Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 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) increased by $72.0 billion to $7.271 trillion in May, after decreasing by $73.8 billion in April and increasing $45.6 billion in March. Assets rose by $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, the largest segment, increased $63.3 billion in May. Treasuries, the second largest portfolio composition segment, decreased by $2.1 billion. Agencies were the third largest segment, and 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 $63.3 billion (2.2%) to $2.906 trillion, or 40.0% of holdings, in May, after increasing $31.4 billion in April, $92.7 billion in March and $173.9 billion in February. Treasury securities decreased $2.1 billion (-0.1%) to $2.706 trillion, or 37.2% of holdings, after decreasing $168.3 billion in April, $83.3 billion in March and $118.3 billion in February. Government Agency Debt was up $4.8 billion, or 0.5%, to $976.4 billion, or 13.4% of holdings. Agencies increased $75.1 billion in April and $16.1 billion in March, but decreased $6.5 billion in February. Repo, Treasuries and Agency holdings now total $6.588 trillion, representing a massive 90.6% of all taxable holdings.
Money fund holdings of CP and CDs rose in May, while Other (Time Deposits) fell. Commercial Paper (CP) increased $8.7 billion (2.9%) to $311.5 billion, or 4.3% of holdings. CP holdings decreased $9.6 billion in April, but increased $7.6 billion in March and $4.4 billion in February. Certificates of Deposit (CDs) increased $4.2 billion (2.1%) to $202.7 billion, or 2.8% of taxable assets. CDs increased $4.0 billion in April and $4.1 billion in March, but decreased $5.0 billion in February. Other holdings, primarily Time Deposits, decreased $6.8 billion (-4.2%) to $153.8 billion, or 2.1% of holdings, after decreasing $6.6 billion in April, increasing $8.2 billion in March, and increasing $5.0 billion in February. VRDNs decreased 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 Wednesday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.248 trillion, or 17.2% of taxable money funds' $7.271 trillion total. Among Prime money funds, CDs represent 16.2% (up from 16.0% a month ago), while Commercial Paper accounted for 25.0% (up from 24.4% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 15.2% of total holdings, Asset-Backed CP, which accounts for 7.5%, and Non-Financial Company CP, which makes up 2.3%. Prime funds also hold 0.4% in US Govt Agency Debt, 5.4% in US Treasury Debt, 21.3% in US Treasury Repo, 0.8% in Other Instruments, 9.6% in Non-Negotiable Time Deposits, 8.1% in Other Repo, 12.1% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.920 trillion (53.9% of all MMF assets), up from $3.913 trillion in April, while Treasury money fund assets totaled another $2.102 trillion (28.9%), up from $2.042 trillion the prior month. Government money fund portfolios were made up of 24.8% US Govt Agency Debt, 19.5% US Government Agency Repo, 27.7% US Treasury Debt, 27.5% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 73.8% US Treasury Debt and 26.1% in US Treasury Repo. Government and Treasury funds combined now total $6.022 trillion, or 82.8% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $27.0 billion in May to $806.4 billion; their share of holdings rose to 11.1% from last month's 10.8%. Eurozone-affiliated holdings increased to $553.6 billion from last month's $531.4 billion; they account for 7.6% of overall taxable money fund holdings. Asia & Pacific related holdings fell to $300.4 billion (4.1% of the total) from last month's $306.5 billion. Americas related holdings rose to $6.154 trillion from last month's $6.103 trillion; they now represent 84.7% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $8.7 billion, or 0.5%, to $1.890 trillion, or 26.0% of assets); US Government Agency Repurchase Agreements (up $48.7 billion, or 5.6%, to $914.0 billion, or 12.6% of total holdings), and Other Repurchase Agreements (up $5.9 billion, or 6.1%, from last month to $101.4 billion, or 1.4% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $4.4 billion to $189.4 billion, or 2.6% of assets), Asset Backed Commercial Paper (up $2.2 billion at $93.0 billion, or 1.3%), and Non-Financial Company Commercial Paper (up $2.0 billion to $29.0 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of May 31, 2025, include: the US Treasury ($2.706T, 37.2%), Fixed Income Clearing Corp ($935.3, 12.9%), Federal Home Loan Bank ($734.9B, 10.1%), the Federal Reserve Bank of New York ($281.8B, or 3.9%), JP Morgan ($265.6B, 3.7%), RBC ($219.6B, 3.0%), Citi ($190.9B, 2.6%), BNP Paribas ($171.6B, 2.4%), Federal Farm Credit Bank ($166.2B, 2.3%), Bank of America ($117.3B, 1.6%), Barclays ($115.8B, 1.6%), Wells Fargo ($91.8B, 1.3%), Sumitomo Mitsui Banking Corp ($77.5B, 1.1%), Credit Agricole ($75.0B, 1.0%), Goldman Sachs ($73.6B, 1.0%), Mitsubishi UFJ Financial Group ($67.6B, 0.9%), Canadian Imperial Bank of Commerce ($58.8B, 0.8%), Societe Generale ($55.8B, 0.8%), Toronto-Dominion Bank ($49.0B, 0.7%) and Bank of Montreal ($46.8B, 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 ($912.0B, 31.4%), the Federal Reserve Bank of New York ($281.8B, 9.7%), JP Morgan ($252.0B, 8.7%), Citi ($178.0B, 6.1%), RBC ($177.8B, 6.1%), BNP Paribas ($160.1B, 5.5%), Barclays ($98.1B, 3.4%), Bank of America ($93.9B, 3.2%), Wells Fargo ($90.9B, 3.1%), and Goldman Sachs ($72.8B, 2.5%).
The largest users of the $281.8 billion in Fed RRP include: Fidelity Cash Central Fund ($43.0), Fidelity Govt Money Market ($31.9B), Fidelity Sec Lending Cash Central Fund ($24.6B), Vanguard Federal Money Mkt Fund ($19.9B), Fidelity Inv MM: Govt Port ($17.2B), Fidelity Inv MM: Treas Port ($16.4B), Vanguard Market Liquidity Fund ($14.9B), Fidelity Money Market ($8.9B), American Funds Central Cash ($8.3B) and Fidelity Treasury Fund ($8.1B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($41.8B, 7.0%), Toronto-Dominion Bank ($29.8B, 5.0%), Bank of America ($23.4B, 3.9%), Mitsubishi UFJ Financial Group Inc ($23.4B, 3.9%), Fixed Income Clearing Corp ($23.3B, 3.9%), ING Bank ($22.2B, 3.7%), Australia & New Zealand Banking Group Ltd ($22.1B, 3.7%), Skandinaviska Enskilda Banken AB ($21.0B, 3.5%), Canadian Imperial Bank of Commerce ($21.0B, 3.5%) and Mizuho Corporate Bank Ltd ($20.4B, 3.4%).
The 10 largest CD issuers include: Sumitomo Mitsui Banking Corp ($15.4B, 7.6%), Mitsubishi UFJ Financial Group Inc ($15.4B, 7.6%), Bank of America ($15.3B, 7.5%), Credit Agricole ($14.3B, 7.1%), Sumitomo Mitsui Trust Bank ($14.1B, 7.0%), Toronto-Dominion Bank ($12.1B, 6.0%), Mizuho Corporate Bank Ltd ($10.3B, 5.1%), Canadian Imperial Bank of Commerce ($9.9B, 4.9%), Mitsubishi UFJ Trust and Banking Corporation ($8.8B, 4.3%) and Truist Financial Corp. ($7.8B, 3.8%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($23.7B, 8.3%), Toron-to-Dominion Bank ($17.6B, 6.2%), Bank of Montreal ($14.5B, 5.1%), JP Morgan ($13.7B, 4.8%), Barclays PLC ($11.5B, 4.0%), National Bank of Canada ($9.9B, 3.5%), Landesbank Baden-Wurttemberg ($9.8B, 3.4%), Australia & New Zealand Banking Group Ltd ($8.2B, 2.9%), Mitsubishi UFJ Financial Group Inc ($8.0B, 2.8%) and Bank of Nova Scotia ($8.0B, 2.8%).
The largest increases among Issuers include: RBC (up $72.8B to $219.6B), the Federal Reserve Bank of New York (up $67.4B to $281.8B), Citi (up $9.3B to $190.9B), BNP Paribas (up $7.6B to $171.6B), Barclays PLC (up $6.6B to $115.8B), Wells Fargo (up $6.0B to $91.8B), Truist Financial Corp. (up $5.0B to $11.6B), Sumitomo Mitsui Banking Corp (up $4.2B to $77.5B), Federal Home Loan Mortgage Corp (up $4.1B to $42.5B) and Bank of Nova Scotia (up $4.0B to $32.7B).
The largest decreases among Issuers of money market securities (including Repo) in May were shown by: Fixed Income Clearing Corp (down $66.3B to $935.3B), Bank of America (down $20.9B to $117.3B), JP Morgan (down $14.5B to $265.6B), Goldman Sachs (down $8.0B to $73.6B), Mitsubishi UFJ Financial Group Inc (down $7.3B to $67.6B), Nomura (down $5.8B to $26.1B), DNB ASA (down $2.3B to $9.3B), the US Treasury (down $2.1B to $2.706T), Australia & New Zealand Banking Group Ltd (down $2.0B to $33.5B) and Svenska Handelsbanken (down $1.4B to $8.0B).
The United States remained the largest segment of country-affiliations; it represents 78.9% of holdings, or $5.733 trillion. Canada (5.8%, $420.9B) was in second place, while France (4.8%, $346.8B) was No. 3. Japan (3.8%, $272.4B) occupied fourth place. The United Kingdom (2.7%, $197.7B) remained in fifth place. Germany (0.8%, $54.9B) was in sixth place, followed by Netherlands (0.7%, $53.7B), Australia (0.7%, $53.3B), Spain (0.5%, $39.1B), and Sweden (0.5%, $35.7B). (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 May 31, 2025, Taxable money funds held 50.2% (down from 52.5%) of their assets in securities maturing Overnight, and another 11.5% maturing in 2-7 days (up from 9.6%). Thus, 61.8% in total matures in 1-7 days. Another 9.1% matures in 8-30 days, while 10.4% matures in 31-60 days. Note that over three-quarters, or 81.2% 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 4.2% of taxable securities, while 9.0% matures in 91-180 days, and just 5.6% matures beyond 181 days.
