Crane Data's August Money Fund Portfolio Holdings, with data as of July 31, 2026, show that holdings of Treasuries jumped while Repo declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $8.7 billion to $8.212 trillion in July, after decreasing $4.9 billion in June but increasing $255.9 billion in May. Assets decreased by $105.9 billion in April and $103.0 billion in March. Taxable assets increased $113.2 billion in February, but they decreased $54.6 billion in January. Treasuries, the largest portfolio composition segment, increased by $150.2 billion. Repo, the second largest segment, decreased $148.0 billion in July. 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 $150.2 billion (4.6%) to $3.428 trillion, or 41.7% of holdings, after decreasing $95.7 billion in June and increasing $218.9 billion in May. Repurchase Agreements (repo) decreased by $148.0 billion (-4.8%) to $2.912 trillion, or 35.5% of holdings, in July, after increasing $68.0 billion in June and $17.9 billion in May. Government Agency Debt was up $5.9 billion, or 0.5%, to $1.208 trillion, or 14.7% of holdings. Agencies increased $13.8 billion in June and $4.6 billion in May. Repo, Treasuries and Agency holdings now total $7.547 trillion, representing 91.9% of all taxable holdings.
Money fund holdings of CP, CDs and Other (mainly Time Deposits) all fell in July. Commercial Paper (CP) decreased $3.6 billion (-1.2%) to $300.0 billion, or 3.7% of holdings. CP holdings increased $6.2 billion in June and $11.3 billion in May. Certificates of Deposit (CDs) decreased $3.8 billion (-1.8%) to $205.8 billion, or 2.5% of taxable assets. CDs increased $6.4 billion in June and $0.7 billion in May. Other holdings, primarily Time Deposits, decreased $9.5 billion (-6.3%) to $140.8 billion, or 1.7% of holdings, after decreasing $3.9 billion in June and increasing $2.5 billion in May. VRDNs were flat at $17.4 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Wednesday around noon.)
Prime money fund assets tracked by Crane Data decreased to $1.372 trillion, or 16.7% of taxable money funds' $8.212 trillion total. Among Prime money funds, CDs represent 15.0% (down from 15.2% a month ago), while Commercial Paper accounted for 21.9% (down from 22.0% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 12.1% of total holdings, Asset-Backed CP, which accounts for 7.4%, and Non-Financial Company CP, which makes up 2.3%. Prime funds also hold 0.7% in US Govt Agency Debt, 12.8% in US Treasury Debt, 14.3% in US Treasury Repo, 1.5% in Other Instruments, 7.0% in Non-Negotiable Time Deposits, 12.0% in Other Repo, 13.5% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.358 trillion (53.1% of all MMF assets), down from $4.422 trillion in June, while Treasury money fund assets totaled another $2.476 trillion (30.2%), up from $2.390 trillion the prior month. Government money fund portfolios were made up of 27.4% US Govt Agency Debt, 17.9% US Government Agency Repo, 31.6% US Treasury Debt, 22.6% in US Treasury Repo, 0.3% in Other Instruments. Treasury money funds were comprised of 75.7% US Treasury Debt and 24.3% in US Treasury Repo. Government and Treasury funds combined now total $6.834 trillion, or 83.2% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $106.4 billion in July to $747.9 billion; their share of holdings rose to 9.1% from last month's 7.8%. Eurozone-affiliated holdings increased to $515.6 billion from last month's $473.7 billion; they now account for 6.3% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $346.0 billion (4.2% of the total) from last month's $338.9 billion. Americas related holdings decreased to $7.114 trillion from last month's $7.234 trillion; they now represent 86.6% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $112.2 billion, or -5.9%, to $1.781 trillion, or 21.7% of assets); US Government Agency Repurchase Agreements (down $32.1 billion, or -3.2%, to $966.4 billion, or 11.8% of total holdings), and Other Repurchase Agreements (down $3.7 billion, or -2.2%, to $165.2 billion, or 2.0% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $8.5 billion to $166.1 billion, or 2.0% of assets), Asset-Backed Commercial Paper (down $2.8 billion to $101.7 billion, or 1.2%), and Non-Financial Company Commercial Paper (up $7.7 billion to $32.1 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of July 31, 2026, include: the US Treasury ($3.428T, 41.7%), Fixed Income Clearing Corp ($1.056T, 12.9%), Federal Home Loan Bank ($860.5B, 10.5%), JP Morgan ($334.1B, 4.1%), Federal Farm Credit Bank ($211.4B, 2.6%), Citi ($204.6B, 2.5%), Wells Fargo ($171.2B, 2.1%), BNP Paribas ($167.5B, 2.0%), RBC ($148.5B, 1.8%), Bank of America ($105.4B, 1.3%), Barclays PLC ($104.3B, 1.3%), Goldman Sachs ($103.1B, 1.3%), Credit Agricole ($99.3B, 1.2%), Sumitomo Mitsui Banking Corp ($80.3B, 1.0%), the Federal National Mortgage Association ($72.3B, 0.9%), Mitsubishi UFJ Financial Group Inc ($62.2B, 0.8%), the Federal Home Loan Mortgage Corp ($57.8B, 0.7%), Societe Generale ($55.7B, 0.7%), Canadian Imperial Bank of Commerce ($54.6B, 0.7%) and Toronto-Dominion Bank ($54.3B, 0.7%).
In the repo space, the 10 largest Repo counterparties (dealers) with the amount of repo outstanding and market share (among the money funds we track) include: Fixed Income Clearing Corp ($1.037T, 35.6%), JP Morgan ($322.8B, 11.1%), Citi ($200.8B, 6.9%), BNP Paribas ($159.5B, 5.5%), Wells Fargo ($158.4B, 5.4%), RBC ($108.4B, 3.7%), Goldman Sachs ($99.2B, 3.4%), Credit Agricole ($81.6B, 2.8%), Barclays PLC ($78.9B, 2.7%) and Bank of America ($78.2B, 2.7%).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($40.1B, 7.1%), Toronto-Dominion Bank ($31.3B, 5.5%), Bank of America ($27.3B, 4.8%), Barclays PLC ($25.4B, 4.5%), Mizuho Corporate Bank Ltd ($23.2B, 4.1%), Mitsubishi UFJ Financial Group Inc ($21.4B, 3.8%), ING Bank ($20.8B, 3.7%), Australia & New Zealand Banking Group Ltd ($20.2B, 3.6%), Fixed Income Clearing Corp ($19.3B, 3.4%) and Credit Agricole ($17.7B, 3.1%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($16.4B, 8.0%), Mitsubishi UFJ Financial Group Inc ($13.5B, 6.6%), Wells Fargo ($12.4B, 6.0%), Sumitomo Mitsui Banking Corp ($11.1B, 5.4%), Sumitomo Mitsui Trust Bank ($10.8B, 5.3%), Credit Agricole ($10.7B, 5.2%), Barclays PLC ($10.6B, 5.2%), Bank of Nova Scotia ($8.6B, 4.2%), Bank of America ($8.5B, 4.1%) and Mizuho Corporate Bank Ltd ($8.2B, 4.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($25.6B, 9.5%), Toronto-Dominion Bank ($15.0B, 5.6%), Barclays PLC ($14.3B, 5.3%), JP Morgan ($11.3B, 4.2%), ING Bank ($9.1B, 3.4%), National Bank of Canada ($9.0B, 3.3%), Capitolis Inc ($8.8B, 3.3%), Bank of Montreal ($8.6B, 3.2%), Mitsubishi UFJ Financial Group Inc ($7.9B, 3.0%) and Bank of Nova Scotia ($7.8B, 2.9%).
The largest increases among Issuers include: the US Treasury (up $150.2B to $3.428T), Barclays PLC (up $48.4B to $104.3B), Goldman Sachs (up $26.5B to $103.1B), Citi (up $25.1B to $204.6B), Societe Generale (up $17.0B to $55.7B), Credit Agricole (up $15.7B to $99.3B), BNP Paribas (up $15.5B to $167.5B), Bank of America (up $12.8B to $105.4B), Mizuho Corporate Bank Ltd (up $10.4B to $48.9B) and HSBC (up $9.9B to $37.2B).
The largest decreases among Issuers of money market securities (including Repo) in July were shown by: Fixed Income Clearing Corp (down $231.4B to $1.056T), RBC (down $82.2B to $148.5B), JP Morgan (down $21.4B to $334.1B), Bank of Montreal (down $9.6B to $50.7B), Sumitomo Mitsui Banking Corp (down $7.8B to $80.3B), ING Bank (down $3.9B to $29.2B), Bank of Nova Scotia (down $3.4B to $34.4B), Natixis (down $2.7B to $30.6B), Wells Fargo (down $2.7B to $171.2B) and Sumitomo Mitsui Trust Bank (down $2.6B to $14.7B).
The United States remained the largest segment of country-affiliations; it represents 82.3% of holdings, or $6.756 trillion. France (4.5%, $365.9B) was in second place, while Canada (4.4%, $358.2B) ranked third. Japan (3.3%, $268.6B) occupied fourth place. The United Kingdom (2.2%, $182.2B) remained in fifth place. Australia (0.7%, $57.8B) was sixth, followed by Netherlands (0.6%, $50.7B), Germany (0.6%, $48.9B), Spain (0.6%, $44.9B), and Sweden (0.3%, $24.1B). (Note: Crane Data attributes Treasury and Government repo to the dealer's parent country of origin, though money funds themselves "look-through" and consider these U.S. government securities. All money market securities must be U.S. dollar-denominated.)
As of July 31, 2026, Taxable money funds held 46.9% (down from 48.3%) of their assets in securities maturing Overnight, and another 10.1% maturing in 2-7 days (down from 10.4%). Thus, 56.9% in total matures in 1-7 days. Another 10.3% matures in 8-30 days, while 12.3% 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 6.0% of taxable securities, while 9.3% matures in 91-180 days, and just 5.2% matures beyond 181 days.
