Crane Data's September Money Fund Portfolio Holdings, with data as of Aug. 31, 2026, show that holdings of Treasuries surged while Repo declined last month. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $131.9 billion to $8.343 trillion in August, after decreasing $8.7 billion in July and $4.9 billion in June. Assets increased $255.9 billion in May, but decreased $105.9 billion in April and $103.0 billion in March. Treasuries, the largest portfolio composition segment, increased by $260.3 billion. Repo, the second largest segment, decreased $95.4 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, Treasury securities increased $260.3 billion (7.6%) to $3.688 trillion, or 44.2% of holdings, after increasing $150.2 billion in July, decreasing $95.7 billion in June and increasing $218.9 billion in May. Repurchase Agreements (repo) decreased by $95.4 billion (-3.3%) to $2.817 trillion, or 33.8% of holdings, in August, after decreasing $148.0 billion in July, but increasing $68.0 billion in June and $17.9 billion in May. Government Agency Debt was down $40.5 billion, or -3.4%, to $1.167 trillion, or 14.0% of holdings. Agencies increased $5.9 billion in July, $13.8 billion in June and $4.6 billion in May. Repo, Treasuries and Agency holdings now total $7.672 trillion, representing 92.0% of all taxable holdings.
Money fund holdings of CP and CDs rose, while Other (mainly Time Deposits) fell in August. Commercial Paper (CP) increased $19.7 billion (6.6%) to $319.7 billion, or 3.8% of holdings. CP holdings decreased $3.6 billion in July, increased $6.2 billion in June and $11.3 billion in May. Certificates of Deposit (CDs) increased $0.4 billion (0.2%) to $206.2 billion, or 2.5% of taxable assets. CDs decreased $3.8 billion in July but increased $6.4 billion in June and $0.7 billion in May. Other holdings, primarily Time Deposits, decreased $12.8 billion (-9.1%) to $128.1 billion, or 1.5% of holdings, after decreasing $9.5 billion in July, $3.9 billion in June and increasing $2.5 billion in May. VRDNs increased to $17.6 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Friday around noon.)
Prime money fund assets tracked by Crane Data decreased to $1.362 trillion, or 16.3% of taxable money funds' $8.343 trillion total. Among Prime money funds, CDs represent 15.1% (up from 15.0% a month ago), while Commercial Paper accounted for 23.5% (up from 21.9% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 13.4% of total holdings, Asset-Backed CP, which accounts for 7.6%, and Non-Financial Company CP, which makes up 2.5%. Prime funds also hold 0.7% in US Govt Agency Debt, 12.6% in US Treasury Debt, 12.1% in US Treasury Repo, 1.6% in Other Instruments, 6.1% in Non-Negotiable Time Deposits, 12.1% in Other Repo, 14.8% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.430 trillion (53.1% of all MMF assets), up from $4.358 trillion in July, while Treasury money fund assets totaled another $2.526 trillion (30.3%), up from $2.476 trillion the prior month. Government money fund portfolios were made up of 26.1% US Govt Agency Debt, 17.7% US Government Agency Repo, 34.4% US Treasury Debt, 21.4% in US Treasury Repo, 0.3% in Other Instruments. Treasury money funds were comprised of 78.0% US Treasury Debt and 21.8% in US Treasury Repo. Government and Treasury funds combined now total $6.956 trillion, or 83.4% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $9.4 billion in August to $757.3 billion; their share of holdings remained at 9.1%. Eurozone-affiliated holdings increased to $528.0 billion from last month's $515.6 billion; they now account for 6.3% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $326.8 billion (3.9% of the total) from last month's $346.0 billion. Americas related holdings increased to $7.255 trillion from last month's $7.114 trillion; they now represent 87.0% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $116.1 billion, or -6.5%, to $1.665 trillion, or 20.0% of assets); US Government Agency Repurchase Agreements (up $17.5 billion, or 1.8%, to $983.9 billion, or 11.8% of total holdings), and Other Repurchase Agreements (up $3.2 billion, or 1.9%, to $168.4 billion, or 2.0% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $15.9 billion to $182.0 billion, or 2.2% of assets), Asset-Backed Commercial Paper (up $2.4 billion to $104.1 billion, or 1.2%), and Non-Financial Company Commercial Paper (up $1.5 billion to $33.6 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of Aug. 31, 2026, include: the US Treasury ($3.688T, 44.2%), Fixed Income Clearing Corp ($960.6B, 11.5%), Federal Home Loan Bank ($823.9B, 9.9%), JP Morgan ($311.8B, 3.7%), Federal Farm Credit Bank ($215.7B, 2.6%), RBC ($212.5B, 2.5%), Citi ($201.0B, 2.4%), Wells Fargo ($183.8B, 2.2%), BNP Paribas ($165.8B, 2.0%), Bank of America ($104.0B, 1.2%), Barclays PLC ($97.7B, 1.2%), Credit Agricole ($96.1B, 1.2%), Goldman Sachs ($95.8B, 1.1%), Sumitomo Mitsui Banking Corp ($70.3B, 0.8%), the Federal National Mortgage Association ($64.1B, 0.8%), Mitsubishi UFJ Financial Group Inc ($62.6B, 0.8%), Toronto-Dominion Bank ($57.5B, 0.7%), the Federal Home Loan Mortgage Corp ($57.5B, 0.7%), Societe Generale ($57.4B, 0.7%) and Canadian Imperial Bank of Commerce ($56.1B, 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 ($941.4B, 33.4%), JP Morgan ($300.6B, 10.7%), Citi ($197.1B, 7.0%), Wells Fargo ($171.1B, 6.1%), RBC ($169.3B, 6.0%), BNP Paribas ($157.6B, 5.6%), Goldman Sachs ($92.2B, 3.3%), Credit Agricole ($77.0B, 2.7%), Bank of America ($77.0B, 2.7%) and Barclays PLC ($70.5B, 2.5%).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($43.2B, 7.5%), Toronto-Dominion Bank ($35.7B, 6.2%), Barclays PLC ($27.2B, 4.7%), Bank of America ($27.0B, 4.7%), ING Bank ($24.7B, 4.3%), Mitsubishi UFJ Financial Group Inc ($22.9B, 4.0%), Fixed Income Clearing Corp ($19.2B, 3.3%), Credit Agricole ($19.1B, 3.3%), Bank of Montreal ($17.4B, 3.0%) and Australia & New Zealand Banking Group Ltd ($16.7B, 2.9%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($16.7B, 8.1%), Mitsubishi UFJ Financial Group Inc ($14.3B, 6.9%), Wells Fargo ($12.2B, 5.9%), Credit Agricole ($11.2B, 5.5%), Barclays PLC ($10.6B, 5.1%), Sumitomo Mitsui Banking Corp ($10.1B, 4.9%), Sumitomo Mitsui Trust Bank ($8.9B, 4.3%), Bank of Nova Scotia ($8.4B, 4.1%), Mizuho Corporate Bank Ltd ($8.3B, 4.0%) and Mitsubishi UFJ Trust and Banking Corporation ($7.9B, 3.9%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($26.7B, 9.3%), Toronto-Dominion Bank ($16.8B, 5.9%), Barclays PLC ($16.1B, 5.6%), ING Bank ($13.9B, 4.8%), JP Morgan ($11.2B, 3.9%), Capitolis Inc ($9.7B, 3.4%), National Bank of Canada ($9.5B, 3.3%), Bank of Montreal ($9.5B, 3.3%), Mitsubishi UFJ Financial Group Inc ($8.6B, 3.0%) and Bank of America ($7.0B, 2.4%).
The largest increases among Issuers include: the US Treasury (up $260.3B to $3.688T), RBC (up $64.0B to $212.5B), Wells Fargo (up $12.6B to $183.8B), ING Bank (up $4.6B to $33.8B), Bank of Montreal (up $4.3B to $55.0B), the Federal Farm Credit Bank (up $4.3B to $215.7B), Toronto-Dominion Bank (up $3.3B to $57.5B), Landesbank Baden-Wurttemberg (up $3.2B to $8.1B), Nomura (up $3.0B to $29.9B) and Deutsche Bank AG (up $2.8B to $35.9B).
The largest decreases among Issuers of money market securities (including Repo) in August were shown by: Fixed Income Clearing Corp (down $95.5B to $960.6B), the Federal Home Loan Bank (down $36.5B to $823.9B), JP Morgan (down $22.4B to $311.8B), BNY Mellon (down $13.6B to $7.5B), Sumitomo Mitsui Banking Corp (down $10.0B to $70.3B), the Federal National Mortgage Association (down $8.3B to $64.1B), Goldman Sachs (down $7.3B to $95.8B), Barclays PLC (down $6.6B to $97.7B), Mizuho Corporate Bank Ltd (down $5.1B to $43.7B) and Australia & New Zealand Banking Group Ltd (down $4.1B to $30.0B).
The United States remained the largest segment of country-affiliations; it represents 81.8% of holdings, or $6.822 trillion. Canada (5.2%, $432.7B) was in second place, while France (4.4%, $365.6B) ranked third. Japan (3.1%, $256.5B) occupied fourth place. The United Kingdom (2.1%, $178.0B) remained in fifth place. Netherlands (0.7%, $59.2B) was sixth, followed by Germany (0.7%, $55.1B), Australia (0.6%, $53.5B), Spain (0.5%, $44.8B), and Sweden (0.3%, $25.7B). (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, 2026, Taxable money funds held 47.2% (up from 46.9%) of their assets in securities maturing Overnight, and another 6.2% maturing in 2-7 days (down from 10.1%). Thus, 53.4% in total matures in 1-7 days. Another 15.6% matures in 8-30 days, while 10.5% matures in 31-60 days. Note that over three-quarters, or 79.4% 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 5.9% of taxable securities, while 9.9% matures in 91-180 days, and just 4.8% matures beyond 181 days.
