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Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds moved higher again over the past 30 days to $1.275 trillion, while yields were mostly flat. Assets for USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023 and 2024. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $38.3 billion over the 30 days through 6/13. The totals are up $77.6 billion (6.5%) year-to-date for 2024, they were up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. dollar cause Euro and Sterling totals to shift when they're translated back into totals in U.S. dollars. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.) (Note too: Thank you to those who attended and supported our Money Fund Symposium last week in Pittsburgh! We hope you had a great show and safe trip home. Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund assets rising for the 8th straight week to $6.121 trillion, breaking above their previous April 3 record of $6.111 trillion. MMF assets are up by $234 billion, or 4.9%, year-to-date in 2024 (through 6/12/24), with Institutional MMFs up $75 billion, or 2.5% and Retail MMFs up $159 billion, or 9.5%. Over the past 52 weeks, money funds have risen by $669 billion, or 12.3%, with Retail MMFs rising by $462 billion (23.2%) and Inst MMFs rising by $207 billion (6.0%). (Note: Thank you to those attending our Money Fund Symposium this week in Pittsburgh! We hope you had a great conference and visit.... Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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A Prospectus Supplement filing for Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio tells us, "This supplement amends the Summary and Statutory Prospectuses and Statement of Additional Information of the above referenced Funds and is in addition to any other supplement(s), unless otherwise specified. You should read this supplement in conjunction with the Summary and Statutory Prospectuses and SAI and retain it for future reference. On June 11, 2024, the Board of Trustees of Short-Term Investments Trust approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Funds." (Note: For those attending our Money Fund Symposium this week in Pittsburgh, we hope you're enjoying the show! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 2024, show that Repo holdings and Treasuries both jumped while CD and CP fell. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $105.6 billion to $6.347 trillion in May, after decreasing $61.4 billion in April, $63.1 billion in March. Assets increased $66.9 in February, $86.6 in January, $51.1 billion in December and $244.0 billion in November. They decreased $57.9 billion in October, but increased $56.1 in September, $106.7 billion in August and $78.3 billion in July. Repo continues to bounce back and remained as the largest portfolio segment after reclaiming the top spot the month prior, increasing $26.8 billion, after a steep slide three months prior. Treasuries rose by $51.0 billion, staying at the No. 2 spot among portfolio segments. The U.S. Treasury continues to be the single largest Issuer to MMFs. `In May, U.S. Treasury holdings rose to $2.446 trillion, while the Fed RRP's fell $93.5 billion to $414.5 billion. Agencies were the third largest segment, CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Note: For those attending our Money Fund Symposium this week (June 12-14), welcome to Pittsburgh! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new May 31 data for Wednesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of May 31, includes holdings information from 975 money funds (up 3 from last month), representing assets of $6.540 trillion (up from $6.425 trillion). Prime MMFs inched up to $1.391 trillion (up $14.0 billion), or 21.3% of the total. (Note too that there were no funds reclassifying away from "Prime" in the SEC's latest monthly data set.) We review the new N-MFP data, and we also look at our revised MMF expense data, which shows charged expenses inching higher and money fund revenues slightly dropping to $17.0 billion (annualized) in May. (Note: We look forward to seeing you at our Money Fund Symposium show in Pittsburgh this week (June 12-14)! Safe travels, and attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Crane Data's latest monthly Money Fund Market Share rankings show assets increased among most of the largest U.S. money fund complexes in May, after falling in March and April. Money market fund assets rose by $79.2 billion, or 1.2%, last month to $6.465 trillion. Total MMF assets have decreased by $7.7 billion, or -0.1%, over the past 3 months, but they've increased by $611.0 billion, or 10.4%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by JPMorgan, BlackRock, Schwab, Vanguard and Goldman Sachs, which grew assets by $12.6 billion, $12.0B, $11.9B, $10.7B and $9.8B, respectively. Declines in May were seen by Fidelity, Dreyfus, DWS, HSBC and PGIM, which decreased by $5.3 billion, $4.6B, $4.3B, $3.1B and $824M, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which were slightly up in May. (Note: We look forward to seeing many of you this week at our big Money Fund Symposium show in Pittsburgh (June 12-14)! Attendees and Crane Data subscribers may access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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The June issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers Friday morning, features the articles: "Allspring, UBS, Dreyfus, DWS All File Plans to Leave Prime," which covers the continued exodus from Prime Institutional MMFs; "ICI 2024 Fact Book Shows Money Fund Trends in '23," which quotes from ICI's annual compilation of fund statistics; and, "Money Funds Largest Buyers of T-Bills Says JPM; Berkshire," which looks at holders of Treasuries. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/24 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 11, and our June Bond Fund Intelligence is scheduled to go out on Monday, June 17. (Note: Register ASAP for our Money Fund Symposium next week in Pittsburgh, June 12-14. We hope you'll join us!)

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We wrote on Monday about Allspring filing to liquidate its Prime Institutional Money Market Fund (see our "Allspring to Merge Heritage MMF Into Govt MMF; UBS Converting Fund"), which brought the number of funds either liquidating or converting to Government to 10 (totaling $227.5 billion). While not a liquidation or conversion, Federated Hermes filed this week to consolidate two Prime Inst MMFs. A Prospectus Supplement for the $12.3 billion Federated Hermes Institutional Prime Value Obligations Fund explains, "We recommend that you read the Prospectus/Information Statement in its entirety; this information will help you understand the upcoming Reorganization. Federated Hermes Institutional Prime Value Obligations Fund ... will be reorganized into Federated Hermes Institutional Prime Obligations Fund.... Both the Reorganizing Fund and the Surviving Fund are money market funds and are portfolios of Federated Hermes Money Market Obligations Trust. Please refer to the enclosed Prospectus/Information Statement as well as the highlighted information below for details on the Reorganization." (Note: We hope to see you next week at our big Money Fund Symposium show in Pittsburgh, June 12-14. Attendees and Crane Data subscribers can access the conference binder and materials via our "Money Fund Symposium 2024 Download Center.")

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Federated Hermes' latest monthly commentary by Money Market CIO Deborah Cunningham is entitled, "Filling the pool again." Subtiled, "With the Fed on hold and tax collection over, assets resume flowing into liquidity products," it tells us, "Summer doesn't officially start until June 21, but Memorial Day marks the opening of public pools. That means municipalities were filling them in May with the clear, shimmering water that beckons children from coast to coast. Liquidity vehicles experienced their own flows in May (you probably knew I was headed in this direction...). Many lost assets in March and April, but it was largely due to corporate and individual tax dates, not from the beginning of the end of cash's reign." (Note: There's just one week until our big Money Fund Symposium show in Pittsburgh, June 12-14. We're still taking registrations and hope to see you there!)

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A press release titled, "Ramirez Asset Management Launches Government Money Market Fund in Partnership with the Hispanic Scholarship Fund," says, "Ramirez Asset Management ('RAM') has expanded its partnership with the Hispanic Scholarship Fund ('HSF'), one of the nation's largest nonprofit organizations supporting Hispanic American higher education. RAM and HSF's expanded partnership is tied to the December 2023 launch of the Ramirez Government Money Market Fund (RAMXX). RAM will proudly donate 10 percent of the new fund’s net management revenues to HSF to further support Latino/a students with the knowledge, resources, and support needed to access higher education. RAMXX is unique in the money fund marketplace, as it is one of a few managed by a diverse investment firm. As of April 30, 2024, the Ramirez Government Money Market Fund had $271 million in total fund assets with several Fortune 500 companies as pioneer investors in the Fund and supporters of the next generation of diverse leaders."

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Allspring, formerly the Wells Fargo Funds, is the latest money market mutual fund family to announce an exit from the Prime Institutional space ahead of the SEC's pending emergency mandatory liquidity fee rules (which go into effect in early October). A Product Alert titled, "Allspring to Merge Two Money Market Funds," tells us, "The Allspring Funds Board of Trustees has approved the merger of the [$3.1 billion] Allspring Heritage Money Market Fund into the Allspring Government Money Market Fund. The merger is expected to take place at the close of business on or around August 16, 2024. Note that the Service Class of the Heritage Money Market Fund will merge into the Administrator Class of the Government Money Market Fund, and the Administrator Class of the Heritage Money Market Fund will merge into the Institutional Class of the Government Money Market Fund." (Note: We're still taking registrations for Money Fund Symposium in Pittsburgh June 12-14. We hope to see you there!)

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The Investment Company Institute published its latest weekly "Money Market Fund Assets" report, as well as its latest monthly "Trends in Mutual Fund Investing" and "Month-End Portfolio Holdings of Taxable Money Funds" for April 2024 Thursday. ICI's weekly shows money market mutual fund assets rising for the sixth straight week to $6.069 trillion, just $42 billion below their April 3 record of $6.111 trillion. MMF assets are up by $183 billion, or 3.9%, year-to-date in 2024 (through 5/29/24), with Institutional MMFs up $39 billion, or 1.3% and Retail MMFs up $144 billion, or 8.6%. Over the past 52 weeks, money funds have risen by $649 billion, or 12.0%, with Retail MMFs rising by $463 billion (23.5%) and Inst MMFs rising by $187 billion (5.4%). (Note: We're still taking registrations for our big Money Fund Symposium show in Pittsburgh June 12-14. We hope to see you there!)

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