Crane Data's April Money Fund Portfolio Holdings, with data as of March 31, 2025, show that holdings of Repo jumped sharply last month while Treasuries declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $45.6 billion to $7.272 trillion in March, after increasing $53.7 billion in February, $84.1 billion in January, and $88.0 billion in December. They rose by $190.8 billion in November, $82.8 billion in October and $233.8 billion in September. Treasuries, the largest segment, decreased $83.3 billion in March. Repo, the second largest portfolio composition segment, increased by $92.7 billion. Agencies were the third largest segment, CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Among taxable money funds, Repurchase Agreements (repo) increased $92.7 billion (3.4%) to $2.811 trillion, or 38.7% of holdings, in March, after increasing $173.9 billion in February, decreasing $67.8 billion in January and increasing $211.3 billion in December. Treasury securities decreased $83.3 billion (-2.8%) to $2.876 trillion, or 39.5% of holdings, after decreasing $118.3 billion in February, increasing $92.1 billion in January and decreasing $69.5 billion in December. Government Agency Debt was up $16.1 billion, or 1.8%, to $896.5 billion, or 12.3% of holdings. Agencies decreased $6.5 billion in February, increased $7.1 billion in January and increased $33.0 billion in December. Repo, Treasuries and Agency holdings now total $6.583 trillion, representing a massive 90.5% of all taxable holdings.
Money fund holdings of Other (Time Deposits), CP and CDs all rose in March. Commercial Paper (CP) increased $7.6 billion (2.5%) to $312.4 billion, or 4.3% of holdings. CP holdings increased $4.4 billion in February and $11.4 billion in January, but decreased $7.3 billion in December. Certificates of Deposit (CDs) increased $4.1 billion (2.2%) to $194.5 billion, or 2.7% of taxable assets. CDs decreased $5.0 billion in February, increased $2.8 billion in January and increased $4.9 billion in December. Other holdings, primarily Time Deposits, increased $8.2 billion (5.2%) to $167.2 billion, or 2.3% of holdings, after increasing $5.0 billion in February and $38.9 billion in January, but decreasing $84.6 billion in December. VRDNs increased to $14.8 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Thursday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.238 trillion, or 17.0% of taxable money funds' $7.272 trillion total. Among Prime money funds, CDs represent 15.7% (up from 15.6% a month ago), while Commercial Paper accounted for 25.2% (up from 25.0% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 16.2% of total holdings, Asset-Backed CP, which accounts for 7.1%, and Non-Financial Company CP, which makes up 1.9%. Prime funds also hold 0.4% in US Govt Agency Debt, 5.1% in US Treasury Debt, 22.8% in US Treasury Repo, 1.0% in Other Instruments, 10.2% in Non-Negotiable Time Deposits, 7.8% in Other Repo, 10.5% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.944 trillion (54.2% of all MMF assets), up from $3.943 trillion in February, while Treasury money fund assets totaled another $2.091 trillion (28.8%), up from $2.065 trillion the prior month. Government money fund portfolios were made up of 22.6% US Govt Agency Debt, 18.3% US Government Agency Repo, 31.5% US Treasury Debt, 27.0% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 75.1% US Treasury Debt and 24.7% in US Treasury Repo. Government and Treasury funds combined now total $6.035 trillion, or 83.0% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $48.4 billion in March to $693.2 billion; their share of holdings fell to 9.5% from last month's 10.3%. Eurozone-affiliated holdings decreased to $493.3 billion from last month's $519.6 billion; they account for 6.8% of overall taxable money fund holdings. Asia & Pacific related holdings fell to $307.7 billion (4.2% of the total) from last month's $311.9 billion. Americas related holdings rose to $6.262 trillion from last month's $6.164 trillion; they now represent 86.1% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $73.7 billion, or 4.1%, to $1.862 trillion, or 25.6% of assets); US Government Agency Repurchase Agreements (up $23.7 billion, or 2.9%, to $851.4 billion, or 11.7% of total holdings), and Other Repurchase Agreements (down $4.8 billion, or -4.7%, from last month to $97.4 billion, or 1.3% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $6.9 billion to $200.7 billion, or 2.8% of assets), Asset Backed Commercial Paper (up $2.7 billion at $88.4 billion, or 1.2%), and Non-Financial Company Commercial Paper (down $2.1 billion to $23.4 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of March 31, 2025, include: the US Treasury ($2.876T, 39.5%), Fixed Income Clearing Corp ($924.7B, 12.7%), Federal Home Loan Bank ($660.9B, 9.1%), the Federal Reserve Bank of New York ($348.7B, or 4.8%), JP Morgan ($254.9B, 3.5%), RBC ($207.3B, 2.9%), Federal Farm Credit Bank ($163.6B, 2.2%), BNP Paribas ($158.9B, 2.2%), Citi ($151.4B, 2.1%), Bank of America ($106.9B, 1.5%), Goldman Sachs ($100.5B, 1.4%), Wells Fargo ($93.8B, 1.3%), Sumitomo Mitsui Banking Corp ($79.8B, 1.1%), Mitsubishi UFJ Financial Group ($70.4B, 1.0%), Barclays ($68.9B, 0.9%), Canadian Imperial Bank of Commerce ($66.4B, 0.9%), Credit Agricole ($56.6B, 0.8%), Toronto-Dominion Bank ($50.1B, 0.7%), Bank of Montreal ($49.2B, 0.7%), and Societe Generale ($43.6B, 0.6%).
In the repo space, the 10 largest Repo counterparties (dealers) with the amount of repo outstanding and market share (among the money funds we track) include: Fixed Income Clearing Corp ($896.3B, 31.9%), the Federal Reserve Bank of New York ($348.7B, 12.4%), JP Morgan ($242.8B, 8.6%), RBC ($164.0B, 5.8%), BNP Paribas ($148.7B, 5.3%), Citi ($140.0B, 5.0%), Goldman Sachs ($99.6B, 3.5%), Wells Fargo ($93.6B, 3.3%), Bank of America ($85.4B, 3.0%), and Sumitomo Mitsui Banking Corp ($61.1B, 2.2%).
The largest users of the $348.7 billion in Fed RRP include: Fidelity Cash Central Fund ($47.2B), Vanguard Federal Money Mkt Fund ($39.3B), Fidelity Govt Money Market ($30.8B), Fidelity Sec Lending Cash Central Fund ($24.4B), Fidelity Govt Cash Reserves ($23.5B), Schwab Value Adv MF ($20.2B), Fidelity Inv MM: Treas Port ($17.4B), Fidelity Inv MM: Govt Port ($16.1B), Vanguard Market Liquidity Fund ($14.7B) and Fidelity Treasury Fund ($13.1B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($43.3B, 7.0%), Toronto-Dominion Bank ($32.1B, 5.2%), Fixed Income Clearing Corp ($28.3B, 4.6%), Mitsubishi UFJ Financial Group Inc ($28.0B, 4.6%), Mizuho Corporate Bank Ltd ($27.1B, 4.4%), Canadian Imperial Bank of Commerce ($24.5B, 4.0%), Australia & New Zealand Banking Group Ltd ($23.0B, 3.7%), Bank of America ($21.5B, 3.5%), Bank of Montreal ($21.0B, 3.4%) and ING Bank ($20.0B, 3.3%).
The 10 largest CD issuers include: Mitsubishi UFJ Financial Group Inc ($20.8B, 10.7%), Sumitomo Mitsui Banking Corp ($17.4B, 8.9%), Mizuho Corporate Bank Ltd ($14.2B, 7.3%), Credit Agricole ($14.1B, 7.2%), Bank of America ($13.2B, 6.8%), Sumitomo Mitsui Trust Bank ($12.8B, 6.6%), Canadian Imperial Bank of Commerce ($11.3B, 5.8%), Toronto-Dominion Bank ($11.2B, 5.8%), Mitsubishi UFJ Trust and Banking Corporation ($7.7B, 3.9%) and Bank of Nova Scotia ($6.0B, 3.1%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($25.1B, 8.7%), Toronto-Dominion Bank ($18.3B, 6.4%), Bank of Montreal ($16.3B, 5.7%), Barclays PLC ($13.5B, 4.7%), JP Morgan ($12.0B, 4.2%), Australia & New Zealand Banking Group Ltd ($10.5B, 3.6%), BPCE SA ($10.1B, 3.5%), National Bank of Canada ($9.1B, 3.1%), Landesbank Baden-Wurttemberg ($8.6B, 3.0%) and Citi ($8.0B, 2.8%).
The largest increases among Issuers include: the Federal Reserve Bank of New York (up $147.0B to $348.7B), Fixed Income Clearing Corp (up $53.7B to $924.7B), RBC (up $27.3B to $207.3B), Federal Home Loan Bank (up $12.0B to $660.9B), Sumitomo Mitsui Banking Corp (up $8.8B to $79.8B), DNB ASA (up $8.3B to $15.3B), BNP Paribas (up $6.9B to $158.9B), Canadian Imperial Bank of Commerce (up $6.3B to $66.4B), NRW.Bank (up $5.1B to $7.6B) and Federal Farm Credit Bank (up $4.9B to $163.6B).
The largest decreases among Issuers of money market securities (including Repo) in March were shown by: US Treasury (down $83.3B to $2.876T), Barclays PLC (down $23.6B to $68.9B), Citi (down $22.1B to $151.4B), JP Morgan (down $21.9B to $254.9B), Bank of America (down $20.0B to $106.9B), Credit Agricole (down $13.9B to $56.6B), Societe Generale (down $7.6B to $43.6B), ING Bank (down $6.5B to $28.8B), Deutsche Bank AG (down $6.2B to $23.4B) and Standard Chartered Bank (down $3.9B to $15.5B).
The United States remained the largest segment of country-affiliations; it represents 80.4% of holdings, or $5.846 trillion. Canada (5.7%, $415.9B) was in second place, while France (4.2%, $306.8B) was No. 3. Japan (4.0%, $288.6B) occupied fourth place. The United Kingdom (2.0%, $143.7B) remained in fifth place. Australia (0.8%, $56.3B) was in sixth place, followed by Netherlands (0.7%, $50.3B), Germany (0.7%, $49.4B), Sweden (0.5%, $33.3B), and Spain (0.4%, $26.4B). (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 March 31, 2025, Taxable money funds held 51.6% (up from 47.1%) of their assets in securities maturing Overnight, and another 8.9% maturing in 2-7 days (down from 11.8%). Thus, 60.5% in total matures in 1-7 days. Another 11.5% matures in 8-30 days, while 10.8% matures in 31-60 days. Note that over three-quarters, or 82.8% of securities, mature in 60 days or less, the dividing line for use of amortized cost accounting under SEC regulations. The next bucket, 61-90 days, holds 4.9% of taxable securities, while 7.2% matures in 91-180 days, and just 5.2% matures beyond 181 days.
