Crane Data's October Money Fund Portfolio Holdings, with data as of Sept. 30, 2026, show that holdings of Treasuries plunged while Repo increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $140.1 billion to $8.203 trillion in September, after increasing $131.9 billion in August, decreasing $8.7 billion in July and $4.9 billion in June, increasing $255.9 billion in May, decreasing $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, decreased by $211.1 billion. Repo, the second largest segment, increased $36.0 billion in September. 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 decreased $211.1 billion (-5.7%) to $3.477 trillion, or 42.4% of holdings, after increasing $260.3 billion in August and $150.2 billion in July. Repurchase Agreements (repo) increased by $36.0 billion (1.3%) to $2.853 trillion, or 34.8% of holdings, in September, after decreasing $95.4 billion in August and $148.0 billion in July. Government Agency Debt was up $20.1 billion, or 1.7%, to $1.187 trillion, or 14.5% of holdings. Agencies decreased $40.5 billion in August but increased $5.9 billion in July and $13.8 billion in June. Repo, Treasuries and Agency holdings now total $7.517 trillion, representing 91.6% of all taxable holdings.
Money fund holdings of CP and Other (mainly Time Deposits) rose, while CDs fell in September. Commercial Paper (CP) increased $0.1 billion (0.0%) to $319.8 billion, or 3.9% of holdings. CP holdings increased $19.7 billion in August but decreased $3.6 billion in July. Certificates of Deposit (CDs) decreased $1.8 billion (-0.9%) to $204.4 billion, or 2.5% of taxable assets. CDs increased $0.4 billion in August but decreased $3.8 billion in July. Other holdings, primarily Time Deposits, increased $16.3 billion (12.7%) to $144.4 billion, or 1.8% of holdings, after decreasing $12.8 billion in August and $9.5 billion in July. VRDNs increased to $17.8 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Monday around noon.)
Prime money fund assets tracked by Crane Data decreased to $1.358 trillion, or 16.6% of taxable money funds' $8.203 trillion total. Among Prime money funds, CDs represent 15.0% (down from 15.1% a month ago), while Commercial Paper accounted for 23.5% (unchanged from a month ago). The CP totals are comprised of: Financial Company CP, which makes up 14.2% of total holdings, Asset-Backed CP, which accounts for 7.6%, and Non-Financial Company CP, which makes up 1.7%. Prime funds also hold 0.6% in US Govt Agency Debt, 5.8% in US Treasury Debt, 17.0% in US Treasury Repo, 1.5% in Other Instruments, 7.2% in Non-Negotiable Time Deposits, 12.3% in Other Repo, 15.5% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.357 trillion (53.1% of all MMF assets), down from $4.430 trillion in August, while Treasury money fund assets totaled another $2.462 trillion (30.0%), down from $2.526 trillion the prior month. Government money fund portfolios were made up of 27.0% US Govt Agency Debt, 17.7% US Government Agency Repo, 33.7% US Treasury Debt, 20.8% in US Treasury Repo, 0.3% in Other Instruments. Treasury money funds were comprised of 77.6% US Treasury Debt and 22.0% in US Treasury Repo. Government and Treasury funds combined now total $6.819 trillion, or 83.1% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $77.7 billion in September to $679.6 billion; their share of holdings fell to 8.3% from last month's 9.1%. Eurozone-affiliated holdings decreased to $486.5 billion from last month's $528.0 billion; they now account for 5.9% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $325.0 billion (4.0% of the total) from last month's $326.8 billion. Americas related holdings decreased to $7.191 trillion from last month's $7.255 trillion; they now represent 87.7% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $14.9 billion, or 0.9%, to $1.680 trillion, or 20.5% of assets); US Government Agency Repurchase Agreements (down $2.7 billion, or -0.3%, to $981.3 billion, or 12.0% of total holdings), and Other Repurchase Agreements (up $23.8 billion, or 14.1%, to $192.2 billion, or 2.3% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $11.1 billion to $193.1 billion, or 2.4% of assets), Asset-Backed Commercial Paper (down $0.4 billion to $103.7 billion, or 1.3%), and Non-Financial Company Commercial Paper (down $10.6 billion to $23.0 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of Sept. 30, 2026, include: the US Treasury ($3.477T, 42.4%), Fixed Income Clearing Corp ($1.069T, 13.0%), Federal Home Loan Bank ($854.3B, 10.4%), JP Morgan ($299.0B, 3.6%), RBC ($226.1B, 2.8%), Federal Farm Credit Bank ($217.4B, 2.6%), Citi ($188.9B, 2.3%), Wells Fargo ($178.3B, 2.2%), BNP Paribas ($170.0B, 2.1%), Goldman Sachs ($118.5B, 1.4%), Bank of America ($100.1B, 1.2%), Credit Agricole ($84.0B, 1.0%), Sumitomo Mitsui Banking Corp ($69.1B, 0.8%), Barclays PLC ($65.3B, 0.8%), Mitsubishi UFJ Financial Group Inc ($62.2B, 0.8%), Toronto-Dominion Bank ($61.5B, 0.7%), the Federal National Mortgage Association ($60.9B, 0.7%), Bank of Montreal ($55.6B, 0.7%), Canadian Imperial Bank of Commerce ($54.9B, 0.7%) and Mizuho Corporate Bank Ltd ($51.5B, 0.6%).
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 ($1.050T, 36.8%), JP Morgan ($287.1B, 10.1%), Citi ($186.2B, 6.5%), RBC ($174.8B, 6.1%), Wells Fargo ($166.0B, 5.8%), BNP Paribas ($157.5B, 5.5%), Goldman Sachs ($115.1B, 4.0%), Bank of America ($71.0B, 2.5%), Credit Agricole ($65.3B, 2.3%) and Sumitomo Mitsui Banking Corp ($56.8B, 2.0%).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($51.3B, 8.6%), Toronto-Dominion Bank ($39.5B, 6.6%), Bank of America ($29.2B, 4.9%), ING Bank ($26.6B, 4.5%), Mizuho Corporate Bank Ltd ($23.6B, 4.0%), Mitsubishi UFJ Financial Group Inc ($21.6B, 3.6%), Bank of Montreal ($20.8B, 3.5%), Barclays PLC ($20.8B, 3.5%), Fixed Income Clearing Corp ($19.2B, 3.2%) and Credit Agricole ($18.7B, 3.1%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($18.6B, 9.1%), Mitsubishi UFJ Financial Group Inc ($13.2B, 6.5%), Wells Fargo ($11.8B, 5.8%), Sumitomo Mitsui Banking Corp ($11.4B, 5.6%), Credit Agricole ($11.2B, 5.5%), Bank of Montreal ($8.7B, 4.3%), Bank of Nova Scotia ($8.6B, 4.2%), Barclays PLC ($8.6B, 4.2%), Bank of America ($8.3B, 4.0%) and Canadian Imperial Bank of Commerce ($8.2B, 4.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($28.8B, 9.9%), Toronto-Dominion Bank ($17.4B, 5.9%), ING Bank ($16.4B, 5.6%), Bank of Montreal ($12.1B, 4.2%), JP Morgan ($11.8B, 4.0%), Barclays PLC ($11.7B, 4.0%), National Bank of Canada ($9.8B, 3.4%), Capitolis Inc ($9.4B, 3.2%), Mitsubishi UFJ Financial Group Inc ($8.4B, 2.9%) and Guggenheim Treasury Services ($7.3B, 2.5%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $108.5B to $1.069T), the Federal Home Loan Bank (up $30.3B to $854.3B), Goldman Sachs (up $22.7B to $118.5B), RBC (up $13.6B to $226.1B), Mizuho Corporate Bank Ltd (up $7.7B to $51.5B), BNY Mellon (up $7.4B to $14.9B), BNP Paribas (up $4.2B to $170.0B), Toronto-Dominion Bank (up $4.0B to $61.5B), Morgan Stanley (up $3.2B to $8.5B) and Banco Santander (up $3.0B to $31.4B).
The largest decreases among Issuers of money market securities (including Repo) in September were shown by: the US Treasury (down $211.1B to $3.477T), Barclays PLC (down $32.4B to $65.3B), Societe Generale (down $15.2B to $42.1B), JP Morgan (down $12.8B to $299.0B), Credit Agricole (down $12.2B to $84.0B), Citi (down $12.0B to $188.9B), Deutsche Bank AG (down $8.4B to $27.5B), Nomura (down $8.2B to $21.7B), the Federal Home Loan Mortgage Corp (down $8.0B to $49.5B) and Wells Fargo (down $5.5B to $178.3B).
The United States remained the largest segment of country-affiliations; it represents 82.2% of holdings, or $6.739 trillion. Canada (5.5%, $452.3B) was in second place, while France (4.2%, $340.6B) ranked third. Japan (3.1%, $251.4B) occupied fourth place. The United Kingdom (1.8%, $145.7B) remained in fifth place. Netherlands (0.7%, $54.7B) was sixth, followed by Australia (0.7%, $53.5B), Germany (0.6%, $45.4B), Spain (0.5%, $45.1B), and Sweden (0.3%, $23.8B). (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 Sept. 30, 2026, Taxable money funds held 49.2% (up from 47.2%) of their assets in securities maturing Overnight, and another 9.8% maturing in 2-7 days (up from 6.2%). Thus, 59.0% in total matures in 1-7 days. Another 11.8% matures in 8-30 days, while 9.6% matures in 31-60 days. Note that over three-quarters, or 80.4% 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 6.4% of taxable securities, while 8.4% matures in 91-180 days, and just 4.8% matures beyond 181 days.
