Crane Data'​ s latest monthly Money Fund Market Share rankings show assets were lower among the majority of the largest U.​ S. money fund complexes in May . Money market fund assets decreased $​ 10.​ 7 billion, or -​ 0.​ 2% , last month to $​ 4.​ 967 trillion . Assets decreased by $​ 40.​ 4 billion, or -​ 0.​ 8%, over the past 3 months, and they'​ ve decreased by $​ 94.​ 5 billion, or -​ 1.​ 9%, over the past 12 months through May 31 . The largest increases among the 25 largest managers last month were seen by JPMorgan, SSGA, Morgan Stanley, Schwab and HSBC , which grew assets by $​ 17.​ 5 billion, $​ 13.​ 6B, $​ 10.​ 0B, $​ 7.​ 4B and $​ 7.​ 4B, respectively. The largest declines in April were seen by Invesco, Goldman Sachs, DWS, Allspring and BlackRock , which decreased by $​ 29.​ 2 billion, $​ 19.​ 1B, $​ 7.​ 6B, $​ 7.​ 5B and $​ 5.​ 0B, respectively. Our domestic U.​ S. "Family " rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "​ Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which rose again in May, below . (Note : Register and make hotel reservations ASAP for our upcoming Money Fund Symposium , which is June 20-​ 22 , in Minneapolis, Minn .)

Over the past year through May 31, 2022, American Funds (​ up $​ 31.​ 6B, or 21.​ 6%), SSGA (​ up $​ 21.​ 2B, or 14.​ 2%), Morgan Stanley (​ up $​ 16.​ 2B, or 6.​ 1%), Fidelity (​ up $​ 9.​ 5B, or 1.​ 1%) and Goldman Sachs (​ up $​ 6.​ 9B, or 1.​ 9%) were the largest gainers . American Funds, SSGA, JPMorgan, Vanguard and BlackRock had the largest asset increases over the past 3 months , rising by $​ 25.​ 9B, $​ 24.​ 4B, $​ 21.​ 4B, $​ 9.​ 6B and $​ 9.​ 1B, respectively. The largest decliners over 12 months were seen by : Allspring (​ down $​ 45.​ 6B), Federated Hermes (​ down $​ 27.​ 8B), BlackRock (​ down $​ 25.​ 8B), Vanguard (​ down $​ 19.​ 9B) and UBS (​ down $​ 18.​ 7B). The largest decliners over 3 months included : Northern (​ down $​ 32.​ 4B), Fidelity (​ down $​ 26.​ 8B), Federated Hermes (​ down $​ 16.​ 1B), Dreyfus (​ down $​ 12.​ 5B) and Allspring (​ down $​ 11.​ 3B).

Our latest domestic U.​ S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $​ 900.​ 3 billion, or 18.​ 1% of all assets . Fidelity was up $​ 2.​ 8B in May, down $​ 26.​ 8 billion over 3 mos., and up $​ 9.​ 5B over 12 months. BlackRock ranked second with $​ 524.​ 9 billion, or 10.​ 6% market share (​ down $​ 5.​ 0B, up $​ 9.​ 1B and down $​ 25.​ 8B for the past 1-​ month, 3-​ mos. and 12-​ mos., respectively). JPMorgan ranked in third place with $​ 471.​ 1 billion, or 9.​ 5% of assets (​ up $​ 17.​ 5B, up $​ 21.​ 4B and down $​ 2.​ 7B). Vanguard ranked fourth with $​ 462.​ 5 billion, or 9.​ 3% market share (​ up $​ 3.​ 7B, up $​ 9.​ 6B and down $​ 19.​ 9B), while Goldman Sachs was the fifth largest MMF manager with $​ 363.​ 9 billion, or 7.​ 3% of assets (​ down $​ 19.​ 1, down $​ 3.​ 5B and up $​ 6.​ 9B for the past 1-​ month, 3-​ mos. and 12-​ mos.).

Federated Hermes was in sixth place with $​ 308.​ 8 billion, or 6.​ 2% (​ up $​ 3.​ 2B, down $​ 16.​ 1B and down $​ 27.​ 8B), while Morgan Stanley was in seventh place with $​ 280.​ 0 billion, or 5.​ 6% of assets (​ up $​ 10.​ 0B, up $​ 802M and up $​ 16.​ 2B). Dreyfus ($​ 232.​ 3B, or 4.​ 7%) was in eighth place (​ down $​ 205M, down $​ 12.​ 5B and down $​ 3.​ 7B), followed by American Funds ($​ 178.​ 3B, or 3.​ 6%; up $​ 0.​ 0B, up $​ 25.​ 9B and up $​ 31.​ 6B). Northern was in 10th place ($​ 170.​ 7B, or 3.​ 4%; down $​ 2.​ 9B, down $​ 32.​ 4B and down $​ 9.​ 3B).

The 11th through 20th-​ largest U.​ S. money fund managers (​ in order) include: SSGA ($​ 170.​ 5B, or 3.​ 4%), Allspring (​ formerly Wells Fargo) ($​ 162.​ 3B, or 3.​ 3%), Schwab ($​ 147.​ 4B, or 3.​ 0%), First American ($​ 119.​ 7B, or 2.​ 4%), Invesco ($​ 90.​ 6B, or 1.​ 8%), T. Rowe Price ($​ 50.​ 7B, or 1.​ 0%), HSBC ($​ 45.​ 0B, or 0.​ 9%), UBS ($​ 40.​ 0B, or 0.​ 8%), Western ($​ 30.​ 5B, or 0.​ 6%) and DWS ($​ 29.​ 1B, or 0.​ 6%). Crane Data currently tracks 61 U.​ S. MMF managers, down 1 from last month.

When European and "​ offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg and the Cayman Islands -- are included, the top 10 managers are the same as the domestic list, except Goldman moves up to the No. 4 spot and Vanguard moves to the No. 5 spot, Morgan Stanley moves up to the No. 6 spot while Federated Hermes moves down one spot to No. 7, and SSGA replaces American Funds at No. 9 . Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (​ domestic U.​ S.) and our MFI International ("​ offshore") products.

The largest Global money market fund families include: Fidelity ($​ 911.​ 9 billion), BlackRock ($​ 711.​ 2B), JP Morgan ($​ 651.​ 4B), Goldman Sachs ($​ 495.​ 1B) and Vanguard ($​ 462.​ 5B) . Morgan Stanley ($​ 334.​ 3B) was in sixth, Federated Hermes ($​ 315.​ 7B) was seventh, followed by Dreyfus/​ BNY Mellon ($​ 253.​ 3B), SSGA ($​ 203.​ 6B) and Northern ($​ 197.​ 6B), which round out the top 10. These totals include "​ offshore" U.​ S. Dollar money funds, as well as Euro and Pound Sterling (​ GBP) funds converted into U.​ S. dollar totals.

The June issue of our Money Fund Intelligence and MFI XLS, with data as of 5/​ 31/​ 22, shows that yields rose again in May for our Crane Money Fund Indexes . The Crane Money Fund Average , which includes all taxable funds covered by Crane Data (​ currently 738), rose to 0.​ 43% (​ up 29 bps) for the 7-​ Day Yield (​ annualized, net) Average, the 30-​ Day Yield increased to 0.​ 37% (​ up 24 bps). The MFA'​ s Gross 7-​ Day Yield rose to 0.​ 72% (​ up 28 bps), and the Gross 30-​ Day Yield also moved up to 0.​ 66% (​ up 24 bps). (Gross yields will be revised Wednesday afternoon , though, once we download the SEC'​ s Form N-​ MFP data for 5/​ 31/​ 22 . We expect the revised expense and gross data to increase again.)

Our Crane 100 Money Fund Index shows an average 7-​ Day (​ Net) Yield of 0.​ 57% (​ up 36 bps) and an average 30-​ Day Yield at 0.​ 51% (​ up 32 bps) . The Crane 100 shows a Gross 7-​ Day Yield of 0.​ 79% (​ up 36 bps) , and a Gross 30-​ Day Yield of 0.​ 73% (​ up 31 bps). Our Prime Institutional MF Index (​ 7-​ day) yielded 0.​ 60% (​ up 37 bps) as of May 31. The Crane Govt Inst Index was at 0.​ 49% (​ up 32 bps) and the Treasury Inst Index was at 0.​ 50% (​ up 31 bps). Thus, the spread between Prime funds and Treasury funds is 10 basis points, and the spread between Prime funds and Govt funds is 11 basis points . The Crane Prime Retail Index yielded 0.​ 46% (​ up 33 bps), while the Govt Retail Index was 0.​ 22% (​ up 17 bps), the Treasury Retail Index was 0.​ 29% (​ up 23 bps from the month prior). The Crane Tax Exempt MF Index yielded 0.​ 40% (​ up 26 bps) as of May 31.

Gross 7-​ Day Yields for these indexes to end May were: Prime Inst 0.​ 87% (​ up 36 bps), Govt Inst 0.​ 71% (​ up 32 bps), Treasury Inst 0.​ 76% (​ up 30 bps), Prime Retail 0.​ 85% (​ up 33 bps), Govt Retail 0.​ 55% (​ up 17 bps) and Treasury Retail 0.​ 67% (​ up 23 bps) . The Crane Tax Exempt Index jumped to 0.​ 65% (​ up 22 bps) . The Crane 100 MF Index returned on average 0.​ 04% over 1-​ month, 0.​ 07% over 3-​ months, 0.​ 05% YTD, 0.​ 07% over the past 1-​ year, 0.​ 52% over 3-​ years (​ annualized), 0.​ 93% over 5-​ years, and 0.​ 52% over 10-​ years .

The total number of funds, including taxable and tax-​ exempt, dropped by 6 in May to 888 . There are currently 738 taxable funds, down 6 from the previous month, and 150 tax-​ exempt money funds (​ unchanged from last month). (Contact us if you'​ d like to see our latest MFI XLS, Crane Indexes or Market Share report.)