The November issue of our monthly Money Fund Intelligence went out to subscribers earlier today, featuring the stories, "Brighter Outlook Could Forestall MMF Changes," "Calamos Veteran Frank Rachwalski Talks Funds," and "New Support Disclosures, New Type of CSA," as well as our traditional news coverage, performance rankings and tables, and index and benchmarking information. What a difference a month makes!

Crane Data believes that the stabilization and gradual recovery of the money markets and money fund industry makes it less likely there will be any earth-​shattering changes to the money fund business, like moving away from the $​1.​00 share price, or NAV. MFI says, "​Of course, the danger hasn'​t fully abated, and there likely will be changes to the regulations and structure of money market funds. But the biggest changes should come from advisors, who will undoubtedly seek to prevent a repeat of the massive bailout tab run up by their host of credit support actions.

The issue also discusses how some funds are now protecting their portfolios via "​blanket" credit support agreements (​CSAs), some of which began appearing in the latest batch of SEC "​no-​action" letters released to advisors. MFI quotes Joan Ohlbaum Swirsky of Stradley Ronon Stevens & Young, "The new variety of Capital Support Agreement can help support the market-​based NAV of a fund if the market-​based NAV drops to a specified trigger value and the decline results (​at least in part) from a decline in the value of the specified holding due to market conditions, rather than due to any impairment of creditworthiness."

Finally, the distribution of performance information in Money Fund Intelligence has never been wider. Some funds experienced zero, and even negative yields in October, while others experienced yields of well over 3.​0 percent. To request a sample copy of MFI, MFI XLS, MFI Daily or any of our other products, e-​mail sales@​cranedata.​us.

The September issue of Money Fund Intelligence, Crane Data'​s monthly premium newsletter, shipped this afternoon. It features the articles: "As SIV Threat Recedes Is Consolidation Coming?", "Western & Southern'​s Comfort: Touchstone MF", and "Revisiting AAA Ratings: Processes and Procedures." Every issue of MFI also includes the latest money fund news, indexes, performance, and of course plenty of statistics on over 1,​350 money market mutual funds.

MFI'​s article on ratings says, "Over the past year, concerns, mostly unfounded, about the safety of money market mutual funds have spurred calls for more information disclosure and external oversight. While fund companies have responded with portfolio holdings lists, more communications, and more '​transparency,' the volume and frequency of this information is often bewildering, even to the sophisticated investors and analysts."

It continues, "​Surprisingly, there has been little renewed focus on money fund ratings, which were originally designed to distill a fund'​s total risk exposure into a single, simple metric. The triple-​A money fund ratings remain one of the oldest and best tools for investors and funds, current criticism of the ratings agencies notwithstanding. So we recently asked principals of the three major agencies to review their procedures."

For a copy of the full article, e-​mail pete@​cranedata.​us. Look for more from our Sept. issue in coming days.

The July issue of Crane Data'​s monthly Money Fund Intelligence newsletter is out and the XLS version is now available for download on the website. This month'​s MFI feature articles include: "Blow to NRSROs; MFs Brace for 2a-​7 Change," which discusses the proposed regulatory changes to money funds; "Safety in the West: TCW Money Market Fund," an interview with TCW portfolio manager Barr Segal; and, "Cachematrix Discusses Portal Technology."

MFI also contains a brief on whether "​A Rule 2a-​7 for Europe?" is likely, with comments from Institutional Money Market Funds Association Secretary General Nathan Douglas on the status of standardization and definition of the term "​money market fund" in Europe.

Every issue of Money Fund Intelligence features extensive performance statistics on over 1,​300 money funds, including 7-​day and 30-​day yields, 1-​month, 3-​mo, YTD, 1-​year, 3-​yr, 5-​yr and 10-​year returns, assets, expense ratios, average maturities, and more. We list rankings for 7-​day yields and 1-​year returns, and include a number of top-​performing and largest fund tables.

The publication also features our Crane Money Fund Indexes, as well as comprehensive news coverage of practically all the news impacting money market mutual funds. Call 508-​439-​4419 or write Pete (pete@​cranedata.​us) to see a sample issue.

The March 2008 issue of Crane Data'​s flagship Money Fund Intelligence is now available for download by subscribers. The latest newsletter features the articles: "Corporate Safety Thrust Benefiting Money Funds", which describes the huge shift in cash balances from active to passive investments; "Evergreen Perpetually Tops in Muni Money Market", a profile of the top-​ranked (​5-​year and 10-​year) Evergreen Institutional Municipal Money Market Fund; and, "Canadian Money Funds: Preparing for Takeoff?", a discussion of money funds in Canada. We also update subscribers on the latest SIV and support action news, as well as a number of personnel changes in the money fund industry. MFI is now 30 pages and tracks 1,​300 funds, representing 93% of all money market fund assets.

The lead article examines Treasury Strategies recent results showing a flight away from all liquidity and short-​term investment options save money funds and bank deposits/​sweep accounts. We also look at other recent statistics showing a massive shift away from complexity and direct market investment, which has powered the $​1 trillion cash buildup in money market funds over the past 52 weeks.

Our latest Money Fund Intelligence XLS, which contains data, rankings and percentiles by fund type, has also been posted to http://​www.​cranedata.​com. Our money "​Fund Family" asset rankings now show that No. 1-​ranked Fidelity Investments has surpassed $​400 billion in assets! The Boston-​based company increased its money fund totals by $​12.​8 billion in February and has increased by a stunning $​143.​2 billion, or 55%, over the past 12 months. To request a look at the latest copy, e-​mail us at: sales@​cranedata.​us.

Intelligence Interview: Marc Pfeffer and Milestone Treasury Obligations. The January 2008 issue of Money Fund Intelligence contains an interview with Milestone Capital Management'​s Chief Investment Officer and Portfolio Manager Marc Pfeffer. This month'​s MFI "​fund profile" focuses on Milestone Treasury Obligations and the flight to Treasury funds during the recent credit squeeze. Below, we excerpt a couple of the highlights. Pfeffer tells MFI, "Before this whole credit crunch, Treasury funds would under-​yield prime funds by between 5 and 10 basis points.... Now, you have spreads of 50-​100 basis points between Treasury funds and prime funds. People don'​t care about yield anymore, they just care about the safety." On Milestone'​s status as a women-​owned firm, Pfeffer says, "​It'​s a nice door opener. But at the end of the day, even if we receive some money because there is a woman- or minority-​owned initiative at a firm, if we didn'​t service our clients and didn'​t perform well for them we wouldn'​t keep that money."

Assets Move Higher, Yields Move Lower in October Says MF Intelligence. The Crane Money Fund Average 7-​Day Yield, our broadest measure of taxable funds (​see the "Link of the Day" for news on the narrower Crane 100), fell to 4.​53% from 4.​61% in the month ended Oct. 31, 2007. Assets of taxable money funds tracked by Crane Data rose by over $​117.​5 billion to $​2.​375 trillion in October. While well below August'​s record asset surge, the overall asset increase was well above September'​s still heavy inflow level. Assets into Treasury funds were flat in October following a spectacular surge in August and modest increases in September; the vast majority of the increase went into "​Prime" funds. The Crane Treasury Inst MF Index rose by $​449 million to $​161.​6 billion (​following a $​62.​8 billion jump in August) and the Crane Treasury Individual MF Index rose by $​425 million to $​124.​8 billion (​versus August'​s $​17.​5 billion jump). See the upcoming November issue of Money Fund Intelligence and Crane Index for more details. In the latest week, our Crane 100 MF Index has declined from 4.​79% to 4.​72%.

News Preview from Money Fund Intelligence'​s September Issue. The September issue of Crane Data'​s Money Fund Intelligence is now available. Articles include "Sole Survivors: Money Funds Remain at $​1.​00", "Fortune Favors the Bold: Managers Buying ABCP", and "Collateral Damage: Will Bankerage Get Blasted"? The issue says, "We believe the worst of the Money Market Panic of '​07 is over". One manager is quoted on the ABCP market, "I think there are people looking for some opportunities, and as the market stabilizes people get more confident". For the month ended August 31, our broadest money fund benchmark, the Crane Money Fund Average, returned 0.​40% (​1-​mo), 1.​21% (​3-​mo), 3.​25% (​YTD), 4.​94% (​1-​yr), 3.​70% (​3-​yr), 2.​52% (​5-​yr) and 3.​50% (​10-​yr). For monthly in-​depth news, performance statistics, and the Crane Money Fund Indexes, subscribe to Money Fund Intelligence!

State Street Global Advisors Profiled in Latest Money Fund Intelligence. Crane Data'​s monthly Money Fund Intelligence interviews State Street Global Advisors Senior MD and Head of Cash Management Steven Meier and Senior Portfolio Manager Jeff St. Peters in its latest issue. The pair discuss State Street'​s "​Big Footprint" in the cash marketplace and the world of securities lending cash collateral. Regarding the policies of SSgA Prime Money Market Fund, Meier says, "Our clients are looking to get 100% of their principal back. We manage their assets accordingly. We tend to buy high quality large, liquid names that we know and like." The article also highlights investing in alternative collateral repo holdings and the "significant yield pickup associated" with this investment tactic.