Crane Data's May Money Fund Portfolio Holdings, with data as of April 30, 2025, show that holdings of Repo jumped last month while Treasuries declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $73.8 billion to $7.199 trillion in April, after increasing $45.6 billion in March, $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. Repo, now the largest segment, increased $31.4 billion in April. Treasuries, now the second largest portfolio composition segment, decreased by $168.3 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 $31.4 billion (1.1%) to $2.842 trillion, or 39.5% of holdings, in April, after increasing $92.7 billion in March, $173.9 billion in February, decreasing $67.8 billion in January and increasing $211.3 billion in December. Treasury securities decreased $168.3 billion (-5.9%) to $2.708 trillion, or 37.6% of holdings, after decreasing 83.3 billion in March, $118.3 billion in February, increasing $92.1 billion in January and decreasing $69.5 billion in December. Government Agency Debt was up $75.1 billion, or 8.4%, to $971.7 billion, or 13.5% of holdings. Agencies increased $16.1 billion in March, 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 $6.522 trillion, representing a massive 90.6% of all taxable holdings.
Money fund holdings of Other (Time Deposits) and CP fell in April, while CDs rose. Commercial Paper (CP) decreased $9.6 billion (-3.1%) to $302.8 billion, or 4.2% of holdings. CP holdings increased $7.6 billion in March, $4.4 billion in February and $11.4 billion in January, but decreased $7.3 billion in December. Certificates of Deposit (CDs) increased $4.0 billion (2.1%) to $198.5 billion, or 2.8% of taxable assets. CDs increased $4.1 billion in March, decreased $5.0 billion in February, increased $2.8 billion in January and increased $4.9 billion in December. Other holdings, primarily Time Deposits, decreased $6.6 billion (-3.9%) to $160.6 billion, or 2.2% of holdings, after increasing $8.2 billion in March, $5.0 billion in February and $38.9 billion in January, but decreasing $84.6 billion in December. VRDNs increased to $14.9 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Monday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.243 trillion, or 17.3% of taxable money funds' $7.199 trillion total. Among Prime money funds, CDs represent 16.0% (up from 15.7% a month ago), while Commercial Paper accounted for 24.4% (down from 25.2% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 14.9% of total holdings, Asset-Backed CP, which accounts for 7.3%, and Non-Financial Company CP, which makes up 2.2%. Prime funds also hold 0.5% in US Govt Agency Debt, 6.0% in US Treasury Debt, 22.8% in US Treasury Repo, 1.0% in Other Instruments, 9.4% in Non-Negotiable Time Deposits, 7.6% in Other Repo, 11.1% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.913 trillion (54.4% of all MMF assets), down from $3.944 trillion in March, while Treasury money fund assets totaled another $2.042 trillion (28.4%), down from $2.091 trillion the prior month. Government money fund portfolios were made up of 24.7% US Govt Agency Debt, 18.6% US Government Agency Repo, 29.2% US Treasury Debt, 26.8% in US Treasury Repo, 0.6% in Other Instruments. Treasury money funds were comprised of 73.0% US Treasury Debt and 26.9% in US Treasury Repo. Government and Treasury funds combined now total $5.955 trillion, or 82.7% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $86.2 billion in April to $779.4 billion; their share of holdings rose to 10.8% from last month's 9.5%. Eurozone-affiliated holdings increased to $531.4 billion from last month's $493.3 billion; they account for 7.4% of overall taxable money fund holdings. Asia & Pacific related holdings fell to $306.5 billion (4.3% of the total) from last month's $307.7 billion. Americas related holdings fell to $6.103 trillion from last month's $6.262 trillion; they now represent 84.8% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $19.4 billion, or 1.0%, to $1.882 trillion, or 26.1% of assets); US Government Agency Repurchase Agreements (up $13.8 billion, or 1.6%, to $865.3 billion, or 12.0% of total holdings), and Other Repurchase Agreements (down $1.8 billion, or -1.9%, from last month to $95.6 billion, or 1.3% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $15.7 billion to $185.0 billion, or 2.6% of assets), Asset Backed Commercial Paper (up $2.5 billion at $90.8 billion, or 1.3%), and Non-Financial Company Commercial Paper (up $3.6 billion to $27.0 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of April 30, 2025, include: the US Treasury ($2.708T, 37.6%), Fixed Income Clearing Corp ($1.002T, 13.9%), Federal Home Loan Bank ($732.2B, 10.2%), JP Morgan ($280.2B, 3.9%), the Federal Reserve Bank of New York ($214.4B, or 3.0%), Citi ($181.5B, 2.5%), Federal Farm Credit Bank ($167.6B, 2.3%), BNP Paribas ($164.0B, 2.3%), RBC ($146.8B, 2.0%), Bank of America ($138.3B, 1.9%), Barclays ($109.2B, 1.5%), Wells Fargo ($85.8B, 1.2%), Goldman Sachs ($81.6B, 1.1%), Mitsubishi UFJ Financial Group ($75.0B, 1.0%), Sumitomo Mitsui Banking Corp ($73.3B, 1.0%), Credit Agricole ($72.2B, 1.0%), Canadian Imperial Bank of Commerce ($59.6B, 0.8%), Societe Generale ($53.8B, 0.7%), Toronto-Dominion Bank ($48.3B, 0.7%) and Bank of Montreal ($46.5B, 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 ($978.3B, 34.4%), JP Morgan ($267.6B, 9.4%), the Federal Reserve Bank of New York ($214.4B, 7.5%), Citi ($166.9B, 5.9%), BNP Paribas ($151.4B, 5.3%), Bank of America ($114.6B, 4.0%), RBC ($107.4B, 3.8%), Barclays ($92.5B, 3.3%), Wells Fargo ($85.7B, 3.0%), and Goldman Sachs ($81.2B, 2.9%).
The largest users of the $214.4 billion in Fed RRP include: Fidelity Cash Central Fund ($46.6B), Vanguard Federal Money Mkt Fund ($24.8B), Fidelity Sec Lending Cash Central Fund ($23.7B), Fidelity Inv MM: Treas Port ($13.5B), Schwab Treasury Oblig MF ($13.2B), American Funds Central Cash ($8.3B), Fidelity Money Market ($7.9B), Vanguard Cash Reserves Federal MM ($7.8B), Fidelity Treasury Fund ($7.7B) and Goldman Sachs FS Treas Sol ($7.7B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($39.4B, 6.6%), Toronto-Dominion Bank ($29.7B, 4.9%), Mitsubishi UFJ Financial Group Inc ($27.3B, 4.5%), ING Bank ($24.4B, 4.1%), Bank of America ($23.7B, 3.9%), Australia & New Zealand Banking Group Ltd ($23.7B, 3.9%), Fixed Income Clearing Corp ($23.3B, 3.9%), Mizuho Corporate Bank Ltd ($22.0B, 3.7%), Canadian Imperial Bank of Commerce ($21.1B, 3.5%) and Skandinaviska Enskilda Banken AB ($19.7B, 3.3%).
The 10 largest CD issuers include: Mitsubishi UFJ Financial Group Inc ($19.4B, 9.8%), Bank of America ($15.8B, 8.0%), Sumitomo Mitsui Banking Corp ($13.8B, 7.0%), Credit Agricole ($13.7B, 6.9%), Mizuho Corporate Bank Ltd ($13.2B, 6.6%), Sumitomo Mitsui Trust Bank ($12.2B, 6.2%), Toronto-Dominion Bank ($11.5B, 5.8%), Canadian Imperial Bank of Commerce ($10.3B, 5.2%), Mitsubishi UFJ Trust and Banking Corporation ($9.1B, 4.6%) and Citi ($6.2B, 3.1%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($23.7B, 8.5%), Toronto-Dominion Bank ($17.7B, 6.4%), Bank of Montreal ($13.4B, 4.8%), JP Morgan ($12.6B, 4.5%), Barclays PLC ($12.1B, 4.3%), Australia & New Zealand Banking Group Ltd ($9.8B, 3.5%), Landesbank Baden-Wurttemberg ($8.6B, 3.1%), Citi ($8.3B, 3.0%), Bank of Nova Scotia ($8.3B, 3.0%) and BPCE SA ($8.2B, 2.9%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $76.9B to $1.002T), Federal Home Loan Bank (up $71.2B to $732.2B), Barclays PLC (up $40.3B to $109.2B), Bank of America (up $31.4B to $138.3B), Citi (up $30.2B to $181.5B), JP Morgan (up $25.3B to $280.2B), Credit Agricole (up $15.7B to $72.2B), Erste Group Bank AG (up $10.9B to $12.4B), Societe Generale (up $10.1B to $53.8B) and Standard Chartered Bank (up $6.4B to $21.9B).
The largest decreases among Issuers of money market securities (including Repo) in April were shown by: US Treasury (down $168.3B to $2.708T), the Federal Reserve Bank of New York (down $134.3B to $214.4B), RBC (down $60.5B to $146.8B), Goldman Sachs (down $18.9B to $81.6B), Wells Fargo (down $8.0B to $85.8B), Canadian Imperial Bank of Commerce (down $6.7B to $59.6B), Sumitomo Mitsui Banking Corp (down $6.5B to $73.3B), Mizuho Corporate Bank Ltd (down $5.4B to $36.6B), DNB ASA (down $3.7B to $11.6B) and Bank of Montreal (down $2.7B to $46.5B).
The United States remained the largest segment of country-affiliations; it represents 80.0% of holdings, or $5.761 trillion. Canada (4.8%, $341.6B) was in second place, while France (4.6%, $333.7B) was No. 3. Japan (3.9%, $279.2B) occupied fourth place. The United Kingdom (2.7%, $191.5B) remained in fifth place. Australia (0.8%, $56.4B) was in sixth place, followed by Netherlands (0.7%, $53.1B), Germany (0.7%, $49.5B), Sweden (0.5%, $36.4B), and Spain (0.5%, $34.5B). (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 April 30, 2025, Taxable money funds held 52.5% (up from 51.6%) of their assets in securities maturing Overnight, and another 9.6% maturing in 2-7 days (up from 8.9%). Thus, 62.1% in total matures in 1-7 days. Another 11.6% matures in 8-30 days, while 8.9% matures in 31-60 days. Note that over three-quarters, or 82.6% 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 5.4% of taxable securities, while 7.4% matures in 91-180 days, and just 4.6% matures beyond 181 days.
