%. It's a good alternative to money-market funds."

A press release entitled, "GSAM Transforms Digital Liquidity Management with Launch of Mosaic," tells us, "Goldman Sachs Asset Management ('GSAM') today announced the launch of Mosaic, an investment platform provided through Goldman Sachs & Co. LLC ('GS'), which delivers digital products, expertise, and data & execution services to treasury and investment teams of all sizes. Mosaic provides money market and short duration fund investors access to the data, products, and services needed to optimize their liquidity, resulting in improved scale, increased transparency, and efficient workflows. Mosaic builds upon GS' legacy in open-architecture money market fund trade execution, including the GS Liquidity Solutions Portal, and is supported by the technology and expertise of Goldman Sachs." It continues, "Mosaic helps address clients' most pressing needs in managing and investing their cash. With more choices, complexities, and responsibilities facing liquidity investors, Mosaic's flexible design provides investment analytics, trading, settlement, and reporting capabilities that can be accessed through GS investment portals or connected to clients' existing infrastructure. Mosaic will be made available over the coming months to clients across financial services, corporates, and public institutions." Kathleen Hughes, Head of Liquidity Solutions Client Business at GSAM, comments, "We innovate based on our clients' priorities. Those needs increasingly include simple execution, seamless digital experiences and the ability to pick and choose offerings that can be integrated with existing infrastructure to achieve better operational efficiency and investment goals.... We designed Mosaic to serve clients' needs, whether that is an enhanced and integrated dashboard, back-end execution, or an end-to-end solution. Our continued investment is a reflection of our deep commitment to delivering cutting-edge solutions to meet our clients' evolving needs for investing cash." The release explains, "The platform encompasses multiple applications for trading, reporting, and risk analysis, including the GS Liquidity Solutions Portal and the Mosaic investment portal. White-labeled investment portal solutions are also available.... Mosaic's flexibility allows for connectivity with clients' treasury management systems, enterprise risk planning applications, and other enterprise or proprietary applications.... Mosaic data and execution services provide a flexible menu of investment analytics, execution, and reporting APIs and custom file integrations, allowing clients to have a holistic view of their liquidity portfolio.... An integration with Clearwater Analytics.... Platform integrations with the following treasury management system (TMS) partners, providing connectivity to GS execution services and consolidated reporting experiences unique to Mosaic: GTreasury.... ION Treasury.... [and] Direct security trading through connectivity to the brokerage applications of Tradeweb Markets." Christina Kopec, Global Head of Liquidity Solutions Product Strategy, adds, "Investing cash has always been an integral component of a well-functioning business, no matter our clients' industry.... We draw upon three decades of experience in liquidity asset management and on our firm's focus on risk and technology to help our clients meet the challenges of an increasingly complex market." We learned about Goldman's release from FundFire, which writes, "GSAM Targets Growing Inst'l Demand for Cash with New Platform." They quote our Peter Crane, "Years ago, we called them the transparency wars, where allowing tools to look through to underlying holdings of money funds became a competitive issue. Then various reporting and features to do reports and integrate these trading platforms with corporate treasury workstations became an issue. [Mosaic] seems to be a sort of catch all platform of technical enhancement. They're trying to make their investor base stickier and more reliant on Goldman Sachs, figuring that'll drive asset management revenue."

Fidelity Investments issued a press release entitled, "Fidelity Becomes the Only Firm That Offers Zero Commission Online Trading, Automatic Default to Higher Yielding Cash Option for New Accounts and Leading Trade Execution." It says, "Fidelity Investments, the largest online brokerage firm with 21.8 million accounts, ... announced that it is the only firm to offer zero commissions for online U.S. stocks, exchange traded funds (ETFs) and option trades, automatically direct retail investors' cash into higher yielding alternatives available for new brokerage and retirement accounts, and provide industry-leading best execution practices with zero payment for order flow for stock and ETF trades. The commission changes take effect on October 10, 2019 for individual investors and will be available on November 4, 2019 for registered investment advisors." Kathleen Murphy, president of Fidelity's personal investing business, comments, "With this decision, Fidelity is taking a different path from the industry. We are providing customers unmatched value while challenging industry practices that appear to give value in one place when they are actually having customers pay in other ways.... This is why -- in addition to offering zero commissions for online trading -- we will continue to automatically offer retail investors choice for their cash at account opening and default them into the higher yielding option." The release explains under the header, "Challenging Industry Practices on Investor Cash," that, "Fidelity is the only online brokerage firm to take a customer-first approach by automatically directing investors' cash into higher yielding alternatives available for new retail brokerage and retirement accounts.... Cash investments at Fidelity could earn 158x more than TD Ameritrade and E*Trade, and 13x more than Charles Schwab cash sweeps (as of Oct. 8, 2019. For accounts up to $24,999)." For more recent Crane Data Brokerage Sweep News, see these articles: "Brokerage Sweep Rates Continue Inching Lower; More Sweep Mentions" (10/1/19), "Fidelity Cuts Sweep Rates, Robos Down Too; More on Brokerage 'Cash'" (9/25/19), "Cash of the Titans Part II: Merrill Hit By Lawsuit Over Brokerage Sweeps" (9/3/19), "Cash of the Titans: Schwab vs. Fidelity; MF Yields Dip Below 2.0 Percent" (8/13/19), "Fidelity Now Sweeps to Money Fund" (8/8/19) and "Schwab Completes Shift from Money Funds to FDIC; LPL Changes Sweeps" (7/18/19).

A press release entitled, "GTreasury Signs Connectivity Agreement with Goldman Sachs Liquidity Solutions," tells us, "GTreasury announced today that it has entered into a connectivity agreement with Goldman Sachs & Co. LLC (GS&Co.) and Goldman Sachs Asset Management (GSAM) to connect the Goldman Sachs Liquidity Solutions Portal with GTreasury's treasury management system (TMS). The new arrangement will create an end-to-end workflow for investing in money market funds, introducing on-demand connectivity to third-party banking and fintech services." The release explains, "The Goldman Sachs Liquidity Solutions Portal will be connected with GTreasury's workflow, creating a highly-automated process that populates common client data for powerful decision making. With a single sign-on to GTreasury, clients will be able to view the big picture of their cash positions and investments in dashboards, perform a tighter sweeping of bank accounts automatically, and enter the Goldman Sachs Liquidity Solutions Portal. Clients can then choose a money market fund from across the broad market of U.S. and international funds and execute their trades. At client instruction, data will flow automatically back into GTreasury, informing cash, investment and accounting activities." Goldman's Kathleen Hughes, Global Head of Liquidity Solutions Client Business, comments, "We're delighted to work with the GTreasury team to connect this exciting tool with our own liquidity solutions. Greater automation and integrated information will not only save time by simplifying the process but will also give corporate treasury teams the information they need to make the best investment decisions for their needs."

As we wrote in the October issue of our Money Fund Intelligence newsletter, a recent SEC filing for the J.P. Morgan Money Market Funds says their prospectuses are, "hereby amended to include the following to provide information on how the adviser integrates environmental, social and governance factors into each Fund's investment process." The filing says, "As part of its security selection strategy, the adviser also evaluates whether environmental, social and governance factors could have material negative or positive impact on the cash flows or risk profiles of many companies in the universe in which the Fund may invest. These determinations may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors." We learned of the filing from Henry Shilling of SustainableInvest.com. While we don't believe this makes the JPMAM funds an "ESG" fund, we do think this is the path most fund managers are taking, incorporating ESG principles into their credit research. One reason it that the growth of the handful of specialized ESG money funds has been dismal to date. The three funds that have launched to date have yet to bring in substantial assets and remain under $1 billion (or on the launchpad). BlackRock LEAF Direct (LEDXX) is currently $487 million while BlackRock LEAF Inst (LEFXX) is $146M. DWS ESG Liquidity Cap (ESIXX) is $234M, DWS ESG Liquidity Inst (ESGXX) is $171M and DWS ESG Liquidity Inst Res (ESRXX) is $57M. Meanwhile, State Street ESG Liquid Reserves Fund has yet to report any assets.

Federated Investors' Deborah Cunningham writes about "A September to remember" in her most recent Month in Cash Commentary. She explains, "Investing has, and probably always will be, a mix of expectations and the unexpected. It's rare for cash managers to face the latter, but in mid-September repo rates for overnight transactions using Treasury and agency collateral vaulted far above the typical levels before the Federal Reserve injected the markets with additional reserves. It was not a credit event, and we were quick to broadcast that. By now, even investors who never pay attention to repo rates have gotten the message. If you will allow a now-overused saying, it was a case of a perfect storm with corporate tax day for the quarter hitting just as the Treasury issued a large amount (in the $50 billion range) of net new coupon supply, exacerbated by lower bank reserves parked at the Federal Reserve and by New York Fed staff frankly out of practice with doing daily operations." Cunningham's commentary continues, "I am not blaming the Fed for this happening, but saying -- and this is a good thing -- that the liquidity space has been so stable there's been no need for intervention. Despite being late, the Fed's continuing action to support overnight trading has substantially reduced the risk of this occurring again, in our opinion." She adds, "There were two more twists in September, both announced at the Federal Open Market Committee (FOMC) meeting. The markets anticipated a quarter-point lowering of the target range to 1.75-2%, but found Chair Jerome Powell's press conference rhetoric less dovish than assumed. This caused the London interbank offered rates (Libor) in the 6 to 12-month part of the curve to climb higher than before the cut, the futures market to suggest only one cut by year-end and the Libor curve to slope positively. The other twist was that the Fed lowered the reverse repo program (RRP) rate by 30 basis points. This facility is designed to give participants a safety net for overnight transactions. Since RRP started in 2016, this 'floor' has equaled the low end of the fed funds rate range; now it is 1.70% and 5 basis points below the lower bound of that range. That is a bit of a headscratcher. Policymakers have been lowering interest paid on excess bank reserves parked at the Fed (IOER), so it would seem this is part of their attempt to control the process. They may need to buttress daily operations with new quantitative easing at some point: call it QE-light."

The Wall Street Journal's "Intelligence Investor" column writes that "Your Stock Trades Go Free but Your Cash Is in Chains." Author Jason Zweig says, "Freedom isn't free, and free trades aren't either. Charles Schwab Corp. shook the brokerage industry this week when it said it will cut commissions to zero on Oct. 7. Schwab's move, which followed a similar cut by Interactive Brokers Group Inc. and has already been matched by rivals TD Ameritrade Holding Corp. and E*Trade Financial Corp. is likely to be copied by other big brokers. You no longer will pay a few bucks in commissions to buy or sell a security at these firms. But Schwab and other brokerage firms are in business to make money, and one way they often do that is by milking clients’ cash. When you trade for free, you still pay -- at a different tollbooth." He explains, "Schwab can offer such cheap options partly because of how it handles investors' cash. The firm automatically sweeps idle cash not into money-market mutual funds or other assets that could yield about 2% at today's rates, but into its own bank, which pays peanuts. As is typical in the brokerage business, Schwab puts clients' uninvested cash -- say, a dividend or interest payment -- into what's called a sweep account.... In the first half of 2019, Schwab clients moved $58 billion into money-market funds and other higher-yielding choices. But most don't bother.... Schwab pushed $11.8 billion out of higher-yielding money-market funds into deposits at its own bank in the first half of 2019, according to the company. As of June 30, deposits at Schwab's bank totaled $208 billion. This week, clients were earning between 0.12% and 0.55% on those balances. Schwab isn't alone. Across the brokerage industry, most sweep accounts pay measly rates -- sometimes as little as 0.05% on a $100,000 balance." The piece adds, "This year, with the Federal Reserve lowering interest rates, sweep yields have fallen by nearly one-third, to 0.2%, since they peaked in March, according to Crane Data, a firm in Westboro, Mass., that tracks cash accounts. Average money-fund yields shrank less, to 1.8%. With rates falling, investors care less about what their cash is earning. 'A lot of the brokers are counting on this desensitivity to rates now,' says Peter Crane, president and publisher at Crane Data."

Money fund assets rose again for the fifth week in a row, the 8th week out of the past 9 and the 22nd week out of the past 24. ICI's latest "Money Market Fund Assets" report shows that MMF totals have increased by $415.0 billion, or 13.6%, year-to-date. Over the past 52 weeks, ICI's money fund asset series has increased by $591 billion, or 20.6%, with Retail MMFs rising by $245 billion (22.9%) and Inst MMFs rising by $346 billion (19.2%). ICI writes, "Total money market fund assets increased by $20.24 billion to $3.46 trillion for the week ended Wednesday, October 2, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $19.41 billion and prime funds decreased by $459 million. Tax-exempt money market funds increased by $1.29 billion." ICI's weekly series shows Institutional MMFs jumping $8.6 billion and Retail MMFs increasing $11.7 billion. Total Government MMF assets, including Treasury funds, were $2.596 trillion (75.0% of all money funds), while Total Prime MMFs were $731.5 billion (21.1%). Tax Exempt MMFs totaled $135.3 billion, 3.9%. They explain, "Assets of retail money market funds increased by $11.68 billion to $1.32 trillion. Among retail funds, government money market fund assets increased by $9.07 billion to $756.48 billion, prime money market fund assets increased by $2.21 billion to $437.13 billion, and tax-exempt fund assets increased by $409 million to $123.72 billion." Retail assets account for over a third of total assets, or 38.0%, and Government Retail assets make up 57.4% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $8.55 billion to $2.15 trillion. Among institutional funds, government money market fund assets increased by $10.34 billion to $1.84 trillion, prime money market fund assets decreased by $2.67 billion to $294.39 billion, and tax-exempt fund assets increased by $880 million to $11.60 billion." Institutional assets accounted for 62.0% of all MMF assets, with Government Institutional assets making up 85.7% of all Institutional MMF totals.

Wisconsin Representative Gwen Moore (D-WI-4) recently filed H.R.4492, the "Consumer Financial Choice and Capital Markets Protection Act of 2019," the latest bill in the House of Representatives that attempts to restore the $1.00 NAV for all money funds. The text of the bill says, "Ms. Moore (for herself, Mr. Stivers, Mr. Hastings, Mr. Gonzalez of Texas, Mr. Michael F. Doyle of Pennsylvania, Mr. Estes, and Mr. Mooney of West Virginia) introduced the following bill; which was referred to the Committee on Financial Services.... To protect the investment choices of investors in the United States, and for other purposes." It explains, "This Act may be cited as the 'Consumer Financial Choice and Capital Markets Protection Act of 2019'.... Treatment of money market funds under the Investment Company Act of 1940. The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is amended by adding at the end the following: SEC. 66. Money market funds. (a) Definitions. In this section (1) the term 'covered Federal assistance' means Federal assistance ... and (2) the term 'Federal assistance' means -- (A) insurance or guarantees by the Federal Deposit Insurance Corporation; (B) transactions involving the Secretary of the Treasury; or (C) the use of any advances from any Federal Reserve credit facility or discount window that is not part of a program or facility with broad-based eligibility established in unusual or exigent circumstances. (b) Election To be a stable value money market fund. -- (1) IN GENERAL. -- Notwithstanding any other provision of this title, any open-end investment company (or a separate series thereof) that is a money market fund that relies on section 270.2a–7 of title 17, Code of Federal Regulations, may, in the prospectus included in its registration statement filed under section 8 state that the company or series has elected to compute the current price per share, for purposes of distribution or redemption and repurchase, of any redeemable security issued by the company or series by using the amortized cost method of valuation, or the penny-rounding method of pricing, regardless of whether its shareholders are limited to natural persons, if -- (A) the objective or principal investment strategy of the company or series is not inconsistent with the generation of income and preservation of capital through investment in short-term, high-quality debt securities; (B) the board of directors of the company or series elects, on behalf of the company or series, to maintain a stable net asset value per share or stable price per share, by using the amortized cost valuation method, as defined in section 270.2a–7(a) of title 17, Code of Federal Regulations (or successor regulation), or the penny-rounding pricing method, as defined in section 270.2a–7(a) of title 17, Code of Federal Regulations (or successor regulation), and the board of directors of the company has determined, in good faith, that -- (i) it is in the best interests of the company or series, and its shareholders, to do so; and (ii) the money market fund will continue to use such method or methods only as long as the board of directors believes that the resulting share price fairly reflects the market-based net asset value per share of the company or series; and (C) the company or series will comply with such quality, maturity, diversification, liquidity, and other requirements, including related procedural and recordkeeping requirements, as the Commission, by rule or regulation or order, may prescribe or has prescribed as necessary or appropriate in the public interest or for the protection of investors to the extent that such requirements and provisions are not inconsistent with this section." The bill text adds, "(2) EXEMPTION FROM DEFAULT LIQUIDITY FEE REQUIREMENTS. -- Notwithstanding section 270.2a–7 of title 17, Code of Federal Regulations (or successor regulation), no company or series that makes the election under paragraph (1) shall be subject to the default liquidity fee requirements of section 270.2a–7(c)(2)(ii) of title 17, Code of Federal Regulations (or successor regulation). (c) Prohibition against Federal Government bailouts of money market funds. -- Notwithstanding any other provision of law (including regulations), covered Federal assistance may not be provided directly to any money market fund. (d) Disclosure of the prohibition against Federal Government bailouts of money market funds. -- (1) IN GENERAL. -- No principal underwriter of a redeemable security issued by a money market fund nor any dealer shall offer or sell any such security to any person unless the prospectus of the money market fund and any advertising or sales literature for such fund prominently discloses the prohibition against direct covered Federal assistance as described in subsection (c). (2) RULES, REGULATIONS, AND ORDERS. -- The Commission may, after consultation with and taking into account the views of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Department of the Treasury, adopt rules and regulations and issue orders consistent with the protection of investors, prescribing the manner in which the disclosure under this subsection shall be provided. (e) Continuing obligation To meet requirements of this title. -- A company or series that makes an election under subsection (b)(1) shall remain subject to the provisions of this title and the rules and regulations of the Commission thereunder that would otherwise apply if those provisions do not conflict with the provisions of this section." For more, see our previous Crane Data News stories: "House to Vote on Stable NAV Bill" (1/22/18) and "Stable NAV Bill Re-Introduced in House; Amortized Cost for Inst Funds?" (5/24/17).

Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics and summary yesterday. Our weekly holdings track a shifting subset of our monthly Portfolio Holdings collection. The latest cut (with data as of Sept. 27) includes Holdings information from 77 money funds (the same as last week), which represent $1.742 trillion (down from $1.898 trillion last week) of the $3.597 trillion (48.4%) in total money fund assets tracked by Crane Data. Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $656.6 billion (down from $729.5 billion the previous week), or 37.7%, Treasury debt totaling $563.8 billion (down from $589.2 billion) or 32.4%, and Government Agency securities totaling $296.7 billion (down from $297.8 billion), or 17.0%. Commercial Paper (CP) totaled $82.5 billion (down from $102.2 billion), or 4.7%, and Certificates of Deposit (CDs) totaled $76.9 billion (down from $91.7 billion), or 4.4%. A total of $35.2 billion or 2.0%, was listed in the Other category (primarily Time Deposits), and VRDNs accounted for $30.3 billion, or 1.7%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $563.8 billion (32.4% of total holdings), Federal Home Loan Bank with $211.0B (12.1%), Fixed Income Clearing Co with $106.8B (6.1%), BNP Paribas with $74.5 billion (4.3%), RBC with $53.4B (3.1%), Federal Farm Credit Bank with $47.7B (2.7%), JP Morgan with $38.3B (2.2%), Wells Fargo with $34.3B (2.0%), Societe Generale with $30.7B (1.8%) and Mitsubishi UFJ Financial Group Inc with $30.7B (1.8%). The Ten Largest Funds tracked in our latest Weekly include: JP Morgan US Govt ($150.2B), Fidelity Inv MM: Govt Port ($131.1B), Goldman Sachs FS Govt ($109.4B), BlackRock Lq FedFund ($107.8B), Wells Fargo Govt MMkt ($88.0B), BlackRock Lq T-Fund ($72.0B), Fidelity Inv MM: MMkt Port ($68.1B), Morgan Stanley Inst Liq Govt ($62.9B), JP Morgan 100% US Trs MMkt ($62.6B) and Dreyfus Govt Cash Mgmt ($60.1B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary, or our Bond Fund Portfolio Holdings data series.)

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