Nov 07

 

The November issue of our flagship Money Fund Intelligence newsletter, which will be sent to subscribers Friday morning, features the articles: "State Street Joins Money Market ETF Party; Barron'​s," which discusses a filing for the latest Prime Money Market ETF; "BNY on Money Market Evolution; Schwab, NTRS Q3'​25 Earnings," which reviews the latest money fund and digital asset commentary on earnings calls; and "BlackRock Breaks $​1 Trillion; Stablecoin Reserve," which highlights BlackRock'​s AUM milestone and new '​BSTBL' Fund. We also will send out our MFI XLS spreadsheet Friday a.​m., and we'​ve updated our Money Fund Wisdom database with 10/​31/​25 data. Our November Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Nov. 12 (​a day late due to the Veterans Day Holiday), and our November Bond Fund Intelligence is scheduled to go out on Monday, Nov. 17.

MFI'​s "State Street ETF" story says, "State Street Investment Management filed to launch State Street Prime Money Market ETF, the 7th Money Market ETF offering and just the second '​Prime' Money Market ETF. The Form N1-​A Registration Statement states, 'The investment objective of the State Street Prime Money Market ETF is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity.' The expense ratio for the fund has not been disclosed yet."

The story continues, "​It explains, 'The Fund'​s Board of Trustees has determined that the Fund will qualify as a '​money market fund' pursuant to Rule 2a-​7 under the Investment Company Act of 1940, as amended ('Rule 2a-​7'); therefore, the Fund invests in accordance with regulatory requirements applicable to money market funds, which require ... the Fund to invest only in short-​term, high quality debt obligations..., to maintain a maximum dollar-​weighted average maturity and dollar-​weighted average life of sixty (​60) days or less and 120 days or less, respectively, and to meet requirements as to portfolio diversification and liquidity.'"

We write in our "BNY on Money Market Evolution" profile, "BNY released its third quarter earnings late last month, and the giant custodial bank discussed money markets, stablecoins and tokenized money markets on its earnings call. President & CEO Robin Vince tells us, 'Our early commitment to the digital asset space, paired with the principles of safety, scalability and innovation that have defined BNY for centuries, now positions us to support the growing institutional adoption of digital asset products. In just one example from this past quarter, OpenEden, a leading platform for the tokenization of real-​world assets, headquartered in Singapore, appointed BNY as investment manager and primary custodian for the underlying assets of its flagship Tokenized U.​S. Treasury Bills Fund.'"

It adds, "​He explains, As global capital markets move toward an `​always-​on operating model, blockchain technology and digital asset adoption are becoming important enablers. In a meaningful step toward enhancing the utility of money market fund shares, we announced a collaborative initiative with Goldman Sachs to maintain on blockchain technology, a mirror record of customers’ ownership of select money market funds, live and available through our LiquidityDirect platform. This includes a new token-​enabled share class of our ... Dreyfus Treasury Securities Cash Management Fund. We are encouraged by developments in the U.​S. regulatory landscape that will further enable tokenized products and allow us to support clients as they consider moving to a more '​on chain' financial world.'"

Our "BlackRock $​1 Trillion" article says, "​A press release titled, 'BlackRock Introduces ’​40 Act 2a7 Money Market Fund in GENIUS-​aligned Form,' is subtitled, 'As BlackRock'​s cash management business surpasses $​1 trillion in assets under management, the firm introduces a GENIUS Act-​aligned '​40 Act 2a-​7 money market fund to meet growing demand in the stablecoin market.'"

The article continues, "​It tells us, 'BlackRock announced a strategic update to one of its money market funds, reflecting a refined investment approach designed to enhance liquidity, align with emerging regulatory frameworks, and support the evolving needs of clients.' (​Note: As of Sept. 30, Crane Data shows BlackRock with $​665.​6 billion in U.​S. money funds and $​342.​4 billion in European or ‘​offshore’ money funds, for a total of $​1.​008 trillion.)"

MFI also includes the News brief, "Fed Cuts Rates Again to 3.​75-​4.​0%." It says, "The Federal Reserve Board again reduced short-​term rates, cutting 1/​4 point on 10/​29. Our Crane 100 Money Fund Index has declined to 3.​84% (​on 11/​6) from 3.​92 on 10/​31. Yields should drift lower in coming days as money funds digest the latest rate cut."

Another News brief, "Assets Break $​7.​9/$​7.​5 Trillion," comments, "Crane Data'​s totals show assets jumping $​141.​5 billion in October to a record $​7.​860 trillion. They also just broke above the $​7.​9 trillion level in the first week of November (jumping $​65.​0 billion to $​7.​914 trillion as of 11/​5). Meanwhile ICI'​s latest weekly shows money fund assets increasing by $​116.​4 billion to a new record high of $​7.​535 trillion. MMF assets are up by $​945 billion, or 14.​3%, over the past 52 weeks (​​through 11/​5/​25), with Institutional MMFs up $​587 billion, or 14.​9% and Retail MMFs up $​358 billion, or 13.​5%."

A third News brief, "Federated'​s Donahue Talks Money Markets, Digital Initiatives," says: "Federated Hermes CEO Chris Donahue comments on their recent earnings call, 'In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve.... We'​re also developing money market funds and share classes available in tokenized form and working with parties on digital asset infrastructure. These efforts include a planned GENIUS Act compliant money market fund designed to serve as collateral for stablecoins.'"

A sidebar, "NYT: Still Buying MMFs," says, "​The New York Times asks in an article, 'Interest Rates Are Falling. Why Are People Still Buying Money Market Funds?' They write, 'Money market funds seem to be defying gravity. They are paying less in interest to investors, but becoming more popular. Given a choice, people usually want more for their money, not less. Yet since the Federal Reserve began pushing short-​term interest rates down more than a year ago, investors have been funneling hundreds of billions of additional dollars into these funds.'"

Our November MFI XLS, with October 31 data, shows total assets rose $​141.​5 billion to a record high $​7.​860 trillion, after increasing $​100.​4 billion in September, $​129.​9 billion in August, $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion in May. MMFs decreased $​26.​6 billion in April and $​4.​6 billion in March. Assets increased $​90.​4 billion in February, $​47.​9 billion in January. Assets jumped $​113.​0 billion in December and $​196.​1 billion last November.

Our broad Crane Money Fund Average 7-​Day Yield was down 4 bps at 3.​79%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 5 bps at 3.​89% in October. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.​16% and 4.​16%. Charged Expenses averaged 0.​37% and 0.​27% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 10/​31/​25 on Monday, 11/​10.) The average WAM (​weighted average maturity) for the Crane MFA was 40 days (​down 1 day) and the Crane 100 WAM was down 1 day from the previous month at 41 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

Oct 07

 

The October issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Tuesday morning, features the articles: "Wall of Cash, Levels of Cash Debate Heats Up; Still Going," which reviews the latest discussions around record MMF balances and potential outflows; "European MF Symposium Toasts Irish MMFs at $​1T," which highlights our recent offshore money fund event in Dublin; and "Worldwide MMFs Jump in Q2'​25 to Record $​12.​3 Trillion," which covers global MMF trends. We also sent out our MFI XLS spreadsheet Tuesday a.​m., and we'​ve updated our Money Fund Wisdom database with 9/​30/​25 data. Our October Money Fund Portfolio Holdings are scheduled to ship on Thursday, Oct. 9, and our October Bond Fund Intelligence is scheduled to go out on Wednesday, Oct. 15 (​a day late due to the Columbus Day Holiday).

MFI'​s "Wall of Cash" story says, "​With the first Fed rate cut in a year, the discussions over money moving out of money market funds and the '​wall of cash' moving into the stock market have heated up. Money fund assets, though, continue surging to record highs, pouring cold water on the theory. We review the latest discussions on this theory below."

It continues, "The Wall Street Journal recently wrote, 'U.​S. Investors Are Flush With Cash, and Happy to Keep It There.' The piece says, 'U.​S. investors are sitting on a pile of cash. Even with rates now coming down, many are in no rush to move it. Assets in money-​market funds reached a record $​7.​7 trillion last week, with more than $​60 billion flowing into those funds during the first four days of the month, according to Crane Data.'"

We write in our "European MF Symposium" profile, "Crane Data recently hosted its 11th annual European Money Fund Symposium in Dublin, Ireland, which featured near-​record attendance (​195) and two days of discussions on offshore money funds denominated in USD, EUR and GBP. The event also celebrated money fund assets domiciled in Ireland breaking the $​1 trillion level earlier this year (​see our Worldwide story)."

It adds, "​The keynote, 'Irish Funds Update: MMFs in Ireland & the EU,' featured Irish Funds' Conor Kilroy and Ruth Fairclough, and Northern Trust'​s Rachel Thornton. Kilroy explains, '​We were founded in 1991, so about four years before the establishment of the Irish Financial Services Centre (​IFSC) ... a government initiative that was used to attract financial services to Ireland. Our mission is simple, to be the voice of the funds and asset management industry in Ireland, and our vision is to ensure that Ireland remains the premier location to enable and support global investing to its reputation for trust, capability and innovation. In terms of membership, we’​re just over 150 members.'"

Our "Worldwide MMFs Jump" article says, "​The Investment Company Institute'​s 'Worldwide Regulated Open-​Fund Assets and Flows, Second Quarter 2025' shows that money fund assets globally rose by $​470.​2 billion, or 4.​0%, in Q2'​25 to a record $​12.​315 trillion. (​The totals would have been $​12.​587 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in China and Ireland, the latter which broke over $​1 trillion for the first time ever."

It continues, "France and the U.​S. also rose. Meanwhile, money funds in Argentina were lower. MMF assets worldwide increased by $​1.​672 trillion, or 15.​7%, in the 12 months through 6/​30/​25, and money funds in the U.​S. now represent 57.​0% of worldwide assets."

MFI also includes the News brief, "Fed Cuts Rates to 4.​0–​4.​25%." It says, "​The Federal Reserve'​s FOMC cut interest rates by a quarter percent to a range of 4.​0–​4.​25% on Sept. 17, and money market fund yields have declined from 4.​10% to 3.​95% in the three weeks since."

Another News brief, "Assets Hit a Record $​7.​75/$​7.​37T," writes, "​ICI'​s weekly 'Money Market Fund Assets' report shows money fund assets surging higher by $​50.​5 billion to a record $​7.​365 trillion. MMF assets are up by $​902 billion, or 14.​0%, over the past 52 weeks (​through 10/​1/​25), with Institutional MMFs up $​522 billion, or 13.​5% and Retail MMFs up $​400 billion, or 15.​4%. Crane Data'​s totals show MMFs hitting a record $​7.​76 trillion on 10/​2."

A third News brief, "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" says, "​The Federal Reserve Bank of New York posted two briefs on tokenization on its 'Liberty Street Economics' blog. The first, 'The Emergence of Tokenized Investment Funds and Their Use Cases,' tells us, '[​T]​he bulk of tokenization activity in the United States has concentrated on two types of funds: money market funds (​MMFs), which are open-​end funds registered under the Investment Company Act of 1940... and private funds that are exempt from registration under that Act.'"

A sidebar, "Barron'​s: Cuts Will Hurt More," says, "​Barron'​s writes, 'Cash Yields Are Going Down. Here'​s Where to Move Your Money.' The article comments, 'The Federal Reserve'​s expected interest-​rate cuts are a double-​edged sword for consumers: bad for savers, good for borrowers.... Do you have a lot of money parked in money-​market funds? Are you looking to buy a house, refinance your mortgage, or whittle down credit card debt?'"

Our October MFI XLS, with September 30 data, shows total assets rose $​100.​4 billion to a record high $​7.​715 trillion, after increasing $​129.​9 billion in August, $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion in May. MMFs decreased $​26.​6 billion in April and $​4.​6 billion in March. Assets increased $​90.​4 billion in February, $​47.​9 billion in January and $​113.​0 billion in December. Assets jumped $​196.​1 billion in November and $​89.​9 billion last October.

Our broad Crane Money Fund Average 7-​Day Yield was down 15 bps at 3.​84%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 15 bps at 3.​95% in September. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.​21% and 4.​21%. Charged Expenses averaged 0.​37% and 0.​26% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 9/​30/​25 on Wednesday, 10/​8.) The average WAM (​weighted average maturity) for the Crane MFA was 41 days (​unchanged) and the Crane 100 WAM was down 1 day from the previous month at 41 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

Sep 08

 

The September issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Monday morning, features the articles: "Money Fund Assets Blow Past $​7.​5 Trillion; on Way to $​8.​0?," which reviews the latest surge in MMF assets; "BNY Dreyfus, Goldman Both Launch Stablecoin Reserves," which quotes from new filings for Stablecoin Reserves money funds; and, "JPM on Offshore MMFs; European MFs Record $​1.​5T," which covers a recent update on money funds in Ireland. We also sent out our MFI XLS spreadsheet Monday a.​m., and we'​ve updated our Money Fund Wisdom database with 8/​31/​25 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Monday, Sept. 15.

MFI'​s "Assets" article says, "Money market mutual fund assets surged in August, breaking the $​7.​5 trillion level for the first time ever earlier in the month and hitting a record $​7.​608 billion at month-​end. They continue to jump in September, rising by $​60.​6 billion in the first 4 days of the new month. Year-​to-​date, money fund assets have increased by $​489.​1 billion (​6.​8%), and over the past year assets have increased by $​1.​018 trillion, or 15.​4%.

It continues, "MMF asset totals first crossed the $​7.​0 trillion threshold last November, and they’​ve since marked a series of new highs: $​7.​1 trillion on Dec. 3, $​7.​2 trillion on Jan. 2, $​7.​3 trillion on Feb. 26, $​7.​4 trillion on May 30, $​7.​5 trillion on Aug. 4, and $​7.​6 trillion on Aug. 29."

We write in our "Stablecoin Reserves" profile, "Over the past month, both BNY and Goldman Sachs filed to launch Stablecoin Reserves funds, following in the footsteps of BlackRock'​s Circle Reserves. A filing for BNY Dreyfus Stablecoin Reserves Fund tells us, "The fund pursues its investment objective by investing in (​i) U.​S. Treasury bills, notes, or bonds (​collectively, U.​S. Treasury securities), (​ii) overnight repurchase agreements collateralized solely by U.​S. Treasury securities, and (​iii) cash. The fund is a money fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-​7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $​1.​00. The U.​S. Treasury securities in which the fund invests have a maturity of 93 days or less."

It states, "BNY'​s N1-​A explains, 'The fund is a '​government money market fund,' as that term is defined in Rule 2a-​7, and as such is required to invest at least 99.​5% of its total assets in securities issued or guaranteed as to principal and interest by the U.​S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/​or government securities, and cash. The fund seeks to enter into repurchase agreements that present minimal credit risk, based on an assessment by Dreyfus, a division of Mellon Investments Corporation (​Dreyfus), the fund'​s sub adviser, of the counterparty'​s credit quality and capacity to meet its financial obligations, among other factors. Shares of the fund are intended to serve as reserves backing outstanding payment stablecoins. The fund does not invest in stablecoins.'"

Our "JPM on Offshore MMFs" piece says, "J.​P. Morgan Securities published a brief titled, 'A Closer Look Into Offshore USD MMFs,' which tells us, 'While we often focus on onshore MMFs given their colossal size ($​7.​3tn), we would be remiss not to talk about offshore USD MMFs which also play a significant role in the money markets. Over the past three years, much like their onshore counterparts, offshore USD MMFs have grown significantly in AUM, increasing by $​257bn to $​796bn and $​53bn YTD. However, unlike their onshore counterparts, much of the AUMs reside in prime MMFs (​LVNAVs and VNAVs) as opposed to government MMFs (​CNAVs). As a result, a substantial portion of their holdings (​61%) are credit-​based products (​CP/​CDs) vs. rates (​39%).'"

The article continues, "​JPM explains, 'Even so, the amount of cash allocated to rates products such as T-​bills and repos is not insignificant. In June, combined T-​bill and repo holdings among offshore government and prime funds totaled $​240bn, not too far off from its peak (~$​260bn) in late 2024.... Of that amount, $​163bn were in repo and $​77bn in T-​bills as offshore MMFs reduced their T-​bill exposure during the first half of the year. As T-​bill paydowns persisted, offshore MMFs decreased their bill holdings by $​44bn over 1H25 and by $​71bn from their local peak in November of last year. As a result, offshore MMFs rotated into repo. During the first half of the year, offshore MMFs increased their repo exposure by $​35bn, with over half of this increase driven by dealer repo.'"

MFI also includes the News brief, "MF Average Yield Dips Below 4.​0%; Crane 100 Down to 4.​10%." It says, "Money fund yields inched lower in August ahead of an expected cut in rates by the Fed later this month. The Crane Money Fund Average, an average of all (​722) taxable money funds tracked by Crane Data, fell to 3.​99% from 4.​01%, the first time this number has been below 4.​0% since 12/​31/​22. Our Crane 100 Money Fund Index inched lower to 4.​10%. (​Yields are simple, net and annualized and averages are simple and not asset-​weighted.)

Another News brief, "WisdomTree Govt MM Digital Fund Changes to Treasury," tells readers, "WisdomTree Government Money Market Digital Fund (​WTGXX) filed to change its name to WisdomTree Treasury Money Market Digital Fund. The Prospectus Supplement says, '​Effective on or about Nov. 1, 2025, the Fund'​s name, non-​fundamental investment policy, and principal investment strategies will be revised. Why the Changes: The impetus for the changes is to ensure the Fund'​s eligible investor base includes payment stablecoin issuers seeking to comply with newly enacted U.​S. legislation, namely the Guiding and Establishing National Innovation for U.​S. Stablecoins Act (​the '​GENIUS Act'). (​For more, see our 2/​26/​24 News, 'WisdomTree Launches Digital Govt MMF.')"

A third News brief titled, "JPM Says T-​Bills Back," states, "J.​P. Morgan'​s '​Short-​Term Market Outlook & Strategy' featured a brief titled, 'The bills are back in town.' It explains, '​We think repo markets will remain orderly for three reasons. First, MMF AUMs are still rising and we expect this to continue into year-​end, allowing investment in T-​bills without reallocating from repo. We think MMF AUMs can reach $​7.​6-​7.​7tn by year-​end, and there are many other T-​bill liquidity buyers, some of which do not engage in repo, that can help take down the bill supply. Second, bank portfolios are underinvested in repo relative to history, with their repo exposure at $​710bn or below 3% of total assets, vs. $​850bn or ~​5% of total assets in mid-​2019.... Third, the SRF remains available as a source of liquidity, and we think primary dealers will have no problem using it when the economics make sense.'"

A sidebar, "Paper on MF Vulnerabilities," says, "​The Journal of Banking & Finance published a study titled, 'Money Market Funds Vulnerabilities and Systemic Liquidity Crises.' It explains, 'Despite regulatory reforms, Money Market Funds (​MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short term markets. We provide a model showing the tradeoffs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run preemptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-​March 2020. Unless short-​term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises.'"

Our September MFI XLS, with August 31 data, shows total assets rose $​129.​9 billion to a record high $​7.​608 trillion, after increasing $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion in May. MMFs decreased $​26.​6 billion in April and $​4.​6 billion in March. Assets increased $​90.​4 billion in February, $​47.​9 billion in January and $​113.​0 billion in December. Assets jumped $​196.​1 billion in November, $​89.​9 billion in October and $​155.​2 billion last September.

Our broad Crane Money Fund Average 7-​Day Yield was down 2 bps at 3.​99%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 2 bps at 4.​10% in August. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.​36% and 4.​37%. Charged Expenses averaged 0.​37% and 0.​26% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 8/​31/​25 on Tuesday, 9/​9.) The average WAM (​weighted average maturity) for the Crane MFA was 41 days (​up 2 days) and the Crane 100 WAM was up 1 day from the previous month at 42 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

Sep 02

 

While Crane Data makes final preparations for our European Money Fund Symposium, which will take place Sept. 22-​23 in Dublin, we'​re also ramping up preparations for our next Money Fund University conference, which will be in Pittsburgh, Dec. 18-​19. Crane'​s Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry'​s top lawyers, strategists, and portfolio managers, and the Pittsburgh show will include our Holiday cocktail party Dec. 18 and a free product training session for Crane Data clients. We review the MFU agenda and some other upcoming conferences, below.

Money Fund University offers a 2-​day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. Registrations are $​750 and are now being taken, and the latest agenda is available here. (E-​mail us to request the latest brochure, and make your hotel reservations here!)

The morning of Day One (​12/​18/​25) of the 2025 MFU agenda includes: History & Current State of Money Market Mutual Funds with Peter Crane of Crane Data; The Federal Reserve & Money Markets with Katie Craig of BofA; Ratings, Monitoring & Performance with Steven Johnson of Fitch Ratings and Andrea Valverde of S&​P Global; and, Instruments of the Money Markets Intro with Pankaj Vohra of J.​P. Morgan Securities.

Day One'​s afternoon agenda includes: Repurchase Agreements with Christopher Clarke of J.​P. Morgan Secs; Treasuries & Govt Agencies with Sue Hill of Federated Hermes and Matt Lachance of TD Securities; Commercial Paper & ABCP with Rob Crowe of Citi Global Markets and Greg Jensen of Citi Global Markets; CDs, TDs & Bank Debt with Vanessa McMichael of Wells Fargo Securities; and, Credit Analysis & Portfolio Management with Mark Weiss of and John Wyda of Federated Hermes. (Note: Crane Data will host its Holiday Party alongside MFU. Clients and friends are welcome to join us at the Westin Hotel in Pittsburgh on Thursday, Dec. 18 from 5-​7:​30pm!)

Day Two'​s (​12/​19) agenda includes: Money Fund Regulations: 2a-​7 Basics & History with Stephen Cohen of Dechert LLP and Jamie Gershkow of Stradley Ronon; Money Fund Reforms: Latest 2a-​7 Changes with Jon-​Luc Dupuy of K&​L Gates LLP and Stephen Cohen of Dechert LLP; European MMFs & Ultra-​Short Funds with John Hunt of Sullivan & Worcester LLP and Peter Crane of Crane Data; and Money Fund Data & Wisdom Demo/​Training with Peter Crane. The conference ends with its annual MFU "​Graduation" ceremony (​where diplomas are given to attendees).

New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "​cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Exhibit space for Crane'​s Money Fund University is $​2,​000, and sponsorship opportunities are $​3K (​Bronze), $​4K (​Silver), and $​5K (​Gold). A block of rooms has been reserved at The Westin Convention Center Pittsburgh Hotel. (​Please reserve before 11/​18.)

We'​d like to thank our past MFU sponsors – Fitch Ratings, CastleOak Securities, Silicon Valley Bank, BlackRock, TD Securities, Capitolis, Northern Trust, Dechert LLP, J.​P. Morgan Asset Management, K&​L Gates, Dreyfus, Citi and GLMX -- for their support, and we look forward to seeing you in Pittsburgh in December! E-​mail Pete Crane (​pete@​cranedata.​com) for the latest brochure or visit www.​moneyfunduniversity.​com to register or for more details.

Also, the final agenda is available and registrations are still being taken for our European money market mutual fund event. Registration for European Money Fund Symposium is $​1,​000 USD. EMFS will be held at the Hilton Dublin. Visit www.​craneeurosymposium.​com to register, and contact us to request the PDF brochure. (​Let us know too if you'​d like information on sponsorships or speaking in future years too.)

Mark your calendars too for our next Bond Fund Symposium, which will be held in Boston, Mass., on March 19-​20, 2026. (​Click here to see last year'​s agenda.) Bond Fund Symposium is the only conference devoted entirely to bond mutual funds, bringing together bond fund managers, marketers, and professionals with fixed-​income issuers, investors and service providers. The majority of the content is aimed at the growing ultra-​short and conservative ultra-​short bond fund marketplace.

Finally, Crane Data is making preliminary preparations for our next big show, Money Fund Symposium, which is scheduled for June 24-​26, 2026 in Jersey City, N.​J. The agenda will be released later this fall and registrations will open soon. Let us know if you'​d like more details on any of our events, and we hope to see you in Dublin in September, in Pittsburgh in December, in Boston in March 2026 or in Jersey City in June 2026. Thanks to all of our speakers and sponsors and for your support!