​

S&​P Global Ratings published a "Request For Comment: Principal Stability Fund Rating Methodology," which states, "S&​P Global Ratings is requesting comments on proposed revisions to its principal stability fund rating (​PSFR) criteria. A PSFR is our forward-​looking opinion about a fixed-​income fund'​s ability to maintain a stable net asset value (​NAV). This methodology applies to funds - including master feeder structures -- that aim for stable or accumulating NAVs. The proposed criteria will supersede 'Principal Stability Fund Rating Methodology.' The current criteria remain in effect until we finalize these proposed criteria."

A section titled, "Key Changes" says, "Although the overall framework for determining a PSFR will remain unchanged, we'​re proposing changes to update certain parameters and introduce greater analytical flexibility to consider market conditions. We'​re also simplifying and increasing the transparency of the criteria."

They then list the major updates: "We are proposing changing the sovereign and sovereign government-​related entity diversification limits and eliminating the differentiation across PSFR categories; We are introducing greater analytical flexibility to consider the market depth and liquidity of the sovereign; We are applying a maximum allowance for investing in other principal stability funds across PSFRs; and, We are updating the limits applicable to '​A-​1+' rated securities to include '​A-​1' rated investments that mature in one month or less, from five business days or less.

Their changes also include: "We are simplifying the criteria pertaining to high bank concentrations (​HBCs) by eliminating the HBC minimum credit quality requirement, and relying instead on the limits that apply more generally. At the same time, we'​re proposing eliminating the HBC fund aggregate limits and adjusting the HBC diversification limits; We are adding appendixes that discuss our methodology for rating tokenized money market funds and money market exchange-​traded funds."

S&​P writes, "We expect no ratings impact if the proposals are adopted. S&​P Global Ratings is seeking feedback on the proposed criteria by Oct. 19, 2026. We encourage interested external market participants to submit their written comments to https://​disclosure.​spglobal.​com/​ratings/​en/​regulatory/​ratings-​criteria. Comments may also be sent to CriteriaComments@​spglobal.​com should participants encounter technical difficulties."

The RFC continues, "The framework starts with our assessments of quantitative metrics -- regarding a fund'​s credit quality, diversification, liquidity, net asset value (​NAV), and maturity -- which together set the preliminary PSFR. Then we factor in our assessment of a fund'​s management (​its staff expertise, credit research, and internal controls) to determine the final PSFR.... To distinguish PSFRs from S&​P Global Ratings' standard issue or issuer credit ratings, PSFRs have an '​m' suffix (​e.​g., '​AAAm'). The rating scale is calibrated to reflect the likelihood of a fund successfully maintaining its NAV stability."

It also says, "Our determination of a PSFR starts with a quantitative assessment of a fund'​s underlying portfolio. We evaluate critical risk drivers, such as credit quality, diversification, liquidity, NAV, and maturity. We cap the preliminary PSFR at the rating supported by the quantitative metrics in table 1. We employ a '​weak link' approach: To achieve a specific rating, a fund must satisfy all quantitative criteria for that preliminary rating, accounting for any applicable cure periods. The '​Dm' rating category is excluded from this process."

Within "Appendix B: Tokenized MMFs And Money Market ETFs," S&​P states, "Tokenization of money market funds (​MMFs) introduces additional operational, technological, and regulatory risks beyond those typically associated with traditional MMFs. The criteria distinguish between risks inherent to all MMFs (​including credit, liquidity, and interest rate risks) and those arising specifically from the tokenization process. In addition to the qualitative and quantitative requirements applicable to all PSFRs, the analysis of tokenized MMFs encompasses the following key areas: Tokenization process and smart contract integrity; Issuance, redemption, and programmable compliance; Data integrity: NAV and oracle reliability; Wallet, custody, and system security; Secondary market liquidity; Governance and ongoing monitoring; and, Event-​driven reviews."

Finally, they write, "The introduction of ETF share classes alongside traditional mutual fund classes introduces additional market-​based and structural risks beyond those typically associated with standard MMFs. While the core credit, liquidity, and interest rate risks remain constant, the criteria for ETF share classes focus on the risks arising from the secondary market interface and the decoupling of market price from NAV. In addition to the qualitative and quantitative requirements applicable to all PSFRs, the analysis of ETF share classes encompasses the following key areas: ETF structural and operational integrity; NAV monitoring and valuation integrity; Market microstructure and price-​to-​NAV dynamics; Data integrity: NAV and market price feeds; Counterparty and ecosystem risk; Governance and ongoing monitoring; and, Event-​driven reviews."

​

The Federal Reserve Board'​s Vice Chair for Supervision Michelle Bowman gave a speech Friday in London titled, "Initial Findings from Independent Review of Silicon Valley Bank." She says, "Today I am announcing the initial findings of the independent review of the failure of Silicon Valley Bank (​SVB). In June 2023, I called for an independent review of SVB'​s failure to supplement the internal review. After I was confirmed as Vice Chair for Supervision, I engaged the Starling Advisory Group to conduct an independent review. Their report marks a pivotal moment not just in our understanding of what went wrong at SVB, but in our understanding of what went wrong within the Federal Reserve'​s supervisory process." (Note: We look forward to seeing those of you going to our European Money Fund Symposium in Paris later this week, Sept. 24-​25! Safe travels and see you soon!)

Bowman explains, "​SVB'​s collapse in March 2023 was not just the failure of a single institution. It sparked contagion that quickly spread to Signature Bank and First Republic Bank and threatened to spread throughout the banking system, requiring extraordinary government intervention to contain its effects. It fundamentally shook public confidence in the effectiveness of bank supervision. That loss of confidence demands our response. And transparency is where accountability begins."

She continues, "​The Starling Advisory Group'​s report ... answers three critical questions: Did the Federal Reserve supervisory staff identify SVB'​s vulnerabilities well in advance of its failure? If so, why did they not take prompt and decisive action to require SVB to eliminate or reduce those vulnerabilities? Did supervisory actions or inactions contribute to SVB'​s failure? This review is not about assigning blame. Instead, it is about learning lessons from the past to avoid repeating them in the future."

Bowman tells us, "​The preliminary report makes seven critical findings: First, SVB failed as the result of a confluence of vulnerabilities including real but unrealized accounting losses on its securities portfolio that exceeded its capital, a run-​prone deposit base that was 94 percent uninsured and concentrated in venture capital–​backed technology companies, and a lack of operational readiness to borrow from the discount window when it was needed. Second, our supervisory staff knew, or should have known, about these vulnerabilities as early as March 2022."

She adds, "Third, despite what it knew or should have known, supervisory staff did not take prompt and decisive action to encourage or require SVB to reduce its interest rate risk or concentration of vulnerabilities. Fourth, the delays in supervisory action were not caused by the regulatory tailoring mandate in the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 or by any directive or suggestion from the former Vice Chair for Supervision to reduce the intensity of supervision. In fact, the former Vice Chair had stepped down in October 2021, well before 2022, when SVB'​s vulnerabilities became most apparent."

Bowman continues, "Fifth, one significant factor contributing to supervisory inaction was a long-​standing culture of risk aversion. Staff believed it was personally safer to take no action unless they were certain the action was exactly right. Sixth, a lack of clarity regarding decision rights compounded this culture of risk aversion. Amid persistent and Systemwide divorcing of responsibility, authority, and accountability, the supervisory staff was unsure who could provide certainty that a particular action was correct."

She then says, "Seventh, while many postmortem accounts have asserted that social media fueled the run at SVB, none of these accounts made any effort to substantiate that claim. In fact, Charles River Associates analyzed this claim at Starling'​s request and concluded that social media did not trigger the bank run at SVB, and there was no evidence that social media accelerated the run. Among other things, they found that 96 percent of the social media chatter regarding the run appeared after SVB'​s failure was inevitable."

Bowman summarizes, "We have not waited for the review to be completed to address some of the shortcomings revealed in the report. For example, we issued a Statement of Supervisory Operating Principles that fundamentally refocuses our supervision. This statement: Clearly defines the primary objectives of supervision as identifying significant threats to the safety and soundness of banking organizations and U.​S. financial stability as early as possible; and then taking prompt, decisive action to encourage or require banking organizations to take appropriate, proportionate actions to eliminate or mitigate those threats as promptly as possible."

Finally, she comments, "The failure of Silicon Valley Bank tested our financial system and exposed vulnerabilities in our supervisory framework. It revealed shortcomings and vulnerabilities -- both at the bank and within our supervisory processes -- that require an honest assessment and meaningful reform. The independent work of the Starling Advisory Group provides that honest assessment. It is now our responsibility to follow through with meaningful reform."

Bowman adds, "​The American people deserve a banking system that is safe, sound, and resilient. They deserve supervisors who constantly assess the banking system to identify vulnerabilities and have the will to act promptly and decisively when material vulnerabilities are identified. And they deserve leaders who are unafraid to examine their own shortcomings with the same rigor we apply to the institutions we supervise. This report represents our commitment to deliver what the American people deserve. The dedicated professionals conducting supervision every day also deserve the tools, authority, and support necessary for success. We owe it to the American people to ensure that the lessons from SVB'​s failure lead to meaningful and lasting improvements in how we safeguard our financial system."

For more on the SVB bankruptcy, see these Crane Data News articles: "Uninsured Deposits Focus After SVB (​3/​13/​23), "USDC Stablecoin Breaks the Buck on SVB; MarketWatch on Debt Ceiling (​3/​13/​23), FT on Cash Pouring Into MMFs; MFs Record $​​5.​​4T; $​​9.​​2 Trillion Uninsured (​3/​20/​23), "Barron'​s on "'​Tech'​s Billions in Cash' (​3/​20/​26), "Bloomberg Quotes Abate on Deposit Outflows; Sloan on Risks of T-​​Bills (​3/​30/​23)."

​

The Investment Company Institute'​s latest weekly "Money Market Fund Assets" report shows money fund assets decreasing $​52.​0 billion to $​7.​921 trillion. Assets fell $​6.​1 billion the previous week and increased $​44.​8 billion to a record high $​7.​979 trillion the week before this. MMF assets are up by $​638 billion, or 8.​8%, over the past 52 weeks (​through 9/​16/​26), with Institutional MMFs up $​486 billion, or 11.​2% and Retail MMFs up $​152 billion, or 5.​1%. Year-​to-​date in 2026, MMF assets are up by $​188 billion, or 2.​4%, with Institutional MMFs up $​153 billion, or 3.​3% and Retail MMFs up $​35 billion, or 1.​1%.

ICI'​s weekly release says, "Total money market fund assets decreased by $​51.​97 billion to $​7.​92 trillion for the week ended Wednesday, September 16, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $​47.​88 billion and prime funds decreased by $​5.​17 billion. Tax-​exempt money market funds increased by $​1.​07 billion." ICI'​s stats show Institutional MMFs decreasing $​49.​9 billion and Retail MMFs decreasing $​2.​1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $​6.​531 trillion (​82.​4% of all money funds), while Total Prime MMFs were $​1.​240 trillion (​15.​7%). Tax Exempt MMFs totaled $​150.​4 billion (​1.​9%).

It explains, "Assets of retail money market funds decreased by $​2.​09 billion to $​3.​11 trillion. Among retail funds, government money market fund assets increased by $​784 million to $​1.​98 trillion, prime money market fund assets decreased by $​3.​15 billion to $​991.​39 billion, and tax-​exempt fund assets increased by $​277 million to $​137.​22 billion." Retail assets account for 39.​3% of the total, and Government Retail assets make up 63.​7% of all Retail MMFs.

They add, "Assets of institutional money market funds decreased by $​49.​88 billion to $​4.​81 trillion. Among institutional funds, government money market fund assets decreased by $​48.​66 billion to $​4.​55 trillion, prime money market fund assets decreased by $​2.​02 billion to $​249.​08 billion, and tax-​exempt fund assets increased by $​794 million to $​13.​20 billion." Institutional assets accounted for 60.​7% of all MMF assets, with Government Institutional assets making up 94.​5% of all institutional MMF totals.

According to Crane Data'​s separate Money Fund Intelligence Daily series, money fund assets have decreased by $​18.​6 billion to $​8.​323 trillion month-​to-​date in September (​as of 9/​16), assets reached an all-​time high of $​8.​404 trillion on July 6. Assets increased $​52.​8 billion in August, decreased $​61.​4 billion in July, increased $​58.​6 billion in June, $​208.​6 billion in May, decreased by $​108.​8 billion in April, $​49.​3 billion in March, increased $​99.​5 billion in February, $​32.​9 billion in January, $​126.​3 billion in December, $​132.​8 billion in November, $​142.​1 billion in October and $​105.​2 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 related news, the ICI also published, "Retirement Assets Total $​51.​2 Trillion in Second Quarter 2026," which includes data tables showing that money market funds held in retirement accounts rose to $​1.​030 trillion (​up from $​1.​018 trillion) in the latest quarter, accounting for 13% of the total $​7.​900 trillion in money funds. MMFs represent just 6.​5% of the total $​15.​9 trillion of mutual funds in retirement accounts.

This release says, "Total US retirement assets were $​51.​2 trillion as of June 30, 2026, up 7.​9% from March. Retirement assets accounted for 33% of all household financial assets in the United States at the end of June 2026. Assets in individual retirement accounts (​IRAs) totaled $​19.​9 trillion at the end of the second quarter of 2026, an increase of 9.​2% from the end of the first quarter of 2026."

It continues, "Defined contribution (​DC) plan assets were $​15.​0 trillion at the end of the second quarter, up 8.​7% from March 31, 2026. Government defined benefit (​DB) plans—​including federal, state, and local government plans—​held $​10.​4 trillion in assets as of the end of June 2026, a 5.​1% increase from the end of March 2026. Private-​sector DB plans held $​3.​2 trillion in assets at the end of the second quarter of 2026, and annuity reserves outside of retirement accounts accounted for another $​2.​7 trillion."

The ICI tables show money funds accounting for $​784 billion, or 10%, of the $​8.​044 trillion in IRA mutual fund assets and $​245 billion, or 3%, of the $​7.​859 trillion in defined contribution plan holdings. Money funds in 401k plans totaled $​163 billion, or 3% of the $​6.​229 trillion of mutual funds in 401k'​s.

Finally, in other news, a press release titled, "DTCC'​s Fund/​SERV Adds Ondo Finance as Its First Tokenization Member, Bringing Tokenized Funds Into the Mainstream," tell us, "Ondo Finance, a leading tokenization company bringing institutional-​quality financial products to the digital economy and The Depository Trust & Clearing Corporation (​DTCC), the premier market infrastructure for the global financial services industry, ... announced that Ondo Finance'​s subsidiary Oasis Pro Markets, a U.​S. registered broker-​dealer and distributor of tokenized investment products, has joined DTCC'​s Fund/​SERV platform as a member, becoming the first tokenization platform to participate in the industry'​s leading fund transaction processing and distribution network that currently serves over 85% of U.​S. mutual fund activity."

It adds, "This paves the way for Ondo tokenized funds to be distributed across the traditional fund ecosystem, furthering DTCC'​s strategy to support tokenized assets and facilitate interoperability across the traditional and digital finance ecosystems."

​

European mutual fund trade group Irish Funds published a white paper titled, "Tokenising Money Market Funds: Ireland'​s Practical Path to Fund Innovation." They write, "Tokenised money market funds are increasingly being adopted as a pragmatic response to frictions in today'​s collateral and liquidity management workflows. In stressed conditions, the need to redeem MMF holdings into cash in order to meet margin or funding demands can introduce avoidable settlement lag and operational complexity, and may amplify liquidity pressures. Tokenisation offers a route to mobilise MMF exposure more directly between eligible parties, supporting faster collateral movements while preserving the familiar risk profile and yield characteristics of regulated MMFs while reducing redemption and reinvestment risk for both shareholders and other market participants and removing fiat settlement lag." (Note: Next week'​s European Money Fund Symposium, which will be held Sept. 24-​25, in Paris, will feature a number of discussions and sessions on Tokenized Money Funds. Safe travels, and we look forward to seeing many of you in France!)

The piece explains, "This paper focuses on a '​digital twin' approach to tokenising existing Irish MMFs. Under this model, the authoritative off-​chain share register remains the definitive record of legal ownership and settlement finality, whilst an on-​chain token layer provides a digitally verifiable representation of entitlements and a more automated transfer mechanism. As this paper will explain, the model can deliver a '​best of both worlds' outcome: the legal certainty associated with the off-​chain register, combined with the operational efficiency, speed and programmability of token transfers."

It continues, "​MMFs are inherently scale-​dependent products. They benefit from deep liquidity pools, diversification and operational efficiency. Tokenising existing MMFs offers a highly effective route to attracting investment. Investors can gain immediate access to an established fund platform and asset base whilst benefiting from the enhanced transferability and automation associated with tokenisation. This avoids fragmenting liquidity across multiple standalone tokenised vehicles and supports faster adoption by market participants."

The paper states, "Ireland benefits from commitment across industry, government and regulators to realise the opportunities associated with fund tokenisation. The Irish Funds Project Springboard laid the analytical groundwork, the Central Bank of Ireland'​s "Discussion Paper on DLT & Tokenisation in Financial Services" in March 2026 opened a structured dialogue on enabling tokenisation within a proportionate regulatory framework and the Department of Finance'​s Funds Sector 2030 review recommended developing a pathway to the adoption of tokenisation. The Ireland for Finance Vision 2030 strategy, published in August 2026, further commits the Government to supporting the development of tokenisation of investment funds."

Irish Funds comments, "Tokenised money market funds have moved from concept to commercial reality in Ireland with the recent launch of three digital twin tokenised MMFs by Aviva Investors, BlackRock and Schroders. By leveraging distributed ledger technology to tokenise interests in MMFs the landscape of collateral management can be transformed. The impetus for this transformation is well documented. Many market participants use MMFs for cash management purposes and often need to post margin for their non-​centrally cleared derivative transactions. To do so they often must redeem from the MMF and pass the cash to the counterparty. When the cash is received by the OTC counterparty, it may place that cash with an MMF or invest it directly in the short-​term markets subject to the terms of the arrangement."

They say, "The systemic impact of collateral frictions became clear during the UK'​s LDI crisis in 2022, when sharp movements in gilt yields forced pension funds to redeem MMF holdings to source cash for margin calls, contributing to a negative spiral of falling prices, increasing collateral requirements and amplified liquidity demands. While tokenisation would not have altered the underlying market dynamics, tokenised MMFs may have enabled certain market participants to mobilise collateral more efficiently, potentially reducing some of the operational and market pressures associated with margin calls and the need to redeem fund holdings into cash. Tokenised versions of constant and low-​volatility NAV MMFs could be transferred outside of the normal valuation cycles allowing market participants to maintain the yield, safety, and familiarity of MMFs with new levels of operational efficiency and real-​time usability."

The paper adds, "Ireland hosts more than 43% of MMFs in Europe. Project Springboard identified the hybrid or digital twin model as a transitional structure designed to enable real-​time updates and automated processes while ensuring the off-​chain register remains the definitive source of truth for legal ownership. This approach reflects the prevailing market reality: the vast majority of tokenised funds operational today incorporate some element of hybrid on-​chain and off-​chain functionality, layering DLT-​based registers over existing fund administration systems rather than replacing them entirely. The digital twin model is therefore not a departure from existing fund infrastructure but an enhancement of it. By leveraging established transfer agency, fund administration and governance arrangements, the model supports innovation whilst preserving legal certainty, operational resilience and regulatory oversight."

In related news, State Street also published two updates on website Funds Europe. The first, "Building trust in digital market infrastructure: The role of tokenized MMFs," explains, "As distributed ledger technology (​DLT) moves from proof-​of-​concept toward early-​stage deployment in financial markets, tokenization is emerging as a way to improve efficiency through faster settlement, near-​24/​7 availability, and enhanced programmability. Although still small relative to traditional markets, tokenized money market funds (​MMFs) have expanded rapidly in recent years. This growth is driven by increasing institutional use of these products as an efficient form of collateral and as a vehicle to actively generate yield."

It claims, "The liquidity of these funds enables their units to be pledged as collateral without requiring conversion to cash during periods of stress. This dynamic was evident during the UK Liability Driven Investment crisis of 2022, when rapid selling of traditional MMFs by pension funds contributed to market stress. In addition to improving investment operations in normal conditions, these products may also reduce risk if adopted at institutional scale. However, these efficiency gains will only translate into meaningful adoption if market participants trust that these new products operate with the same integrity, enforceability, and resilience as traditional institutional investment systems."

State Street tells us, "​Adoption is being shaped by both cyclical and structural factors. Higher interest rates have renewed demand for short-​duration Treasury exposure, while stablecoin balances have continued to grow across digital asset markets. Tokenized MMFs have emerged as a mechanism that connects these environments and serve as yield-​bearing instruments within digital ecosystems. Their broader impact will depend on how effectively they integrate with existing financial systems -- and whether they can establish the trust required for institutional-​scale activity. These products should therefore not yet be understood as a mature solution, but as an early-​stage evolution within the broader transformation of financial market infrastructure."

The piece continues, "Tokenized MMFs are not a homogeneous category. Their design varies considerably, with important implications for both functionality and risk. The predominant structure to date resembles traditional MMFs, with tokens representing claims on an underlying fund. These models enable transferability and on-​chain interaction but do not fundamentally alter the legal or operational framework. In these cases, trust remains anchored in traditional infrastructure and established regulatory frameworks, particularly in jurisdictions such as Luxembourg, where legal certainty and investor protection are well defined. This reflects the continued institutional preference to anchor trust in proven regulatory structures, even as new technological layers are introduced."

It adds, "Some structures are beginning to incorporate digital liquidity buffers within the fund itself by holding a portion of assets in stablecoins. This can support near-​continuous digital redemptions and reduce reliance on external conversion mechanisms. However, it also shifts part of the trust framework onto the stability, governance, and liquidity of the underlying digital cash instruments. Models continue to evolve, with more servicing functions moving on-​chain, including subscription, redemption, and peer-​to-​peer transfers. While this increases programmability, it also shifts operational risk toward smart contracts, infrastructure dependencies, and governance frameworks. Fully blockchain-​native fund models remain limited."

Finally, State Street writes, "The most likely path forward is gradual integration, where tokenized MMFs evolve alongside traditional products rather than replacing them. Their long-​term role will depend on whether a stable, interoperable, and well-​governed financial ecosystem can support them. At its core, this is a question of trust. Without clear legal certainty, robust operational resilience, and confidence in how these instruments behave under stress, adoption is likely to remain constrained. The scaling of tokenized MMFs will depend not only on innovation, but on the market'​s ability to embed trust into the underlying infrastructure." See also State Street'​s second article, "`​Evolving regulation of tokenized MMFs: clarity is emerging, but not consistently."

​

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 record high $​1.​719 trillion, the month prior assets were $​1.​696 trillion and the previous record high of $​1.​706 trillion was seen two months prior. Yields were up, while assets for USD MMFs rose and EUR MMFs and GBP MMFs declined over the past month. Like U.​S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026. These U.​S.-​style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $​33.​8 billion over the 30 days through 9/​14. The totals are up $​134.​6 billion (​8.​5%) year-​to-​date for 2026. They were up $​151.​9 billion (​10.​6%) for 2025, 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: We look forward to seeing those of you attending our European Money Fund Symposium next week, Sept. 24-​25, in Paris, France!)

Offshore US Dollar money funds increased $​36.​7 billion over the last 30 days and are up $​85.​4 billion YTD to $​921.​4 billion; they increased $​92.​3 billion in 2025. Euro funds decreased E2.​3 billion over the past month. YTD, they'​re up E19.​0 billion to E349.​4 billion, for 2025, they increased by E12.​6 billion. GBP money funds decreased L173 million over 30 days, and they'​re up L13.​6 billion YTD at L286.​8B, for 2025, they rose L18.​5 billion. U.​S. Dollar (​USD) money funds (​329) account for over half (​53.​6%) of the "​European" money fund total, while Euro (​EUR) money funds (​250) make up 23.​9% and Pound Sterling (​GBP) funds (​220) total 22.​5%. We summarize our latest "​offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (​which went out to subscribers Tuesday), below.

Offshore USD MMFs yield 3.​62% (​7-​Day) on average (​as of 9/​14/​26), up 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 2.​26% on average, up 4 bps 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 37 months ago, but they broke back below 5.​0% 26 months ago. They now yield 3.​79%, up 1 bp from a month ago, and 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/​26, show that European-​domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (​CP), 16% in Certificates of Deposit (​CDs), 29% in Repo, 16% in Treasury securities, 10% in Other securities (​primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 50.​5% of their portfolios maturing Overnight, 5.​2% maturing in 2-​7 Days, 9.​1% maturing in 8-​30 Days, 8.​5% maturing in 31-​60 Days, 6.​0% maturing in 61-​90 Days, 11.​8% maturing in 91-​180 Days and 8.​9% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.​S. (​36.​2%), Canada (​11.​7%), France (​10.​8%), Japan (​7.​2%), the U.​K. (​6.​2%), the Netherlands (​5.​0%), Germany (​4.​5%), Australia (​4.​4%), Finland (​3.​4%) and Sweden (​2.​7%).

The 10 Largest Issuers to "​offshore" USD money funds include: the US Treasury with $​142.​4B (​15.​7%), Fixed Income Clearing Corp with $​49.​2B (​5.​4%), JP Morgan with $​37.​8B (​4.​2%), RBC with $​31.​5B (​3.​5%), Nordea Bank with $​30.​0B (​3.​3%), Credit Agricole with $​25.​1B (​2.​8%), Barclays PLC with $​23.​8B (​2.​6%), Wells Fargo with $​21.​1B (​2.​3%), BNP Paribas with $​20.​4B (​2.​2%) and Toronto-​Dominion Bank with $​19.​5B (​2.​1%).

Euro MMFs tracked by Crane Data contain, on average 36% in CP, 23% in CDs, 13% in Other (​primarily Time Deposits), 24% in Repo, 4% in Treasuries and 0% in Agency securities. EUR funds have on average 40.​6% of their portfolios maturing Overnight, 7.​2% maturing in 2-​7 Days, 10.​9% maturing in 8-​30 Days, 10.​3% maturing in 31-​60 Days, 7.​9% maturing in 61-​90 Days, 14.​9% maturing in 91-​180 Days and 8.​3% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (​23.​9%), Canada (​11.​3%), the U.​S. (​9.​7%), Japan (​9.​6%), the Netherlands (​6.​4%), the U.​K. (​5.​8%), Germany (​4.​7%), Belgium (​4.​2%), Australia (​4.​1%) and Sweden (​3.​9%).

The 10 Largest Issuers to "​offshore" EUR money funds include: Credit Agricole with E14.​6B (​4.​9%), BNP Paribas with E13.​2B (​4.​4%), JP Morgan with E11.​9B (​4.​0%), ING Bank with E10.​2B (​3.​4%), RBC with E9.​1B (​3.​0%), Mizuho Corporate Bank Ltd with E8.​8B (​2.​9%), Republic of France with E8.​7B (​2.​9%), Bank of Nova Scotia with E8.​4B (​2.​8%), Nordea Bank with E7.​3B (​2.​4%) and Toronto-​Dominion Bank with E7.​3B (​2.​4%).

The GBP funds tracked by MFI International contain, on average (​as of 8/​31/​26): 34% in CDs, 23% in CP, 19% in Other (​Time Deposits), 20% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 38.​1% of their portfolios maturing Overnight, 6.​3% maturing in 2-​7 Days, 9.​1% maturing in 8-​30 Days, 10.​7% maturing in 31-​60 Days, 8.​8% maturing in 61-​90 Days, 17.​8% maturing in 91-​180 Days and 9.​0% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (​15.​5%), France (​15.​0%), the U.​K. (​15.​0%), the U.​S. (​9.​9%), Japan (​9.​6%), Australia (​8.​5%), the Netherlands (​4.​5%), Singapore (​4.​1%), Spain (​3.​0%) and Finland (​2.​9%).

The 10 Largest Issuers to "​offshore" GBP money funds include: UK Treasury with L15.​3B (​5.​8%), RBC with L13.​8B (​5.​3%), BNP Paribas with L13.​0B (​5.​0%), Citi with L8.​9B (​3.​4%), JP Morgan with L7.​9B (​3.​0%), Australia & New Zealand Banking Group Ltd with L7.​5B (​2.​8%), Bank of Nova Scotia with L7.​3B (​2.​8%), Credit Agricole with L7.​2B (​2.​7%), Mizuho Corporate Bank Ltd with L7.​0B (​2.​7%) and Toronto-​Dominion Bank with L7.​0B (​2.​7%).

In other news, 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 43.​1 percent of their portfolios in daily liquid assets and 60.​8 percent in weekly liquid assets, while government money market funds held 75.​2 percent of their portfolios in daily liquid assets and 87.​0 percent in weekly liquid assets." Prime DLA was down from 45.​9% in July, and Prime WLA was down from 62.​0%. Govt MMFs' DLA rose from 74.​8% and Govt WLA was up from 86.​7% for the previous month.

ICI explains, "At the end of August, prime funds had a weighted average maturity (​WAM) of 35 days and a weighted average life (​WAL) of 55 days. Average WAMs and WALs are asset-​weighted. Government money market funds had a WAM of 38 days and a WAL of 94 days." Prime WAMs and WALs were both down from the previous month, WAMs and WALs were both 3 days shorter. Govt WAMs were 1 day shorter and WALs were 2 days shorter from the previous month.

Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas declined from $​774.​28 billion in July to $​763.​99 billion in August. Government money market funds’ holdings attributable to the Americas rose from $​5,​941.​58 billion in July to $​6,​088.​39 billion in August." The Prime Money Market Funds by Region of Issuer table shows Americas-​related holdings at $​764.​0 billion, or 62.​3%; Asia and Pacific at $​166.​5 billion, or 13.​6%; Europe at $​284.​4 billion, or 23.​2%; and, Other (​including Supranational) at $​11.​1 billion, or 0.​9%. The Government Money Market Funds by Region of Issuer table shows Americas at $​6.​088 trillion, or 91.​7%; Asia and Pacific at $​109.​1 billion or 1.​6%; Europe at $​403.​8 billion, 6.​1%, and Other (​Including Supranational) at $​36.​3 billion, or 0.​5%.

​

The September issue of our Bond Fund Intelligence, which was sent to subscribers Tuesday a.​m., features the articles, "Flood of ETF Share Classes Continues: Allspring, DFA," which reviews the latest flurry of ETF share class filings and launches; and "PIMCO Total Return'​s Mittal in Barron'​s; Safe Haven Death," which excerpts from a recent PIMCO "​profile". BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns rose in August and yields declined. 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.)

BFI'​s lead article states, "​The Daily Upside published the article, 'Dimensional, Allspring Latest Firms to Tack on ETF Share Classes,' which says, 'Since the Securities and Exchange Commission began giving fund companies the green light via exemptions late last year to add ETF share classes of their mutual funds (​and vice versa), few have hit the accelerator. The first to do so, Dimensional Fund Advisors, is already shifting gears. The firm is preparing to move a batch of eight standalone exchange-​traded funds to ETF share classes of corresponding mutual funds. And another company, Allspring, last week filed with the SEC to add ETF share classes to five existing funds, a first for it.'"

It continues, "​They quote Dimensional'​s Marlena Lee, '​We have standalone ETFs, but there are some benefits associated with merging those into the mutual funds.... The biggest benefit to our investors is the economy of scale.'"

Our "PIMCO Total Return'​s Mittal" article states, "Barron'​s explains, 'How This Bond Pro Revived a Legendary Pimco Fund.' The article states, 'When Mohit Mittal assumed the lead role in running the Pimco Total Return Fund in 2022, one of the firm'​s signature portfolios had gone through some rough years. In 2022, an especially harsh year for bond funds as the Federal Reserve aggressively hiked short-​term rates to tame runaway inflation, the fund'​s total return was minus 14.​4%, placing it in the bottom quarter of its Morningstar peer group.'"

It continues, "​It tells us, 'That was quite a comedown. After all, this was the same fund that Bill Gross, the bond investing guru, ran for many years until he left Pimco in 2014. Mittal, now 48 years old, says he tried to bring an approach that had worked in other parts of the firm'​s large fund stable -- that is, looking for '​structural inefficiencies' in the bond market, such as a selloff in agency mortgages.'"

Our first News brief, "Returns Rebound in August, Yields Fall," states, "Bond fund returns rose in August and yields declined. Our BFI Total Index rose 0.​27% over 1-​month and rose 3.​36% over 12 months. (Money funds rose 3.​67% over 1-​year as measured by our Crane 100 Index.) The BFI 100 increased 0.​36% in August and rose 2.​83% over 12 mos. Our BFI Conservative Ultra-​Short Index was up 0.​33% over 1-​month and 3.​95% for 1-​year; Ultra-​Shorts rose 0.​32% and 3.​90%. Short-​Term rose 0.​30% and 2.​93%, and Intm-​Term increased 0.​27% in August and rose 2.​21% over 12 mos. BFI'​s Long-​Term Index was up 0.​39% and up 2.​00%. High Yield gained 0.​77% in August and rose 4.​79% over 12 months."

A second News brief, "Reuters Writes 'US ETF Investors Favour Shorter,’ which says, ‘Short U.​S. Treasury exchange-​traded funds drew $​12.​2 billion in the 20 trading sessions through September 8, while intermediate-​maturity bond ETFs attracted about $​5.​7 billion over the same period.’ See also, ‘Reuters -- U.​S. Bond Funds Extend Inflow Streak.'"

Our third brief says, "The NY Times' 'How to Make Sense of Mayhem in the Bond Market,' tells us, 'The bond headlines just won'​t go away, and for good reason. Interest rates are rising all over the world. In the United States, yields on Treasury bonds are hovering around levels that haven'​t been reached in decades, setting off alarms.'"

A BFI sidebar, "Invesco on Short ETFs," states, "Invesco tells investors to, 'Put Cash to Work With Short Duration ETFs.' Jason Bloom, Head of Fixed Income and Alternatives Product Strategy, explains, 'Many investors have been sitting in cash. And sure, it can feel safe in uncertain times. And there'​s a lot going on these days. But holding too much cash may be the wrong kind of caution.'"

Finally, another sidebar, "Vanguard Fixed Income Long," states, "Vanguard'​s 'Active Fixed Income Perspectives Monthly Pulse: August 2026' says, 'Dynamics should keep the Fed cautious, with a bias toward tightening if inflation remains elevated. Inflation risks remain skewed to the upside, particularly if labor-​market conditions prove more resilient than expected or energy prices remain elevated. Downside risks to growth include a pullback in AI-​related investment or renewed escalation of geopolitical conflict.'"

​

The Federal Reserve released its latest quarterly "Z.​1 Financial Accounts of the United States" statistical survey (​a.​k.​a. "Flow of Funds") Friday, and among the 4 tables it includes on money market mutual funds, the Second Quarter 2026 edition shows that Total MMF Assets increased by $​152 billion to $​8.​441 trillion in Q2'​26. The Household Sector, by far the largest investor segment with $​5.​327 trillion, saw the biggest asset increase in Q2, followed by Mutual Funds and Nonfinancial Corporate Business. 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 Other Financial Business (​formerly Funding Corps) and Hedge Funds categories in Q2 2026. (Note: We look forward to seeing those of you going to our European Money Fund Symposium in Paris, Sept. 24-​25! Safe travels!)

Households, Mutual Funds, Nonfinancial Corporate Business, Other Financial Business, Hedge Funds, Private Pension Funds, Rest of the World, Life Insurance Companies, Exchange-​traded funds, Nonfinancial Noncorporate Business, State & Local Governments, Interval and Tender Offer Funds and Private Debt Funds categories saw asset increases in Q2, while Property-​Casualty Insurance and State & Local Govt Pension Funds saw asset decreases last quarter. Over the past 12 months, the Household Sector, Nonfinancial Corporate Business and Other Financial Business categories showed the biggest asset increases, while Property-​Casualty Insurance saw the only asset decrease.

The Fed'​s "​Table F521.​s," "​Money Market Fund Shares," shows that total assets increased by $​152 billion, or 1.​8%, in the second quarter to $​8.​441 trillion. The largest segment, the Household sector, totals $​5.​327 trillion, or 63.​1% of assets. The Household Sector increased by $​66 billion, or 1.​3%, in the quarter. Over the past 12 months through June 30, 2026, Household assets were up $​588 billion, or 12.​4%.

Nonfinancial Corporate Businesses, the second-​largest segment according to the Fed'​s data series, held $​1.​120 trillion, or 13.​3% of the total. Assets here increased by $​18 billion in the quarter, or 1.​6%, and they'​ve increased by $​128 billion, or 13.​0%, over the past year. Other Financial Business was the third-​largest investor segment with $​613 billion, or 7.​3% of money fund shares. This category rose $​15 billion, or 2.​6%, in the latest quarter. Other Financial Business, which we believe includes Securities Lending, has increased by $​114 billion, or 22.​8%, over the previous 12 months.

The Mutual Funds category was the fourth-​largest investor segment with $​260 billion, or 3.​1%, while the fifth-​largest segment, Private Pension Funds, held $​242 billion (​2.​9%), and the sixth-​largest category, Rest of the World, held $​234 billion (​2.​8%). Nonfinancial Noncorporate Business held $​161 billion (​1.​9%), Hedge Funds held $​121 billion (​1.​4%), Life Insurance Companies held $​115 billion (​1.​4%), State & Local Governments held $​83 billion (​1.​0%), Exchange-​traded Funds held $​60 billion (​0.​7%), Property-​Casualty Insurance held $​50 billion (​0.​6%), State & Local Govt Pension Funds held $​37 billion (​0.​4%), Interval and Tender Offer Funds held $​13 billion (​0.​2%) and Private Debt Funds held $​7 billion (​0.​1%) according to the Fed'​s Z.​1 breakout.

The Fed'​s "​Flow of Funds" Table S123.​s shows "​Money Market Mutual Funds" largely invested in "​Loans (​Security Repurchase Agreements)" with $​3.​075 trillion, or 36.​4%, and "​Debt Securities," or Credit Market Instruments, with $​4.​978 trillion, or 59.​0% of the total. Debt securities include: Open market paper ($​314 billion, or 3.​7%; we assume this is CP), Treasury securities ($​3.​282 trillion, or 38.​9%), Agency and GSE-​backed securities ($​1.​208 trillion, or 14.​3%), Municipal securities ($​155 billion, or 1.​8%) and Corporate and foreign bonds ($​20 billion, or 0.​2%).

Another large MMF position in the Fed'​s series includes `​Time and savings deposits ($​307 billion, or 3.​6%). Money funds also hold minor positions in Miscellaneous assets ($​82 billion, or 1.​0%) and Foreign deposits ($​0.​0 billion). Note: The Fed also lists "Variable Annuity Money Funds," which currently total $​50 billion.

During Q2, Debt Securities were down $​22 billion. This subtotal included: Open Market Paper (​up $​12 billion), Treasury Securities (​down $​145 billion), Agency- and GSE-​backed Securities (​up $​107 billion), Corporate & Foreign Bonds (​down $​2 billion) and Municipal Securities (​up $​5 billion). In the second quarter of 2026, Loans (​Security Repurchase Agreements) were up $​143 billion, Foreign Deposits were unchanged, Time & Savings Deposits were up $​24 billion, and Miscellaneous Assets were up $​8 billion.

Over the 12 months through 6/​30/​26, Debt Securities were up $​909 billion, which included Open Market Paper (​up $​2B), Treasury Securities (​up $​668B), Agencies (​up $​215B), Municipal Securities (​up $​14B), and Corporate and Foreign Bonds (​up $​11B). Foreign Deposits fell $​1B and Time and Savings Deposits increased $​3B. Loans (​Security Repurchase Agreements) were down $​31B over the year, while Miscellaneous Assets rose $​79B.

The S123.​s table shows `​Stable NAV money market funds with $​8,​017 billion, or 95.​0% of the total (​up $​119.​7B or 1.​5% in Q2 and up $​880.​9B or 12.​3% over 1-​year), and Floating NAV money market funds with $​424 billion, or 5.​0% (​up $​32.​1B or 8.​2% in Q2 and up $​79.​2B or 23.​0% over 1-​year). Government money market funds total $​6.​894 trillion, or 81.​7% (​up $​137.​9B or 2.​0% in Q2 and up $​837.​7B or 13.​8% over 1-​year), `​Prime money market funds total $​1.​394 trillion, or 16.​5% (​up $​11.​6B or 0.​8% in Q2 and up $​110.​8B or 8.​6% over 1-​year) and Tax-​exempt money market funds $​154B, or 1.​8% (​up $​2.​3B or 1.​5% in Q2 and up $​11.​7B or 8.​2% last year).

Note that the Federal Reserve renumbered its Z.​1 tables with the prior release. The report'​s "Release Highlights" said, "Effective with this release, all Z.​1 Financial Accounts of the United States release tables have been renumbered to more closely align with the System of National Accounts (​SNA) classification hierarchies for sectors and instruments." The Fed added, "Money market fund shares (​tables F521.​t and F521.​s) have been moved to immediately precede mutual fund shares (​tables F522.​1.​t and F522.​1.​s)." The former Table L.​206 is now F521.​s, and the former L.​121 "​Money market funds" sector table is now S123.​s.

Also note that the Federal Reserve made several changes with the latest Z.​1 release. The report'​s "Release Highlights" says, "Private credit has been incorporated into the Financial Accounts, with data beginning 2012:​Q4." It also says, "Hedge funds have been incorporated into the Financial Accounts, with data beginning 2012:​Q4." The Fed adds that the integration adds three new sectors for U.​S.-​domiciled private credit lending vehicles, two new financial instrument categories for private credit, a new hedge funds sector and a new hedge fund shares instrument.

​

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.

​

Crane Data'​s latest monthly Money Fund Portfolio Holdings statistics will be sent out Thursday, and we'​ll be writing our regular monthly update on the new August data for Friday'​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 Wednesday. (​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 1026 money funds (​up 16 from last month), representing assets of $​8.​503 trillion (​up from $​8.​381 trillion a month ago). Prime MMFs fell to $​1.​239 trillion (​down from $​1.​242 trillion), or 14.​6% 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 $​21.​8 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.​675 trillion (​up from $​3.​433 trillion), or 43.​2% of all assets, while Repo holdings fell to $​2.​830 trillion (​down from $​2.​919 trillion), or 33.​3% of all holdings. Government Agency securities total $​1.​171 trillion (​down from $​1.​211 trillion), or 13.​8%. Holdings of Treasuries, Government agencies and Repo (​almost all of which is backed by Treasuries and agencies) combined total $​7.​676 trillion, or a massive 90.​3% of all holdings.

The Other category (​primarily Time Deposits) totals $​136.​9 billion (​down from $​149.​5 billion), or 1.​6%, and Commercial Paper (​CP) totals $​329.​8 billion (​up from $​309.​8 billion), or 3.​9% of all holdings. Certificates of Deposit (​CDs) total $​205.​8 billion (​up from $​205.​4 billion), 2.​4%, and VRDNs account for $​154.​7 billion (​up from $​153.​0 billion), or 1.​8% of money fund securities.

Broken out into the SEC'​s more detailed categories, the CP totals were comprised of: $​182.​0 billion, or 2.​1%, in Financial Company Commercial Paper; $​103.​8 billion, or 1.​2%, in Asset Backed Commercial Paper; and $​44.​0 billion, or 0.​5%, in Non-​Financial Company Commercial Paper. The Repo totals were made up of: U.​S. Treasury Repo ($​1.​694 trillion, or 19.​9%), U.​S. Govt Agency Repo ($​967.​7 billion, or 11.​4%) and Other Repo ($​168.​6 billion, or 2.​0%).

The N-​MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $​276.​4 billion (​up from $​254.​9 billion), or 22.​3%; Repo holdings of $​495.​1 billion (​down from $​511.​4 billion), or 40.​0%; Treasury holdings of $​172.​7 billion (​down from $​174.​8 billion), or 13.​9%; CD holdings of $​176.​5 billion (​down from $​177.​5 billion), or 14.​2%; Other (​primarily Time Deposits) holdings of $​96.​0 billion (​down from $​101.​8 billion), or 7.​7%; Government Agency holdings of $​9.​1 billion (​up from $​9.​0 billion), or 0.​7%; and VRDN holdings of $​13.​2 billion (​up from $​13.​0 billion), or 1.​1%.

The SEC'​s more detailed categories show CP in Prime MMFs made up of: $​163.​4 billion (​up from $​147.​6 billion), or 13.​2%, in Financial Company Commercial Paper; $​81.​5 billion (​up from $​79.​1 billion), or 6.​6%, in Asset Backed Commercial Paper; and $​31.​6 billion (​up from $​28.​2 billion), or 2.​5%, in Non-​Financial Company Commercial Paper. The Repo totals include: U.​S. Treasury Repo ($​151.​8 billion, or 12.​3%), U.​S. Govt Agency Repo ($​195.​3 billion, or 15.​8%), and Other Repo ($​148.​0 billion, or 11.​9%).

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.​36%, respectively, as of August 31, 2026. 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 Wednesday 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.​36% as of August 31, 2026, 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 higher among the largest U.​S. money fund complexes in August, after being lower in July. Assets have increased in 22 of the past 26 months (​April 2025, March 2026, April 2026 and July 2026 saw declines). Money market fund assets rose by $​71.​0 billion, or 0.​9%, last month to a record $​8.​385 trillion. Total MMF assets increased by $​83.​6 billion, or 1.​0%, over the past 3 months, and they'​ve increased by $​777.​5 billion, or 10.​2%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, Invesco, JPMorgan, BlackRock and Schwab, which grew assets by $​42.​4 billion, $​40.​0B, $​26.​5B, $​9.​2B and $​7.​2B, respectively. Declines in August were seen by SSIM, BNY Dreyfus, American Funds, Allspring and Northern, which decreased by $​26.​5 billion, $​13.​8B, $​11.​8B, $​7.​6B and $​7.​3B, 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 higher in August.

Over the past year through Aug. 31, 2026, Fidelity (​up $​177.​4B, or 11.​1%), JPMorgan (​up $​154.​7B, or 19.​0%), Invesco (​up $​69.​7B, or 44.​0%), SSIM (​up $​69.​4B, or 29.​5%) and BlackRock (​up $​67.​4B, or 10.​2%) were the largest gainers. Invesco, Fidelity, JPMorgan, BlackRock and Schwab had the largest asset increases over the past 3 months, rising by $​64.​7B, $​50.​3B, $​46.​8B, $​11.​9B and $​7.​8B, respectively. The largest decline over 12 months was seen by: Allspring (​down $​14.​5B), American Funds (​down $​7.​6B), AB (​AllianceBernstein) (​down $​4.​0B), RBC (​down $​3.​4B) and PGIM (​down $​1.​8B). The largest declines over 3 months included: Vanguard (​down $​31.​2B), SSIM (​down $​21.​0B), BNY Dreyfus (​down $​19.​4B), American Funds (​down $​12.​7B) and Allspring (​down $​11.​4B).

Our latest domestic U.​S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $​1.​770 trillion, or 21.​1% of all assets. Fidelity was up $​42.​4B in August, up $​50.​3B over 3 mos., and up $​177.​4B over 12 months. JPMorgan ranked second with $​970.​5 billion, or 11.​6% market share (​up $​26.​5B, up $​46.​8B and up $​154.​7B for the past 1-​month, 3-​mos. and 12-​mos., respectively). Vanguard ranked in third place with $​747.​5 billion, or 8.​9% of assets (​up $​638M, down $​31.​2B and up $​41.​4B). BlackRock ranked fourth with $​731.​4 billion, or 8.​7% market share (​up $​9.​2B, up $​11.​9B and up $​67.​4B), while Schwab was the fifth largest MMF manager with $​700.​9 billion, or 8.​4% of assets (​up $​7.​2B, up $​7.​8B and up $​36.​2B for the past 1-​month, 3-​mos. and 12-​mos.).

Federated Hermes was in sixth place with $​505.​9 billion, or 6.​0% (​up $​2.​3B, down $​8.​3B and up $​3.​9B), while Goldman Sachs was in seventh place with $​460.​3 billion, or 5.​5% of assets (​up $​676M, up $​6.​3B and up $​48.​2B). Morgan Stanley ($​343.​6B, or 4.​1%) was in eighth place (​up $​2.​4B, down $​6.​2B and up $​63.​9B), followed by BNY Dreyfus ($​336.​0B, or 4.​0%; down $​13.​8B, down $​19.​4B and up $​22.​7B). SSIM was in 10th place ($​304.​8B, or 3.​6%; down $​26.​5B, down $​21.​0B and up $​69.​4B).

The 11th through 20th-​largest U.​S. money fund managers (​in order) include: Invesco ($​228.​0B, or 2.​7%), Allspring ($​208.​8B, or 2.​5%), Northern ($​202.​4B, or 2.​4%), First American ($​201.​8B, or 2.​4%), American Funds ($​155.​4B, or 1.​9%), UBS ($​121.​5B, or 1.​4%), HSBC ($​55.​8B, or 0.​7%), T Rowe Price ($​50.​4B, or 0.​6%), Franklin Templeton ($​50.​3B, or 0.​6%) and DWS ($​45.​4B, or 0.​5%). Crane Data currently tracks 64 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 and Vanguard moves down to the No. 4 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 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 ($​1.​797 trillion), JP Morgan ($​1.​302 trillion), BlackRock ($​1.​091 trillion), Vanguard ($​747.​5B) and Schwab ($​700.​9B). Goldman Sachs ($​640.​6B) was in sixth, Federated Hermes ($​525.​6B) was seventh, followed by Morgan Stanley ($​465.​2B), BNY Dreyfus ($​401.​4B) and SSIM ($​365.​6B), 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/​26, shows that yields were up in August across most of the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (​currently 763), was 3.​41% (​up 1 bp) for the 7-​Day Yield (​annualized, net) Average, the 30-​Day Yield was up 2 bps to 3.​39%. The MFA'​s Gross 7-​Day Yield was at 3.​76% (​up 1 bp), and the Gross 30-​Day Yield was up 2 bps at 3.​75%. (Gross yields will be revised once we download the SEC'​s Form N-​MFP data for 8/​31/​26 on Wednesday.)

Our Crane 100 Money Fund Index shows an average 7-​Day (​Net) Yield of 3.​51% (​up 1 bp) and an average 30-​Day Yield at 3.​50% (​up 2 bps). The Crane 100 shows a Gross 7-​Day Yield of 3.​77% (​up 1 bp), and a Gross 30-​Day Yield of 3.​76% (​up 2 bps). Our Prime Institutional MF Index (​7-​day) yielded 3.​62% (​up 1 bp) as of August 31. The Crane Govt Inst Index was at 3.​50% (​up 1 bp) and the Treasury Inst Index was at 3.​48% (​up 1 bp). Thus, the spread between Prime funds and Treasury funds is 14 basis points, and the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 3.​38% (​up 1 bp), while the Govt Retail Index was 3.​22% (​up 1 bp), the Treasury Retail Index was 3.​25% (​up 1 bp from the month prior). The Crane Tax Exempt MF Index yielded 2.​08% (​down 6 bps) at the end of August.

Gross 7-​Day Yields for these indexes to end August were: Prime Inst 3.​85% (​up 1 bp), Govt Inst 3.​74% (​up 1 bp), Treasury Inst 3.​75% (​up 1 bp), Prime Retail 3.​86% (​up 1 bp), Govt Retail 3.​74% (​up 1 bp) and Treasury Retail 3.​75% (​up 1 bp). The Crane Tax Exempt Index fell to 2.​47% (​down 6 bps). The Crane 100 MF Index returned on average 0.​30% over 1-​month, 0.​88% over 3-​months, 2.​26% YTD, 3.​67% over the past 1-​year, 4.​45% over 3-​years annualized, 3.​56% over 5-​years, and 2.​27% over 10-​years.

The total number of funds, including taxable and tax-​exempt, was up 5 in August at 874. There are currently 763 taxable funds, up 5 from the previous month, and 111 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 Tuesday morning, features the articles: "WSJ: Investors Cling to Cash; MMFs Not Trailing Inflation," which reviews recent coverage of investors holding cash in money market funds; "European Money Fund Assets Hit Record $​1.​7 Tril.; Holdings," which reviews the latest MFI International asset and portfolio holdings data; and "Digital Deals Proliferate: New Focus on Asia, Corporates," which covers new tokenized fund and digital cash deals. We also sent out our MFI XLS spreadsheet Tuesday a.​m., and we'​ve updated our Money Fund Wisdom database with 8/​31/​26 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Thursday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Tuesday, Sept. 15. (Note: We still have a few seats left for our upcoming European Money Fund Symposium, which will take place in just over 2 weeks -- Sept. 24-​25 in Paris, France!)

MFI'​s "WSJ Says Investors Clinging to Cash" story says, "The Wall Street Journal posted an article titled, 'Wealth Management Has a $​3 Trillion Problem: Investors Are Keeping Too Much Cash.' Subtitled, 'Advisers are pitching bonds and other investments, but many prefer to keep cash in money-​market funds,' it tells us, ‘​Since Don Ross retired as an airline pilot a decade ago, all the financial planners he has spoken with have wanted him to invest his cash. He isn'​t sold. He is keeping 85% of his portfolio in stocks and the rest in a money-​market fund yielding 3.​62%. Ross looked at historical bear markets and determined they typically don'​t last longer than three years. He keeps enough of his portfolio in cash to comfortably get himself through that period, and he sells stocks when he needs to replenish his cash pile.'"

It continues, "​The piece says, 'He is among the investors giving headaches to the money managers who want them to part ways with their cash. Individual investors are sitting on a mountain of it. There is over $​3 trillion in retail money-​market funds, hovering around a record high, according to the Investment Company Institute. (​And that doesn'​t include the trillions of institutional dollars sitting in money-​market funds.)'"

We write in our "European MF" article, "Crane Data’​s latest Money Fund Intelligence International shows that assets in European or '​offshore' money market mutual funds increased over the month of August to $​1.​689 trillion. They broke above $​1.​7 trillion on the first day of September, rising to a record $​1.​707 trillion. Assets for USD and EUR MMFs rose but GBP MMFs fell over the past month. Yields were up across all three major currencies. Like U.​S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026."

The story continues, "These U.​S.-​style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $​20.​1 billion over the month of August. The totals are up $​104.​8 billion, or 6.​6%, year-​to-​date for 2026. They were up $​151.​9 billion (​10.​6%) for 2025, 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.)"

Our "Digital Deals" story says, "In addition to the flurry of tokenized money fund and stablecoin reserve money fund launches we'​ve seen, a number of '​digital deals' have also been announced. The latest press release is, 'Federated Hermes enters strategic alliance with Conduit Digital Holdings on tokenized money market fund in Asia Pacific,' which tells us, 'Federated Hermes, Inc. (​FHI) ... announced a strategic alliance with Singapore-​based Conduit Digital Holdings Pte Ltd, part of the Conduit Group, to support the launch of a regulated tokenized distribution structure in APAC. Under this arrangement, the Conduit-​managed investment fund will invest in the Federated Hermes Short-​Term U.​S. Prime Fund. Shares of the Conduit fund, which provide exposure to the underlying Federated Hermes fund, will then be tokenized and offered to institutional and wholesale investors, in APAC.'"

It continues, "​Another release, 'HashKey Exchange and Franklin Templeton to Bring On-​Chain U.​S. Government Liquidity Fund to Asia,' tells us, ‘HashKey Holdings Limited ... announced that its licensed trading platform, HashKey Exchange ... announced a collaboration with established global asset manager Franklin Templeton to distribute its flagship tokenized money market fund, Franklin OnChain U.​S. Government Liquidity Fund (​BENJI), to digital asset investors in Asia.'"

MFI also includes the News brief, "MMF Assets Rebound to Record Levels in August." It says, "Our MFI XLS shows MMF assets jumping $​78.​5 billion in August to a record $​8.​376 trillion. Meanwhile, ICI'​s separate and smaller weekly 'Money Market Fund Assets" series shows MMFs rebounding $​44.​8 billion to a record $​7.​979 trillion in the latest week (​ended 9/​2)."

Another News brief, "Cunningham on Flows," says, "​A Commentary piece was posted on Reuters which asks, 'What'​s really driving flows into the $​13.​5 trillion money market pool?' Written by Federated Hermes' Deborah Cunningham, it tells us, 'Money market fund assets hit a record $​13.​5 trillion in the first quarter. [Crane Data Note: This is a worldwide total and not just U.​S. MMFs.] This upward trend began over four years ago, at a point in the rate cycle that historically heralded outflows from the asset class. So, what is driving these continued inflows?'"

A third News brief, "T. Rowe on Stable Value vs. MMFs," says, "T. Rowe Price published, 'Resetting expectations: Why stable value makes sense in today'​s dynamic markets,' which tells us, 'The debate between stable value portfolios and money market funds has reignited, as defined contribution (​DC) consultants expect increased plan sponsor interest in reviewing/​revisiting their plans' capital preservation investment options. This is largely driven by today'​s interest rate environment, in which money market fund yields have outpaced stable value crediting rates over the past three years -- a dynamic rarely seen over the past 3 decades.'"

A sidebar, "Latest S&​P, Fitch Updates," says, "S&​P Global Ratings published 'U.​S. Domestic '​AAAm' Money Market Fund Trends (​Second-​Quarter 2026)' recently, which tells us, 'Rated government and prime MMF assets grew to $​4.​8 trillion by the end of the second quarter. Rated government MMF assets increased 4.​3% and rated prime MMF assets increased 0.​8% during the first half of the year. Flows were in line with seasonal trends, where assets dipped during tax season before rebounding.'"

Our September MFI XLS, with August 31 data, shows total assets jumping $​78.​5 billion to $​8.​376 trillion, after falling $​65.​6 billion in July and increasing $​49.​5 billion in June. They increased $​193.​2 billion in May, decreased $​102.​1 billion in April and $​56.​6 billion in March, but increased $​94.​0 billion in February. Assets rose $​38.​5 billion in January, $​123.​5 billion in December, $​129.​3 billion in November, $​141.​5 billion in October, and $​100.​4 billion last September.

Our broad Crane Money Fund Average 7-​Day Yield was up 1 bp at 3.​40%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was up 1 bp at 3.​51% in August. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.​76% and 3.​77%. Charged Expenses averaged 0.​36% 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/​26 on Wednesday, 9/​9.) The average WAM (​weighted average maturity) for the Crane MFA was 38 days (​unchanged) and the Crane 100 WAM was down 1 day from the previous month at 39 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

​

The Investment Company Institute'​s latest weekly "Money Market Fund Assets" report shows money fund assets rising $​44.​8 billion to a record high $​7.​979 trillion. Assets rose $​6.​1 billion the previous week and increased $​900 million the week before this. MMF assets are up by $​720 billion, or 9.​9%, over the past 52 weeks (​through 9/​2/​26), with Institutional MMFs up $​571 billion, or 13.​3% and Retail MMFs up $​149 billion, or 5.​0%. Year-​to-​date in 2026, MMF assets are up by $​246 billion, or 3.​2%, with Institutional MMFs up $​210 billion, or 4.​5% and Retail MMFs up $​36 billion, or 1.​2%.

ICI'​s weekly release says, "Total money market fund assets increased by $​44.​75 billion to $​7.​98 trillion for the week ended Wednesday, September 2, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $​38.​80 billion and prime funds increased by $​4.​92 billion. Tax-​exempt money market funds increased by $​1.​03 billion. ICI'​s stats show Institutional MMFs increasing $​33.​7 billion and Retail MMFs increasing $​11.​1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $​6.​586 trillion (​82.​5% of all money funds), while Total Prime MMFs were $​1.​242 trillion (​15.​6%). Tax Exempt MMFs totaled $​150.​9 billion (​1.​9%).

It explains, "Assets of retail money market funds increased by $​11.​10 billion to $​3.​11 trillion. Among retail funds, government money market fund assets increased by $​7.​76 billion to $​1.​98 trillion, prime money market fund assets increased by $​2.​78 billion to $​993.​16 billion, and tax-​exempt fund assets increased by $​565 million to $​137.​92 billion." Retail assets account for 39.​0% of the total, and Government Retail assets make up 63.​7% of all Retail MMFs.

They add, "Assets of institutional money market funds increased by $​33.​66 billion to $​4.​87 trillion. Among institutional funds, government money market fund assets increased by $​31.​04 billion to $​4.​60 trillion, prime money market fund assets increased by $​2.​15 billion to $​249.​01 billion,​and tax-​exempt fund assets increased by $​469 million to $​13.​00 billion." Institutional assets accounted for 61.​0% of all MMF assets, with Government Institutional assets making up 94.​6% of all institutional MMF totals.

According to Crane Data'​s separate Money Fund Intelligence Daily series, money fund assets have increased by $​41.​1 billion to $​8.​383 trillion month-​to-​date in September (​as of 9/​2), assets reached an all-​time high of $​8.​404 trillion on July 6. Assets increased $​52.​8 billion in August, decreased $​61.​4 billion in July, increased $​58.​6 billion in June, $​208.​6 billion in May, decreased by $​108.​8 billion in April, $​49.​3 billion in March, increased $​99.​5 billion in February, $​32.​9 billion in January, $​126.​3 billion in December, $​132.​8 billion in November, $​142.​1 billion in October and $​105.​2 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, the Board of Governors of the Federal Reserve posted a "FEDS Notes"

paper titled, "Repo Markets and the Fed'​s Balance Sheet: Implications for Monetary Policy Implementation." It explains, "​As the Federal Reserve (​Fed) navigates periods of balance sheet expansion and reduction, it has become increasingly important to understand how changes in the size and composition of Fed assets affect short-​term funding markets. The overnight Treasury repo market is central to this relationship since it is a transmission channel through which balance sheet policy can affect money market conditions and, ultimately, the Fed'​s policy rate, the effective federal funds rate (​EFFR). In addition, it serves as a vital funding source for Treasury market participants and provides a reference rate for trillions of dollars of financial contracts, so also acts as a key transmission channel for monetary policy to broader financial market conditions."

The post tells us, "​In its December 2025 meeting, the FOMC determined that reserves had declined to ample levels and that it would purchase short-​term Treasury securities to maintain an ample supply of reserves on an ongoing basis. As Anbil et al. (​2024) outline, the size of the central bank'​s balance sheet that is consistent with an '​ample reserves' framework can be thought of as facing two constraints. The first arises from banks' reserve demand, which directly affects lending and borrowing behavior by banks in the federal funds market and, therefore, EFFR. The second, less studied constraint, arises from demand for liquidity by non-​banks (​i.​e., dealers and levered investors) that are primarily active in repo markets. This note focuses on the second constraint and examines the mechanism through which Fed balance sheet policy influences repo market dynamics and why these dynamics matter for monetary policy implementation."

It continues, "The effect of the Fed'​s balance sheet on short-​term interest rates works through two connected steps: First, when the Fed reduces the size of its balance sheet, overall liquidity declines while the private sector must hold more Treasury securities. This increases dealer financing needs alongside a reduction in the supply of funds available to lend in the repo market, putting upward pressure on repo rates. Second, these repo pressures can spill over to the federal funds market, potentially affecting EFFR even when bank reserves remain above banks' minimum level of demand. We provide empirical evidence for this mechanism and discuss key factors that affect the relationship between the Fed'​s balance sheet and repo market conditions, including the level of the policy rate, Treasury bill supply, dealer regulation, and Fed standing repo operations."

The Fed states, "On the demand side, both primary dealers and hedge funds borrow in repo to finance purchases of longer-​dated, coupon-​bearing Treasury securities. Therefore, there is a direct link between demand for repo borrowing and the quantity of Treasury coupon securities held by the private sector. If that quantity increases, such as on the days when Treasury coupon securities are issued, demand for repo borrowing also increases, putting upward pressure on repo rates."

The Fed piece says, "On the supply side, MMFs' available cash to lend is determined by their assets under management (​AUM). Thus, an increase in AUM leads to an increase in repo lending supply, which puts downward pressure on repo rates. Additionally, MMFs invest a significant portion of their portfolios in Treasury bills, which are close substitutes for their lending in repo markets. Therefore, if Treasury bill supply held by the private sector increases, MMFs have less cash available to lend in repo markets, putting upward pressure on repo rates."

Finally, the paper adds, "The Federal Reserve'​s balance sheet is tightly linked to repo markets, as overall Fed liquidity supply affects borrowing demand by dealers and hedge funds and available funds to lend by MMFs. FHLB arbitrage between the repo and federal funds markets can lead to spillovers of repo market pressures to the federal funds market, directly affecting the Fed'​s policy rate. This mechanism makes repo market dynamics an important source of information about overall liquidity conditions in the financial system. The September 2019 episode demonstrated how quickly pressures in repo markets can build and affect the federal funds market when liquidity is scarce. Monitoring repo market conditions therefore complements other indicators of reserve ampleness in assessing the effect of the Fed'​s balance sheet policy on money markets."

​

A press release titled, "Federated Hermes enters strategic alliance with Conduit Digital Holdings on tokenized money market fund in Asia Pacific," tells us, "Federated Hermes, Inc. (​FHI) ... announced a strategic alliance with Singapore-​based Conduit Digital Holdings Pte Ltd, part of the Conduit Group, to support the launch of a regulated tokenized distribution structure in APAC. Under this arrangement, the Conduit-​managed investment fund will invest in the Federated Hermes Short-​Term U.​S. Prime Fund. Shares of the Conduit fund, which provide exposure to the underlying Federated Hermes fund, will then be tokenized and offered to institutional and wholesale investors, in APAC." (​Note: We'​re still taking registrations for our European Money Fund Symposium, which is in just 3 weeks -- Sept. 24-​25, 2026 in Paris, France! We hope to see you there!)

It says, "For over 50 years, Federated Hermes has been a leader in money market innovation with US$​676.​9 billion in money market assets under management. The Federated Hermes Short-​Term U.​S. Prime Fund is an actively managed, UCITS-​authorized money market fund that aims to provide current income while maintaining daily liquidity and a stable principal value. It invests primarily in high-​quality, U.​S. dollar-​denominated short-​term debt instruments like commercial paper and certificates of deposit."

The release explains, "Federated Hermes' strategic alliance with Conduit builds on a series of recent money market initiatives including: an alliance with UK-​based Archax, an FCA-​regulated digital securities exchange, to provide tokenized access to three UCITS money market funds; participation in an industry-​wide, regulated initiative using mirrored tokenization to enhance transferability, collateral utility and real-​time tracking of fund shares; and the launch of Federated Hermes' first GENIUS Act-​aligned money market fund in the US, designed to support stablecoin reserve use cases, with potential for future tokenization/​tokenized share classes."

It continues, "This announcement represents Federated Hermes' first digital assets initiative in APAC, demonstrating a continued commitment to the growing digital asset ecosystem in the market by enhancing visibility and supporting customer needs through its role as the underlying asset manager to this tokenized offering. Earlier this year, Federated Hermes announced plans to expand its Asia-​Pacific footprint -- which includes existing offices in Singapore, Tokyo and Sydney -- with the opening of a Hong Kong office as part of a long-​term growth strategy to deepen relationships with private banks, family offices, wealth intermediaries and institutional investors across the region."

Kevin Barr, the new Director of Digital Assets at Federated, comments, "We are excited to support innovative cash management solutions that better serve client needs, building on our legacy of innovation in the money market fund space. Vaults represent a compelling evolution in investment management, and we see a significant opportunity to bring our legacy of trust and fiduciary responsibility to this emerging space. We continue to explore on-​chain distribution opportunities to enhance flexibility and accessibility, while preserving access to the stability and yield characteristics typically associated with money market funds. Today'​s announcement reflects our continued commitment to building a larger digital asset presence, leveraging one of our core strengths in liquidity management."

Federated Hermes' Head of Business Development, Asia Pacific and Australia, Jim Roland, states, "Tokenized products represent a new and evolving way to engage with our clients, combining our investment expertise with Conduit'​s MAS-​regulated end-​to-​end tokenization capabilities and regional distribution network. Our customers in the APAC market are leading worldwide adoption of tokenization, making this strategically important region a highly receptive market the natural choice for the launch our latest digital assets initiative."

Conduit Digital Holdings' Richard Schroder, says, "We are delighted to work with Federated Hermes to have their U.​S. Prime Fund as the anchor product of the CDH tokenized multicurrency money market offering. We are committed to unlocking the full utility of these tokens -- moving beyond simple settlement to enable use as collateral, multicurrency management, and integration into AI agentic treasury management systems. This is where the real efficiency gains for our customers lie, and we are building the infrastructure to make that a reality."

Chris O'​Meara, CEO of Conduit Asset Management and Chairman of the Conduit Group, adds: "​This collaboration with Federated Hermes marks a defining moment for the Conduit Group. Conduit Digital Holdings sits at the heart of our vision for the future of asset management in Asia-​Pacific -- bringing institutional-​grade products onchain through regulated, MAS-​licensed infrastructure. As investment manager to the fund, Conduit Asset Management is proud to combine our fiduciary oversight with the strength of an active manager with over 50 years of money market leadership. The Group is fully committed to Conduit Digital Holding'​s growth, and this launch is only the first step in building the institutional access layer for tokenized real-​world assets across the region."

For more on Tokenized Money Market Funds, see these recent Crane Data News stories: "Weekly Money Fund Portfolio Holdings; Hashkey Adds Franklin OnChain" (​8/​26/​26), "August MFI: Tokenized MMFs; Q2'​26 Earnings Calls; Federated'​s Donahue" (​8/​7/​26), "Stablecoin Reserves Recap by ignites; BlackRock Tokenizes Offshore MFs" (​8/​5/​26), "BlackRock Launches BRSRV Tokenized Money Fund; Aviva Tokenized USD" (​8/​4/​26), "Federated'​s Donahue, Cunningham on MMF Market Share, Digital, Rates" (​8/​3/​26), "State Street Q2'​26 Earnings Call on Tokenized MMFs, Stablecoin Reserves" (​7/​20/​26), "MMF Assets Plunge to $​7.​9 Trillion; ICI on Tokenization and Asset Mgmt" (​7/​17/​26), "BlackRock Talks Tokenization on Call" (​7/​16/​26), "S&​P Rates Franklin Onchain U.​S. Government Money Fund (​BENJI) AAAm” (​6/​25/​26), "Fitch Primer on Fund Tokenization" (​6/​11/​26), "Moody'​​s Rates BlackRock BUIDL and Fidelity USD Digital Liquidity AAA" (​5/​20/​26), "JPMAM Launches 2nd Tokenized MMF" (​5/​14/​26), "BlackRock Files for Tokenized MMFs" (​5/​11/​26), "Northern Talks Tokenization, Deposits" (​4/​22/​26), "Earnings: JP Morgan Talks AI Cash Allocation Tool; BNY on Tokenization" (​4/​20/​26), "Invesco to Manage SuperState Tokenized USTB" (​3/​25/​26), "OMFIF on Tokenised Money Funds" (​3/​18/​26), "Federated'​s Donahue Talks Tokenized Money Funds" (​3/​17/​26), "Northern Trust A.​M. Launches Tokenized Treasury Digital Enabled Shares" (​3/​3/​26), "BNP Paribas Debuts Tokenized MMF" (​2/​23/​26), "Western Adds Tokenized MMF Class" (​1/​14/​26), "Boston Fed Paper Examines Vulnerabilities of MM ETFs, Tokenized MMFs" (​1/​7/​26), "More from Irish Funds' Tokenization Paper; Decrypt Explains Stablecoins" (​12/​29/​25), "JPMAM Liquidity Insight: Tokenization Transforming Money Market Funds" (​12/​24/​25), "Amundi Tokenises Shares of EUR MMF" (​12/​22/​25), "JP Morgan Launches Tokenized MMF, My OnChain Net Yield Fund (​MONY)" (​12/​17/​25), "Bank for International Settlements Primer on Tokenized Money Funds" (​12/​2/​25), "TD Securities Writes on Stablecoins, Tokenized Money Funds, Digital" (​11/​5/​25), "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" (​9/​25/​25), "IMMFA on Tokenization of MMFs in Europe; Tether USDT; Fidelity Digital" (​9/​22/​25), and "BNY'​s LiquidityDirect Portal Announces Plans to Tokenize Money Funds" (​7/​24/​25).

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Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (​with data as of Aug. 28) includes Holdings information from 55 money funds (​down 12 from a week ago), or $​3.​725 trillion (​down from $​4.​169 trillion) of the $​8.​364 trillion in total money fund assets (​or 44.​5%) tracked by Crane Data. (Note: Our Weekly MFPH are e-​mail only and aren'​t available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our Aug. 12 News, "August Portfolio Holdings: Assets Flat; Treasuries Jump, Repo Plunges.")

Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $​1.​813 trillion (​down from $​1.​925 trillion a week ago), or 48.​7%; Repurchase Agreements (​Repo) totaling $​1.​248 trillion (​down from $​1.​446 trillion a week ago), or 33.​5%, and Government Agency securities totaling $​416.​2 billion (​down from $​460.​9 billion a week ago), or 11.​2%. Commercial Paper (​CP) totaled $​114.​7 billion (​down from $​149.​3 billion a week ago), or 3.​1%. Certificates of Deposit (​CDs) totaled $​49.​2 billion (​down from $​69.​8 billion a week ago), or 1.​3%. The Other category accounted for $​45.​2 billion or 1.​2%, while VRDNs accounted for $​38.​6 billion or 1.​0%.

The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $​1.​813 trillion, Fixed Income Clearing Corp with $​357.​1B, the Federal Home Loan Bank with $​251.​1B, JP Morgan with $​125.​5B, Citi with $​101.​9B, Federal Farm Credit Bank with $​96.​2B, BNP Paribas with $​85.​0B, RBC with $​84.​6B, Wells Fargo with $​76.​1B and Credit Agricole with $​48.​0B.

The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($​362.​8B), JPMorgan US Govt MM ($​346.​5B), Fidelity Inv MM: Govt Port ($​281.​5B), Goldman Sachs FS Govt ($​272.​1B), State Street Inst US Govt ($​210.​4B), Morgan Stanley Inst Liq Govt ($​208.​0B), Fidelity Inv MM: MM Port ($​162.​7B), Dreyfus Govt Cash Mgmt ($​158.​7B), Fidelity Inv MM: Treas Only ($​144.​6B) and Invesco Govt & Agency ($​126.​5B). (​Let us know if you'​d like to see our latest domestic U.​S. and/​or "​offshore" Weekly Portfolio Holdings collection and summary.)

In other news, a Commentary piece was posted on Reuters which asks, "What'​s really driving flows into the $​13.​5 trillion money market pool?" Written by Federated Hermes' Deborah Cunningham, it tells us, "Money market fund assets hit a record $​13.​5 trillion in the first quarter. [Crane Data Note: This is a global total and not just U.​S. MMFs.] This upward trend began over four years ago, at a point in the rate cycle that historically heralded outflows from the asset class. So, what is driving these continued inflows and how does this shape how investors view this ever-​growing pool of liquid capital?"

She explains, "MMFs that invest ‌​in short-​term, high-​quality debt -- like Treasury bills -- have enjoyed extraordinary growth since mid-​2022. While estimates vary, U.​S. MMF assets have surged approximately 58% to 65% since December 2022. Global holdings in this asset class have also now climbed to a whopping 15% of worldwide regulated open-​end fund assets."

The piece continues, "From March 2022 to July 2023, MMFs were primarily riding the wave of the aggressive Federal Reserve rate-​hiking cycle. The U.​S. central bank sought to curb post-​pandemic inflation by lifting the fed funds rate to its highest levels in decades, which made the short end of the yield curve particularly attractive. These inflows were largely driven by retail investors. Capital poured into MMFs from savers seeking yields above those offered by standard bank deposits."

It says, "Conventional wisdom based on the aftermath of the 2018 to 2019 hiking ⁠​cycle -- when MMFs experienced significant withdrawals -- suggested those post-​pandemic flows would reverse once central banks pivoted to cutting rates. However, that has not materialised. While the Fed has cut rates since 2024, industry-​wide MMF assets have kept growing."

Cunningham writes, "​This initially reflected the structure of these funds. Money market portfolios typically operate a '​laddered' strategy -- investing in securities of different maturities. This means yields on these portfolios typically decline more slowly than market rates. Over the past two years, however, the massive inflows have instead reflected a shift in both investment strategy and capital sources."

She adds, "From mid-​2023 onward, flows were increasingly driven by institutions seeking a haven from potential volatility in equity markets and longer-​term fixed income markets. During a period of heightened macroeconomic and geopolitical uncertainty -- marked by trade wars and actual wars -- institutional investors were reminded of the enduring value of security, liquidity and operational certainty."

Finally, Cunningham says, "​In short, yield is no longer the sole or even the primary rationale for holding cash in these vehicles. MMFs have instead become a strategic defensive sleeve within cash portfolios. Moreover, inflows now reflect a mix of retail and institutional cash, with a notable new contributor: corporate cash from the unprecedented cycle of AI-​related capital raising."

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Money fund yields (​7-​day, annualized, simple, net) were up 1 basis point to 3.​50% on average during the week ended Friday, August 28 (​as measured by our Crane 100 Money Fund Index), after being unchanged the week prior. Fund yields should remain flat in coming days (​and weeks) unless and until the Fed moves rates higher. Yields were 3.​49% on 7/​31/​26, 3.​47% on 6/​30 and on 3/​31, 3.​58% on 12/​31/​25, 4.​13% on 6/​30/​25 and 4.​28% on average on 12/​31/​24. MMFs averaged 5.​20% on 12/​31/​23. (​Note: We'​re still taking registrations for our European Money Fund Symposium, which is in just over 3 weeks -- Sept. 24-​25, 2026 in Paris, France! We hope to see you there!)

The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (​currently 725), shows a 7-​day yield of 3.​41%, up 1 bp in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.​61% in the latest week. Government Inst MFs were up 1 bp at 3.​50%. Treasury Inst MFs were unchanged at 3.​48%. Treasury Retail MFs currently yield 3.​25%, Government Retail MFs yield 3.​22% and Prime Retail MFs yield 3.​39%, Tax-​exempt MF 7-​day yields were down 3 bps to 2.​03%.

Assets increased $​12.​4 billion in the week through Friday, and they'​ve increased by $​75.​4 billion in August month-​to-​date (​through 8/​28). But assets remain below their all-​time record high of $​8.​404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased by $​61.​4 billion in July, increased by $​58.​6 billion in June, $​208.​6 billion in May, decreased by $​108.​8 billion in April, $​49.​3 billion in March, increased by $​99.​5 billion in February, $​32.​9 billion in January, $​126.​3 billion in December, $​132.​8 billion in November, $​142.​1 billion in October, $​105.​2 billion in September and $​132.​0 billion last August.

Weighted average maturities were at 39 days for the Crane MFA and 39 days the Crane 100 Money Fund Index. According to Monday'​s Money Fund Intelligence Daily, with data as of Friday (​8/​28), just 159 money funds (​out of 836 total) yield under 3.​0% with $​190.​4 billion in assets, or 2.​3%, while the vast majority (​677) of funds yield between 3.​00% and 3.​99% ($​8.​174 trillion, or 97.​7%). No funds yield over 4.​0%.

Our Brokerage Sweep Intelligence Index, an average of FDIC-​insured cash options from major brokerages, was unchanged at 0.​29%, after falling 1 bp fourteen weeks prior. The latest Brokerage Sweep Intelligence, with data as of August 28, shows no changes over the past week. Four of the 10 major brokerages tracked by our BSI offer rates of 0.​01% for balances of $​100K (​and lower tiers). These include: E*​Trade, Merrill Lynch, Morgan Stanley and Schwab.

In other news, Silicon Valley Bank (​SVB) published a "`​Fixed Income Strategy" piece titled, "Options for Excess Cash: Balancing Liquidity, Risk and Yield." They write, "​Some investors may be fretting about inflation data and a Federal Reserve that is signaling a more restrictive monetary policy stance. Certainly, that'​s how the US Treasury curve has interpreted the situation. However, the flip side is that the current environment now offers investors the potential to capture more attractive yields in a variety of ways. As interest rates remain elevated relative to the past decade, treasury teams are reevaluating how they manage excess cash. Which path is right for you? Let’​s take a closer look at some of today'​s viable options."

The piece continues, "While preserving principal and maintaining liquidity remain paramount, many organizations are asking whether they can generate additional income without taking undue risk. Thus, understanding the differences between government money market funds, short-​duration bond funds and SMAs can help organizations align their cash investment strategy with their liquidity needs and risk tolerance. In our experience, companies in the innovation economy are taking a closer look at what to do with excess cash in a business environment -- specifically, how to generate income without compromising the liquidity their operations require. The key challenge for many of these organizations is balancing uncertain operating timelines with the desire to earn additional income on strategic cash reserves."

It tells us, "The primary distinction among these investment options is the trade-​off between liquidity, principal stability and income potential. Finding that sweet spot is key. As investors move from government money market funds toward SMAs and short-​duration bond funds, the opportunity for additional income generally increases along with interest rate risk, credit risk and liquidity risk. A useful way to understand this trade-​off is through net asset value (​NAV), which represents the market value of a fund'​s holdings on a per-​share basis."

SVB states, "For organizations weighing where to put excess cash, the answer depends on the intended purpose and time horizon of each cash tranche. So how do you determine which option best fits your needs? In general, government money market funds are great options for immediate cash needs, such as near-​term payroll or one- to six-​month operating cash needs. The primary goals are capital preservation, immediate liquidity and safety. They function as a cash management tool and are appropriate when funds may be needed in the near term."

They explain, "SMAs are often most appropriate for reserve cash that is not needed immediately but still requires a defined liquidity profile. By tailoring maturity limits, credit parameters and sector exposure with an SMA, organizations can seek incremental income while maintaining investment guidelines that align with their operational requirements. Cash expected to remain invested for six to 12 months may be invested differently than funds needed for near-​term operations, potentially helping organizations earn additional income while maintaining appropriate liquidity."

The article adds, "Short-​duration bond funds may be better suited if it'​s more important to capture potentially higher income while accepting a moderate level of interest rate and credit risk. This option can provide an effective balance between stability and return but with a longer investment horizon, usually 18+ months. In all likelihood, this would be better known as strategic cash or cash for longer-​term deployment, as opposed to an immediate need such as covering payroll."

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