Crane Data's September Money Fund Portfolio Holdings, with data as of Aug. 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 $166.6 billion to $7.539 trillion in August, after increasing $17.6 billion in July, $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. Treasuries, the largest portfolio composition segment, increased by $414.3 billion. Repo, the second largest segment, decreased $236.2 billion in August. 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 $236.2 billion (-8.0%) to $2.736 trillion, or 36.3% of holdings, in August, after decreasing $128.1 billion in July, but increasing $194.2 billion in June, $63.3 billion in May and $31.4 billion in April. Treasury securities increased $414.3 billion (15.2%) to $3.139 trillion, or 41.6% of holdings, after increasing $117.3 billion in July, but decreasing $98.4 billion in June, $2.1 billion in May and $168.3 billion in April. Government Agency Debt was down $18.7 billion, or -1.9%, to $967.4 billion, or 12.8% of holdings. Agencies decreased $0.8 billion in July, $8.8 billion in June, $4.8 billion in May and $75.1 billion in April. Repo, Treasuries and Agency holdings now total $6.842 trillion, representing a massive 90.8% of all taxable holdings.
Money fund holdings of CP and CDs rose while Other (Time Deposits) fell in August. Commercial Paper (CP) increased $7.6 billion (2.4%) to $321.7 billion, or 4.3% of holdings. CP holdings increased $12.3 billion in July, decreased $9.7 billion in June and increased $8.7 billion in May. Certificates of Deposit (CDs) increased $3.4 billion (1.7%) to $205.9 billion, or 2.7% of taxable assets. CDs increased $1.9 billion in July, decreased $2.1 billion in June but increased $4.2 billion in May. Other holdings, primarily Time Deposits, decreased $4.4 billion (-2.8%) to $153.8 billion, or 2.0% of holdings, after increasing $13.0 billion in July, but decreasing $8.7 billion in June and $6.8 billion in May. Other increased $8.2 billion in March. VRDNs increased to $15.6 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Thursday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.308 trillion, or 17.3% of taxable money funds' $7.539 trillion total. Among Prime money funds, CDs represent 15.7% (up from 15.6% a month ago), while Commercial Paper accounted for 24.5% (up from 24.2% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 15.2% of total holdings, Asset-Backed CP, which accounts for 7.3%, and Non-Financial Company CP, which makes up 2.0%. Prime funds also hold 0.5% in US Govt Agency Debt, 8.3% in US Treasury Debt, 18.6% in US Treasury Repo, 1.2% in Other Instruments, 8.4% in Non-Negotiable Time Deposits, 9.0% in Other Repo, 12.5% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.100 trillion (54.4% of all MMF assets), up from $3.987 trillion in July, while Treasury money fund assets totaled another $2.131 trillion (28.3%), up from $2.090 trillion the prior month. Government money fund portfolios were made up of 23.4% US Govt Agency Debt, 18.2% US Government Agency Repo, 33.5% US Treasury Debt, 24.2% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 77.7% US Treasury Debt and 22.2% in US Treasury Repo. Government and Treasury funds combined now total $6.231 trillion, or 82.7% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $16.7 billion in August to $757.1 billion; their share of holdings fell to 10.0% from last month's 10.5%. Eurozone-affiliated holdings decreased to $519.4 billion from last month's $529.5 billion; they account for 6.9% of overall taxable money fund holdings. Asia & Pacific related holdings were unchanged at $357.5 billion (4.7% of the total) from last month's $357.5 billion. Americas related holdings rose to $6.419 trillion from last month's $6.234 trillion; they now represent 85.1% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $206.1 billion, or -10.8%, to $1.707 trillion, or 22.6% of assets); US Government Agency Repurchase Agreements (down $33.4 billion, or -3.5%, to $911.4 billion, or 12.1% of total holdings), and Other Repurchase Agreements (up $3.3 billion, or 2.9%, from last month to $117.1 billion, or 1.6% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $7.1 billion to $199.2 billion, or 2.6% of assets), Asset-Backed Commercial Paper (up $1.4 billion at $95.8 billion, or 1.3%), and Non-Financial Company Commercial Paper (down $0.9 billion to $26.7 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of Aug. 31, 2025, include: the US Treasury ($3.139T, 41.6%), Fixed Income Clearing Corp ($962.3B, 12.8%), Federal Home Loan Bank ($702.2B, 9.3%), JP Morgan ($274.4B, 3.6%), RBC ($210.8B, 2.8%), Citi ($182.6B, 2.4%), Federal Farm Credit Bank ($173.9B, 2.3%), BNP Paribas ($171.8B, 2.3%), Wells Fargo ($137.4B, 1.8%), Barclays PLC ($109.1B, 1.4%), Bank of America ($108.7B, 1.4%), Sumitomo Mitsui Banking Corp ($97.3B, 1.3%), Credit Agricole ($77.3B, 1.0%), Goldman Sachs ($66.3B, 0.9%), Mitsubishi UFJ Financial Group Inc ($65.3B, 0.9%), Canadian Imperial Bank of Commerce ($62.0B, 0.8%), Societe Generale ($57.0B, 0.8%), Federal Home Loan Mortgage Corp ($57.0B, 0.8%), Federal Reserve Bank of New York ($55.0B, 0.7%) and Toronto-Dominion Bank ($54.6B, 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 ($933.9B, 34.1%), JP Morgan ($261.5B, 9.6%), Citi ($173.5B, 6.3%), RBC ($165.1B, 6.0%), BNP Paribas ($159.1B, 5.8%), Wells Fargo ($136.2B, 5.0%), Barclays PLC ($90.2B, 3.3%), Sumitomo Mitsui Banking Corp ($82.3B, 3.0%), Bank of America ($80.3B, 2.9%) and Goldman Sachs ($65.9B, 2.4%).
The largest users of the $55.0 billion in Fed RRP include: Fidelity Cash Central Fund ($11.9B), Fidelity Sec Lending Cash Central Fund ($7.4B), Vanguard Federal Money Mkt Fund ($7.1B), Vanguard Market Liquidity Fund ($5.5B), Columbia Short-Term Cash Fund ($5.1B), First American Govt Oblig ($2.6B), UBS Select Treasury Fund ($2.6B), Vanguard Cash Reserves Federal MM ($2.2B), Goldman Sachs FS Treas Sol ($1.9B) and American Funds Central Cash ($1.7B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($45.7B, 7.5%), Toronto-Dominion Bank ($33.8B, 5.6%), Mizuho Corporate Bank Ltd ($31.8B, 5.2%), Fixed Income Clearing Corp ($28.3B, 4.7%), Bank of America ($28.3B, 4.7%), Mitsubishi UFJ Financial Group Inc ($23.6B, 3.9%), Bank of Montreal ($21.0B, 3.5%), ING Bank ($20.7B, 3.4%), Australia & New Zealand Banking Group Ltd ($20.3B, 3.3%) and Canadian Imperial Bank of Commerce ($20.2B, 3.3%).
The 10 largest CD issuers include: Mizuho Corporate Bank Ltd ($15.8B, 7.7%), Sumitomo Mitsui Trust Bank ($15.6B, 7.6%), Mitsubishi UFJ Financial Group Inc ($14.8B, 7.2%), Bank of America ($14.4B, 7.0%), Sumitomo Mitsui Banking Corp ($13.9B, 6.8%), Toronto-Dominion Bank ($13.9B, 6.8%), Credit Agricole ($11.7B, 5.7%), Mitsubishi UFJ Trust and Banking Corporation ($9.3B, 4.6%), Canadian Imperial Bank of Commerce ($9.2B, 4.5%), and Truist Financial Corp. ($6.0B, 2.9%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($31.6B, 10.6%), Toronto-Dominion Bank ($18.9B, 6.4%), Bank of Montreal ($15.4B, 5.2%), JP Morgan ($12.9B, 4.4%), Barclays PLC ($12.6B, 4.3%), Landesbank Baden-Wurttemberg ($10.8B, 3.6%), Australia & New Zealand Banking Group Ltd ($9.1B, 3.1%), National Bank of Canada ($8.9B, 3.0%), Mitsubishi UFJ Financial Group Inc ($8.7B, 2.9%) and Northcross Capital Management ($8.4B, 2.8%).
The largest increases among Issuers include: the US Treasury (up $414.3B to $3.139T), RBC (up $69.4B to $210.8B), Wells Fargo (up $10.2B to $137.4B), Bank of Nova Scotia (up $6.5B to $30.3B), Bank of Montreal (up $5.7B to $53.6B), Federal Home Loan Mortgage Corp (up $5.6B to $57.0B), Deutsche Bank AG (up $4.7B to $27.1B), Sumitomo Mitsui Banking Corp (up $4.2B to $97.3B), Barclays PLC (up $4.0B to $109.1B) and Toronto-Dominion Bank (up $3.8B to $54.6B).
The largest decreases among Issuers of money market securities (including Repo) in August were shown by: the Fixed Income Clearing Corp (down $139.3B to $962.3B), Federal Reserve Bank of New York (down $124.9B to $55.0B), Federal Home Loan Bank (down $24.6B to $702.2B), JP Morgan (down $19.0B to $274.4B), Bank of America (down $11.7B to $108.7B), Citi (down $10.0B to $182.6B), Goldman Sachs (down $7.8B to $66.3B), Nomura (down $3.3B to $21.7B), Mitsubishi UFJ Financial Group Inc (down $2.5B to $65.3B) and DNB ASA (down $2.3B to $8.0B).
The United States remained the largest segment of country-affiliations; it represents 79.5% of holdings, or $5.992 trillion. Canada (5.7%, $426.2B) was in second place, while France (4.7%, $356.5B) was No. 3. Japan (3.8%, $287.3B) occupied fourth place. The United Kingdom (2.5%, $184.6B) remained in fifth place. Germany (0.7%, $55.2B) was in sixth place, followed by Netherlands (0.7%, $54.6B), Australia (0.7%, $51.8B), Spain (0.6%, $43.8B), and Sweden (0.5%, $35.2B). (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 Aug. 31, 2025, Taxable money funds held 47.5% (down from 50.6%) of their assets in securities maturing Overnight, and another 9.1% maturing in 2-7 days (down from 10.4%). Thus, 56.5% in total matures in 1-7 days. Another 10.7% matures in 8-30 days, while 11.3% matures in 31-60 days. Note that over three-quarters, or 78.5% 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 6.3% of taxable securities, while 10.5% matures in 91-180 days, and just 4.7% matures beyond 181 days.
