Crane Data's July Money Fund Portfolio Holdings, with data as of June 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) increased by $84.0 billion to $7.355 trillion in June, after increasing $72.0 billion in May and decreasing by $73.8 billion in April. Assets rose by $45.6 billion in March, $53.7 billion in February, $84.1 billion in January, and $88.0 billion in December. Repo, the largest segment, increased $194.2 billion in June. Treasuries, the second largest portfolio composition segment, decreased by $98.4 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 $194.2 billion (6.7%) to $3.100 trillion, or 42.2% of holdings, in June, after increasing $63.3 billion in May, $31.4 billion in April, and $92.7 billion in March. Treasury securities decreased $98.4 billion (-3.6%) to $2.607 trillion, or 35.4% of holdings, after decreasing $2.1 billion in May, $168.3 billion in April, and $83.3 billion in March. Government Agency Debt was up $8.8 billion, or 0.9%, to $985.3 billion, or 13.4% of holdings. Agencies increased $4.8 billion in May, $75.1 billion in April and $16.1 billion in March. Repo, Treasuries and Agency holdings now total $6.692 trillion, representing a massive 91.0% of all taxable holdings.
Money fund holdings of CP, CDs and Other (Time Deposits) all fell in June. Commercial Paper (CP) decreased $9.7 billion (-3.1%) to $301.8 billion, or 4.1% of holdings. CP holdings increased $8.7 billion in May, decreased $9.6 billion in April, but increased $7.6 billion in March. Certificates of Deposit (CDs) decreased $2.1 billion (-1.1%) to $200.6 billion, or 2.7% of taxable assets. CDs increased $4.2 billion in May, $4.0 billion in April and $4.1 billion in March. Other holdings, primarily Time Deposits, decreased $8.7 billion (-5.6%) to $145.2 billion, or 2.0% of holdings, after decreasing $6.8 billion in May and $6.6 billion in April. Other increased $8.2 billion in March. VRDNs decreased to $14.6 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Friday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.260 trillion, or 17.1% of taxable money funds' $7.355 trillion total. Among Prime money funds, CDs represent 15.9% (down from 16.2% a month ago), while Commercial Paper accounted for 23.9% (down from 25.0% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 14.5% of total holdings, Asset-Backed CP, which accounts for 7.8%, and Non-Financial Company CP, which makes up 1.6%. Prime funds also hold 0.5% in US Govt Agency Debt, 2.8% in US Treasury Debt, 25.8% in US Treasury Repo, 1.1% in Other Instruments, 8.1% in Non-Negotiable Time Deposits, 8.2% in Other Repo, 12.5% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.980 trillion (54.1% of all MMF assets), up from $3.920 trillion in May, while Treasury money fund assets totaled another $2.115 trillion (28.8%), up from $2.102 trillion the prior month. Government money fund portfolios were made up of 24.6% US Govt Agency Debt, 19.9% US Government Agency Repo, 25.4% US Treasury Debt, 29.4% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 73.9% US Treasury Debt and 26.0% in US Treasury Repo. Government and Treasury funds combined now total $6.095 trillion, or 82.9% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $105.4 billion in June to $659.6 billion; their share of holdings fell to 9.0% from last month's 10.5%. Eurozone-affiliated holdings decreased to $456.5 billion from last month's $553.6 billion; they account for 6.2% of overall taxable money fund holdings. Asia & Pacific related holdings rose to $343.0 billion (4.7% of the total) from last month's $300.4 billion. Americas related holdings rose to $6.347 trillion from last month's $6.154 trillion; they now represent 86.3% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $155.1 billion, or 8.2%, to $2.045 trillion, or 27.8% of assets); US Government Agency Repurchase Agreements (up $37.0 billion, or 4.1%, to $951.1 billion, or 12.9% of total holdings), and Other Repurchase Agreements (up $2.0 billion, or 2.0%, from last month to $103.5 billion, or 1.4% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $6.4 billion to $183.0 billion, or 2.5% of assets), Asset Backed Commercial Paper (up $5.4 billion at $98.4 billion, or 1.3%), and Non-Financial Company Commercial Paper (down $8.6 billion to $20.4 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of June 30, 2025, include: the US Treasury ($2.607T, 35.4%), Fixed Income Clearing Corp ($1.071T, 14.6%), Federal Home Loan Bank ($733.5B, 10.0%), the Federal Reserve Bank of New York ($389.4B, 5.3%), JP Morgan ($293.0B, 4.0%), RBC ($221.1B, 3.0%), Federal Farm Credit Bank ($170.7B, 2.3%), BNP Paribas ($168.0B, 2.3%), Citi ($156.6B, 2.1%), Wells Fargo ($122.3B, 1.7%), Bank of America ($113.1B, 1.5%), Sumitomo Mitsui Banking Corp ($92.6B, 1.3%), Barclays ($80.2B, 1.1%), Goldman Sachs ($76.5B, 1.0%), Canadian Imperial Bank of Commerce ($69.9B, 0.9%), Mitsubishi UFJ Financial Group ($67.7B, 0.9%), Credit Agricole ($60.3B, 0.8%), Bank of Montreal ($50.2B, 0.7%), Societe Generale ($49.7B, 0.7%) and Toronto-Dominion Bank ($48.5B, 0.7%).
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 ($1,047.8T, 33.8%), the Federal Reserve Bank of New York ($389.4B, 12.6%), JP Morgan ($279.9B, 9.0%), RBC ($177.9B, 5.7%), BNP Paribas ($155.6B, 5.0%), Citi ($142.9B, 4.6%), Wells Fargo ($121.0B, 3.9%), Bank of America ($87.9B, 2.8%), Sumitomo Mitsui Banking Corp ($76.0B, 2.5%) and Goldman Sachs ($76.0B, 2.5%).
The largest users of the $389.4 billion in Fed RRP include: Vanguard Federal Money Mkt Fund ($52.2B), Fidelity Cash Central Fund ($44.7B), Fidelity Govt Money Market ($27.6B), Fidelity Sec Lending Cash Central Fund ($26.7B), Vanguard Market Liquidity Fund ($26.5B), Fidelity Inv MM: MM Port ($21.6B), Fidelity Money Market ($18.2B), Fidelity Inv MM: Treas Port ($17.2B), JPMorgan US Govt MM ($16.8B) and Vanguard Cash Reserves Federal MM ($16.7B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($43.2B, 7.4%), Toronto-Dominion Bank ($29.6B, 5.1%), ING Bank ($27.3B, 4.7%), Canadian Imperial Bank of Commerce ($25.7B, 4.4%), Bank of America ($25.2B, 4.3%), Mitsubishi UFJ Financial Group Inc ($23.8B, 4.1%), Australia & New Zealand Banking Group Ltd ($23.7B, 4.0%), Fixed Income Clearing Corp ($23.3B, 4.0%), Barclays PLC ($20.3B, 3.5%) and Skandinaviska Enskilda Banken AB ($19.7B, 3.4%).
The 10 largest CD issuers include: Mitsubishi UFJ Financial Group Inc ($15.4B, 7.7%), Sumitomo Mitsui Banking Corp ($15.3B, 7.7%), Bank of America ($14.4B, 7.2%), Sumitomo Mitsui Trust Bank ($14.3B, 7.2%), Toronto-Dominion Bank ($13.1B, 6.5%), Credit Agricole ($12.2B, 6.1%), Mitsubishi UFJ Trust and Banking Corporation ($9.1B, 4.6%), Mizuho Corporate Bank Ltd ($8.7B, 4.3%), Canadian Imperial Bank of Commerce ($8.6B, 4.3%) and Truist Financial Corp. ($8.6B, 4.3%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($27.0B, 9.7%), Toronto-Dominion Bank ($15.9B, 5.7%), Bank of Montreal ($14.9B, 5.3%), Barclays PLC ($14.1B, 5.1%), JP Morgan ($13.1B, 4.7%), National Bank of Canada ($11.2B, 4.0%), BNP Paribas ($8.8B, 3.2%), Northcross Capital Management ($8.5B, 3.0%), Mitsubishi UFJ Financial Group Inc ($8.4B, 3.0%) and ING Bank ($8.4B, 3.0%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $135.8B to $1,071.1T), the Federal Reserve Bank of New York (up $107.5B to $389.4B), Wells Fargo (up $30.5B to $122.3B), JP Morgan (up $27.3B to $293.0B), Sumitomo Mitsui Banking Corp (up $15.1B to $92.6B), Canadian Imperial Bank of Commerce (up $11.0B to $69.9B), Federal Home Loan Mortgage Corp (up $5.7B to $48.2B), Federal Farm Credit Bank (up $4.5B to $170.7B), Bank of Montreal (up $3.4B to $50.2B) and ING Bank (up $3.2B to $38.5B).
The largest decreases among Issuers of money market securities (including Repo) in May were shown by: The US Treasury (down $98.4B to $2.607T), Barclays PLC (down $35.7B to $80.2B), Citi (down $34.3B to $156.6B), Credit Agricole (down $14.7B to $60.3B), Sumitomo Mitsui Trust Bank (down $12.3B to $18.8B), Standard Chartered Bank (down $6.7B to $14.9B), Banco Bilbao Vizcaya Argentaria SA (down $6.7B to $6.9B), Societe Generale (down $6.1B to $49.7B), Landesbank Baden-Wurttemberg (down $5.4B to $9.1B) and Bank of America (down $4.2B to $113.1B).
The United States remained the largest segment of country-affiliations; it represents 80.4% of holdings, or $5.909 trillion. Canada (6.0%, $438.2B) was in second place, while France (4.4%, $321.6B) was No. 3. Japan (3.7%, $270.8B) occupied fourth place. The United Kingdom (2.1%, $155.6B) remained in fifth place. Netherlands (0.8%, $57.2B) was in sixth place, followed by Australia (0.7%, $53.9B), Germany (0.6%, $45.1B), Sweden (0.4%, $32.0B), and Spain (0.4%, $29.3B). (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, 2025, Taxable money funds held 54.2% (up from 50.2%) of their assets in securities maturing Overnight, and another 9.1% maturing in 2-7 days (down from 11.5%). Thus, 63.3% in total matures in 1-7 days. Another 10.3% matures in 8-30 days, while 5.7% matures in 31-60 days. Note that over three-quarters, or 79.3% 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 4.8% of taxable securities, while 10.6% matures in 91-180 days, and just 5.4% matures beyond 181 days.
