Crane Data's August Money Fund Portfolio Holdings, with data as of July 31, 2025, show that holdings of Repo plunged last month while Treasuries jumped. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $17.6 billion to $7.372 trillion in July, after increasing $84.0 billion in June and $72.0 billion in May. They decreased 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, decreased $128.1 billion in July. Treasuries, the second largest portfolio composition segment, increased by $117.3 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) decreased $128.1 billion (-4.1%) to $2.972 trillion, or 40.3% of holdings, in July, after increasing $194.2 billion in June, $63.3 billion in May and $31.4 billion in April. Treasury securities increased $117.3 billion (4.5%) to $2.724 trillion, or 37.0% of holdings, after decreasing $98.4 billion in June, $2.1 billion in May and $168.3 billion in April. Government Agency Debt was up $0.8 billion, or 0.1%, to $986.0 billion, or 13.4% of holdings. Agencies increased $8.8 billion in June, $4.8 billion in May and $75.1 billion in April. Repo, Treasuries and Agency holdings now total $6.682 trillion, representing a massive 90.6% of all taxable holdings.
Money fund holdings of CP, CDs and Other (Time Deposits) all rose in July. Commercial Paper (CP) increased 12.3 billion (4.1%) to $314.2 billion, or 4.3% of holdings. CP holdings decreased $9.7 billion in June, increased $8.7 billion in May and decreased $9.6 billion in April. Certificates of Deposit (CDs) increased $1.9 billion (1.0%) to $202.5 billion, or 2.7% of taxable assets. CDs decreased $2.1 billion in June but increased $4.2 billion in May and $4.0 billion in April. Other holdings, primarily Time Deposits, increased $13.0 billion (9.0%) to $158.2 billion, or 2.1% of holdings, after decreasing $8.7 billion in June, $6.8 billion in May and $6.6 billion in April. Other increased $8.2 billion in March. VRDNs increased to $15.0 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Tuesday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.296 trillion, or 17.6% of taxable money funds' $7.372 trillion total. Among Prime money funds, CDs represent 15.6% (down from 15.9% a month ago), while Commercial Paper accounted for 24.2% (up from 23.9% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 14.8% of total holdings, Asset-Backed CP, which accounts for 7.3%, and Non-Financial Company CP, which makes up 2.1%. Prime funds also hold 0.5% in US Govt Agency Debt, 6.1% in US Treasury Debt, 20.5% in US Treasury Repo, 1.0% in Other Instruments, 9.3% in Non-Negotiable Time Deposits, 8.8% in Other Repo, 12.8% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.987 trillion (54.1% of all MMF assets), up from $3.980 trillion in June, while Treasury money fund assets totaled another $2.090 trillion (28.4%), down from $2.115 trillion the prior month. Government money fund portfolios were made up of 24.6% US Govt Agency Debt, 19.5% US Government Agency Repo, 27.3% US Treasury Debt, 28.0% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 74.5% US Treasury Debt and 25.4% in US Treasury Repo. Government and Treasury funds combined now total $6.076 trillion, or 82.4% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $114.2 billion in July to $773.8 billion; their share of holdings rose to 10.5% from last month's 9.0%. Eurozone-affiliated holdings increased to $529.5 billion from last month's $456.5 billion; they account for 7.2% of overall taxable money fund holdings. Asia & Pacific related holdings rose to $357.5 billion (4.9% of the total) from last month's $343.0 billion. Americas related holdings fell to $6.234 trillion from last month's $6.347 trillion; they now represent 84.6% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $132.1 billion, or -6.5%, to $1.913 trillion, or 26.0% of assets); US Government Agency Repurchase Agreements (down $6.3 billion, or -0.7%, to $944.8 billion, or 12.8% of total holdings), and Other Repurchase Agreements (up $10.3 billion, or 9.9%, from last month to $113.7 billion, or 1.5% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $9.1 billion to $192.1 billion, or 2.6% of assets), Asset Backed Commercial Paper (down $4.0 billion at $94.5 billion, or 1.3%), and Non-Financial Company Commercial Paper (up $7.2 billion to $27.6 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of July 31, 2025, include: the US Treasury ($2.724T, 37.0%), Fixed Income Clearing Corp ($1.102T, 14.9%), Federal Home Loan Bank ($726.7B, 9.9%), JP Morgan ($293.4B, 4.0%), Citi ($192.6B, 2.6%), the Federal Reserve Bank of New York ($179.9B, 2.4%), Federal Farm Credit Bank ($175.6B, 2.4%), BNP Paribas ($173.1B, 2.3%), RBC ($141.5B, 1.9%), Wells Fargo ($127.3B, 1.7%), Bank of America ($120.3B, 1.6%), Barclays PLC ($105.1B, 1.4%), Sumitomo Mitsui Banking Corp ($93.1B, 1.3%), Credit Agricole ($78.2B, 1.1%), Goldman Sachs ($74.1B, 1.0%), Mitsubishi UFJ Financial Group Inc ($67.8B, 0.9%), Canadian Imperial Bank of Commerce ($62.4B, 0.8%), Societe Generale ($56.1B, 0.8%), Federal Home Loan Mortgage Corp ($51.4B, 0.7%) and Toronto-Dominion Bank ($50.7B, 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 ($1.078T, 36.3%), JP Morgan ($280.5B, 9.4%), Citi ($181.6B, 6.1%), the Federal Reserve Bank of New York ($179.9B, 6.1%), BNP Paribas ($161.1B, 5.4%), Wells Fargo ($126.1B, 4.2%), RBC ($100.5B, 3.4%), Bank of America ($94.1B, 3.2%), Barclays PLC ($84.5B, 2.8%) and Sumitomo Mitsui Banking Corp ($77.5B, 2.6%).
The largest users of the $179.9 billion in Fed RRP include: Fidelity Cash Central Fund ($42.6B), Vanguard Federal Money Mkt Fund ($30.1B), Fidelity Sec Lending Cash Central Fund ($20.0B), Vanguard Cash Reserves Federal MM ($9.4B), Vanguard Market Liquidity Fund ($9.2B), Goldman Sachs FS Treas Sol ($8.0B), Vanguard Treasury Money Market ($6.3B), Schwab Treasury Oblig MF ($5.9B), Columbia Short-Term Cash Fund ($5.0B) and T Rowe Price Govt Reserve Fund ($4.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($41.0B, 6.8%), Toronto-Dominion Bank ($31.8B, 5.2%), Mizuho Corporate Bank Ltd ($28.7B, 4.7%), Bank of America ($26.2B, 4.3%), Mitsubishi UFJ Financial Group Inc ($24.8B, 4.1%), Fixed Income Clearing Corp ($23.3B, 3.8%), ING Bank ($23.0B, 3.8%), Australia & New Zealand Banking Group Ltd ($20.6B, 3.4%), Barclays PLC ($20.5B, 3.4%) and Credit Agricole ($19.8B, 3.3%). The 10 largest CD issuers include: Sumitomo Mitsui Trust Bank ($16.5B, 8.2%), Mitsubishi UFJ Financial Group Inc ($15.7B, 7.8%), Sumitomo Mitsui Banking Corp ($14.5B, 7.2%), Bank of America ($14.1B, 7.0%), Toronto-Dominion Bank ($13.4B, 6.6%), Credit Agricole ($13.3B, 6.6%), Mizuho Corporate Bank Ltd ($9.6B, 4.8%), Canadian Imperial Bank of Commerce ($9.4B, 4.7%), Mitsubishi UFJ Trust and Banking Corporation ($8.9B, 4.4%) and Truist Financial Corp. ($6.0B, 3.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($27.3B, 9.6%), Toronto-Dominion Bank ($16.0B, 5.6%), Barclays PLC ($14.2B, 5.0%), JP Morgan ($12.9B, 4.5%), Bank of Montreal ($12.8B, 4.5%), Landesbank Baden-Wurttemberg ($11.0B, 3.8%), Northcross Capital Management ($9.3B, 3.3%), Mitsubishi UFJ Financial Group Inc ($9.1B, 3.2%), National Bank of Canada ($8.5B, 3.0%) and BNP Paribas ($8.4B, 2.9%).
The largest increases among Issuers include: the US Treasury (up $117.3B to $2.724T), Citi (up $36.1B to $192.6B), Fixed Income Clearing Corp (up $30.4B to $1.102T), Barclays PLC (up $24.9B to $105.1B), Credit Agricole (up $17.9B to $78.2B), Mizuho Corporate Bank Ltd (up $14.8B to $46.3B), Erste Group Bank AG (up $11.3B to $12.7B), Banco Bilbao Vizcaya Argentaria SA (up $9.9B to $16.8B), Landesbank Baden-Wurttemberg (up $8.3B to $17.4B) and Bank of America (up $7.3B to $120.3B).
The largest decreases among Issuers of money market securities (including Repo) in July were shown by: the Federal Reserve Bank of New York (down $209.5B to $179.9B), RBC (down $79.6B to $141.5B), Bank of Nova Scotia (down $8.6B to $23.8B), Canadian Imperial Bank of Commerce (down $7.4B to $62.4B), Federal Home Loan Bank (down $6.8B to $726.7B), National Bank of Canada (down $2.9B to $11.5B), Goldman Sachs (down $2.4B to $74.1B), Bank of Montreal (down $2.3B to $47.9B), ING Bank (down $2.2B to $36.3B) and Skandinaviska Enskilda Banken AB (down $1.0B to $18.8B).
The United States remained the largest segment of country-affiliations; it represents 80.0% of holdings, or $5.894 trillion. France (4.9%, $357.5B) was in second place, while Canada (4.6%, $339.7B) was No. 3. Japan (3.9%, $286.8B) occupied fourth place. The United Kingdom (2.5%, $186.4B) remained in fifth place. Netherlands (0.8%, $58.0B) was in sixth place, followed by Australia (0.7%, $53.5B), Germany (0.7%, $53.0B), Spain (0.6%, $44.2B), and Sweden (0.5%, $36.2B). (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 July 31, 2025, Taxable money funds held 50.6% (down from 54.2%) of their assets in securities maturing Overnight, and another 10.4% maturing in 2-7 days (down from 9.1%). Thus, 61.0% in total matures in 1-7 days. Another 6.4% matures in 8-30 days, while 9.8% matures in 31-60 days. Note that over three-quarters, or 77.2% 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 7.3% of taxable securities, while 10.2% matures in 91-180 days, and just 5.3% matures beyond 181 days.
