47 held by money market funds. In this case, the effects on capital formation from such a shift are likely to be minimal. The preference for this alternative, however, may be tempered by the cost to investors of managing cash on their own. Alternatively, investors may shift their monies to alternative investment vehicles. This shift could have an economic effect on the market for short-term securities. Table 7 below shows the aggregate assets under management for different types of money market funds using data on money market holdings, by type of fund, from Form N-MFP as of June 30, 2012. Prime money market funds hold 57 percent of the total assets of all registered money market funds, whereas Treasury money market funds hold 15 percent of these assets. Both types of funds have very different exposures to certain asset classes. For instance, at March 31, 2012, prime money market funds held approximately 43 percent of financial-company commercial paper outstanding and 9.5 percent of Treasury bills outstanding, whereas Treasury funds held approximately 18 percent of Treasury bills outstanding and only 0.23 percent of financial company commercial paper outstanding (see Panel C below).