The August issue of Crane Data'​s flagship Money Fund Intelligence was e-​mailed to subscribers this morning. The latest newsletter features the articles "Looking at Money Fund Portfolio Composition," "Federated'​s Ochson Debunks Muni Myths," and "Clearwater, DB Launch M-​Fund Transparency." MFI also includes the latest money fund news (​in more detail than the website), indexes, performance, and statistics.

The monthly "​Fund Profile" and manager interview features a discussion with Mary Jo Ochson, Senior portfolio manager and CIO of Federated Investors' Tax-​Exempt Money Market Group. Ochson tells MFI readers about the new money fund eligible variable-​rate demand preferreds (​VRDPs) being issued by closed-​end funds to retire auction-​rate preferred securities (​ARPS). She also addresses concerns over monoline insurers and discusses asset growth and other issues in the tax-​free money fund marketplace.

As of July 31, the Crane Money Fund Average, our broadest measure of taxable money fund performance including 885 funds, remained unchanged yielding (​7-​day simple) 1.​96%. The Crane 100 Index declined by 0.​03% to 2.​24% during July. The Crane Institutional MF Index fell 1 basis point to 2.​23%, the Crane Individual MF Index was unchanged at 1.​80%, and the Crane Tax-​Exempt MF Index jumped 0.​54% to 1.​82%.

Through July 31, 2008, the Crane 100 Index returned 0.​19% for one-​month, 0.​55% for 3 months, 1.​68% YTD, 3.​75% over 1-​year, 4.​31% over 3 years (​annualized), 3.​14% over 5 years, and 3.​50% over 10 years. Its average maturity rose by one day to 45 days. To request the latest issue of Money Fund Intelligence or Crane Index, e-​mail Pete Crane (​pete@​cranedata.​us).

The April issue of our Money Fund Intelligence and Crane Index publications show that money market fund yields continued to decline in March. The benchmark Crane 100 Money Fund Index fell 51 basis points (​0.​51%) to 2.​76% (​7-​day simple yield) in the month ended March 31, 2008. This index has fallen 173 bps since Dec. 31, 2007, and has fallen 224 bps (​from 5.​00%) since March 31, 2007. The Crane 100 Index returned the following for March 2008: 1-​month (​0.​25%), 3-​mo (​0.​89%), YTD (​0.​89%), 1-​Year (​4.​65%), 3-​Yr (​4.​35%), 5-​Yr (​3.​04%), and 10-​Yr (​3.​60%). Its 30-​Day yield was 2.​96% as of month-​end.

The broader Crane Money Fund Average, which tracks 861 taxable money market mutual funds, yielded 2.​26% (​7-​day) and 2.​52% (​30-​day) as of March 31, down 61 bps (​its 7-​day yield) from a month earlier and down 263 bps from a year earlier. The Crane Institutional MF Index declined 60 bps to 2.​56% and the Crane Individual MF Index declined 63 bps to 2.​08% in March. Our Crane Tax Exempt Index fell 50 bps to 1.​86%.

During the month, the Federal funds target rate was reduced from 3.​00 to 2.​25 percent. Brokerage cash and bank rates also declined during the month, though the former is starting to slow its descent (​due to some rates approaching zero). Our monthly Crane Brokerage Cash Index fell to 1.​80% (​down 29 bps), and our Crane Top Bank MM Index fell by 31 bps to 3.​35%. For more details on the Crane Indexes or to request a copy of our monthly Crane Index product, e-​mail Pete or call 1-​508-​439-​4419. (​You can also type "ALLX CRNI" to see the list of Crane Indexes available on the Bloomberg(​r) Professional service.)

Crane 100 Money Fund Index Continues March Downward in November. Crane Data'​s flagship benchmark Crane 100 Money Fund Index, an average 7-​day yield (​simple) of the 100 largest taxable money market mutual funds, declined by 23 basis points in November, from 4.​79% on Oct. 31 to 4.​56% Nov. 30. The daily index (​available on Bloomberg, symbol 'CRNI100D') has continued drifting lower in December. It was 4.​54% as of Dec. 4. The Crane 100 had been at 5.​00% as of July 31, 2007, prior to the credit crisis, rose to 5.​04% as of Aug. 31, then fell to 4.​95% as of Sept. 30. Money market mutual fund yields should continue their downward trend once, if as expected, the Federal Reserve lowers its Fed funds target rate from its current 4.​5% level on Tuesday. E-​mail Pete for a copy of our Crane Index product, which includes a number of additional cash benchmarks, or for a list of funds that make up the Crane 100.

Bloomberg Adds Crane 100 Money Fund Index and Crane Averages. Starting today, users of the Bloomberg Professional service now may access current and historical data on the Crane 100 Money Fund Index, Crane Data LLC'​s flagship average yield benchmark measuring the 100 largest taxable money market mutual funds. Bloomberg users will also have access to monthly performance data on the Crane Money Fund Average, which tracks a broader universe of 780 taxable money funds, and the Crane Tax Exempt Money Fund Index, which tracks 405 tax-​free and municipal money funds. The list of indexes and data points available may be seen by Bloomberg users that enter "ALLX CRNI", and the Crane 100 is ticker "CRNI100D". Contact Pete for a listing of all indexes and for sample of our monthly Crane Index product.

Crane Index, Monthly Money Fund Average Product, Goes Live. After two months of "​beta" testing, the Crane Index our low-​cost monthly money market mutual fund, bank sweep and cash investment benchmarking product went live last month. The Crane Index product lists all of the Crane Money Fund Indexes from Money Fund Intelligence, providing a convenient one-​page summary of average current yields and longer-​term returns on money funds, so funds, banks, investors, and consultants can conveniently measure their cash returns against a series of benchmarks.