Highest-Yielding Money Market Funds ranked by 7-Day yield ( as of May 20, 2024 )
Institutional Money Funds 7-Day Yield%
Western Asset Prem Inst Liq Res Cap (WAAXX) 5.39
DWS ESG Liquidity Inst (ESGXX) 5.38
State Street Inst Liq Reserve Prem (SSIXX) 5.37
Morgan Stanley Inst Liq Prime MMP Inst (MPFXX) 5.35
Allspring Heritage Select (WFJXX) 5.34
Retail Money Funds 7-Day Yield%
Invesco Premier Investor (IMRXX) 5.35
First American Ret Prime Obligs X (FXRXX) 5.35
Allspring MMF Prm (WMPXX) 5.34
UBS Prime Preferred Fund (UPPXX) 5.33
Federated Hermes Prime Cash Oblig WS (PCOXX) 5.33
Tax Exempt Money Funds 7-Day Yield%
Federated Hermes Muni Obligs WS (MOFXX) 3.56
Allspring Nat Tax-Free Prem (WFNXX) 3.41
Dreyfus Tax-Exempt Cash Mgmt In (DEIXX) 3.37
JPMorgan Municipal MM Inst (IJMXX) 3.37
Schwab Municipal MF Ultra (SWOXX) 3.33

Money Market News

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Citi Research recently published a research piece titled, "Short-End Notes Impact from MMF reform and AUM expectations," which tells us, "Do not expect a repeat of 2016 this October." Author Jason Williams writes, "We've gotten multiple questions on the front-end impact due to the full implementation of the new money market fund reform, specifically the SEC's liquidity fee which is set to turn on in October. As a reminder, last year the SEC passed the next wave of Money Market Fund (MMF) reform. The big story was that the SEC dropped swing pricing, which would have required the fund's NAV to be adjusted to incorporate transaction costs and liquidity challenges around redemptions across the entire portfolio, not just the subset being redeemed. Instead, the SEC implemented a liquidity fee to be applied when daily withdrawals hit 5% if liquidity costs are 'not small.' Other changes were an increase in requirements for daily and weekly liquid assets -- 25% and 50% respectively -- and the removal of gates and fees tied to weekly liquidity."

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Inside Money Fund Intelligence

MFI PDF May 2024 Issue

Largest Money Fund Managers

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The May 2024 issue of Money Fund Intelligence features: "Goldman Latest Prime Inst Exit; CP/CDs Should Be Okay," which covers the continued exodus from Prime Institutional MMFs; "Corporate Treasurers Leaning Away from Prime, to SMAs," which quotes quotes from recent TEXPO 2024 & NEAFP conferences; and, “NY Fed Says Money Funds in Europe Reflect Rates Fast Too," which reviews reviews an article from The Federal Reserve Bank of NY.

Each monthly issue of Money Fund Intelligence features news, performance information and rankings on money market mutual funds. Statistics include: assets, weighted average maturity, weighted average life, expense ratio, 7-day yield, 30-day yield, 1-year, 3-yr, 5-yr, 10-yr, and since inception return, as well as 7- and 30-day gross yields. MFI also contains tables of the top-yielding and the largest money funds, and our benchmark Crane Money Fund Indexes.

Subscriptions are $500 a year, and include online access to archived issues and additional features. Bulk discounts and site licenses are available. Write info@cranedata.com or call 1-508-439-4419 to subscribe or to request more information.

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The table below is excerpted from our monthly spreadsheet product, Money Fund Intelligence XLS. It shows the largest money market mutual fund managers as of April 30, 2024. (MFI XLS contains percentile rankings, fund family rankings, MNAVs, WLA, portfolio composition, and more).

Excerpt from MFI XLS

About Crane Data LLC

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Crane Data is a money market and mutual fund information company founded by Peter G. Crane and Shaun Cutts. We collect money market mutual fund, bank savings, and cash investment performance, statistics, and information and distribute rankings, news, and indexes.

Crane Data publishes Money Fund Intelligence, Money Fund Intelligence XLS, Money Fund Wisdom, the Crane Money Fund Indexes, and a series of products tracking money markets, mutual funds and cash investments. We also produce conferences, including Crane's Money Fund Symposium. For more information and samples, e-mail info@cranedata.com or call us at 1-508-439-4419.

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May 05
In Memorium Dallas Ebel

We were shocked and saddened to learn of the sudden passing of Dallas Ebel recently. Ebel most worked for Ramirez Asset Management, and had previously been at BlackRock and Bank of America. Our deepest condolences to his family and friends. (See the Obituary here.)

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Apr 24
Birdthistle Out at SEC; Vij Greiner In

A press release tells us, "The Securities and Exchange Commission ... announced that William Birdthistle, the Director of the Division of Investment Management, will depart the agency.... Natasha Vij Greiner, currently the Deputy Director of the Division of Examinations, will be named Director of the Division of Investment Management."

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Mar 04
GLMX Promotes Giglio and Wiblin

A release titled, "GLMX Promotes Giglio and Wiblin as Expansion Continues" says, "GLMX, a comprehensive global technology solution for trading Money Market instruments, including repurchase agreements, ... announced [that] Sal Giglio, previously COO and Chief Markets Officer, has been promoted to President and Chief Revenue Officer. Andy Wiblin, previously Chief Product Officer, has been promoted to Global Chief Operating Officer."

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Crane Data News & Features

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Money Fund Symposium Pittsburgh, 6/12-14

Get ready for Crane Data’s big show! Money Fund Symposium will be held June 12-14, 2024, in Pittsburgh, Pa. Register and make hotel reservations soon. Also, thanks to those who attended our recent Bond Fund Symposium in Philadelphia! Next year's BFS will be held March 27-28, 2025 in Newport Beach, Calif. Mark your calendars for our European Money Fund Symposium, which will be in London, Sept. 19-20, 2024, and our Money Fund University, which will be in Providence, Dec. 19-20, 2024. Conference recordings and materials are available at the bottom of our "Content" page. Watch for more details on future shows in coming months, and let us know if you'd like more information. We hope to see you in Pittsburgh in June, in London in September or in Providence in December 2024!