Although the bulk of the $2.5 trillion of money market fund assets are invested in Treasury bills, certificates of deposit and short-term commercial debt, money market funds have put $11 billion into collateralized debt obligations (CDOs) backed by subprime mortgage loans this year, Bloomberg reports.

Among those with the largest amount in CDOs are money market funds run by Bank of America, Credit Suisse, Fidelity Investments and Morgan Stanley, which collectively had more than $6 billion in such CDOs in June.

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