FII
#If you add them all up everything together, you get to about $35 billion in the total.
The fund is knocking right on the door of $15 billion.
The SMAs are pretty close to $20 billion and the separate accounts have about $1 billion so it's $35 billion, $36 billion.
And because of the nature of the stocks that are in there, we're not currently looking at any capacity issues for investing the proceeds that are coming in.
<UNK>.
In terms of discussions with customers, they vary from customer to customer.
Many are still biding their time.
Some are just coming to the realization that October is real, and some have begun to move from prime into govy, which can be viewed as the default option because the client gets to keep daily liquidity at par and can put off a decision on what really to do with whether they want to go through systems changes, et cetera.
What are the spreads going to be, we don't know ---+ how big are the spreads.
And I'm going to have <UNK> comment to you on the spreads and what is going on that side but we are seeing interest by people who are going to stay in a floating institutional fund.
<UNK>.
If the rates increase to we get the full 15 basis point increase, the client will get to realize the full $6 million.
That's why we stay in there based on rates and how things go ---+ (multiple speakers) up, it could be less.
Yes.
The rates are ---+ it's not waiving anymore.
They're going to get the $6 million.
But if we are waiving then they won't get the full $6 million.
The rate based on rate.
Hold on.
We fully expect it to happen but we also have to see.
Well, basically if we do the numbers, we look at it and say if it were today and everything is exactly the same, it would be around $3 million.
It would be our waiver impact surrender, so we went down to five and we said next quarter we see our way to four and that would be running more like three if we got into next year without a rate increase but with the new arrangement with our client.
No.
Okay, that will conclude our call and we thank you for joining us.
