News Archives: September, 2025

The Investment Company Institute released its latest monthly "Trends in Mutual Fund Investing - August 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Monday. ICI's monthly Trends shows money fund totals increasing $123.4 billion, or 1.7%, in August to $7.216 trillion. MMFs have increased by $950.3 billion, or 15.2%, over the past 12 months (through 8/31/25). Money funds' August asset increase follows an increase of $69.0 billion in July, $29.3 billion in June and $84.7 billion in May. Assets decreased $63.8 billion in April and $10.9 billion in March, but increased of $99.0 billion in February, $31.9 billion in January and $139.3 billion in December. They rose $171.5 billion in November, $117.4 billion in October and $158.6 billion in September. Bond fund assets increased $73.1 billion to $5.327 trillion, and bond ETF assets increased to $2.06 trillion in August 2025.

The monthly release states, "The combined assets of the nation's mutual funds increased by $529.83 billion, or 1.8 percent, to $30.20 trillion in August, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI.... Bond funds had an inflow of $16.40 billion in August, compared with an inflow of $36.82 billion in July.... Money market funds had an inflow of $108.02 billion in August, compared with an inflow of $52.95 billion in July. In August funds offered primarily to institutions had an inflow of $88.68 billion and funds offered primarily to individuals had an inflow of $19.33 billion."

The Institute's latest statistics show that Taxable MMFs were higher while Tax Exempt MMFs were lower from last month. Taxable MMFs increased by $123.8 billion in August to $7.080 trillion. Tax-Exempt MMFs decreased $0.4 billion to $136.3 billion. Taxable MMF assets increased year-over-year by $942.9 billion (15.4%), and Tax-Exempt funds rose by $7.4 billion over the past year (5.7%). Bond fund assets increased by $73.1 billion (after increasing by $31.9 billion in July) to $5.327 trillion; they've increased by $293.1 billion (5.8%) over the past year.

Money funds represent 23.9% of all mutual fund assets (unchanged from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 262, unchanged from the prior month and down from 268 a year ago. Taxable money funds numbered 221 funds, and tax-exempt money funds numbered 41 funds.

ICI's "Month-End Portfolio Holdings" confirms a drop in Repo and a jump in Treasuries last month. Treasury holdings, became the largest composition segment this past month, overtaking Repo, after increasing $395.0 billion, or 15.3%, to $2.977 trillion, or 42.0% of holdings. Treasury securities have increased by $568.3 billion, or 23.6%, over the past 12 months. (See our September 11 News, "Sept. Money Fund Portfolio Holdings: Repo Plummets, Treasuries Surge.")

Repurchase Agreements became the second largest composition segment this past month, they fell $227.7 billion, or -8.1%, to $2.576 trillion, or 36.4% of holdings. Repo holdings have increased $203.3 billion, or 8.6%, over the past year. U.S. Government Agency securities were the third largest segment; they decreased $10.5 billion, or -1.2%, to $888.7 billion, or 12.6% of holdings. Agency holdings have increased by $166.6 billion, or 23.1%, over the past 12 months.

Commercial Paper was in fourth place; they increased by $7.9 billion, or 2.6%, to $310.2 billion (4.4% of assets). CP held by money funds rose by $38.8 billion, or 14.3%, over 12 months. Certificates of Deposit (CDs) were in fifth place, down $8.7 billion, or -2.8%, to $307.6 billion (4.3% of assets). CDs decreased $39.3 billion, or -11.3%, over one year. Other holdings increased to $20.6 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $38.9 billion (0.5% of assets).

The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 81.385 million, while the Number of Funds was unchanged at 221. Over the past 12 months, the number of accounts rose by 10.020 million and the number of funds decreased by 2. The Average Maturity of Portfolios was 41 days, up 2 days from July. Over the past 12 months, WAMs of Taxable money are up 8 days.

Financial Planning published, "With $7.7T in Money Markets, Advisors Confront Client Cash Hoarding," which says, "Falling interest rates have advisors confronting a seemingly counterproductive phenomenon: Even as the returns that can be made on cash holdings dwindle, investors keep plowing into money markets rather than stocks and bonds. The research firm Crane Data reported that cash investments in money market funds exceeded $7.7 trillion for the first time. That record was hit even as interest rates on money markets, which typically invest in short-term government and corporate debt, have fallen from offering an average yield of more than 5% as recently as last year to [3.9%] now, according to Crane."

They write, "Investors piled into money markets after the Federal Reserve in 2022 began hiking its key interest rate in a bid to tame inflation. Like many financial products, money markets' rates are tied to that federal funds rate. Peter Crane, the president of Crane Data and the publisher of the Money Fund Intelligence newsletter, said warnings about cash overlook a common tendency in investor behavior. Savers are rarely looking at two distinct types of investment like stocks and money markets and then deciding to put their money into whichever is likely to offer the best yields."

The piece continues, "Rather, they're deciding how much of their portfolio they want to keep in cash and choosing whether that share should be placed in money markets or similar products, most often savings accounts. In other words, 'cash competes with cash,' Crane said. Crane predicted the amount of cash in money markets will easily top $8 trillion before the end of the year. 'Money markets are going to continue taking market share from bank deposits, and not stocks, because the yields on bank deposits still suck,' he added."

It tells us, "Crane, though, thinks such advice will make nary a dent on the money flowing into money markets. He noted that the rates paid on bonds and bank deposits tend to be much more directly tied to Fed policy. Money market yields will eventually come down, too. But they tend to be on more of a lag, Crane said, meaning they will still present an attractive alternative. 'Cash will keep coming into money market funds contrary to Wall Street expectations,' he said."

In related news, the Financial Times published an Opinion piece titled, "Cash Allocations are Not as High as They Look." The piece says, "From The Wall Street Journal, on Saturday: US investors are sitting on a pile of cash. Even with rates now coming down, many are in no rush to move it. Assets in money-market funds reached a record $7.7 trillion last week, with more than $60 billion flowing into those funds during the first four days of the month, according to Crane Data."

They tell us, "That is unlikely to change soon, even with the Fed now cutting rates. Money funds are still yielding a lot more than what they had in the 2010s and early 2020s. There is indeed a lot of money in market funds.... And the number has indeed shot up when real interest rates swung into positive territory in 2022: If American investors do have a lot of money in safe, liquid money market funds, that should be good news for the rally in risk assets. It means that investors still have room to allocate more of their assets to stocks or corporate bonds, and may be more likely to buy the dip rather than panic in a sell-off."

The FT commentary explains, "But the absolute number of dollars in money funds is not relevant; having lots of cash means having lots of cash relative to something else, most importantly relative to riskier assets such as stocks. So what can we compare all those money market assets to? Well, a very rough way to look at it is to compare it to assets in the US stock market. This makes that $7tn-plus look a lot smaller."

It continues, "So we turn to surveys. The American Association of Individual Investors survey asks retail investors about cash allocations. The answers since 1987 are below. Cash allocations are well below average on this measure. Bank of America's Global Fund Manager Survey asks institutional managers about cash allocation. At 3.9 percent, the current level is just low enough to trigger the BofA strategy team's 'cash rule,' a sell signal."

The FT adds, "In short: investors' cash holdings, as proxied by money market assets, is high in absolute terms, but quite low in relative terms. And it is relative terms that matter."

The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $31.2 billion to a record $7.315 trillion. MMFs fell $19.5 billion the prior week, after rising $43.8 billion (to the previous record of $7.303 trillion) the week before. MMF assets are up by $890 billion, or 13.9%, over the past 52 weeks (through 9/24/25), with Institutional MMFs up $503 billion, or 13.1% and Retail MMFs up $387 billion, or 15.0%. Year-to-date, MMF assets are up by $464 billion, or 6.8%, with Institutional MMFs up $239 billion, or 5.8% and Retail MMFs up $225 billion, or 8.2%. (Note: Thanks again to those of you who attended our European Money Fund Symposium earlier this week in Dublin, Ireland! Mark your calendars for next year's show in Paris, Sept. 24-25, 2026!)

ICI's weekly release says, "Total money market fund assets increased by $31.15 billion to $7.31 trillion for the week ended Wednesday, September 24, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $23.62 billion and prime funds increased by $7.62 billion. Tax-exempt money market funds decreased by $86 million." ICI's stats show Institutional MMFs increasing $31.8 billion and Retail MMFs decreasing $0.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.963 trillion (81.5% of all money funds), while Total Prime MMFs were $1.215 trillion (16.6%). Tax Exempt MMFs totaled $136.9 billion (1.9%).

It explains, "Assets of retail money market funds decreased by $614 million to $2.96 trillion. Among retail funds, government money market fund assets decreased by $1.06 billion to $1.86 trillion, prime money market fund assets increased by $723 million to $975.40 billion, and tax-exempt fund assets decreased by $278 million to $124.24 billion." Retail assets account for 40.5% of the total, and Government Retail assets make up 62.9% of all Retail MMFs.

They add, "Assets of institutional money market funds increased by $31.76 billion to $4.35 trillion. Among institutional funds, government money market fund assets increased by $24.68 billion to $4.10 trillion, prime money market fund assets increased by $6.89 billion to $239.14 billion, and tax-exempt fund assets increased by $192 million to $12.62 billion." Institutional assets accounted for 59.5% of all MMF assets, with Government Institutional assets making up 94.2% of all institutional MMF totals.

According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $96.1 billion month-to-date in September (through 9/24/25) to $7.698 trillion. Assets broke above $7.6 trillion for the first time on August 29 and hit a record high of $7.711 trillion on September 23 (surpassing $7.7 trillion for the first time ever). After breaking a new record they inched lower on 9/24. Assets increased by $132.0 billion in August, $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. They fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 billion in November, $97.5 billion in October and $149.8 billion last September. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $450 billion lower than Crane's asset series.

In other news, EFAMA, the European Funds and Management Association, published the press release, "Investors more cautious in Q2 2025 as global long-term fund sales dropped and money market fund inflows increased" as well as their quarterly, "Worldwide Regulated Open-end Fund Assets and Flows Trends in the Second Quarter of 2025." The press release states, "Ella Vacic, Junior Data Analyst at EFAMA, comments, "Net sales of global long-term funds declined and money market funds (MMFs) grew as investors sought safety amidst political and economic uncertainty. Despite this switch, fund sales remained positive overall in most countries." We show the following main developments in the worldwide investment fund industry for Q2 2025. (See our Sept. 24 Crane Data News, "ICI: Worldwide MMFs Jump in Q2'25 to Record $12.3T; Ireland $​1 Trillion.")

EFAMA states, "Net assets of worldwide investment funds increased by 0.1% in euro terms. The second quarter of 2025 saw an increase of 0.1% in net assets of worldwide investment funds to EUR 74 trillion. Measured in US dollar terms, net assets rose by 8.5% due to a depreciation of the US dollar vis-à-vis the euro. Measured in local currency, net assets in the two largest fund markets, the United States and Europe, increased by 7.0% and 1.6%, respectively."

They explain, "Net sales of global long-term funds decreased in Q2 2025 but remained positive. Worldwide long-term funds attracted net inflows of EUR 388 billion, a slight decline from EUR 395 billion in Q1 2025. Europe led with net sales of EUR 82 billion, primarily driven by Ireland, which registered net inflows of EUR 55 billion. The United States followed with EUR 79 billion. The rest of the Americas registered net inflows of EUR 35 billion, with Canada contributing EUR 28 billion. Japan and the Republic of Korea recorded strong net inflows of EUR 8 billion and EUR 23 billion, respectively <b:>`_. China recorded net inflows of EUR 128 billion, compared to net outflows of EUR 60 billion in Q1 2025."

EFAMA writes, "Equity funds registered net inflows of EUR 67 billion, down from EUR 149 billion in Q1 2025. Europe saw net inflows of EUR 18 billion, including EUR 26 billion from Ireland. The United States recorded net outflows of EUR 3 billion, compared to net inflows of EUR 26 billion in Q1 2025. Bond funds attracted net inflows of EUR 274 billion, up from EUR 214 billion in Q1 2025. This was thanks to strong inflows in China (EUR 102 billion), followed by the United States (EUR 92 billion), the Republic of Korea (EUR 12 billion), and India (EUR 10 billion)."

Finally, they add, "Net inflows into worldwide money market funds (MMFs) rose; Worldwide MMFs registered net inflows of EUR 241 billion, up from EUR 146 billion in Q1 2025. Net flows in Q2 were largely driven by China, which saw net sales of EUR 110 billion. In Europe, net inflows reached EUR 56 billion, primarily driven by Ireland (EUR 19 billion) and Luxembourg (EUR 15 billion). The United States recorded net inflows of EUR 45 billion, down from EUR 120 billion in Q1 2025."

Another release, "EFAMA calls for reform of the digital assets framework to fast-track improvements in EU capital markets," states, "EFAMA believes that many of the barriers identified in the European Commission's Savings and Investment Union consultation on the integration of EU capital markets can be effectively addressed through Distributed Ledger Technology (DLT). This includes fragmented post-trade infrastructures, lack of competition and cross-border flows among financial market infrastructures (FMIs), and national differences in securities, taxation, and insolvency laws."

It tells us, "By enabling new business models, disintermediation, enhanced market competition, and improved distribution, DLT offers a pathway to bypass politically sensitive obstacles in Europe's post-trade ecosystem. Given the challenges in reforming entrenched national systems, EFAMA calls on policymakers to wholeheartedly embrace DLT to promote innovation, entry of new participants, and scaled issuance, trading, and settlement—all with a view to benefiting end-investors and advancing the Savings and Investments Union."

The Federal Reserve Bank of New York posted two briefs on tokenization on its "Liberty Street Economics" blog. The first, "The Emergence of Tokenized Investment Funds and Their Use Cases," tells us, "A blockchain is a distributed database where independent computers across the world maintain identical copies of a transaction record, updating it only when the network reaches consensus on new transactions -- making the history transparent and extraordinarily difficult to alter. Historically, bonds have traded almost entirely in over-the-counter (OTC) markets, while equities and money market fund shares have largely settled through centralized infrastructures such as stock exchanges and central securities depositories. In both settings, each institution maintains its own records, and post-trade steps like confirmation, clearing, and settlement require multiple intermediaries and repeated reconciliation."

It continues, "Blockchain offers a different model: instead of fragmented books or a single central authority, all participants share a single, consensus-validated ledger of ownership and transactions. A tokenized asset -- whether a bond, equity, or money market fund share -- is a digital representation of that claim on the blockchain, with transfers recorded as direct updates to this shared ledger. While distributed ledgers are not inherently faster or cheaper than centralized systems, they differ in important ways: no single entity controls the record; programmable logic can automate corporate actions or enforce transfer restrictions; and auditability is native through an append-only history."

The article says, "In this way, blockchain replaces bilateral and centrally governed recordkeeping with a common ledger that is jointly maintained and verifiable in real time. While many types of assets have been tokenized to date, we focus on the tokenization of 'money-like' investment funds that potentially allow for novel use cases. We provide a background of how these products have evolved and discuss their use cases. In a subsequent post, we examine the benefits and risks to financial stability from these products."

On "Background," they write, "Many types of assets have been tokenized to date, including real estate, commodities, agriculture, and other financial securities. But the bulk of tokenization activity in the United States has concentrated on two types of funds: money market funds (MMFs), which are open-end funds registered under the Investment Company Act of 1940 (1940 Act), and private funds that are exempt from registration under that Act. Several private funds have been proposed by large financial institutions, suggesting surging interest among market participants and the possibility of wider adoption."

The piece states, "Private funds are exempt from many of the requirements in federal securities laws and regulations applicable to MMFs, including the 1940 Act's disclosure requirements for investment companies. As a result, regulators and the public have little visibility into their operations, including whether they have instituted the same type of liquidity risk management tools as MMFs are required to implement (for example, portfolio maturity maximums and liquid asset minimums)."

It comments, "Three prominent tokenized MMFs are Franklin Templeton's FOBXX (AUM $708M), Circle/Hashnote's USYC ($488M) and WisdomTree's WTGXX ($10.8M); the largest tokenized private fund is BlackRock's BUIDL (AUM $2.5B). [A] chart ... shows the growth of these four tokenized funds.... Three prominent use cases of tokenized funds have been developed to date, all of which are novel as they have historically not been available to investment funds due to numerous legal, regulatory, and/or market reasons.... Use Case I: Development of a Secondary Market and Instantaneous Liquidity Pools.... Use Case II: Reserve Asset for DeFi-based Products. Tokenization can also facilitate the use of the shares to be used as a store of value in the digital-asset ecosystem. For example, at least three DeFi-based products use BUIDL as a reserve asset. One such product is Ondo Finance's 'Short-Term U.S. Government Treasuries' (OUSG)."

The blog explains, "Recently, Ondo announced it would exchange shares of OUSG for shares in four tokenized MMFs (FOBXX, WTGXX, and two international funds). Ondo plans to then hold the acquired shares as part of OUSG's reserve assets which are predominantly made up of BUIDL. In essence, OUSG serves as an example of the secondary market functionality discussed above with an increased role for tokenized shares to be a store of value in the digital-asset ecosystem, while also providing additional liquidity for token holders given the 24/7 on-off ramp in which tokenized funds can be indirectly exchanged for stablecoins. While Ondo could have used stablecoins as collateral directly, this would have been less attractive as a store of value since stablecoins do not pay interest. In addition, both Mountain Protocol's stablecoin and the rebranded FRAX stablecoin claim that BUIDL comprises a portion of their reserve assets."

The piece's "Use Case III: Collateral for Derivatives," says, "A third use case for tokenized shares is posting margins for repurchase agreements and derivatives transactions. Bloomberg reports that two of the world's largest crypto prime brokers allow clients, including hedge funds, to use BlackRock's BUIDL as collateral for crypto-based derivatives trading and are in early talks with some of the world's largest crypto exchanges to expand this offering. Moreover, Circle recently purchased Hashnote, the issuer of the world's largest tokenized MMF to 'emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians and prime brokers.' Meanwhile, in traditional derivatives, JPMorgan Chase facilitated a transaction in which tokenized BlackRock MMF shares were pledged as collateral with Barclays for a derivatives contract."

Finally, the paper adds, "It is too early to tell what impact, if any, tokenized shares will have on the financial system. Thus far tokenized shares have been mainly facilitating use cases within the digital-asset ecosystem. While there exists a lot of opacity in how these tokenized funds are being used as well as limited evidence of broader acceptance so far, interconnections between the traditional financial system and digital assets could increase if these products are used more broadly by market participants in the future."

The second "Liberty Street Economics blog," "The Financial Stability Implications of Tokenized Investment Funds," states, "In a previous post, we provided background information about the emergence of tokenized investment funds and their use cases. These use cases are currently limited to the digital asset ecosystem. However, the recent approval of cryptocurrency exchange-traded funds (ETFs) and the passage of the GENIUS Act raise concerns about the impact of these tokenized investment fund to the broader financial system. In this post, we assess this impact by considering three economic mechanisms based in part on market participants' investment strategies and liquidity needs."

It says, "They include: liquidity transformation, interconnections between the digital asset and the traditional financial system, and transaction settlement. Through these mechanisms, tokenization of investment funds can bring about financial stability benefits in the form of reduced redemption pressures and additional sources of liquidity for fund issuances, but may also increase interconnectedness between the traditional financial system and digital asset ecosystem, thereby amplifying existing financial stability risks."

The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2025," which shows that money fund assets globally rose by $470.2 billion, or 4.0%, in Q2'25 to a record $12.315 trillion. (The totals would have been $12.587 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in China and Ireland, while France and the U.S. also rose. Meanwhile, money funds in Argentina were lower. MMF assets worldwide increased by $1.672 trillion, or 15.7%, in the 12 months through 6/30/25, and money funds in the U.S. now represent 57.0% of worldwide assets. In Q1, European money fund asset totals surpassed Asian money fund totals for the first time since Q4'2017, and they continue to rise. We review the latest Worldwide MMF totals, below. (Note: Thank you to those of you who attended our European Money Fund Symposium in Dublin! Mark your calendars for next year's show in Paris, Sept. 24-25!)

ICI's release says, "Worldwide regulated open-end fund assets, excluding assets in funds of funds, increased 8.5 percent to $80.85 trillion at the end of the second quarter of 2025. Worldwide net cash inflow to all funds was $714 billion in the second quarter, compared with $577 billion of net inflows in the first quarter of 2025. The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the second quarter of 2025 contains statistics from 44 jurisdictions."

It explains, "The growth rate of total regulated open-end fund assets, as reported in US dollars, increased due to US dollar depreciation over the second quarter of 2025. For example, on a US dollar–denominated basis, fund assets in Europe increased by 10.1 percent in the second quarter, compared with an increase of 1.6 percent on a euro-denominated basis."

ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 11.0 percent to $38.94 trillion at the end of the second quarter of 2025. Bond fund assets increased by 5.8 percent to $15.17 trillion in the second quarter. Balanced/mixed fund assets increased by 8.1 percent to $8.05 trillion in the second quarter, while money market fund assets increased by 4.0 percent globally to $12.31 trillion."

The release also tells us, "At the end of the second quarter of 2025, 48% of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 19% and the asset share of balanced/mixed funds was 10%. Money market fund assets represented 15% of the worldwide total. By region, 56% of worldwide assets were in the Americas in the second quarter of 2025, 32% were in Europe, and 11% were in Africa and the Asia-Pacific regions."

ICI adds, "Net sales of regulated open-end funds worldwide were $714 billion in the second quarter of 2025.... Globally, bond funds posted an inflow of $309 billion in the second quarter of 2025, after recording an inflow of $222 billion in the first quarter.... Money market funds worldwide experienced an inflow of $273 billion in the second quarter of 2025 after registering an inflow of $154 billion in the first quarter of 2025."

According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. sustained its position as the largest money fund market in Q2'25 with $7.024 trillion, or 57.0% of all global MMF assets. U.S. MMF assets increased by $48.9 billion (0.7%) in Q2'25 and have increased by $931.7 billion (15.3%) in the 12 months through June 30, 2025. China remained in second place among countries overall. China saw assets increase $150.2 billion (8.2%) in Q2 to $1.987 trillion (16.1% of worldwide assets). Over the 12 months through June 30, 2025, Chinese MMF assets have increased by $171.9 billion, or 9.5%.

Ireland remained third among country rankings, ending Q2 with $1.013 trillion (8.2% of worldwide assets). Irish MMFs were up $61.0B for the quarter, or 6.4%, and up $199.3B, or 24.5%, over the last 12 months. Luxembourg remained in fourth place with $733.0 billion (6.0% of worldwide assets). Assets there increased $45.6 billion, or 6.6%, in Q2, and were up $146.6 billion, or 25.0%, over one year. France was in fifth place with $523.5B, or 4.3% of the total, up $58.7 billion in Q2 (12.6%) and up $62.9B (13.7%) over 12 months.

Australia was listed (by us) in sixth place with $268.7 billion, or 2.2% of worldwide assets. Its MMF data was unavailable for 2024 and Q1, Q2 2025, so we kept the 2023 Q4 numbers. Korea was in 7th place with $150.6 billion (1.2%); assets there increased $20.2 billion (15.5%) in Q2 and increased by $12.5 billion (9.0%) over 12 months. Mexico was the 8th ranked country and saw MMF assets increase $15.7 billion, or 11.7%, in Q2'25 to $149.8 billion (1.2% of the total); they've increased $16.9 billion (12.7%) for the year. Brazil was in 9th place, as assets increased $14.4 billion, or 11.4%, to $140.3 billion (1.1% of total assets) in Q2. They've increased $20.7 billion (17.3%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $103.1B, or 0.8% of total assets, up $7.2 billion (7.5%) for the quarter.

India was in 11th place, increasing $13.8 billion, or 17.6%, to $92.3 billion (0.7% of total assets) in Q2 and increasing $17.4 billion (23.2%) over the previous 12 months. Canada ($70.7B, up $4.0 billion and up $11.3B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($47.9B, up $805M and up $4.4B). United Kingdom ($37.4B, up $5.0B and up $9.1B) and Chinese Taipei ($37.2B, up $8.7B and up $9.9B), rank 14th and 15th, respectively. Chile, Argentina, Spain, South Africa and Turkey round out the 20 largest countries with money market mutual funds.

ICI's quarterly series shows money fund assets in the Americas total $7.458 trillion, up $81.8 billion in Q2. Asian MMFs increased by $200.0 billion to $2.380 trillion, and Europe saw its money funds rise $186.9 billion in Q2'25 to $2.451 trillion. Africa saw its money funds increased $1.5 billion to $25.0 billion.

Note that Ireland and Luxembourg's totals are primarily "offshore" money funds marketed to global multinationals, while most of the other countries in the survey have mainly domestic money fund offerings. Contact us if you'd like our latest "Largest Money Market Funds Markets Worldwide" spreadsheet, based on ICI's data. (Let us know too if you'd like to see our latest Money Fund Intelligence International product, which tracks "offshore" money market funds domiciled in Europe and outside the U.S.)

Money fund yields (7-day, annualized, simple, net) declined by 6 bps to 4.03% on average during the week ended Friday, September 19 (as measured by our Crane 100 Money Fund Index), after falling 1 bp the week prior. Fund yields should continue to slide lower in the coming weeks after the Fed cuts rates by 25 bps on September 17. They've declined by 103 bps since the Fed first cut its Fed funds target rate by 50 bps on Sept. 18, 2024, and they've declined by 60 bps since the Fed last cut rates by 1/4 point on 11/7/24. Yields were 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 676), shows a 7-day yield of 3.93%, down 6 bps in the week through Friday. (Note: Thank you to those of you who attended our European Money Fund Symposium in Dublin! Safe travels home!)

Prime Inst money fund yields were down 8 bps at 4.15% in the latest week. Government Inst MFs were down 6 bps at 4.04%. Treasury Inst MFs were down 5 bps at 3.95%. Treasury Retail MFs currently yield 3.72%, Government Retail MFs yield 3.76%, and Prime Retail MFs yield 3.96%, Tax-exempt MF 7-day yields were down 1 bp to 2.33%.

Assets of money market funds rose by $6.1 billion last week to $7.658 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $7.677 trillion on September 18, breaking above a previous high of $7.672 trillion set on September 10. For the month of September (MTD), MMF assets have increased $56.1 billion after increasing by $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December, $200.5 billion in November, and $97.5 billion in October.

Weighted average maturities were at 42 days for the Crane MFA and 42 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (9/19), 115 money funds (out of 787 total) yield under 3.0% with $142.6 billion in assets, or 1.9%; 327 funds yield between 3.00% and 3.99% ($1.799 trillion, or 23.5%), 345 funds yield between 4.0% and 4.99% ($5.717 trillion, or 74.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more.

Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was down 1 bp at 0.39%, after falling 1 bp eighteen weeks prior. The latest Brokerage Sweep Intelligence, with data as of September 19, shows one changes over the past week. Fidelity lowered rates to 2.07% for all accounts of $1K to greater than $5 million. Three of the 10 major brokerages tracked by our BSI still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.

In other news, CoinDesk says, "Galaxy Digital Said to Plan Its Own Tokenized Money Market Fund." The piece explains, "Galaxy's tokenized fund will ultimately be available on the Ethereum, Solana and Stellar blockchains, said a person familiar with the plans. Galaxy Digital (GLXY), the digital asset investment firm led by Mike Novogratz, is planning to release a tokenized money-market fund, according to two people familiar with the plan. The New York City-based company is aiming to bring a more crypto-native twist to the range of traditional finance-led tokenized fund offerings, such as BlackRock's BUIDL and Franklin Templeton's BENJI token, said the people, who declined to be identified."

The London-based Financial News asks, "Think banks face tough competition now? Just wait for tokenised money market funds." It explains, "Mainstream banks have lost serious chunks of market share in recent years. Fintechs have made big inroads into banking for smaller businesses; private credit funds are taking over banks lending to medium-sized companies; and specialist firms such as Jane Street and Citadel have grown as big as the Wall Street giants in securities trading."

"Now there seem to be mounting threats to the core of banks' business: deposits. One challenge comes from stablecoins, cryptocurrencies where the value is pegged to a real world asset such as the dollar. The US banking industry has warned that deposits could be drained by the growth of stablecoins. To lessen that risk, the Trump administration’s new Genius Act legislation bans US licensed stablecoins from offering interest."

The U.K.-based Institutional Money Market Funds Association, or IMMFA, published a paper titled, "The Tokenisation of Money Market Funds Part 2: 'What has been achieved so far?'" It explains, "Recent strides in the technology of tokenisation and its application to funds have created opportunities to enhance the attractiveness of Money Market Funds (MMFs) for investors. As noted in our previous white paper 'The Tokenisation of MMFs,' tokenisation brings a number of potentially transformative benefits including increased portability and reduced operational friction, making it much easier to transfer ownership of MMFs and facilitate new usages, such as their use as margin collateral, and thereby attract a wider investor base." (Note: For those of you attending our European Money Fund Symposium Sept. 22-23, welcome to Dublin! Watch for our Tokenized Money Funds & Tech Issues session on Monday morning and watch for IMMFA's Veronica Iommi to speak on Tuesday.)

IMMFA writes, "The speed of innovation has attracted a high level of press coverage. This, along with the prospect of significant benefits, has generated momentum as market participants seek to capitalise on technological advances. The speed of change has, however, led to a disparate range of information on the topic and a plethora of terms which can be confusing. This short paper seeks to build on our earlier one in clarifying some of the concepts being used and how they are currently being applied. We start by looking at where tokenised MMFs fit within the current regulatory framework and then define some of the terms."

They tell us, "There is an a priori distinction between regulated and non-regulated MMFs which is also a primary consideration when looking at tokenised MMFs. IMMFA MMFs are regulated under EU Regulation 2017/1131 (MMFR). EU MMFR was retained in UK regulation after the UK's departure from the EU. All IMMFA MMFs are domiciled in either the EU (primarily Ireland or Luxembourg) or the UK and therefore come under MMFR. Additionally, all IMMFA MMFs have at least one AAA money market fund rating from an authorised credit rating agency. You can see more detail on fund types on the IMMFA website https://www.immfa.org. In the case of tokenised MMFs ... it is essential that an investor consider whether the fund falls under existing regulation and in addition, the form of the unit which they hold."

The paper continues, "In the following sections we consider the differences between two commonly used terms which describe the form in which TMMFs may be created, namely 'native' and 'non-native'. These processes are in varying stages of implementation. We have taken 'non-native' first as it is an extension of the existing mode of creation and recording as opposed to the more radical change towards something which exists only in the digital space. The term 'non-native' tokenisation refers to a model in which an existing MMF share is tokenised, a process often noted as the creation of a 'digital twin' or 'mirror recorded tokenisation'.... [T]he shareholder interest in a pre-existing MMF unit remains the same but is recorded via Distributed Ledger Technology (DLT) in addition to the traditional centralised shareholder register held by a transfer agent."

It states, "In this instance, the underlying MMF remains the same in all other respects, so in the case of a pre-existing IMMFA MMF unit being tokenised, that MMF unit would continue to be governed by the constraints of the regulation. Tokenisation of the fund allows for a much more efficient transfer (portability) of the units. Third party tokenisation refers to the role of tokenising agents. The manager of an MMF may open an account with a tokenising agent and put in place a distribution agreement which allows that agent to tokenise MMF units.... There is also significant activity in this sphere and there are a number of tokenisation agents operating in the field."

The piece comments, "IMMFA members are keen to support the move of the TradFi (traditional finance) market to one which is on-chain. Such a move has the ability to unlock greater opportunities including the use of TMMFs as collateral, something which we have strongly advocated. The ability to leverage existing franchises, whilst retaining the regulatory framework that traditional investors seek, is key."

It also says, "A 'native' tokenised MMF is one where ownership of the shareholder units has been represented digitally ab ovo, i.e. from the initial point when the fund came into existence. This is distinct from non-native fund where a pre-existing fund created in traditional format has some4 share classes subsequently tokenised. A number of digitally native funds have been established, and some have attracted significant inflows. To date, these have mostly been private funds that have cash-style investment guidelines and are initially intended for a DeFi (decentralised finance) investor base. This means they will settle on-chain using digital money."

IMMFA adds, "Whilst some of these native tokenised funds are domiciled in EU jurisdictions where regulated MMFs are equally present, this does not mean that they are necessarily subject to the same MMF regulation, nor that they are IMMFA MMFs (since all IMMFA MMFs fall under MMFR). In the case of Luxembourg, specific legislation to support tokenised assets has been introduced and at least one native TMMF domiciled in Luxembourg has been approved as a regulated TMMF. Other jurisdictions have, as yet, not gone that far."

Finally, they tell us, "Other native tokenised funds have, for example, used the British Virgin Islands [like BlackRock's BUIDL]. To conclude, in time we are likely to see IMMFA members evolving in one of the following directions: Tokenisation of existing share classes; Tokenisation of a new, digitally focused set of share classes; [or] Native tokenisation as outlined above. The readiness and approach of the relevant EU jurisdictions where most MMFs are domiciled currently varies but we expect to see national competent authorities and regulators gradually enhance the frameworks to support tokenisation.... We close by noting that the product cycle is evolving very rapidly and we can certainly expect further changes to come."

In related news, Reuters writes that, "Tether plans to launch new US stablecoin, CEO says," explaining, "Crypto company Tether, the creator of the world's largest stablecoin, plans to launch a U.S.-based stablecoin designed for U.S. residents, called USAT, the company's CEO Paolo Ardoino said."

The press release, "Tether Unveils USAT, its Planned U.S.-Regulated Dollar-Backed Stablecoin, and Will Appoint Bo Hines as CEO of Tether USAT," says, "Tether, the largest company in the digital asset ecosystem, today unveiled USAT, its planned U.S.-regulated, dollar-backed stablecoin, along with the announcement and appointment of Bo Hines as Tether USAT's future Chief Executive Officer. The simultaneous introduction of both the token and CEO reflects Tether's commitment to delivering a U.S.-regulated dollar-backed stablecoin backed by transparent reserves, strong governance, and American leadership from day one."

Another news piece from Cryptotimes, "Fidelity's Ethereum-Based Treasury Fund Attracts $200M in Assets," comments, "Leading asset manager, Fidelity, quietly launched Fidelity Digital Interest Token (FDIT) on Ethereum last month. This blockchain-based version of its treasury fund has already attracted more than $200 million in assets without any public announcements. The FDIT token stands for one share of Fidelity's Treasury Digital Fund (FYOXX), giving users direct access to the firm's portfolio that is made up entirely of U.S. Treasury securities and cash. According to data on rwa.xyz, the fund was started in August, with Bank of New York Mellon as its custodian."

It adds, "The tokenized treasury market is now worth about $7 billion, with BlackRock's BUIDL fund having more than $2 billion in assets. Franklin Templeton and WisdomTree are two other big asset managers that have released similar blockchain-based treasury products. These funds allow users to get treasury exposure without having to go through traditional fund intermediaries. This method appeals to investors in digital assets who want regulated, yield-bearing options to stablecoins or other cryptocurrencies."

The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets falling $19.5 billion to $7.283 trillion. MMFs rose $43.8 billion last week to a record $7.303 trillion, and $52.4 billion the week before. MMF assets are up by $980 billion, or 15.5%, over the past 52 weeks (through 9/17/25), with Institutional MMFs up $584 billion, or 15.6% and Retail MMFs up $395 billion, or 15.4%. Year-to-date, MMF assets are up by $433 billion, or 6.3%, with Institutional MMFs up $208 billion, or 5.0% and Retail MMFs up $225 billion, or 8.2%. (Note: Safe travels to those of you headed to our European Money Fund Symposium next week in Dublin, Sept. 22-23! We look forward to seeing you in Ireland!)

ICI's weekly release says, "Total money market fund assets decreased by $19.49 billion to $7.28 trillion for the week ended Wednesday, September 17, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $16.23 billion and prime funds decreased by $2.54 billion. Tax-exempt money market funds decreased by $724 million." ICI's stats show Institutional MMFs decreasing $14.4 billion and Retail MMFs decreasing $5.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.940 trillion (81.6% of all money funds), while Total Prime MMFs were $1.207 trillion (16.6%). Tax Exempt MMFs totaled $137.0 billion (1.9%).

It explains, "Assets of retail money market funds decreased by $5.06 billion to $2.96 trillion. Among retail funds, government money market fund assets decreased by $2.39 billion to $1.86 trillion, prime money market fund assets decreased by $2.05 billion to $974.68 billion, and tax-exempt fund assets decreased by $617 million to $124.52 billion." Retail assets account for 40.6% of the total, and Government Retail assets make up 62.9% of all Retail MMFs.

They add, "Assets of institutional money market funds decreased by $14.44 billion to $4.32 trillion. Among institutional funds, government money market fund assets decreased by $13.85 billion to $4.08 trillion, prime money market fund assets decreased by $481 million to $232.25 billion, and tax-exempt fund assets decreased by $108 million to $12.43 billion." Institutional assets accounted for 59.4% of all MMF assets, with Government Institutional assets making up 94.1% of all institutional MMF totals.

According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets increased by $54.1 billion month-to-date in September (through 9/17/25) to $7.657 trillion. Assets increased by $132.0 billion in August, $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. They fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 billion in November, $97.5 billion in October and $149.8 billion last September. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $450 billion lower than Crane's asset series.

In related news, the ICI also published the release, "Retirement Assets Total $45.8 Trillion in Second Quarter 2025," which includes data tables showing that money market funds held in retirement accounts jumped to $966 billion (up from $936 billion) in the latest quarter, accounting for 14% of the total $7.024 trillion in money funds. MMFs represent just 6.8% of the total $14.1 trillion of mutual funds in retirement accounts.

This release says, "Total US retirement assets were $45.8 trillion as of June 30, 2025, up 6.0 percent from March. Retirement assets accounted for 34 percent of all household financial assets in the United States at the end of June 2025. Assets in individual retirement accounts (IRAs) totaled $18.0 trillion at the end of the second quarter of 2025, an increase of 7.0 percent from the end of the first quarter of 2025."

It continues, "Defined contribution (DC) plan assets were $13.0 trillion at the end of the second quarter, up 6.4 percent from March 31, 2025. Government defined benefit (DB) plans—including federal, state, and local government plans—held $9.3 trillion in assets as of the end of June 2025, a 4.9 percent increase from the end of March 2025. Private-sector DB plans held $3.0 trillion in assets at the end of the second quarter of 2025, and annuity reserves outside of retirement accounts accounted for another $2.5 trillion."

The ICI tables also show money funds accounting for $733 billion, or 11%, of the $6.924 trillion in IRA mutual fund assets and $233 billion, or 3%, of the $7.197 trillion in defined contribution plan holdings. (Money funds in 401k plans totaled $156 billion, or 3% of the $5.743 trillion of mutual funds in 401k's.)

Finally, Reuters writes, "DBS, Franklin Templeton, Ripple team up on tokenised money market fund trading." The piece explains, "DBS Group (DBSM.SI), opens new tab has partnered with U.S. asset manager Franklin Templeton (BEN.N), opens new tab and blockchain firm Ripple to offer accredited and institutional investors trading and lending services using tokenised money market funds and Ripple's U.S. dollar stablecoin."

It adds, "Under the agreement, Singapore's biggest lender said that it will list Franklin Templeton's sgBENJI token - the unit of the asset manager's tokenised U.S. dollar money market fund - on the DBS Digital Exchange alongside Ripple's RLUSD stablecoin."

As expected, the Federal Reserve's FOMC cut interest rates by a quarter percent to a range of 4.0-4.25%, which means that money market fund yields will decline by a similar amount over the coming month. Our Crane 100 Money Fund Index, an average of the 100 largest money funds, should fall from its current 4.09% to below 4.0% next week and to around 3.85% as we move into October. (Money funds have a WAM, or weighted average maturity of 41 days currently, so they should take this long to reflect the full Fed move.) A post titled, "Federal Reserve issues FOMC statement," explains, "Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen." (Note: Safe travels to those of you headed to our European Money Fund Symposium next week in Dublin (Sept. 22-23)! We look forward to seeing you there!)

It states, "In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4 1/4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective."

The FOMC states, "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments."

They add, "Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Alberto G. Musalem; Jeffrey R. Schmid; and Christopher J. Waller. Voting against this action was Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting."

In other news, the ICI recently released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in August, prime money market funds held 47.2 percent of their portfolios in daily liquid assets and 61.5 percent in weekly liquid assets, while government money market funds held 76.5 percent of their portfolios in daily liquid assets and 87.6 percent in weekly liquid assets." Prime DLA was down from 45.8% in July, and Prime WLA was up from 61.3%. Govt MMFs' DLA rose from 75.1% and Govt WLA increased from 86.5% for the previous month.

ICI explains, "At the end of August, prime funds had a weighted average maturity (WAM) of 31 days and a weighted average life (WAL) of 51 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 44 days and a WAL of 95 days." Prime WAMs and WALs were 2 days and 1 day longer from the previous month. Govt WAMs and WALs were 3 days longer and the same from the previous month.

Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas rose from $634.93 billion in July to $671.02 billion in August. Government money market funds' holdings attributable to the Americas rose from $5,241.18 billion in July to $5,391.69 billion in August."

The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $671 billion, or 56.5%; Asia and Pacific at $185 billion, or 15.6%; Europe at $304.8 billion, or 25.7%; and, Other (including Supranational) at $26.9 billion, or 2.4%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.392 trillion, or 90.8%; Asia and Pacific at $141.1 or 2.4%; Europe at $389.7 billion, 6.6%, and Other (Including Supranational) at $12.8 billion, or 0.2%.

Finally, the U.S. Treasury's Office of Financial Research published a paper titled, "OFR's MMF Monitor Shows Shift to Cleared Repo Lending." It tells us, "The record amount of cash parked in MMFs reflects their competitive yields and perceived safety and liquidity. Investors' ability to redeem MMF shares and access cash on the same or next business day is an advantage over other cash management options. Regulation limits the average maturity of MMF portfolios to ensure that funds can provide quick access to cash. As a result, the level of MMF assets can signal shifting investor sentiment regarding risk and the respective impact on available funding in short-term funding markets."

They write, "MMFs increased their overall repurchase agreement (repo) allocation to over $3 trillion (41% of assets). The increase in repo usage coincides with a decline of $267 billion in U.S. Treasury securities holdings. One reason for the decline was that net U.S. Treasury bill issuance itself declined by $372 billion, as the U.S. statutory debt ceiling was binding during the quarter."

The OFR says, "MMFs have more investments in repo, driven by a combination of factors: higher rates on private repo relative to the Federal Reserve's ON RRP offer rate, reduced supply of high-quality assets like U.S. Treasury bills, and increased cash that needed to be deployed into liquid investments. MMFs increased their private (non-RRP) repo outstanding by $243 billion to a record high of $2.7 trillion, making these investments nearly a fourth of the estimated $12 trillion U.S. repo market."

The piece continues, "SEC Form N-MFP data also show that funds have a growing reliance on a handful of counterparties for their repo transactions. One of their largest exposures is to the Fixed Income Clearing Corporation (FICC) that many funds use to clear their repo.... MMFs, like most non-bank institutions, are not direct members of FICC. To access FICC's clearing services for repo trades, they use the central clearinghouse's sponsored repo program. In this arrangement, a clearinghouse member 'sponsors' an MMF's access to FICC's clearing services by fulfilling certain requirements. FICC then becomes the legal counterparty to both the sponsoring member and the MMF."

Finally, it adds, "While FICC becomes the counterparty, the MMF still has indirect exposure to the sponsoring dealer. The sponsor typically guarantees performance of its sponsored members and contributes margin and clearing fund requirements to FICC on their behalf. If the sponsor fails to perform, FICC may terminate the sponsoring arrangement. The MMF could then lose access to the clearing platform and would have to change its repo counterparty allocation. Only a handful of large clearing members are significant sponsors.... These clearing members also engage in non-cleared repo transactions with MMFs, which creates a multifaceted relationship between MMFs and large dealers."

Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds increased over the past 30 days to a new record high $1.543 trillion, rising from $1.519 trillion the month prior. Yields inched lower, while assets for USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs repeatedly hit record highs in 2023, 2024 and 2025 (after a pause in Q2). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $23.8 billion over the 30 days through 9/12. The totals are up $110.2 billion (7.7%) year-to-date for 2025, they were up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. Dollar cause Euro and Sterling totals to shift when they're translated back into totals in USD. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.) (Note too: Register ASAP for our European Money Fund Symposium, which is next week, Sept. 22-23, 2025 in Dublin!)

Offshore US Dollar money funds increased $19.5 billion over the last 30 days and are up $80.0 billion YTD to $823.7 billion; they increased $94.1 billion in 2024. Euro funds increased E2.1 billion over the past month. YTD, they're up E13.6 billion to E331.3 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L1.5 billion over 30 days, and they're up L20.4 billion YTD at L275.0B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (269) account for over half (53.4%) of the "European" money fund total, while Euro (EUR) money funds (190) make up 23.4% and Pound Sterling (GBP) funds (183) total 23.2%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Monday), below.

Offshore USD MMFs yield 4.21% (7-Day) on average (as of 8/13/25), down 1 bp from a month earlier. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 1.91% on average, unchanged from a month ago and up from 1.48% on 12/30/22 and -0.80% on 12/31/21. Meanwhile, GBP MMFs broke above the 5.0% barrier 25 months ago, but they broke back below 5.0% 14 months ago. They now yield 3.99%, down 4 bps from a month ago, but up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.

Crane's September MFI International Portfolio Holdings, with data as of 8/31/25, show that European-domiciled US Dollar MMFs, on average, consist of 30% in Commercial Paper (CP), 15% in Certificates of Deposit (CDs), 23% in Repo, 19% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 48.7% of their portfolios maturing Overnight, 1.0% maturing in 2-7 Days, 9.6% maturing in 8-30 Days, 10.3% maturing in 31-60 Days, 7.5% maturing in 61-90 Days, 14.8% maturing in 91-180 Days and 8.1% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (39.2%), France (10.4%), Canada (10.2%), Japan (8.6%), the Netherlands (5.2%), Australia (5.1%), the U.K. (4.1%), Germany (3.5%), Sweden (3.1%) and Finland (2.4%).

The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $161.9B (19.7% of total assets), Fixed Income Clearing Corp with $39.2B (4.8%), JP Morgan with $28.0B (3.4%), RBC with $24.5B (3.0%), Credit Agricole with $23.3B (2.8%), Nordea Bank with $18.0B (2.2%), Mizuho Corperate Bank Ltd with $17.8B (2.2%), Australia & New Zealand Banking Group with $16.7B (2.0%), Bank of America with $15.7B (1.9%) and Barclays PLC with $15.0B (1.8%).

Euro MMFs tracked by Crane Data contain, on average 38% in CP, 22% in CDs, 14% in Other (primarily Time Deposits), 23% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 39.2% of their portfolios maturing Overnight, 7.7% maturing in 2-7 Days, 10.5% maturing in 8-30 Days, 11.1% maturing in 31-60 Days, 10.2% maturing in 61-90 Days, 14.9% maturing in 91-180 Days and 6.4% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (28.5%), the U.S. (10.6%), Japan (10.2%), Canada (10.0%), the Netherlands (6.7%), the U.K. (5.4%), Germany (5.4%), Australia (3.9%), Spain (3.3%) and Austria (2.9%).

The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E16.9B (5.8%), BNP Paribas with E15.5B (5.3%), JP Morgan with E14.5B (5.0%), Societe Generale with E10.5B (3.6%), Republic of France with E9.3B (3.2%), ING Bank with E9.3B (3.2%), Sumitomo Mitsui Banking Corp with E8.6B (2.9%), Agence Central de Organismes de Securite Sociale with E8.2B (2.8%), Bank of Nova Scotia with E8.2B (2.8%) and Mitsubishi UFJ Financial Group Inc with E6.8B (2.3%).

The GBP funds tracked by MFI International contain, on average (as of 8/31/25): 38% in CDs, 19% in CP, 20% in Other (Time Deposits), 19% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 32.7% of their portfolios maturing Overnight, 9.7% maturing in 2-7 Days, 9.0% maturing in 8-30 Days, 10.1% maturing in 31-60 Days, 13.4% maturing in 61-90 Days, 17.3% maturing in 91-180 Days and 7.7% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (15.9%), Japan(14.2%), the U.K. (12.1%), Canada (12.1%), the U.S. (10.6%), Australia (8.8%), the Netherlands (5.4%), Singapore (3.6%), Finland (2.9%) and Germany (2.8%).

The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.9B (6.8%), BNP Paribas with L11.0B (4.4%), RBC with L10.1B (4.0%), Mizuho Corporate Bank Ltd with L9.6B (3.8%), JP Morgan with L9.4B (3.8%), Sumitomo Mitsui Banking Corp with L8.8B (3.5%), Credit Agricole with L7.9B (3.1%), National Australia Bank Ltd with L7.7B (3.1%), Mitsubishi UFJ Financial Group Inc with L7.7B (3.1%) and Australia & New Zealand Banking Group Ltd with L6.7B (2.7%).

The September issue of our Bond Fund Intelligence, which was sent to subscribers Monday, features the stories, "Bond Funds Continue Raking in Cash; ETFs Hit $2 Trillion," which covers the recent surge in bond fund inflows; and "Vanguard F-I Head Devereux Featured by Morningstar," which excerpts from a recent interview with a global head of fixed income. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were higher while yields were lower. We excerpt from the new issue below. (Contact us if you'd like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.) (Note: For those attending our European Money Fund Symposium next week, Sept. 22-23, in Dublin, Ireland, safe travels and we look forward to seeing you!)

BFI's lead article states, "Bond fund inflows jumped for the 4th month in a row and bond fund assets continue to climb to record levels. Assets rose by $50.0 billion in August to $2.992 trillion (after rising $18.0 billion in July and $47.5 billion in June), according to Bond Fund Intelligence. Assets have risen $158.7 billion, or 5.6%, over 12 months. Bond ETFs rose by $32.7 billion to $1.345 trillion in August."

It continues, "ICI's 'Combined Estimated Long-Term Fund Flows and ETF Net Issuance' (9/10 data) says, 'Bond funds had estimated inflows of $13.80 billion for the week, compared to estimated inflows of $13.78 billion during the previous week. Taxable bond funds saw estimated inflows of $13.53 billion, and municipal bond funds had estimated inflows of $270 million.' Over 5 weeks, bond funds and ETFs saw inflows of $75.1B."

Our "Vanguard" article states, "Morningstar recently published a 'profile' piece titled, 'Vanguard's Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond Income.' They explain, 'It's been a wild ride in the bond market this year, but Sara Devereux, Vanguard's global head of fixed income, believes investors are in a sweet spot for attractive yields. She says that with yields having risen from pre-pandemic lows, the potential total return on bonds (the interest payments plus price return) is appealing. At the same time, though the Federal Reserve is expected to begin lowering interest rates as soon as September, she believes yields will stay well above pre-pandemic levels.'"

We write, "The piece tells us, 'If the economy takes a turn for the worse, a bond rally will also bring opportunities for price appreciation that can provide ballast in a broader portfolio. But if bond prices decline, the higher yield offers a cushion against losses on fixed-income holdings. Devereux's biggest piece of advice for investors right now: 'Revisit your fixed income allocations.' Many overlooked bonds when interest rates bottomed out and yields were ultra-low. With rates more in line with their historical norms, investors who are under-allocated should pay attention.'"

Our first News brief, "Returns Jump, Yields Lower in Aug.," says, "Bond fund returns were higher in August after being mixed in July. Our BFI Total Index rose 1.01% over 1-month and rose 4.02% over 12 months. (Money funds rose 4.40% over 1-year as measured by our Crane 100 Index.) The BFI 100 increased 1.16% in August and rose 4.46% over 12 mos. Our BFI Conservative Ultra Short Index was up 0.49% over 1-month and 4.75% for 1-year; Ultra-Shorts rose 0.59% and 5.10%. Short-Term returned 0.97% and 5.42%, and Intm-Term jumped 1.35% in August and rose 3.95% over 12 mos. BFI's Long-Term Index was up 1.08% and up 2.96%. High Yield returned 1.00% in August and 6.79% over 12 months."

A second News brief, "Barron's Says, 'Bond Yields Are Falling. Where Retirees Can Still Find 5% Yields.' The article comments, 'Bond yields have edged down on expectations of a Federal Reserve rate cut next week, and they may drift lower if the economy sours. If you need income from your portfolio, it may be time to start making adjustments.... 'The free lunch is kind of coming to an end,' says Jack McIntyre, global fixed-income portfolio manager at Brandywine Global Investment Management.... While rates are coming down, investors can still find nominal yields around 5% ... in high-quality corporate bonds, says Adam Abbas, a co-manager of the Oakmark Bond fund.... Another way to invest is through a low-cost ETF such as iShares 1-5 Year Investment Grade Corporate Bond."

Our next News brief, "MarketWatch: 'Demand for Fixed Income ETFs and Bond Funds Stayed Strong over the Past Week: Barclays' states, 'Demand for bond-related funds and exchange-traded funds held up over the most recently reported period, with banks remaining net buyers amid subdued interest from foreigners, according to a team at Barclays.'"

A BFI sidebar, "Bond Investors Miss Out," tells us, "Morningstar writes on 'Why Bond Fund Investors Missed Out.' They explain, 'We recently published our annual 'Mind the Gap' study. You can get a quick synopsis of the study's key takeaways here, but one of the notable findings is that bond-fund investors once again captured a smaller share of their funds' total returns than investors did in other types of funds.''

Finally, another sidebar, "NTAM Launches F-I ETF Suites," says, "A press release titled, 'Northern Trust Launches Fixed Income ETF Suites,' states, 'Northern Trust Asset Management has launched three suites of fixed income ETFs.... The 11 new ETFs are the first funds under the new Northern Trust ETFs brand.'"

The Federal Reserve released its latest quarterly "Z.1 Financial Accounts of the United States" statistical survey (a.k.a. "Flow of Funds") late last week, and among the 4 tables it includes on money market mutual funds, the Second Quarter 2025 edition shows that Total MMF Assets increased by $83 billion to $7.481 trillion in Q2'25. The Household Sector, by far the largest investor segment with $4.877 trillion, saw the biggest asset increase in Q2, followed by Property-Casualty Insurance. The Fed's latest Z.1 numbers, which contain one of the few looks at money fund investor segments available, also showed noticeable increases for the Mutual Funds and Nonfinancial Corporate Business categories in Q2 2025. (Note: For those attending our upcoming European Money Fund Symposium, Sept. 22-23, 2025 in Dublin, Ireland, safe travels and we look forward to seeing you next week!)

Mutual funds, Nonfinancial Corporate Business, Life Insurance Companies, Exchange-traded funds, Rest of World, State & Local Governments, State & Local Govt Retirement and Nonfinancial Noncorporate Business categories saw small asset increases in Q2, while the Other Financial Business (formerly Funding Corps) category saw the only asset decrease last quarter. Over the past 12 months, the Household Sector, Nonfinancial Corporate Business, Other Financial Business and Property-Casualty Insurance categories showed the biggest asset increases, while State & Local Govt Retirement saw the only asset decrease.

The Fed's "Table L.206," "Money Market Mutual Fund Shares," shows that total assets increased by $83 billion, or 1.1%, in the second quarter to $7.481 trillion. The largest segment, the Household sector, totals $4.877 trillion, or 65.2% of assets. The Household Sector increased by $56 billion, or 1.2%, in the quarter. Over the past 12 months through June 30, 2025, Household assets were up $682 billion, or 16.3%.

Nonfinancial Corporate Businesses, the second-largest segment according to the Fed's data series, held $987 billion, or 13.2% of the total. Assets here increased by $7 billion in the quarter, or 0.7%, and they've increased by $108 billion, or 12.3%, over the past year. Other Financial Business was the third-largest investor segment with $496 billion, or 6.6% of money fund shares. This category fell $28 billion, or -5.3%, in the latest quarter. Other Financial Business, which we believe includes Securities Lending, has increased by $54 billion, or 12.3%, over the previous 12 months.

The Mutual Funds (a recent addition to the tables), moved up to fourth place in market share among investor segments with 3.0%, or $225 billion, The fifth-largest segment, Rest of World held $220 billion (2.9%). Private Pension Funds was the 6th largest category with 2.7% of money fund assets ($202 billion); it was down $100 million for the quarter and down $300 million, or -0.1% over the last 12 months. while Nonfinancial Noncorporate Business held $144 billion (1.9%), Life Insurance Companies held $105 billion (1.4%), State & Local Governments held $84 billion (1.1%), Property-Casualty Insurance held $79 billion (1.1%), Exchange-traded Funds held $41 billion (0.6%), and State & Local Govt Retirement held $22 billion (0.3%) according to the Fed's Z.1 breakout.

The Fed's "Flow of Funds" Table L.121 shows "Money Market Mutual Funds" largely invested in “Security Repurchase Agreements” with $3.105 trillion, or 41.5%, and "Debt Securities," or Credit Market Instruments, with $4.069 trillion, or 54.4% of the total. Debt securities include: Open market paper ($313 billion, or 4.2%; we assume this is CP), Treasury securities ($2.614 trillion, or 34.9%), Agency and GSE-backed securities ($993 billion, or 13.3%), Municipal securities ($141 billion, or 1.9%) and Corporate and foreign bonds ($9 billion, or 0.1%).

Another large MMF position in the Fed's series includes `Time and savings deposits ($303 billion, or 4.1%). Money funds also hold minor positions in Miscellaneous assets ($2 billion, or 0.0%) and Foreign deposits ($1 billion, 0.0%). Note: The Fed also lists "Variable Annuity Money Funds," which currently total $51 billion.

During Q2, Debt Securities were down $183 billion. This subtotal included: Open Market Paper (down $11 billion), Treasury Securities (down $267 billion), Agency- and GSE-backed Securities (up $90 billion), Corporate & Foreign Bonds (up $1 billion) and Municipal Securities (up $2 billion). In the second quarter of 2025, Security Repurchase Agreements were up $284 billion, Foreign Deposits were down $300 million, Time & Savings Deposits were down $17 billion, and Miscellaneous Assets were down $1 billion.

Over the 12 months through 6/30/25, Debt Securities were up $458 billion, which included Open Market Paper (up $31B), Treasury Securities (up $164.), Agencies (up $252B), Municipal Securities (up $9B), and Corporate and Foreign Bonds (up $3B). Foreign Deposits fell $4B and Time and Savings Deposits decreased $1B. Securities Repurchase Agreements were up $490B over the year, while Miscellaneous Assets fell $10B.

The L.121 table shows `Stable NAV money market funds with $7,136 billion, or 95.4% of the total (up $82.1B or 1.2% in Q2 and up $1.012 trillion or 16.5% over 1-year), and Floating NAV money market funds with $345 billion, or 4.6% (up $1.3B or 0.4% in Q2 and down $79B or -18.6% over 1-year). Government money market funds total $6.056 trillion, or 80.9% (up $55.6B or 0.9% in Q2 and up $829B or 15.9% over 1-year), `Prime money market funds total $1.283 trillion, or 17.1% (up $27.0B or 2.1% in Q2 and up $95B or 8.0% over 1-year) and Tax-exempt money market funds $143B, or 1.9% (up $0.8B or 0.6% in Q2 and up $9B or 6.8% last year).

Note that the Federal Reserve made some changes to its Z.1 tables several years ago. Describing a "Money market funds sector data source change," the report says, "The money market mutual funds (MMF) sector (tables F.121 and L.121) has been revised beginning 2010:Q4 to reflect a change in data source to Securities and Exchange Commission Form NMFP. The level of assets and shares outstanding of the sector have increased due to the inclusion of private placement MMFs in the source data. Changes in the level due to changes in the data source in 2010:Q4 are recorded as other volume changes in the Financial Accounts."

On "Mutual funds sector holdings of money market funds," Z.1 tells us, "The mutual funds sector (tables F.122 and L.122) has been revised beginning 2010:Q4 to reflect holdings of money market funds not previously reported on the tables. In addition, holdings of repurchase agreements, commercial paper, corporate bonds, and miscellaneous assets have been revised. Additional and revised holdings are estimated using data from Morningstar and Investment Company Institute.... The exchange-traded funds sector (tables F.124 and L.124) has been revised beginning 2010:Q4 to reflect holdings of money market funds not previously reported on the tables."

The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary (much later than usual this month), which shows that total money fund assets rose by $60.2 billion in July 2025 to a record high $7.533 trillion, after hitting a record $7.473 trillion the month prior. The SEC shows Prime MMFs increased $22.7 billion in July to $1.303 trillion, Govt & Treasury funds increased $39.0 billion to $6.089 trillion and Tax Exempt funds decreased $1.5 billion to $141.1 billion. Taxable yields were mixed in July after previous decreases in June, May, April, March, February and January. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets increasing $136.0 billion in August 2025 to a record of $7.614 trillion. In September month-to-date through 9/10, total money fund assets have increased by $70.1 billion to a record $7.672 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)

July's asset increase follows an increase of $4.3 billion in June, an increase of $94.9 billion in May, a decrease of $17.5 billion in April, a rise of $2.8 billion in March, $101.8 billion in February, $47.9 billion in January, $113.1 billion in December, $198.1 billion in November, $93.2 billion in October, $166.6 billion in September, $97.9 billion in August and $19.5 billion last July. Over the 12 months through 7/31/25, total MMF assets have increased by $963.3 billion, or 14.7%, according to the SEC's series.

The SEC's stats show that of the $7.533 trillion in assets, $1.303 trillion was in Prime funds, up $22.7 billion in July. Prime assets were up $9.8 billion in June, $11.8 billion in May, $2.3 billion in April, $22.1 billion in March, $15.5 billion in February, $27.3 billion in January, $4.0 billion in December, $13.0 billion in November, $16.4 billion in October, but down $5.6 billion in September, $25.0 billion in August and $11.5 billion last July. Prime funds represented 17.3% of total assets at the end of July. They've increased by $114.3 billion, or 9.6%, over the past 12 months. (Note that the SEC's series includes a number of internal money funds not tracked by ICI, though Crane Data includes most of these assets in its collections.)

Government & Treasury funds totaled $6.089 trillion, or 80.9% of assets. They increased $39.0 billion in July, decreased $0.7 billion in June, increased $82.7 billion in May, decreased $25.1 billion in April, $21.8 billion in March, increased $85.5 billion in February, $23.2 billion in January, $109.4 billion in December, $181.7 billion in November, $73.1 billion in October, $171.2 billion in September, $121.9 billion in August and $31.3 billion last July. Govt & Treasury MMFs are up $840.1 billion over 12 months, or 16.0%. Tax Exempt Funds decreased $1.5 billion to $141.1 billion, or 1.9% of all assets. The number of money funds was 278 in July, up 1 from the previous month and down 12 funds from a year earlier.

Yields for Taxable MMFs were mixed in July, while Tax Exempt MMFs yields were higher. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on July 31 was 4.45%, down 1 bp from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.48%, down 1 bp from the previous month. Gross yields were 4.37% for Government Funds, down 1 bp from last month. Gross yields for Treasury Funds were up 2 bps at 4.35%. Gross Yields for Tax Exempt Institutional MMFs were up 21 basis points to 2.81% in July. Gross Yields for Tax Exempt Retail funds were up 25 bps to 2.80%.

The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.35%, down 1 bp from the previous month and down 101 bps from 7/31/24. The Average Net Yield for Prime Retail Funds was 4.21%, down 1 bp from the previous month and down 101 bps since 7/31/24. Net yields were 4.16% for Government Funds, down 1 bp from last month. Net yields for Treasury Funds were up 2 bps from the previous month at 4.14%. Net Yields for Tax Exempt Institutional MMFs were up 21 bps from June to 2.68%. Net Yields for Tax Exempt Retail funds were up 25 bps at 2.57% in July. (Note: These averages are asset-weighted.)

WALs and WAMs were mostly higher in July. The average Weighted Average Life, or WAL, was 54.6 days (up 5.6 days) for Prime Institutional funds, and 46.5 days for Prime Retail funds (up 3.0 days). Government fund WALs averaged 90.8 days (up 2.2 days) while Treasury fund WALs averaged 98.9 days (up 2.0 days). Tax Exempt Institutional fund WALs were 4.6 days (unchanged), and Tax Exempt Retail MMF WALs averaged 30.0 days (down 2.5 days).

The Weighted Average Maturity, or WAM, was 29.9 days (up 4.4 day from the previous month) for Prime Institutional funds, 27.8 days (up 5.1 days from the previous month) for Prime Retail funds, 37.8 days (up 1.4 days from previous month) for Government funds, and 47.4 days (up 3.3 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were unchanged at 4.6 days, while Tax Exempt Retail WAMs were down 2.4 days from previous month at 29.4 days.

Total Daily Liquid Assets for Prime Institutional funds were 53.4% in July (down 1.2% from the previous month), and DLA for Prime Retail funds was 46.1% (down 1.7% from previous month) as a percent of total assets. The average DLA was 62.5% for Govt MMFs and 94.4% for Treasury MMFs. Total Weekly Liquid Assets was 64.8% (down 1.4% from the previous month) for Prime Institutional MMFs, and 61.9% (up 0.4% from the previous month) for Prime Retail funds. Average WLA was 77.4% for Govt MMFs and 99.2% for Treasury MMFs.

Note that the SEC made a number of changes to their monthly release several months ago, so we're no longer publishing a number of tables. A press release titled, "SEC Publishes New Data and Analysis About Registered Investment Companies and Money Market Funds," states, "The Securities and Exchange Commission ... published new data and analysis in a pair of reports that provide the investing public with updated key information about registered investment companies and money market funds. 'It is important that the Commission publicly shares the information it collects in a clear and transparent way,' says Acting Chairman Mark Uyeda. 'These two reports will provide the public with key information about the approximately $41.5 trillion investors trust to funds and the approximately $7.39 trillion invested in money market funds.'"

The SEC says, "Money Market Fund Statistics is an enhanced version of the money market funds report generated by the Division of Investment Management. This report contains additional statistical analysis and enhancements, as well as certain metrics based on Form N-MFP data. The modifications to the report are designed to further facilitate the public's ability to efficiently review, digest, and use aggregate information about the money market fund industry by including summaries of more money market fund data, including information about internal affiliated funds, portfolio investments, flows, and industry concentration. The report extends the downloadable historical statistical series of data back to 2010."

Tim Husson, who leads the SEC's Division of Investment Management's Analytics Office, adds, "Forms N-MFP and N-CEN provide insights into key areas of the investment company industry. The reports reflect our continued dedication to enhance the public's use of important information about the industry."

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.

Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Wednesday, and we'll be writing our regular monthly update on the new September data for Thursday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Tuesday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of August 31, includes holdings information from 988 money funds (down 1 from last month), representing assets of $7.701 trillion (up from $7.530 trillion a month ago). Prime MMFs rose to $1.193 trillion (up from $1.182 trillion), or 15.5% of the total. We review the new N-MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues rose to $20.1 billion (annualized) in August.

Our latest Form N-MFP Summary for All Funds (taxable and tax-exempt) shows Treasuries and Repurchase Agreements (Repo) remain the largest types of portfolio holdings in money market funds. Treasury holdings in money market funds now total $3.146 trillion (up from $2.730 trillion), or 40.9% of all assets, while Repo holdings fell to $2.743 trillion (down from $2.976 trillion), or 35.6% of all holdings. Government Agency securities total $974.0 billion (down from $993.1 billion), or 12.6%. Holdings of Treasuries, Government agencies and Repo (almost all of which is backed by Treasuries and agencies) combined total $6.863 trillion, or a massive 89.1% of all holdings.

The Other category (primarily Time Deposits) totals $161.8 billion (down from $166.4 billion), or 2.1%, and Commercial Paper (CP) totals $331.7 billion (up from $324.0 billion), or 4.3% of all holdings. Certificates of Deposit (CDs) total $205.3 billion (up from $202.3 billion), 2.7%, and VRDNs account for $139.0 billion (up from $138.6 billion), or 1.8% of money fund securities.

Broken out into the SEC's more detailed categories, the CP totals were comprised of: $199.1 billion, or 2.6%, in Financial Company Commercial Paper; $95.8 billion, or 1.2%, in Asset Backed Commercial Paper; and $36.7 billion, or 0.5%, in Non-Financial Company Commercial Paper. The Repo totals were made up of: U.S. Treasury Repo ($1.730 trillion, or 22.5%), U.S. Govt Agency Repo ($889.8B, or 11.6%) and Other Repo ($122.7B, or 1.6%).

The N-MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $289.5 billion (up from $280.9 billion), or 24.3%; Repo holdings of $483.9 billion (down from $511.5 billion), or 40.6%; Treasury holdings of $107.8 billion (up from $76.2 billion), or 9.0%; CD holdings of $179.0 billion (up from $174.3 billion), or 15.0%; Other (primarily Time Deposits) holdings of $114.8 billion (down from $122.1 billion), or 9.6%; Government Agency holdings of $6.6 billion (up from $6.0 billion), or 0.6% and VRDN holdings of $11.2 billion (up from $10.7 billion), or 0.9%.

The SEC's more detailed categories show CP in Prime MMFs made up of: $179.7 billion (up from $172.6 billion), or 15.1%, in Financial Company Commercial Paper; $84.3 billion (up from $83.7 billion), or 7.1%, in Asset Backed Commercial Paper; and $25.5 billion (up from $24.7 billion), or 2.1%, in Non-Financial Company Commercial Paper. The Repo totals include: U.S. Treasury Repo ($224.9 billion, or 18.9%), U.S. Govt Agency Repo ($151.1 billion, or 12.7%), and Other Repo ($107.9 billion, or 9.0%).

In related news, money fund charged expense ratios (Exp%) were mostly flat in August. Our Crane 100 Money Fund Index and Crane Money Fund Average were 0.26% and 0.37%, respectively, as of August 31, 2025. Crane Data revises its monthly expense data and gross yield information after the SEC updates its latest Form N-MFP data the morning of the 6th business day of the new month. (They posted this info Tuesday morning, so we revised our monthly MFI XLS spreadsheet and historical craneindexes.xlsx averages file to reflect the latest expenses, gross yields, portfolio composition and maturity breakout.) Visit our "Content" page for the latest files.

Our Crane 100 Money Fund Index, a simple average of the 100 largest taxable money funds, shows an average charged expense ratio of 0.26%, unchanged from last month's level (also 18 bps higher than 12/31/21's 0.08%). The Crane Money Fund Average, a simple average of all taxable MMFs, showed a charged expense ratio of 0.37% as of August 31, 2025, unchanged from the month prior and slightly below the 0.40% at year-end 2019.

Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in August after also being higher in July. Assets have increased in 13 of the past 14 months (only April 2025 saw a decline). Money market fund assets rose by $129.9 billion, or 1.7%, last month to a record $7.603 trillion. Total MMF assets have increased by $188.9 billion, or 2.5%, over the past 3 months, and they've increased by $982.0 billion, or 14.8%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Vanguard, BlackRock and First American, which grew assets by $25.8 billion, $25.5B, $15.7B, $13.7B and $10.0B, respectively. Declines in August were seen by Invesco, Goldman Sachs, Morgan Stanley, American Funds and SSIM, which decreased by $7.2 billion, $5.5B, $2.4B, $1.9B and $842M, 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 were flat to slightly lower in August. (Note: With just under 2 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)

Over the past year through Aug. 31, 2025, Fidelity (up $219.3B, or 16.0%), JPMorgan (up $137.4B, or 20.3%), Schwab (up $109.6B, or 19.7%), BlackRock (up $103.8B, or 18.5%) and Vanguard (up $91.1B, or 14.8%) were the largest gainers. Fidelity, JPMorgan, BlackRock, BNY Dreyfus and Federated Hermes had the largest asset increases over the past 3 months, rising by $55.9B, $37.9B, $29.5B, $21.4B and $21.3B, respectively. The largest decline over 12 months was seen by: Columbia (down $1.4B). The largest declines over 3 months included: American Funds (down $15.1B), Goldman Sachs (down $14.0B), SSIM (down $12.1B), Invesco (down $10.1B) and T. Rowe Price (down $6.2B).

Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.586 trillion, or 20.9% of all assets. Fidelity was up $25.8B in August, up $55.9B over 3 mos., and up $219.3B over 12 months. JPMorgan ranked second with $815.7 billion, or 10.7% market share (up $25.5B, up $37.9B and up $137.4B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $706.0 billion, or 9.3% of assets (up $15.7B, up $11.2B and up $91.1B). Schwab ranked fourth with $664.7 billion, or 8.7% market share (up $6.6B, up $19.3B and up $109.6B), while BlackRock was the fifth largest MMF manager with $664.0 billion, or 8.7% of assets (up $13.7B, up $29.5B and up $103.8B for the past 1-month, 3-mos. and 12-mos.).

Federated Hermes was in sixth place with $502.0 billion, or 6.6% (up $7.1B, up $21.3B and up $52.3B), while Goldman Sachs was in seventh place with $412.0 billion, or 5.4% of assets (down $5.5B, down $14.0B and up $13.5B). Dreyfus ($313.4B, or 4.1%) was in eighth place (up $8.9B, up $21.4B and up $39.3B), followed by Morgan Stanley ($279.7B, or 3.7%; down $2.4B, down $2.0B and up $38.7B). SSIM was in 10th place ($235.5B, or 3.1%; down $842M, down $12.1B and up $21.0B).

The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring ($223.2B, or 2.9%), Northern ($181.2B, or 2.4%), First American ($179.8B, or 2.4%), American Funds ($163.2B, or 2.1%), Invesco ($158.3B, or 2.1%), UBS ($120.6B, or 1.6%), T. Rowe Price ($49.4B, or 0.7%), HSBC ($49.3B, or 0.6%), DWS ($45.1B, or 0.6%) and Western ($39.1B, or 0.5%). Crane Data currently tracks 61 U.S. MMF managers, unchanged 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: BlackRock moves up to the No. 3 spot, Vanguard moves down to No. 4 and Schwab moves down to the No. 5 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot and Morgan Stanley moves up to the No. 8 spot, while Dreyfus moves down to the No. 9 spot. 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 ($1.607 trillion), JP Morgan ($1.103 trillion), BlackRock ($996.2B), Vanguard ($706.0B) and Schwab ($664.7B). Goldman Sachs ($568.7B) was in sixth, Federated Hermes ($515.4B) was seventh, followed by Morgan Stanley ($384.4B), Dreyfus/BNY ($374.6B) and SSIM ($288.0B), 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 September issue of our Money Fund Intelligence and MFI XLS, with data as of 8/31/25, shows that yields were mostly down in August across all the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 722), was 3.99% (down 2 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was down 1 bp to 4.00%. The MFA's Gross 7-Day Yield was at 4.36% (down 2 bps), and the Gross 30-Day Yield was down 1 bp at 4.37%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 8/31/25 on Tuesday.)

Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.10% (down 2 bps) and an average 30-Day Yield at 4.11% (down 1 bp). The Crane 100 shows a Gross 7-Day Yield of 4.37% (down 2 bps), and a Gross 30-Day Yield of 4.37% (down 1 bp). Our Prime Institutional MF Index (7-day) yielded 4.24% (down 1 bp) as of August 31. The Crane Govt Inst Index was at 4.11% (down 1 bp) and the Treasury Inst Index was at 4.05% (down 3 bps). Thus, the spread between Prime funds and Treasury funds is 19 basis points, and the spread between Prime funds and Govt funds is 13 basis points. The Crane Prime Retail Index yielded 3.99% (down 1 bp), while the Govt Retail Index was 3.82% (down 2 bps), the Treasury Retail Index was 3.80% (down 3 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.56% (up 12 bps) at the end of August.

Gross 7-Day Yields for these indexes to end August were: Prime Inst 4.47% (down 1 bp), Govt Inst 4.35% (down 2 bps), Treasury Inst 4.32% (down 3 bps), Prime Retail 4.47% (down 1 bp), Govt Retail 4.36% (down 2 bps) and Treasury Retail 4.32% (down 3 bps). The Crane Tax Exempt Index rose to 2.95% (up 12 bps). The Crane 100 MF Index returned on average 0.35% over 1-month, 1.04% over 3-months, 2.69% YTD, 4.40% over the past 1-year, 4.58% over 3-years annualized), 2.81% over 5-years, and 1.89% over 10-years.

The total number of funds, including taxable and tax-exempt, was unchanged in August at 835. There are currently 722 taxable funds, unchanged from the previous month, and 113 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.)

The September issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Monday morning, features the articles: "Money Fund Assets Blow Past $7.5 Trillion; on Way to $8.0?," which reviews the latest surge in MMF assets; "BNY Dreyfus, Goldman Both Launch Stablecoin Reserves," which quotes from new filings for Stablecoin Reserves money funds; and, "JPM on Offshore MMFs; European MFs Record $1.5T," which covers a recent update on money funds in Ireland. We also sent out our MFI XLS spreadsheet Monday a.m., and we've updated our Money Fund Wisdom database with 8/31/25 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Monday, Sept. 15.

MFI's "Assets" article says, "Money market mutual fund assets surged in August, breaking the $7.5 trillion level for the first time ever earlier in the month and hitting a record $7.608 billion at month-end. They continue to jump in September, rising by $60.6 billion in the first 4 days of the new month. Year-to-date, money fund assets have increased by $489.1 billion (6.8%), and over the past year assets have increased by $1.018 trillion, or 15.4%.

It continues, "MMF asset totals first crossed the $7.0 trillion threshold last November, and they’ve since marked a series of new highs: $7.1 trillion on Dec. 3, $7.2 trillion on Jan. 2, $7.3 trillion on Feb. 26, $7.4 trillion on May 30, $7.5 trillion on Aug. 4, and $7.6 trillion on Aug. 29."

We write in our "Stablecoin Reserves" profile, "Over the past month, both BNY and Goldman Sachs filed to launch Stablecoin Reserves funds, following in the footsteps of BlackRock's Circle Reserves. A filing for BNY Dreyfus Stablecoin Reserves Fund tells us, "The fund pursues its investment objective by investing in (i) U.S. Treasury bills, notes, or bonds (collectively, U.S. Treasury securities), (ii) overnight repurchase agreements collateralized solely by U.S. Treasury securities, and (iii) cash. The fund is a money fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00. The U.S. Treasury securities in which the fund invests have a maturity of 93 days or less."

It states, "BNY's N1-A explains, 'The fund is a 'government money market fund,' as that term is defined in Rule 2a-7, and as such is required to invest at least 99.5% of its total assets in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/or government securities, and cash. The fund seeks to enter into repurchase agreements that present minimal credit risk, based on an assessment by Dreyfus, a division of Mellon Investments Corporation (Dreyfus), the fund's sub adviser, of the counterparty's credit quality and capacity to meet its financial obligations, among other factors. Shares of the fund are intended to serve as reserves backing outstanding payment stablecoins. The fund does not invest in stablecoins.'"

Our "JPM on Offshore MMFs" piece says, "J.P. Morgan Securities published a brief titled, 'A Closer Look Into Offshore USD MMFs,' which tells us, 'While we often focus on onshore MMFs given their colossal size ($7.3tn), we would be remiss not to talk about offshore USD MMFs which also play a significant role in the money markets. Over the past three years, much like their onshore counterparts, offshore USD MMFs have grown significantly in AUM, increasing by $257bn to $796bn and $53bn YTD. However, unlike their onshore counterparts, much of the AUMs reside in prime MMFs (LVNAVs and VNAVs) as opposed to government MMFs (CNAVs). As a result, a substantial portion of their holdings (61%) are credit-based products (CP/CDs) vs. rates (39%).'"

The article continues, "JPM explains, 'Even so, the amount of cash allocated to rates products such as T-bills and repos is not insignificant. In June, combined T-bill and repo holdings among offshore government and prime funds totaled $240bn, not too far off from its peak (~$260bn) in late 2024.... Of that amount, $163bn were in repo and $77bn in T-bills as offshore MMFs reduced their T-bill exposure during the first half of the year. As T-bill paydowns persisted, offshore MMFs decreased their bill holdings by $44bn over 1H25 and by $71bn from their local peak in November of last year. As a result, offshore MMFs rotated into repo. During the first half of the year, offshore MMFs increased their repo exposure by $35bn, with over half of this increase driven by dealer repo.'"

MFI also includes the News brief, "MF Average Yield Dips Below 4.0%; Crane 100 Down to 4.10%." It says, "Money fund yields inched lower in August ahead of an expected cut in rates by the Fed later this month. The Crane Money Fund Average, an average of all (722) taxable money funds tracked by Crane Data, fell to 3.99% from 4.01%, the first time this number has been below 4.0% since 12/31/22. Our Crane 100 Money Fund Index inched lower to 4.10%. (Yields are simple, net and annualized and averages are simple and not asset-weighted.)

Another News brief, "WisdomTree Govt MM Digital Fund Changes to Treasury," tells readers, "WisdomTree Government Money Market Digital Fund (WTGXX) filed to change its name to WisdomTree Treasury Money Market Digital Fund. The Prospectus Supplement says, 'Effective on or about Nov. 1, 2025, the Fund's name, non-fundamental investment policy, and principal investment strategies will be revised. Why the Changes: The impetus for the changes is to ensure the Fund's eligible investor base includes payment stablecoin issuers seeking to comply with newly enacted U.S. legislation, namely the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the 'GENIUS Act'). (For more, see our 2/26/24 News, 'WisdomTree Launches Digital Govt MMF.')"

A third News brief titled, "JPM Says T-Bills Back," states, "J.P. Morgan's 'Short-Term Market Outlook & Strategy' featured a brief titled, 'The bills are back in town.' It explains, 'We think repo markets will remain orderly for three reasons. First, MMF AUMs are still rising and we expect this to continue into year-end, allowing investment in T-bills without reallocating from repo. We think MMF AUMs can reach $7.6-7.7tn by year-end, and there are many other T-bill liquidity buyers, some of which do not engage in repo, that can help take down the bill supply. Second, bank portfolios are underinvested in repo relative to history, with their repo exposure at $710bn or below 3% of total assets, vs. $850bn or ~5% of total assets in mid-2019.... Third, the SRF remains available as a source of liquidity, and we think primary dealers will have no problem using it when the economics make sense.'"

A sidebar, "Paper on MF Vulnerabilities," says, "The Journal of Banking & Finance published a study titled, 'Money Market Funds Vulnerabilities and Systemic Liquidity Crises.' It explains, 'Despite regulatory reforms, Money Market Funds (MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short term markets. We provide a model showing the tradeoffs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run preemptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-March 2020. Unless short-term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises.'"

Our September MFI XLS, with August 31 data, shows total assets rose $129.9 billion to a record high $7.608 trillion, after increasing $69.0 billion in July, $10.1 billion in June and jumping $90.3 billion in May. MMFs decreased $26.6 billion in April and $4.6 billion in March. Assets increased $90.4 billion in February, $47.9 billion in January and $113.0 billion in December. Assets jumped $196.1 billion in November, $89.9 billion in October and $155.2 billion last September.

Our broad Crane Money Fund Average 7-Day Yield was down 2 bps at 3.99%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 2 bps at 4.10% in August. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.36% and 4.37%. Charged Expenses averaged 0.37% and 0.26% for the Crane MFA and the Crane 100. (We'll revise expenses once we upload the SEC's Form N-MFP data for 8/31/25 on Tuesday, 9/9.) The average WAM (weighted average maturity) for the Crane MFA was 41 days (up 2 days) and the Crane 100 WAM was up 1 day from the previous month at 42 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $52.4 billion to a record $7.259 trillion. MMFs rose $17.2 billion last week, $3.8 billion the week before and $33.3 billion 3 weeks ago. MMF assets are up by $959 billion, or 15.2%, over the past 52 weeks (through 9/3/25), with Institutional MMFs up $548 billion, or 14.6% and Retail MMFs up $411 billion, or 16.1%. Year-to-date, MMF assets are up by $409 billion, or 6.0%, with Institutional MMFs up $180 billion, or 4.4% and Retail MMFs up $229 billion, or 8.4%. (Note: Register soon for our European Money Fund Symposium, which takes place Sept. 22-23 in Dublin, Ireland!)

ICI's weekly release says, "Total money market fund assets increased by $52.37 billion to $7.26 trillion for the week ended Wednesday, September 3.... Among taxable money market funds, government funds increased by $44.71 billion and prime funds increased by $5.87 billion. Tax-exempt money market funds increased by $1.79 billion." ICI's stats show Institutional MMFs increasing $33.5 billion and Retail MMFs increasing $18.9 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.915 trillion (81.5% of all money funds), while Total Prime MMFs were $1.206 trillion (16.6%). Tax Exempt MMFs totaled $138.2 billion (1.9%).

It explains, "Assets of retail money market funds increased by $18.90 billion to $2.96 trillion. Among retail funds, government money market fund assets increased by $12.84 billion to $1.86 trillion, prime money market fund assets increased by $4.65 billion to $975.56 billion, and tax-exempt fund assets increased by $1.42 billion to $125.27 billion." Retail assets account for 40.8% of the total, and Government Retail assets make up 62.9% of all Retail MMFs.

They add, "Assets of institutional money market funds increased by $33.47 billion to $4.29 trillion. Among institutional funds, government money market fund assets increased by $31.87 billion to $4.05 trillion, prime money market fund assets increased by $1.23 billion to $230.75 billion, and tax-exempt fund assets increased by $373 million to $12.96 billion." Institutional assets accounted for 59.2% of all MMF assets, with Government Institutional assets making up 94.3% of all institutional MMF totals.

According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets increased by $30.1 billion in early September (through 9/3/25) to $7.633 trillion. Assets broke above $7.6 trillion for the first time on August 29 and hit a record high of $7.633 trillion on September 2, assets broke above $7.5 trillion for the first time less than a month ago, on August 4. Assets increased by $132.0 billion in August, $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. They fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October and $149.8 billion last September. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.

In other news, J.P. Morgan writes that, "Liquidity investors extend." They explain, "Just like that, September has arrived, and markets are now almost fully pricing in a policy rate cut later this month. In anticipation, money market investors have been extending into longer-dated maturities ahead of a potential restart to the easing cycle. Notably, government MMFs have lengthened their WAMs by 3.4 days to an average of 40 days, while prime funds have extended by 2.2 days to 29 days, over the past month."

The brief continues, "Both government and prime fund WAMs now stand at their highest levels this year, and at their longest since June 2021. While it's possible that MMFs could extend a bit further, money funds are also approaching the upper end of their range, especially for government MMFs. For context, looking back over the past 15 years, government WAMs peaked at around 47 days towards the end of 2020."

JPM says, "The extension in duration was evident across both T-bills and short-term credit markets. In fact, this week's 52-week T-bill auction saw end users take down a remarkable 83% of the supply, the largest on record. Similarly, the latest 13-week and 17-week auctions performed well, with end users taking 70% and 73% respectively, both above year-to date averages. Demand for longer-dated fixed rate bank CP/CDs also surged in recent weeks, with maturities of 6 months to 1 year accounting for over 50% of total volumes on average, reaching the highest levels since September 2023."

They state, "On a relative value basis, 6m fixed bank CP/CD yields are roughly in line with their FRN counterparts on a fixed equivalent basis ..., so the preference to go into floating vs fixed largely comes down to Fed expectations, which we should find out more about at the September FOMC meeting. While MMFs typically experience outflows of around $30bn in mid-September due to the corporate tax deadline, these outflows are relatively modest compared to the overall flows into and out of taxable MMFs, and absent any idiosyncratic events, are expected to have limited to no impact on bank CP/CD funding levels."

The piece adds, "Finally, as we discussed previously, it will be important to track MMF AUM flows, WAM positioning, and tri-party repo levels throughout the month, as outsized redemptions or significant extensions in maturities could spill over into slightly higher repo financing costs."

Money market mutual fund assets broke the $7.6 trillion level on Friday for the first time ever, and they hit a record $7.633 trillion on Tuesday (9/3), according to Crane Data's Money Fund Intelligence Daily. Assets jumped by $30.7 billion on Tuesday, Sept. 2, after surging by $132.0B in August. Year-to-date, money fund assets have increased by $459.3 billion (6.4%), and over the past year assets have increased by $1.018 trillion, or 15.4%. MMF asset totals first crossed the $7.0 trillion threshold last November, and they've since marked a series of new highs: $7.1 trillion on December 3, $7.2 trillion on January 2, $7.3 trillion on February 26, $7.4 trillion on May 30, $7.5 trillion on August 4, and $7.6 trillion on August 29. (Note: With just under 3 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)

In other news, a press release titled, "Northern Trust Asset Management Launches US Dollar Treasury Strategy," tells us, "Northern Trust Asset Management, a global leader in liquidity solutions with US$336 billion in short term assets (as of 30 June 2025), has expanded its flagship money market product offering, aimed at European investors, with the launch of its NT U.S. Treasury Liquidity Strategy. This follows the successful launch of its onshore US Treasury Strategy in July 2024, which has amassed US$5.4 billion dollars in assets (as of 15th August 25)." According to Crane Data's MFI International, which tracks "offshore" & European money market funds, Northern ranks 13th overall out of 21 managers with $47.1 billion (as of Sept. 2).

The release explains, "The Public Debt CNAV strategy seeks to generate current income while providing a low-risk capital preservation investment option that maintains liquidity over the short-to-medium term. Euro and Sterling equivalents have also been developed for launch in 2026."

Dan Farrell, head of International Fixed Income, Northern Trust Asset Management, comments, "US Treasuries remain a cornerstone of stability in periods of market volatility, and a dedicated public debt money market fund provides investors with a secure, highly liquid vehicle that enhances diversification within their short-term US dollar allocations. The launch of our US Treasury Liquidity strategy enables us to provide a full spectrum offering in response to the increasing demand we are seeing from investors and supports our strategy for growth."

The release adds, "Northern Trust Asset Management is entrusted by institutions worldwide to help them achieve their liquidity goals. Leveraging its more than 40 years of actively managing solutions, it aims to optimize liquidity and deliver client value in every market cycle."

Separately, Federated Hermes' Deborah Cunningham writes about "Looking on the bright side" in her most recent monthly commentary. She says, "Football season is upon us, but the biggest end-around is not on the field but in Washington as President Trump is trying another way to influence the Federal Reserve. But before I address his attempt to remove Fed Governor Lisa Cook, I'd like to discuss some positives in the money markets."

The commentary explains, "It's no wonder that the financial media, advisors, investors and, of course, firms within the industry have focused on the attractive yields of stable value investments over the last three years. It's been an extraordinary run, which we think could continue even after the Fed eases rates further."

It continues, "But less noticed is the excellent state of the fundamentals. I'd argue that overnight trading is the healthiest since 2008, judging by the robust supply brought or sponsored by traditional counterparties that has greatly reduced the use of the Fed's Reverse Repo and the Standing Repo facilities. Banks are the major players, and their credit continues to be high, with low nonperforming assets, fewer charge-offs and elevated liquidity. The whole system works best in conditions like this and should inspire continued confidence for cash managers."

Discussing "New Kids on the Blockchain," Cunningham states, "As I often say, money market managers are wise to be conservative. With goals of liquidity, stability and preservation of principal, we must tread carefully when approaching new technology. Blockchain structure has been around for decades, of course, but the cash management industry has only recently developed products that use it. With that cautious approach and extensive evaluation, we are proud to participate with BNY and Goldman Sachs in their initiative to offer tokens that represent the value of the shares, with BNY using blockchain to maintain a mirror record of share ownership. It was innovation that created the first money market funds, and digitalization has the potential to enhance the growth prospects of the liquidity industry."

She adds, "[W]e think the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, provides necessary regulation of the stablecoin market. Again, with appropriate caution, it should lead to more opportunities for liquidity products, particularly government money market funds, given the new requirements for permitted stablecoins in the US to be backed one-to-one by certain high-quality liquid assets."

Finally, Cunningham writes, "In the tax-free money fund space, the already steep municipal yield curve could get steeper if/when the Fed resumes cutting rates. This should mean increased supply, with 1-year notes already trending toward the third straight year of growth exceeding 10%. With the uncertainty of the Trump administration's tax and spending bill behind us, we think demand from technical factors, such as the reinvestment of matured securities and coupon payments, will weaken, which historically produces stronger taxable equivalent performance for SIFMA."

Bloomberg writes, "America Inc. Swaps Decades for Days in Rush to Commercial Paper," which explains, "Once a $2 trillion cornerstone of global finance, the US commercial paper market was left in disarray following the 2008 crisis. Now, after years in the shadows, it's staging an unexpected comeback. Uber Technologies Inc. rolled out a $2 billion commercial paper plan in June, according to its latest quarterly filing. That followed Netflix Inc.'s $3 billion facility a month earlier. Coca-Cola Co., PepsiCo Inc., Philip Morris International Inc. and Honeywell International Inc. have all tapped the market in recent months, selling billions worth of the short-term IOUs, which typically range in maturity from 30 to 90 days." (Note: With just under 3 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)

The article continues, "The renewed embrace of commercial paper is fueling the biggest expansion in the market since 2006, and underscores just how dramatically corporate America has been shifting its funding mix. Faced with elevated interest rates and tariff turmoil, companies have moved to shore up cash buffers while avoiding locking in higher long-term borrowing costs, especially with potential Federal Reserve rate cuts on the horizon. The pivot mirrors a similar move by the Treasury, which has ramped up issuance of short-term T-bills to cover the US budget gap. 'We're buying more commercial paper than we've ever bought' said Deborah Cunningham, CIO for Liquidity at Federated Hermes, which manages $846 billion of assets."

Bloomberg writes, "But rising rates in recent years have made commercial paper more alluring for companies seeking to avoid locking in higher rates for longer, pushing total commercial paper outstanding to $1.4 trillion -- near the highest since 2009. With signs that the Fed is set to cut its policy benchmark for the first time since December at this month's meeting, demand for short-term debt is poised to climb further as companies position for lower borrowing costs ahead."

They quote Garrett Strum, portfolio manager and money-market analyst at Janus Henderson Investors, "From the perspective of a corporate treasurer, if you believe we're entering into another round of easing, you want to be able to refinance quickly and lower those interest-rate costs. Commercial paper is a perfect vehicle for that."

The piece adds, "On the demand front, sales have been driven by a growing number of investors trying to eke out gains while hoarding record amounts of cash. So-called prime funds that invest heavily in the debt held about $302 billion of commercial paper in July -- the highest since May 2016, according to Investment Company Institute data."

In other news, a press release titled, "Janus Henderson Launches Charitable Investment Accounts" tells us, "Janus Henderson (JHG) has announced the launch of Janus Henderson Charitable Investment Accounts to give all Americans access to the tools utilized by sophisticated investors to maximize their charitable reach while taking advantage of the tax benefits such accounts can create. Investors who want to maximize their charitable deductions before changes to U.S. tax law coming into effect in 2026 -- which may limit an investor's deductions -- can now do so with a Janus Henderson Charitable Investment Account."

It explains, "Through the efficiency of the Givinga technology platform, these accounts have industry leading features such as no account minimums, no contribution minimums, grants as low as $50, and a simple account fee structure of a flat 0.3%, which currently is approximately half the base fees for the largest donor advised fund providers. A Janus Henderson Charitable Investment Account is the only platform where cash balances are swept into the American Cancer Society Support – Class D Shares of Janus Henderson's Government Money Market Fund (ACDXX), and the firm donates one half of its management fees from the Fund to the American Cancer Society. Donors can also invest their Charitable Investment Account in a range of asset allocation solutions targeting conservative, moderate, or growth objectives. These Charitable Investment Accounts are powered by Givinga's financial-grade technology and giving infrastructure, providing access to over 2.1 million charities globally."

The release adds, "Janus Henderson's Charitable Investment Accounts are part of the firm's Brighter Future Project. The Brighter Future Project looks for innovative ways to enhance Janus Henderson's positive impact on clients, employees, and the communities it serves, creating a virtuous cycle of impact. To learn more about Janus Henderson Charitable Investment Accounts, please visit https://www.janushendersoncharitable.org/." (For more, see our Sept. 18, 2024 Crane Data News, "Janus Offers MMF to Support American Cancer Society; Weekly Holdings.")

Finally, a publication called TreasuryXL published a Q&A with Aviva Investors, titled, "How Treasurers Manage Cash When It Matters Most." It states, "When cash stops coming in but the outflows keep going, treasurers are tested. In this interview, Wout van Wijlick (treasuryXL) asked the Aviva Investors team how treasury professionals share how treasurers handle those moments -- what they focus on, how they forecast, where they hold cash, and what's changed in the last few years."

Aviva's Tony Callcot says, "Fortunately, treasurers have cash and liquidity management options available to them. The key factors in selecting treasury tools are access to cash, security of cash -- and, albeit usually a distant third in terms of priorities, the yield available. Bank deposits can satisfy these requirements. On the other hand, managing a portfolio of multiple banking relationships can be complex. Money market funds -- which also provide ready access to cash -- can help in providing diversification in an operationally efficient manner."

It quotes Alastair Sewell of Aviva, "We see two clear trends in liquidity management. The first is that many corporates are cash rich, reflecting current market uncertainty due to global conflicts and a shifting geopolitical landscape. This situation can change rapidly, bringing both opportunities and challenges that impact cash. Second, interest rates are falling. The latest forecasts suggest the ECB is nearing the end of its rate-cutting path, while the Fed and the Bank of England may still have some way to go: Reassuringly, the consensus is that interest rates won't fall back to the lows of the 2000s, meaning treasurers should continue to benefit from healthy income levels on their cash. However, it's crucial to consider how cash is allocated in a declining rate environment. Bank deposits may not offer the best interest rates, whereas money market funds usually target rates available in the interbank market, such as ESTR."

When asked, "What are your current weightings in money market funds versus bank deposits, and have they changed in the last year?" Aviva's Tarek Smili replies, "Many treasurers have increased their use of fixed deposits recently. These deposits offer a fixed interest rate for a set period but are typically not breakable, meaning the cash is not available on demand. Due to the importance of cash access, prudent treasurers limit their use of fixed deposits. If yield is a priority, there are other options. 'Standard' money market funds can provide higher yields than 'regular' money market funds or overnight bank deposits. Ultra-short duration bond funds are another option, offering access to cash with one- or two-days' notice while potentially providing higher returns and diversification."

Discussing, "[M]isconceptions treasurers might have about the role or risk profile of MMFs in a cash portfolio," Callcot responds, "Many treasurers already use money market funds, which had over $11 trillion in assets under management by March 2025. Despite past issues, including the 2008 financial crisis, regulatory reforms have made these funds safer and more resilient. Modern money market funds proved their stability during the 2020 Covid-19 market stress and the UK's 2022 gilt crisis. Today's money market funds are vastly different from those in 2008 and can be a crucial part of any treasurer's liquidity management strategy."

While Crane Data makes final preparations for our European Money Fund Symposium, which will take place Sept. 22-23 in Dublin, we're also ramping up preparations for our next Money Fund University conference, which will be in Pittsburgh, Dec. 18-19. Crane's Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers, and the Pittsburgh show will include our Holiday cocktail party Dec. 18 and a free product training session for Crane Data clients. We review the MFU agenda and some other upcoming conferences, below.

Money Fund University offers a 2-day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. Registrations are $750 and are now being taken, and the latest agenda is available here. (E-mail us to request the latest brochure, and make your hotel reservations here!)

The morning of Day One (12/18/25) of the 2025 MFU agenda includes: History & Current State of Money Market Mutual Funds with Peter Crane of Crane Data; The Federal Reserve & Money Markets with Katie Craig of BofA; Ratings, Monitoring & Performance with Steven Johnson of Fitch Ratings and Andrea Valverde of S&P Global; and, Instruments of the Money Markets Intro with Pankaj Vohra of J.P. Morgan Securities.

Day One's afternoon agenda includes: Repurchase Agreements with Christopher Clarke of J.P. Morgan Secs; Treasuries & Govt Agencies with Sue Hill of Federated Hermes and Matt Lachance of TD Securities; Commercial Paper & ABCP with Rob Crowe of Citi Global Markets and Greg Jensen of Citi Global Markets; CDs, TDs & Bank Debt with Vanessa McMichael of Wells Fargo Securities; and, Credit Analysis & Portfolio Management with Mark Weiss of and John Wyda of Federated Hermes. (Note: Crane Data will host its Holiday Party alongside MFU. Clients and friends are welcome to join us at the Westin Hotel in Pittsburgh on Thursday, Dec. 18 from 5-7:30pm!)

Day Two's (12/19) agenda includes: Money Fund Regulations: 2a-7 Basics & History with Stephen Cohen of Dechert LLP and Jamie Gershkow of Stradley Ronon; Money Fund Reforms: Latest 2a-7 Changes with Jon-Luc Dupuy of K&L Gates LLP and Stephen Cohen of Dechert LLP; European MMFs & Ultra-Short Funds with John Hunt of Sullivan & Worcester LLP and Peter Crane of Crane Data; and Money Fund Data & Wisdom Demo/Training with Peter Crane. The conference ends with its annual MFU "Graduation" ceremony (where diplomas are given to attendees).

New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Exhibit space for Crane's Money Fund University is $2,000, and sponsorship opportunities are $3K (Bronze), $4K (Silver), and $5K (Gold). A block of rooms has been reserved at The Westin Convention Center Pittsburgh Hotel. (Please reserve before 11/18.)

We'd like to thank our past MFU sponsors – Fitch Ratings, CastleOak Securities, Silicon Valley Bank, BlackRock, TD Securities, Capitolis, Northern Trust, Dechert LLP, J.P. Morgan Asset Management, K&L Gates, Dreyfus, Citi and GLMX -- for their support, and we look forward to seeing you in Pittsburgh in December! E-mail Pete Crane (pete@cranedata.com) for the latest brochure or visit www.moneyfunduniversity.com to register or for more details.

Also, the final agenda is available and registrations are still being taken for our European money market mutual fund event. Registration for European Money Fund Symposium is $1,000 USD. EMFS will be held at the Hilton Dublin. Visit www.craneeurosymposium.com to register, and contact us to request the PDF brochure. (Let us know too if you'd like information on sponsorships or speaking in future years too.)

Mark your calendars too for our next Bond Fund Symposium, which will be held in Boston, Mass., on March 19-20, 2026. (Click here to see last year's agenda.) Bond Fund Symposium is the only conference devoted entirely to bond mutual funds, bringing together bond fund managers, marketers, and professionals with fixed-income issuers, investors and service providers. The majority of the content is aimed at the growing ultra-short and conservative ultra-short bond fund marketplace.

Finally, Crane Data is making preliminary preparations for our next big show, Money Fund Symposium, which is scheduled for June 24-26, 2026 in Jersey City, N.J. The agenda will be released later this fall and registrations will open soon. Let us know if you'd like more details on any of our events, and we hope to see you in Dublin in September, in Pittsburgh in December, in Boston in March 2026 or in Jersey City in June 2026. Thanks to all of our speakers and sponsors and for your support!

Money Market News Archive

2025 2024 2023
October December December
September November November
August October October
July September September
June August August
May July July
April June June
March May May
February April April
January March March
February February
January January
2022 2021 2020
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2019 2018 2017
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2016 2015 2014
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2013 2012 2011
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2010 2009 2008
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2007 2006
December December
November November
October October
September September
August
July
June
May
April
March
February
January