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Money Fund Intelligence

Money Fund Intelligence Sample

Money Fund Intelligence is a must-read for money market mutual fund and cash investment professionals. The monthly PDF contains:

  • Money Market News - Coverage of cash happenings, new products, companies in the news, people, and more.
  • Feature Articles - Stories like "Trading Portals", "Enhanced Cash", and "Brokerages Push Banks".
  • Money Fund Profiles - In-depth interviews with portfolio managers and management teams.
  • Fund Performance/Rankings - Full listings of fund 7-day yields, monthly and longer-term returns (1-, 3-, 5-, and 10-year), assets, expense ratios, and more.
  • Crane Money Fund Indexes - Our benchmark money market averages by fund type, plus Brokerage Sweep and Bank Indexes.

Whether you're comparing a fund to the competition, benchmarking your cash portfolio to the market, looking for an investment, or looking for new product ideas, Money Fund Intelligence is the answer. E-mail us for the latest issue!

Latest Contents (Aug. 1, 2015)

Going Govt II: More Mgrs Plan Shifts 1
PIMCO's Jerome Schneider Looks at 2a-7 1
MMFs in Disguise? New Ultra-Shorts 1
Money Mkt News, Benchmarks 1
Brokerage Sweep & Bank Saving 8
People, Calendar, Subscription 8
Top Performing Tables, Indexes 9-12
Fund Performance Listings 13-30
Crane Money Fund Indexes 24

The content page contains archives and delivery settings for all subscriptions.

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Money Fund Intelligence News

Aug 11
 

Crane Data's latest Money Fund Intelligence Family & Global Rankings, which rank the market share of managers of money market mutual funds in the U.S. and globally, will be sent out to subscribers later this week. The August edition, with data as of July 31, 2015, shows asset increases for the majority of US money fund complexes in the latest month, as well as over the past 3 months. Assets increased by $49.9 billion overall, or 1.9%, in July; over the last 3 months, assets are up $94.1 billion, or 3.8%. For the past 12 months through June 30, total assets are up $122.2 billion, or 5.0%. Below, we review the latest market share changes and figures. (Note: Crane Data's August Money Fund Portfolio Holdings will be released later on Tuesday, and our August Money Fund Intelligence was released last Friday.)

The biggest gainers in July were Goldman Sachs, JP Morgan, Fidelity, Federated, BofA, and Dreyfus, rising by $10.3 billion, $7.3B, $7.2 billion, $5.6B, $4.9B, and $4.5B, respectively. JP Morgan, Goldman Sachs, Fidelity, BlackRock, Federated, and Morgan Stanley had the largest increases over the 3 months through July 31, 2015, rising by $16.6 billion, $15.8B, $15.6B, $10.2B, $10.2B, and $9.9B, respectively. (Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product, and the combined "Family & Global Rankings" are available to our Money Fund Wisdom subscribers.)

Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager by far with $410.3 billion, or 15.9% of all assets (up $7.2 billion in June, up $15.6 billion over 3 mos., and up $5.6B over 12 months). Fidelity was followed by JPMorgan's $257.2 billion, or 10.0% (up $7.3B, up $16.6B, and up $25.9B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained the third largest MMF manager with $209.5 billion, or 8.1% of assets (up $3.7B, up $10.2B, and up $27.9B). Federated Investors was fourth with $206.3 billion, or 8.0% of assets (up $5.6B, up $10.2B, and up $9.4B), and Vanguard ranked fifth with $174.0 billion, or 6.7% (down $644M, up $1.7B, and up $2.6B).

The sixth through tenth largest U.S. managers include: Dreyfus ($170.9B, or 6.6%), Goldman Sachs ($156.0B, or 6.0%), Schwab ($155.9B, 6.0%), Morgan Stanley ($125.2B, or 4.9%), and Wells Fargo ($110.0B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($79.7B, or 3.1%), SSgA ($77.2B, or 3.0%), BofA ($55.7B, or 2.2%) which moved ahead of Invesco, Invesco ($55.3B, or 2.1%), Western Asset ($43.2B, or 1.7%), First American ($41.8B, or 1.6%), UBS ($36.8B, or 1.4%), Deutsche ($30.1B, or 1.2%), Franklin ($24.5B, or 1.0%), and American Funds ($15.0B, or 0.6%). Crane Data currently tracks 69 U.S. MMF managers, down one from last month. (Reich & Tang was liquidated last month.)

Over the past year through July 31, 2015, BlackRock showed the largest asset increase (up $27.9B, or 15.4%), followed by JP Morgan (up $25.9B, or 11.2%), Morgan Stanley (up $23.8B, or 23.5%), Goldman Sachs (up $21.0B, or 15.6%), Dreyfus (up $17.5B, or 11.4%), and Federated (up $9.4B, or 4.8%). Other asset gainers for the year include: BofA (up $7.4B, or 15.3%), Fidelity (up $5.6B, or 1.4%), First American (up $5.2B, or 14.3%), Franklin ($4.8B, 24.3%), and Northern (up $3.8B, 5.0%). The biggest decliners over 12 months include: SSgA (down $4.8B, or -5.9%), RBC (down $4.3B, or -22.8%), Schwab (down $3.6B, or -2.3%), Deutsche (down $3.0B, or -9.2%), American Funds (down $2.9B, or -16.2%), and T. Rowe Price (down $1.3B, or -8.1%). (Note that money fund assets are very volatile month to month.)

When European and "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for Goldman moving up to No. 4 (dropping Vanguard to 7), and Western Asset appearing on the list at No. 10 (displacing Wells Fargo from the Top 10). Looking at the largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), the largest money market fund families are: Fidelity ($416.9 billion), JPMorgan ($382.3 billion), BlackRock ($308.7 billion), Goldman Sachs ($235.4 billion), and Federated ($214.6 billion). Dreyfus/BNY Mellon ($195.3B), Vanguard ($174.0B), Schwab ($155.9B), Morgan Stanley ($143.9B), and Western ($119.4B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals. (Note that big moves in the dollar have recently caused volatility in Euro and Sterling balances, which are converted back into USD.)

Finally, our August 2015 Money Fund Intelligence and MFI XLS show that yields went up for many indexes in July. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 842), remained at 0.02% for both the 7-Day Yield and the 30-Day Yield (annualized, net) Average. The Gross 7-Day Yield and 30-Day Yield were 0.16% (unchanged). Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.04%, up from 0.03% last month. Also, our Crane 100 shows a Gross 7-Day Yield of 0.20% (up from 0.19%) and a Gross 30-Day Yield of 0.19% (same as last month). For the 12 month return through 7/31/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%.

Our Prime Institutional MF Index (7-day) yielded 0.05% (unchanged), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, and Crane Govt Retail Index Indexes all yielded 0.01%, while Prime Retail yielded 0.02% (up from 0.01%). The Crane Tax Exempt MF Index also yielded 0.01%. The Gross 7-Day Yields for these indexes were: Prime Inst 0.24% (up from 0.23%), Govt Inst 0.13% (same as last month), Treasury Inst 0.08% (same), and Tax Exempt 0.12% (down from 0.13%) in July. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.02% for YTD, 0.03% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.41% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)

Aug 07
 

The August issue of Crane Data's Money Fund Intelligence was sent out to subscribers Friday morning. The latest edition of our flagship monthly newsletter features the articles: "Going Govt II: More Managers Plan Shifts to 'Govie' Funds," which discusses moves by BlackRock, Goldman, Deutsche and others to change Prime funds into Government funds; "PIMCO's Jerome Schneider Looks at 2a-7 and Beyond," where the head of PIMCO money market funds talks about the "new paradigm" for cash investors; and "MMFs in Disguise? New Ultra-Shorts from SSgA, Others," which reports on the launch of several new money fund-like ultra short bond funds. We have also updated our Money Fund Wisdom database query system with July 31, 2015, performance statistics, and sent out our MFI XLS spreadsheet this a.m. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our July Money Fund Portfolio Holdings are scheduled to ship Tuesday, August 11, and our August Bond Fund Intelligence is scheduled to go out on Friday, August 14. In other news, the SEC updated its "2014 Money Market Fund Reform Frequently Asked Questions" document.

The lead article in MFI says, "As we move into the second half of 2015, money market fund managers are beginning to fine tune their product lineups to prepare for the new rules in 2016. In July, we saw BlackRock, SSgA, Goldman, and Deutsche further evolve with specific and significant fund changes. These latest moves include (in total) another potentially sizable shift of assets (roughly $50 billion) from Prime to Government. We review the latest batch of announcements and filings below."

It continues, "The most notable new changes, perhaps, came from BlackRock. In April, BlackRock announced that it was keeping the TempFund as Prime Institutional and subject to the floating NAV, converting TempCash to a short maturity FNAV fund, and converting several Prime Retail funds to Government funds. In a series of late July filings, they've now outlined which funds are being converted. Specifically, 3 former Merrill Lynch prime retail money funds -- BIF Money Fund (which used to be CMA Money Fund, at one point the largest money fund in the world), Ready Assets Prime Fund, and Retirement Reserves Money Fund -- will be converted to Government funds. Also, BlackRock's FFI Premier Institutional, FFI Institutional Fund, and FFI Select Institutional will be converted from Prime Institutional to Government. All totaled, about $18 billion will be changing from Prime to Government funds. BlackRock also announced that it is liquidating 3 Muni money funds, BlackRock New Jersey MM Portfolio, BlackRock Virginia MMP, and BlackRock North Carolina MMP."

In our "profile" this month, we interview Jerome Schneider, Managing Director and Lead Portfolio Manager for Short Term Strategies at PIMCO. It reads, "Schneider oversees not only money market funds, but all short duration strategies. In that role, Schneider and his team have positioned PIMCO to compete in an evolving marketplace, "focusing on actively managed strategies which offer liquidity management, capital preservation, and income." As he told us, investors are now dealing with a "different set of cards" that will change the game going forward. Schneider discusses those changes and PIMCO’s strategy of creating opportunities in 2a-7 and beyond."

One of the questions asks: "Q: What changes do you see in the marketplace? Schneider: Obviously, the shift from Prime to Government is going to be more of a strategic shift for many investors who want to maintain that $1 par NAV and avoid fees and gates. We have money funds that are going to remain available and we have the capacity to continue to grow those funds. But over the next 2 years or so, we think we will see an evolution out of the liquidity management paradigm that we've had for the past 40 years into a new one that is continuing to be defined. It's not completely formed, and in fact it's in the embryonic stages. As things change -- such as regulations, banks, intermediaries, monetary policies, and even monetary tools such as the reverse repo facility -- all of these things are going to impact how we think about capital preservation and liquidity going forward. Investors are going to have to understand these changes and rely on partners who can help them. Most importantly, we suggest that investors should not limit themselves to the historic frameworks that the industry has used for the past forty years to manage liquidity. Liquidity management will evolve and investors will benefit if they are flexible enough to adapt to these changes."

The third article says, "Money market fund managers are not just revamping their money funds, they are also looking to supplement their lineups with ultra-short bond funds or enhanced cash portfolios. Some of these new funds, for the most part, look and act like money market funds with the potential for slightly higher yields. But they aren't subject to 2a-7 regulations, in particular the pending 4 decimal point pricing and the emergency gates and fees. At a time when new regulations, as well as supply concerns, could impact both Prime and Government money market funds, managers are getting prepared to capture possible outflows by offering alternatives just outside the MMF space."

It adds, "State Street Global Advisors is the latest firm to jump into the ultra-short bond fund space. SSgA filed with the Securities & Exchange Commission to launch 3 new short duration bond funds -- State Street Ultra Short Term Bond Fund, State Street Current Yield Fund, and State Street Conservative Income Fund. The Ultra Short Term Bond Fund's average effective duration is expected to be 1 year or less, said the SEC filing."

The issue also has a brief entitled, "Moody's: MFs to Gain $5B. It says, "In a new report entitled, "`Rising Rates to Unleash $5 billion for US Money Fund Sponsors," Moody's Investors Service says U.S. money market fund managers can expect to double MMF revenues in the near future as the industry is poised to recover some $5 billion in fees <b:>`_."

Crane Data's July MFI XLS, with July 31, 2015, data shows total assets rising by $52.4 billion in July, after rising $15.5 billion in June. YTD, MMF assets are down by $62.4 billion, or 2.4% (through 7/31/15). Our broad Crane Money Fund Average 7-Day Yield and 30-Day Yield remained at 0.02%, while our Crane 100 Money Fund Index (the 100 largest taxable funds) ticked up 1 basis point to 0.04% (7-day and 30-day). On a Gross Yield Basis (before expenses were taken out), funds averaged 0.16% (Crane MFA, up 0.01% from last month) and 0.20% (Crane 100, up 0.01% from last month). Charged Expenses averaged 0.14% and 0.16% (unchanged) for the two main taxable averages. The average WAMs for the Crane MFA and the Crane 100 were 36 and 39 days, respectively, unchanged from last month. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

In other news, the SEC released an updated version of its "Money Market Fund Reform Frequently Asked Questions. The updated FAQ includes new information on a number of topics, including Form N-CR, compliance dates for Form-PF, on Retail investors and beneficial ownership, and suspending redemptions, among others. One of the changes is on Question 16 relates to determining beneficial ownership for the purposes of qualifying as a retail money market fund.

The addendum says, "Rule 13d-3 also treats a person as a beneficial owner based on the person having sole or shared voting power over securities. Voting power may be unrelated to the power to redeem securities, and therefore would not be significant when determining beneficial ownership of a retail money market fund. Accordingly, in the staff's view and notwithstanding Rule 13d-3, policies and procedures would be deemed "reasonably designed to limit all beneficial owners of the fund to natural persons" even if they do not use voting power as a basis for identifying beneficial owners of the fund. The staff believes that such policies and procedures may also permit institutional decision makers to share investment power with a natural person. For example, accounts managed by an institutional decision maker on behalf of one or more natural persons may qualify to invest in a retail money market fund, provided that such natural persons have sole or shared investment power over the shares as defined in rule 13d-3."

Jul 14
 

Crane Data's latest Money Fund Intelligence Family & Global Rankings, which rank the market share of managers of money market mutual funds in the U.S. and globally, were sent out to subscribers late last week. The July edition, with data as of June 30, 2015, shows asset increases for the majority of US money fund complexes in the latest month. However, most fund complexes show losses over the past three months due to steep drops in April. Assets increased by $9.2 billion overall, or 0.4%, in June; over the last 3 months, assets are down $53.3 billion, or 2.1%. But for the past 12 months through June 30, total assets are up $42.2 billion, or 1.7%. Below, we review the latest market share changes and figures. (Note: Crane Data's July Money Fund Portfolio Holdings were released on Friday, and our July Money Fund Intelligence was released last Wednesday.)

The biggest gainers in June were Federated, Fidelity, BofA, UBS, Vanguard, and Dreyfus, rising by $7.1 billion, $5.0 billion, $4.3 billion, $1.8 billion, $1.5 billion, and $1.5 billion, respectively. BofA, JP Morgan, First American, Oppenheimer, and Western had the largest increases over the 3 months through June 30, 2015, rising by $3.2B, $2.0B, $1.1B, $1.0 billion, and $928M, respectively. (Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product, and the combined "Family & Global Rankings" are available to our Money Fund Wisdom subscribers.)

Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager by far with $403.1 billion, or 16.0% of all assets (up $5.0 billion in June, down $333 billion over 3 mos., and down $2.0B over 12 months). Fidelity was followed by JPMorgan's $249.9 billion, or 9.9% (up $367M, up $2.0B, and up $11.6B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained the third largest MMF manager with $205.8 billion, or 8.2% of assets (up $1.6B, down $9.8B, and up $21.5B). Federated Investors was fourth with $200.8 billion, or 8.0% of assets (up $7.1B, down $5.0B, and down $1.2B), and Vanguard ranked fifth with $174.6 billion, or 6.9% (up $1.5B, up $909M, and up $3.8B).

The sixth through tenth largest U.S. managers include: Dreyfus ($166.4B, or 6.6%), Goldman Sachs ($145.6B, or 5.8%), Schwab ($145.2B, 5.8%), Morgan Stanley ($116.9B, or 4.6%), and Wells Fargo ($107.6B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($78.8B, or 3.1%), SSgA ($76.8B, or 3.0%), Invesco ($53.9B, or 2.1%), BofA ($50.7B, or 2.0%), Western Asset ($45.0B, or 1.8%), First American ($42.1B, or 1.7%), UBS ($36.5B, or 1.4%), Deutsche ($31.2B, or 1.2%), Franklin ($24.5B, or 1.0%), and American Funds ($15.0B, or 0.6%). Crane Data currently tracks 70 managers, down one from last month.

Over the past year through June 30, 2015, BlackRock showed the largest asset increase (up $21.5B, or 11.6%), followed by Morgan Stanley (up $12.6B, or 12.1%), Dreyfus (up $12.2B, or 7.9%), JP Morgan (up $11.6B, or 4.9%), Goldman Sachs (up $7.0B, or 5.0%), and Franklin (up $6.1B, or 33.1%). Other asset gainers for the year include: Northern (up $4.3B, or 5.8%), Vanguard ($3.8B, 2.2%), BofA (up $3.7B, or 7.9%), First American (up $3.1B, or 8.0%), and Western (up $3.1B, 11.8%). The biggest decliners over 12 months include: Schwab (down $12.9B, or -8.2%), SSgA (down $7.1B, or -8.5%), Reich & Tang (down $4.6B, or -42.6%), RBC (down $3.6B, or -19.7%), Deutsche (down $3.3B, or -9.4%), Fidelity (down $2.0B, or -0.5%), American Funds (down $1.6B, or -9.6%), T. Rowe Price (down $1.4B, or -8.6%), and Federated (down $1.2B, or -0.6%). (Note that money fund assets are very volatile month to month.)

When European and "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for Goldman moving up to No. 4 (dropping Vanguard to 7), and Western Asset appearing on the list at No. 10 (displacing Wells Fargo from the Top 10). Looking at the largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), the largest money market fund families are: Fidelity ($409.7 billion), JPMorgan ($379.5 billion), BlackRock ($306.5 billion), Goldman Sachs ($225.5 billion), and Federated ($208.9 billion). Dreyfus/BNY Mellon ($191.6B), Vanguard ($174.6B), Schwab ($145.2B), Morgan Stanley ($134.7B), and Western ($124.1B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals. (Note that big moves in the dollar have recently caused volatility in Euro and Sterling balances, which are converted back into USD.)

Finally, our July 2015 Money Fund Intelligence and MFI XLS show that yields remained largely unchanged in June, though gross yields again inched higher (as did Prime Inst yields). Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 858), remained at 0.02% for both the 7-Day Yield and the 30-Day Yield (annualized, net) Average. The Gross 7-Day Yield and 30-Day Yield both ticked up to 0.16% (from 0.15%). Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.03%, the same as last month. Also, our Crane 100 shows a Gross 7-Day Yield and a Gross 30-Day Yield of 0.19% (same as last month). For the 12 month return through 6/30/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%.

Our Prime Institutional MF Index (7-day) yielded 0.05% (up from 0.04%), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, and Prime Retail Indexes all yielded 0.01%, while Crane Govt Retail Index yielded 0.02% (up from 0.01%). The Crane Tax Exempt MF Index yielded 0.01%. The Gross 7-Day Yields for these indexes were: Prime Inst 0.23% (up from 0.22%), Govt Inst 0.13% (same as last month), Treasury Inst 0.08% (same), and Tax Exempt 0.13% (up from 0.11%) in June. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.01% for YTD, 0.03% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.43% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)

Jul 13
 

Crane Data released its July Money Fund Portfolio Holdings Friday, and our latest collection of taxable money market securities, with data as of June 30, 2015, shows a big jump in holdings of Repo and a sizable drop in Other (Time Deposits), par for the course for quarter-end. Money market securities held by Taxable U.S. money funds overall (those tracked by Crane Data) increased by $58.3 billion in June to $2.494 trillion (note: we added the huge internal Vanguard Market Liquidity Fund to our collection this month, which inflated the numbers by $51.7 billion). MMF holdings assets increased $31.6 billion in May, but dropped $49.3 billion in April, $19.2 billion in March, and $52.1 billion in February. Repos remained the largest portfolio segment, ahead of CDs. Treasuries stayed in third place, followed by Commercial Paper. Agencies were fifth, followed by Other (mainly Time Deposits) securities, then VRDNs. Money funds' European-affiliated securities represented 19.3% of holdings, down from 28.8% the previous month. Below, we review our latest Money Fund Portfolio Holdings statistics.

Among all taxable money funds, Repurchase agreements (repo) increased $140.5 billion (26.6%) to $667.9 billion, or 26.8% of assets, on the traditional quarter-end spike in Fed RRP usage, after increasing $10.7 billion in May, decreasing $113.6 billion in April and increasing $98.7 billion in March. Certificates of Deposit (CDs) were up $21.8 billion (4.2%) to $502.3 billion, or 20.1% of assets, after rising $10.8 billion in May, jumping $1.7 billion in April, and dropping $37.4 billion in March. Treasury holdings increased $12.5 billion (3.1%) to $421.3 billion, or 16.9% of assets, while Commercial Paper (CP) dropped $10.4 billion (2.7%) to $379.8 billion, or 15.2% of assets. Government Agency Debt increased $24.2 billion (7.3%) to $355.8 billion, or 14.3% of assets. Other holdings, primarily Time Deposits, fell $83.3 billion to $146.9 billion, or 5.9% of assets. VRDNs held by taxable funds decreased by $3.3 billion to $20.2 billion (0.8% of assets).

Among Prime money funds, CDs represent almost one-third of holdings at 32.8% (down from 34.5% a month ago), followed by Commercial Paper at 24.7%. The CP totals are primarily Financial Company CP (14.4% of total holdings), with Asset-Backed CP making up 5.6% and Other CP (non-financial) making up 4.7%. Prime funds also hold 7.6% in Agencies (up from 6.7%), 4.2% in Treasury Debt (unchanged), 11.1% in Treasury Repo, 2.1% in Other Instruments, and 5.0% in Other Notes. Prime money fund holdings tracked by Crane Data total $1.541 trillion (up from $1.520 trillion last month), or 61.8% of taxable money fund holdings' total of $2.494 trillion.

Government fund portfolio assets totaled $458 billion, up from $441 billion in May, while Treasury money fund assets totaled $494 billion, up from $475 billion in May. Government money fund portfolios were made up of 52.2% Agency Debt, 18.7% Government Agency Repo, 3.7% Treasury debt, and 25.0% in Treasury Repo. Treasury money funds were comprised of 68.9% Treasury debt, 30.8% Treasury Repo, and 0.2% in Government agency, repo and investment company shares. Government and Treasury funds combined total $952 billion, or 38.2% of all taxable money fund assets.

European-affiliated holdings fell $222.1 billion in June to $480.1 billion on the quarter-end shift from time deposits to Fed repo (among all taxable funds and including repos); their share of holdings fell to 19.3% from 28.8% the previous month. Eurozone-affiliated holdings decreased $114.9 billion to $263.4 billion in June; they now account for 10.6% of overall taxable money fund holdings. Asia & Pacific related holdings increased by $14.2 billion to $305.6 billion (12.3% of the total). Americas related holdings increased $264.0 billion to $1.704 trillion, and now represent 68.3% of holdings.

The overall taxable fund Repo totals were made up of: Treasury Repurchase Agreements (up $164.5 billion to $438.1 billion, or 17.6% of assets), Government Agency Repurchase Agreements (down $22.3 billion to $142.4 billion, or 5.7% of total holdings), and Other Repurchase Agreements ($87.4 billion, or 3.5% of holdings, down $1.7 billion from last month). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $6.9 billion to $221.9 billion, or 8.9% of assets), Asset Backed Commercial Paper (up $2.4 billion to $86.2 billion, or 3.5%), and Other Commercial Paper (down $6.0 billion to $71.8 billion, or 2.9%).

The 20 largest Issuers to taxable money market funds as of May 31, 2015, include: the US Treasury ($421.3 billion, or 16.9%), Federal Reserve Bank of New York ($361.4B, 14.5%), Federal Home Loan Bank ($234.8B, 9.4%), Wells Fargo ($70.7B, 2.8%), Bank of Nova Scotia ($61.0B, 2.4%), JP Morgan ($59.5B, 2.4%), RBC ($57.2B, 2.3%), Bank of Tokyo-Mitsubishi UFJ Ltd ($55.5B, 2.2%), Bank of America ($54.1B, 2.2%), BNP Paribas ($51.8B, 2.1%), Toronto-Dominion Bank ($47.7B, 1.9%), Sumitomo Mitsui Banking Co ($44.1B, 1.8%), Federal Farm Credit Bank ($42.6B, 1.7%), Federal Home Loan Mortgage Co. ($42.2B, 1.7%), Credit Suisse ($38.8B, 1.6%), Bank of Montreal ($37.9B, 1.5%), Mizuho Corporate Bank Ltd. ($37.4B, 1.7%), Credit Agricole ($33.3B, 1.3%), Federal National Mortgage Association, ($33.0B, 1.3%), and Svenska Handelsbanken ($32.4B, 1.3%).

In the repo space, the Federal Reserve Bank of New York's RPP program issuance (held by MMFs) remained the largest program with $361.4B, or 54.1%, up from $137.6B a month ago. The 10 largest Fed Repo positions among MMFs on 6/30 include: JP Morgan US Govt ($20.7B), Vanguard Prime MMkt Fund ($14.3B), Fidelity Inst MM MMkt ($14.0B), Fidelity Inst MM Prm ($14.0B), JP Morgan US Govt ($20.7B), Federated Trs Oblg ($13.4B), Morgan Stanley Inst Lq Gvt ($12.7B), JP Morgan Prime MM ($11.5B), Vanguard Market Liquidity Fund ($11.0B), Fidelity Cash Reserves ($10.4B), and Federated Gvt Oblg ($9.0B).

The 10 largest Repo issuers (dealers) (with the amount of repo outstanding and market share among the money funds we track) include: Federal Reserve Bank of New York ($361.4B, 54.1%), Bank of America ($40.9B, 6.1%), Wells Fargo ($35.8B, 5.4%), JP Morgan ($27.1B, 4.1%), BNP Paribas ($24.2B, 3.6%), Citi ($21.1B, 3.2%), Bank of Nova Scotia ($18.9B, 2.8%), Credit Suisse ($17.3B, 2.6%), RBC ($17.0B, 2.5%), and Goldman Sachs ($12.1B, 1.8%),

The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: Bank of Tokyo-Mitsubishi UFJ Ltd ($49.7B, 5.5%), Sumitomo Mitsui Banking Co ($44.1B, 4.9%), Bank of Nova Scotia ($42.1B, 4.7%), RBC ($40.2B, 4.5%), Toronto Dominion Bank ($36.8B, 4.1%), Wells Fargo ($34.8B, 3.9%), Bank of Montreal ($32.6B, 3.6%), Skandinaviska Enskilda Banken AB ($32.4B, 3.2%), Mizuho Corporate Bank Ltd ($32.4B, 3.6%), and JP Morgan ($32.1B, 3.6%).

The 10 largest CD issuers include: Sumitomo Mitsui Banking Co ($38.1B, 7.6%), Bank of Tokyo-Mitsubishi UFJ Ltd ($36.5B, 7.3%), Toronto-Dominion Bank ($32.9B, 6.6%), Mizuho Corporate Bank Ltd ($31.5B, 6.3%), Bank of Montreal ($30.3B, 6.1%), Bank of Nova Scotia ($30.0B, 6.0%), Wells Fargo ($25.8B, 5.2%), RBC ($20.1B, 4.0%), Canadian Imperial Bank of Commerce ($19.6B, 3.9%), and Sumitomo Mitsui Trust Bank ($18.4B, 3.7%).

The 10 largest CP issuers (we include affiliated ABCP programs) include: JP Morgan ($23.6B, 7.4%), Westpac Banking Co ($18.0B, 5.7%), Commonwealth Bank of Australia ($17.4B, 5.5%), RBC ($15.7B, 5.0%), National Australia Bank Ltd ($13.4B, 4.2%), BNP Paribas ($13.1B, 4.2%), HSBC ($11.2B, 3.5%), Australia & New Zealand Banking Group Ltd ($11.2B, 3.5%), Bank of Nova Scotia ($10.9B, 3.4%), and Bank of Tokyo-Mitsubishi UFJ Ltd ($8.9B, 2.8%).

The largest increases among Issuers include: Federal Reserve Bank of New York (up $223.8B to $361.4B), Federal Home Loan Bank (up $25.9B to $234.8B), US Treasury (up $12.5B to $421.3B), Svenska Handelsbanken (up $9.7B to $32.4B), Toronto-Dominion Bank (up $3.8B to $47.7B), Bank of Nova Scotia (up $3.6B to $61.0B), Bank of Montreal (up $2.6B to $37.9B), Australia & New Zealand Banking Group Ltd (up $2.5B to $19.5B), Citi (up $2.0B to $31.5B), and Bank of America (up $1.9B to $54.1B). The largest decreases among Issuers of money market securities (including Repo) in June were shown by: Credit Agricole (down $37.3B to $33.3B), Barclays PLC (down $31.2B to $11.7), DnB NOR Bank ASA (down $27.8B to $7.6B), Natixis (down $17.8B to $25.4B), Swedbank AB (down $16.3B to $15.9B), Skandinaviska Enskilda Banken AB (down $15.7B to $16.8B), Societe Generale (down $14.3B to $19.4B), BNP Paribas (down $12.1B to $51.8), ING Bank (down $3.6B to $24.1B) and General Electric (down $2.9B to $7.1B).

The United States remained the largest segment of country-affiliations; it represents 58.2% of holdings, or $1.450 trillion (up $252B). Canada (10.1%, $251.7B) moved up to second place followed by Japan (7.5%, $186.0B). France (5.8%, $145.2B) fell to fourth place, while Australia (3.6%, $90.6B) rose to fifth place and Sweden (3.2%, $80.4B) rose to sixth. The U.K. (2.9%, $71.9B) dropped down to seventh, while The Netherlands (2.6%, $65.5B), Switzerland (2.3%, $56.7B), and Germany (1.9%, $46.7B) round out the top 10 among country affiliations. (Note: Crane Data attributes Treasury and Government repo to the dealer's parent country of origin, though money funds themselves "look-through" and consider these U.S. government securities. All money market securities must be U.S. dollar-denominated.)

As of June 30, 2015, Taxable money funds held 26.3% of their assets in securities maturing Overnight, and another 15.5% maturing in 2-7 days (41.8% total matures in 1-7 days). Another 20.9% matures in 8-30 days, while 13.2% matures in 31-60 days. Note that three-quarters, or 75.9% of securities, mature in 60 days or less, the dividing line for use of amortized cost accounting under the new pending SEC regulations. The next bucket, 61-90 days, holds 11.1% of taxable securities, while 10.2% matures in 91-180 days and just 2.9% matures beyond 180 days.

Crane Data's Taxable MF Portfolio Holdings (and Money Fund Portfolio Laboratory) were updated late Friday, and our MFI International "offshore" Portfolio Holdings and Tax Exempt MF Holdings will be released later this week. Visit our Content center to download files or visit our Portfolio Laboratory to access our "transparency" module. Contact us if you'd like to see a sample of our latest Portfolio Holdings Reports or our new "Holdings Reports Funds Module." The new file allows user to choose funds (pick a fund then click its ticker) and show Performance alongside Composition, Country breakout, Largest Holdings and Fund Information.