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SEC Launches Special Sweep Of Money Fund Holdings

Fund Action (subscription required) reported on October 3 that the a "wide ranging special sweep exam of all the paper held in money market fund portfolios has been launched by the Securities and Exchange Commission to pinpoint which funds are already in danger of breaking a buck and which ones have holdings that could be headed south later on as the current crisis works its way through the financial system."

According to the article, the SEC letter obtained by Fund Action asks for the following:

  • descriptive information for each fund;
  • data regarding fund assets, shadow prices (fair value) and shareholder subscriptions and redemptions as of each Friday in September;
  • a complete list of portfolio holdings as of Sept. 26;
  • and a trade blotter, which is a journal of purchases and sales that lists all transactions.

According to Fund Action, the OCIE sweep letters were dated September 26, and requested replies by October 3.