With the 2a-7 money market fund reform deadline of October 14, 2016 in the rearview mirror, now is an opportune time to review its impact on short term fixed income markets. The major reallocation from Prime to Government funds proved to be somewhat stickier than expected. In turn, so have the resulting yield differentials between short term paper (3 months or less) and longer money market instruments (6 months or more), and between credit and government instruments. Government funds appear to have become the consensus choice for institutional investors exiting prime funds. We believe this creates an opportunity for investors with time horizons of at least a few months and who do not need 100% daily liquidity to benefit from the post-reform environment by placing at least a portion of their cash allocation in separately managed accounts.