Pub. 6 2016 Issue 3

Source: Crane Data’s Money Fund Intelligence Source: Crane Data’s Money Fund Intelligence from prime funds. Data from Crane Data’s Money Fund Intel- ligence shows that, by the end of September (leading up to the rule change), prime funds, which invest in higher yielding securities like commercial paper, had lost more than $900 bil- lion in assets since the beginning of 2015. 1 So far, many investors haven’t completely exited the money fund market, but have largely transferred to govern- ment funds. Since October 2015, assets in government funds have nearly doubled, from around $1 trillion to nearly $2 trillion. 21 ISSUE 3. 2016 MMF Reform w Continued on page 22