Moody's "Portfolio Management Activities of Large Prime Institutional Money Market Funds", updated with portfolios through Dec. 31, 2007, was quietly posted several weeks ago. The report, which tracks holdings of the 15 largest institutional funds (representing over half of all "prime" assets) says, "An extreme liquidity-turned-credit crunch in the asset-backed commercial paper market made for very difficult trading in an unsettled market.... Against this backdrop, money fund assets swelled to new all-time highs as investors sought out the safety of money funds while funds reduced their exposure to structured securities, which declined to around 32% of portfolio net assets. At the same time, money market funds elevated and then continued to maintain above average levels of liquidity to meet unexpected redemptions."

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