Link of The Day
InvestmentNews: Finra Fines Vanguard
InvestmentNews published the article, "Finra fines Vanguard $800,000 for misleading information on money market accounts." They explain, "Finra ordered Vanguard to pay an $800,000 fine for issuing misleading account statements to money market customers and failing to respond to them when they indicated something was wrong. The Financial Industry Regulatory Authority Inc. found that from November 2019 to September 2020, Vanguard Marketing Corp. miscalculated the estimated annual yield and annual income for nine money market funds on approximately 8.5 million account statements, according to the Finra order posted [last] Thursday." The piece states, "The firm failed to update the yield data due to 'a technical issue where newer information received through an automated data feed did not overwrite certain existing data,' which led to the yield and income projections being overstated. After Finra began its investigation, Vanguard self-reported other problems on money market account statements that resulted in miscalculation of investment return. One occurred when customer contributions to an account were identified as an increase in market value instead of a cash deposit. This error affected approximately 23,000 statements from October 2019 to June 2021. Another misstep involved reflecting margin credits and debits as market appreciation or depreciation. That snafu affected 57,000 statements between October 2019 and June 2021." InvestmentNews adds, "Vanguard not only issued misleading customer statements but also failed to follow up on customer warnings that something was wrong, Finra found. From October 2019 to March 2021, the firm received communications from 100 customers who pointed out miscalculations and other errors on their statements. It failed to investigate promptly, Finra said, but did correct the statements after finally looking into the problems. Vanguard agreed to a censure and an $800,000. The firm did not admit or deny Finra's findings."
Crane 100 Index Grinds Up to 4.89%
Money fund yields inched higher again over the past week as they digest the remainder of the Federal Reserve's May 2nd 25 basis point rate increase. Our Crane 100 Money Fund Index (7-Day Yield) was up 4 bps to 4.89% in the week ended Friday, 5/26, after increasing by 1 bp the week prior. Yields are up from 4.64% on April 30, 4.61% on March 31, 4.39% on Feb. 28, 4.15% on Jan. 31 and 4.05% on 12/31/22. They've increased from 3.59% on Nov. 30, from 2.88% on Oct. 31 and from 2.66% on Sept. 30. A number of the top-yielding money market funds now yield above the 5.0% level, and more should move above this level in coming days as they digest the remainder of the latest Fed hike. The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 689), shows a 7-day yield of 4.77%, up 4 bps in the week through Friday. Prime Inst MFs were up 1 bp at 4.97% in the latest week. Government Inst MFs rose by 3 bps to 4.87%. Treasury Inst MFs up 8 bps for the week at 4.76%. Treasury Retail MFs currently yield 4.54%, Government Retail MFs yield 4.55%, and Prime Retail MFs yield 4.80%, Tax-exempt MF 7-day yields were up 24 bps at 2.84%. According to Tuesday's Money Fund Intelligence Daily, with data as of Friday (5/26), just one money fund (out of 819 total) yields under 2.0%; 84 funds yield between 2.00% and 2.99% with $48.5 billion, or 0.8%; 54 funds yield between 3.00% and 3.99% ($72.6 billion, or 1.3%), 526 funds yield between 4.0% and 4.99% ($3.387 trillion, or 58.5%) and 154 funds now yield 5.0% or more ($2.280 trillion, or 39.4%). Over the past week, 26 funds are yielding above the 5.0% mark (though many are private and not listed in our "Highest-Yielding Funds" table above) and we expect more to follow in coming days. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.59% after rising 3 bps two weeks ago. The latest Brokerage Sweep Intelligence, with data as of May 26, shows that there were no changes over the past week. Just 3 of 11 major brokerages still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
FT on Record Money Market Assets
The Financial Times writes, "Yield-hungry investors push US money market assets to record $5.4tn." The piece explains, "US money market fund assets have swelled to a record high this week, as the best yields available in years and the early May collapse of First Republic Bank kept investors piling into the low-risk vehicles. Total net assets in money market funds, which invest in high-quality, short-dated debt, reached almost $5.4tn as of Wednesday, according to data from the Investment Company Institute. The figure is up from less than $5.3tn in late April and $4.8tn at the start of the year. Investors have rushed into money market funds this year due to the increasingly high yields on offer, particularly in government vehicles, fueled by the Federal Reserve's most aggressive campaign of interest rate rises in decades." It tells us, "In March, money market funds received a massive $370bn as the regional Silicon Valley Bank and Signature Bank collapsed, raising questions about the health of the wider sector. For Shelly Antoniewicz, senior economist at the ICI, rapid inflows into money market funds early this month were likely related to the demise of California-based First Republic, which had $93.5bn of deposits before it was shut down and largely sold to JPMorgan Chase at the beginning of May." The FT adds, "The flood of cash into money market funds has continued even as pressure on the banking system has eased and attention has turned to the prospects of a US government default if lawmakers in Washington fail to reach a deal to raise the country's debt ceiling. The prices of bills maturing around the time that the US is expected to run out of cash have plummeted, sending yields above 7 percent. The starring role of money market funds in markets this year may continue even after any deal to raise the federal borrowing limit. After a potential resolution, the Treasury department is expected to have to borrow vast amounts of cash in order to replenish its coffers -- roughly $750bn in Treasury bills in the four months after a deal, according to JPMorgan estimates."
ICI: MMF Assets Up 5th Straight Week
The Investment Company Institute's most recent "Money Market Fund Assets" report shows MMFs hitting a record for the fifth week in a row and for the 10th week out of the past 11. Assets have risen by $568.0 billion, or 11.8%, over the past 13 weeks! ICI shows assets up by $653 billion, or 13.8%, year-to-date in 2023, with Institutional MMFs up $372 billion, or 12.2% and Retail MMFs up $281 billion, or 16.8%. Over the past 52 weeks, money fund assets have risen $860 billion, or 19.0%, with Retail MMFs rising by $538 billion (37.9%) and Inst MMFs rising by $322 billion (10.3%). (According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets broke above $5.8 trillion for the first time ever and hit a record $5.817 trillion on Tuesday, 5/23, then dipped $10.9 billion on Thursday. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.) The weekly release says, "Total money market fund assets increased by $46.67 billion to $5.39 trillion for the week ended Wednesday, May 24, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $41.25 billion and prime funds increased by $6.48 billion. Tax-exempt money market funds decreased by $1.07 billion." ICI's stats show Institutional MMFs jumping $39.4 billion and Retail MMFs rising $7.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.481 trillion (83.2% of all money funds), while Total Prime MMFs were $795.8 billion (14.8%). Tax Exempt MMFs totaled $111.7 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $7.26 billion to $1.96 trillion. Among retail funds, government money market fund assets increased by $3.22 billion to $1.32 trillion, prime money market fund assets increased by $4.91 billion to $536.95 billion, and tax-exempt fund assets decreased by $870 million to $101.22 billion." Retail assets account for over a third of total assets, or 36.4%, and Government Retail assets make up 67.4% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $39.41 billion to $3.43 trillion. Among institutional funds, government money market fund assets increased by $38.03 billion to $3.16 trillion, prime money market fund assets increased by $1.58 billion to $258.85 billion, and tax-exempt fund assets decreased by $196 million to $10.45 billion." Institutional assets accounted for 63.6% of all MMF assets, with Government Institutional assets making up 92.1% of all Institutional MMF totals.
JPM: MMFs Won't Liquidate Treasuries
J.P. Morgan's latest "Mid-Week US Short Duration Update" tells us, "We fully expect a timely resolution of the debt ceiling constraint. That said, should a technical default occur, we believe MMFs would not be forced to liquidate Treasury securities. It is also not obvious that we will see outflows from MMFs before the drop-dead date as we did in 2011, due to the availability of the RRP as well as due to the still-continuing outflows from bank deposits in aggregate. Treasury MMFs that do not have access to the Fed's ON RRP program have somewhat fewer options to manage their liquidity.... Historically, MMFs have maintained a significant portion of their holdings in T-bills, though this has shifted materially over the past two years, in no small part due to the scaling up of the RRP program. Assuming the debt ceiling quagmire gets resolved, our Treasury strategists foresee a significant increase in net T-bill issuance following a resolution, with the largest increases potentially in shorter-maturity bills, accommodating MMFs' preference for shorter WAMs in the current interest rate environment." It states, "MMFs significantly reduced their footprint as a share of the T-bill market during the first three months of 2023. We estimate buyers that do not have access to the RRP facility continued to increase their holdings of T-bills during 1Q23. Such investors will likely continue to tread carefully in the T-bill market, extending maturities to beyond the X-date in early June. Meanwhile, other investors that may not be as vulnerable to headline risk as MMFs could remain buyers of T-bills.... MMF inflows have continued but meaningfully slowed in April compared to the influx that occurred in the immediate aftermath of the regional bank failures in March. MMFs made up about 95% of a total $2325bn in Fed ON RRP usage at April-end, with front-end supply still tight. Though government MMFs dramatically shifted their T-bill maturity profiles in favor of 1-month bills in April, anecdotally, we think MMFs' bill holdings have extended in May given that the projected X-date has moved earlier."
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of May 19) includes Holdings information from 87 money funds (up 16 from a week ago), which totals $3.252 trillion (up from $2.891 trillion) of the $5.595 trillion in total money fund assets (or 58.1%) tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here.) Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.895 trillion (up from $1.706 trillion a week ago), or 58.3%; Treasuries totaling $741.4 billion (up from $693.6 billion one week ago), or 22.8%, and Government Agency securities totaling $330.2 billion (up from $277.0 billion), or 10.2%. Commercial Paper (CP) totaled $96.8 billion (up from a week ago at $70.1 billion), or 3.0%. Certificates of Deposit (CDs) totaled $70.5 billion (up from $55.1 billion a week ago), or 2.2%. The Other category accounted for $82.4 billion or 2.5%, while VRDNs accounted for $35.4 billion, or 1.1%. The Ten Largest Issuers in our Weekly Holdings product include: the Federal Reserve Bank of New York with $1.157 trillion (35.6%), the US Treasury with $741.4 billion (22.8% of total holdings), Federal Home Loan Bank with $259.3B (8.0%), Fixed Income Clearing Corp with $181.5B (5.6%), Federal Farm Credit Bank with $63.1B (1.9%), JP Morgan with $54.0B (1.7%), Citi with $51.6B (1.6%), BNP Paribas with $44.7B (1.4%), Bank of America with $40.5B (1.2%) and RBC with $39.9B (1.2%). The Ten Largest Funds tracked in our latest Weekly include: Goldman Sachs FS Govt ($277.3B), JPMorgan US Govt MM ($265.3B), Fidelity Inv MM: Govt Port ($183.9B), Morgan Stanley Inst Liq Govt ($157.8B), Federated Hermes Govt Oblig ($139.8B), BlackRock Lq FedFund ($136.9B), JPMorgan 100% US Treas MMkt ($135.1B), Dreyfus Govt Cash Mgmt ($116.0B), Fidelity Inv MM: MM Port ($100.1B) and BlackRock Lq Treas Tr ($98.8B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Inch Up to 4.85%
Money fund yields inched higher over the past week as they finished digesting the Federal Reserve's May 2nd 25 basis point rate increase. Our Crane 100 Money Fund Index (7-Day Yield) was up 1 bp to 4.85% in the week ended Friday, 5/19, after increasing by 13 bps the week prior. Yields are up from 4.64% on April 30, 4.61% on March 31, 4.39% on Feb. 28, 4.15% on Jan. 31 and 4.05% on 12/31/22. They've increased from 3.59% on Nov. 30, from 2.88% on Oct. 31 and from 2.66% on Sept. 30. A number of the top-yielding money market funds now yield above the 5.0% level, and more should move above this level in coming days as they digest the remainder of the latest Fed hike. The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 689), shows a 7-day yield of 4.73%, up 2 bps in the week through Friday. Prime Inst MFs were up 2 bps at 4.96% in the latest week. Government Inst MFs rose by 1 bp to 4.84%. Treasury Inst MFs up 4 bps for the week at 4.68%. Treasury Retail MFs currently yield 4.45%, Government Retail MFs yield 4.53%, and Prime Retail MFs yield 4.79%, Tax-exempt MF 7-day yields were down 18 bps at 2.60%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (5/19), just four money funds (out of 819 total) yield under 2.0%; 121 funds yield between 2.00% and 2.99% with $115.3 billion, or 2.0%; 20 funds yield between 3.00% and 3.99% ($13.3 billion, or 0.2%), 546 funds yield between 4.0% and 4.99% ($3.646 trillion, or 62.9%) and 128 funds now yield 5.0% or more ($2.021 trillion, or 34.9%). Over the past week, 9 funds have now officially surpassed the 5.0% mark (though many are private and not listed in our "Highest-Yielding Funds" table above) and we expect more to follow in coming weeks. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.59% after rising 3 bps last week. The latest Brokerage Sweep Intelligence, with data as of May 19, shows that there were no changes over the past week. Just 3 of 11 major brokerages still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
A filing for Cavanal Hill U.S. Treasury Fund explains, "On April 28, 2023, the Board of Trustees of Cavanal Hill Funds approved a plan to liquidate and terminate the U.S. Treasury Fund Service Shares share class, upon the recommendation of Cavanal Hill Investment Management. Inc., the Fund's investment adviser. Effective May 18, 2023, the Service Class of the Fund will be closed to new investors and shareholder accounts. Furthermore, beginning July 15, 2023, Service Class shareholders will be prohibited from transacting in Service Class shares with the exception of redemptions of such shares. It is anticipated the Service Class will liquidate on or about August 1, 2023." It adds, "On the liquidation date, the Fund will redeem all outstanding shares of the Service Class at the net asset value of such shares. The Fund will distribute cash or in-kind pro rata to all Service Class shareholders who have not previously redeemed all of their shares on or about August 1, 2023. These distributions may be taxable events. Shareholders may redeem Service Class shares of the Fund at any time prior to the Liquidation Date. No sales charges, redemption or termination fees will be imposed in connection with such redemptions. In general, redemptions are taxable events for shareholders. If you own Service Class shares of the Fund in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund's liquidation of the Service Class and determine its tax consequences." In related news, the Federal Reserve Bank of New York posted a brief entitled, "Reverse repo counterparties list updated," which says, "Cavanal Hill U.S. Treasury Fund and Vanguard Variable Insurance Funds - Vanguard Money Market Portfolio have been added to the list of reverse repo counterparties, effective May 5, 2023."
CAG: Cash Portfolios & the Debt Ceiling
Capital Advisors Group published, "How to Position Corporate Cash Portfolios for the Debt Ceiling Showdown." They tell us, "Once again, it's time for CFOs and corporate cash investors to start focusing on another debt ceiling showdown in the United States Congress. On May 1st, 2023, Treasury Secretary Janet Yellen updated Congressional leaders that the United States would not be able to pay all its bills by June 1st, 2023. Secretary Yellen had previously informed Congressional leaders on January 19th, 2023, that the U.S. government had reached its statutory debt limit of $31.381 trillion, and a 'debt issuance suspension period' began during which the Treasury Department started using 'extraordinary measures' to keep the U.S. government funded through June 5th, 2023.... Secretary Yellen's letter was a significant development to the debt ceiling fight, as market participants had expected the U.S. government to make on time payments to all recipients until late summer or early fall 2023.... We believe that politicians will again come to their senses and authorize spending in time. But, if they should fail to reach an agreement, the Treasury Department may work with the Federal Reserve to prioritize payments on debt obligations to avoid a default, though this would not be without operational complexity. These 'extra-extraordinary measures' would most likely be temporary and politically distasteful but might create an additional incentive for Congress to authorize new spending limits. Nevertheless, given the high stakes and high degree of conflict in Congress this time around, liquidity investors are well-advised to pay attention." Author Lance Pan explains, "CFOs and institutional cash investors have tools at their disposal to contend with possible consequences of the current debt limit showdown. Reviewing past playbooks and coming up to speed on the details of the situation today -- especially looking past headline risk toward the possible timing of the default X-date -- can help investors position their portfolios for this year's uncertainties.... Knowing the X-date is important for CFOs and other managers responsible for corporate cash investments and liquidity. However unlikely, a delayed bond payment on the stated maturity date may result in bond maturity miss-matches in portfolios in relation to monthly or quarterly cash withdrawal estimates. For this reason, cash managers may prefer to avoid holding securities that mature around the X-date to minimize liquidity impact and operational difficulties. This is also why Treasury securities that mature around the X-date tend to see their yields rise, which move in the opposite direction to prices. All else being equal, one strategy to avoid the X-date is to consider selective investments in high-quality securities with longer maturities in order to avoid missed coupon and/or maturity payments from US Treasury securities." He adds, "We believe liquidity investors may benefit from following strategies that worked in previous debt ceiling episodes. They should not be overly concerned with the headline risk but instead monitor the timing of the X-date and allocate their liquidity targets accordingly. Although we are confident (but not blindly so) that the debt limit will be lifted in time and a default avoided, we recommend that investors consider a liquidity portfolio with laddered maturities and high-quality credit instruments, as market liquidity may be choppy as investors process the highs and lows of the negotiations.... Liquidity investors should review their portfolios with their investment advisors, repurchase agreement counterparties, and money market fund managers to limit exposure to securities with at-risk maturities, and refrain from buying securities with elevated yields near the X-date. Cash investors generally prefer to avoid holding securities facing delayed maturity payments. Since Secretary Yellen's estimate for the X-date is significantly sooner than earlier market projections, some liquidity portfolios, including money market funds, may own securities in this time window. As discussed earlier, a delayed maturity payment is a curable liquidity situation, not a credit event, as the U.S. government's ability to honor its obligations is never questioned. To the extent an investor does not rely on these securities for immediate liquidity, it may be prudent to hold on to them as the baseline outcome remains that the debtholders will be made whole."
WSJ on Schwab's Deposit Drop
The Wall Street Journal says, "Schwab Taps Credit Markets to Raise $2.5 Billion in Debt." The article comments, "Charles Schwab is selling $2.5 billion in long-term debt, people familiar with the matter said. The brokerage giant said Wednesday in a regulatory filing that it would offer senior notes due in 2029 and 2034. Schwab issued $1.2 billion of bonds due in 2029 and $1.3 billion of bonds due in 2034, according to a person familiar with the matter. The bonds due in 2029 were issued at a 5.643% yield, or 2.05 percentage point higher than U.S. Treasurys, while the notes due in 2034 were sold at a 5.853% yield or 2.27 percentage point spread." The piece tells us, "Schwab's finances have been under scrutiny since early March, when the collapse of Silicon Valley Bank triggered widespread concerns over how other midsize banks would navigate higher interest rates and a loss of deposits. Schwab's bank deposits dropped by roughly $40 billion over the first quarter, or 11%, as brokerage customers continued to shift idle cash into money-market funds and other higher-yielding investments. Schwab has moved to offset the loss of bank deposits by issuing CDs and borrowing from the Federal Home Loan Bank system. Those higher funding costs are expected to weigh on its earnings for another year or so.... Schwab Chief Executive Walt Bettinger said in an interview with The Wall Street Journal in March that the brokerage giant would have sufficient liquidity even if it lost most of its deposits over the next year."
Money Fund Symposium Next Month!
With money market fund assets still hitting records almost daily (assets rose by $11.3 billion on Monday to a record $5.760 trillion), our upcoming Money Fund Symposium, has a good chance of breaking our pre-pandemic record of 570 attendees. Money Fund Symposium is scheduled for June 21-23, 2023 at The Hyatt Regency Atlanta, in Atlanta, Ga. The full agenda for the largest gathering of money market fund managers and cash investors in the world is available and registrations are still being taken. Money Fund Symposium attracts money fund managers, marketers and servicers, cash investors, money market securities dealers, issuers, and regulators. We review the show details, as well as Crane Data's other 2023 conferences, below. We'd like to thank our sponsors and exhibitors so far -- Bank of America, Barclays, J.P. Morgan, Dreyfus, Fidelity, Federated Hermes, TD Securities, U.S. Bank, Invesco, Moody's, Goldman Sachs, Nomura, Deutsche Bank, Nearwater Capital, Santander, Fitch Ratings, J.P. Morgan Asset Management, Bloomberg, Allspring, Citi, Natixis/BRED, Cavu Securities, BlackRock, Morgan Stanley, Northern Trust A.M., RBC, IntraFi, GLMX, Tradeweb, Toyota, UBS, S&P Global Ratings, Seelaus, Mischler, Lummis and MUFG -- for their support. E-mail us for more details. Visit the Money Fund Symposium website at www.moneyfundsymposium.com for more information. Registration is $1,000, and discounted hotel reservations are available. We hope you'll join us in Atlanta in June! Note that the agenda is still being tweaked, so watch for minor changes in coming weeks. E-mail us at info@cranedata.com to request the full brochure.) We're also making plans for our next European Money Fund Symposium, which is scheduled for Sept. 25-26, 2023, in Edinburgh, Scotland. Our 2022 event in Paris attracted a record 166 attendees, so we expect our 2023 event to be even bigger. Watch for the draft agenda to be posted in coming days and registrations ($1000 to attend) are now live. European Money Fund Symposium offers "offshore" money fund portfolio managers, and money market investors, issuers, dealers and service providers a concentrated and affordable educational experience, as well as an excellent and informal networking venue. Finally, mark your calendars for our next Money Fund University "basic training" event, scheduled for Dec. 18-19, 2023, in Jersey City, NJ, and next year's Bond Fund Symposium, scheduled for March 25-26, 2024 in Philadelphia, Pa. Let us know if you'd like more details on any of our events, and we hope to see you in Atlanta in June, in Edinburgh in September or in Jersey City in December.
ICI Portfolio Holding Summary
ICI released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. Their release says, "The Investment Company Institute (ICI) reports that, as of the final Friday in April, prime money market funds held 44.5 percent of their portfolios in daily liquid assets and 61.9 percent in weekly liquid assets, while government money market funds held 81.6 percent of their portfolios in daily liquid assets and 88.3 percent in weekly liquid assets." Prime DLA was down from 48.3% in March, and Prime WLA was up from 60.9%. Govt MMFs' DLA was up from 80.2% and Govt WLA increased from 86.5% the previous month. ICI explains, "At the end of April, prime funds had a weighted average maturity (WAM) of 18 days and a weighted average life (WAL) of 45 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 17 days and a WAL of 59 days." Prime WAMs and WALs were both unchanged from the previous month. Govt WAMs were 1 day longer and WALs were 1 day shorter from March. Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas declined from $437.12 billion in March to $404.07 billion in April. Government money market funds’ holdings attributable to the Americas declined from $4,116.94 billion in March to $4,079.75 billion in April." The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $404.1 billion, or 53.0%; Asia and Pacific at $118.9 billion, or 15.6%; Europe at $227.9 billion, or 29.9%; and, Other (including Supranational) at $10.9 billion, or 1.5%. The Government Money Market Funds by Region of Issuer table shows Americas at $4.080 trillion, or 92.9%; Asia and Pacific at $85.0 billion, or 1.9%; Europe at $217.2 billion, 4.9%, and Other (Including Supranational) at $9.1 billion, or 0.2%.
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