Crane Data's January Money Fund Portfolio Holdings, with data as of Dec. 31, 2025, show that holdings of Treasuries and Repo both increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $231.8 billion to $8.119 trillion in December, after increasing $134.3 billion in November, $158.4 billion in October, $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $84.0 billion in June and $72.0 billion in May. They decreased by $73.8 billion in April. Assets rose by $45.6 billion in March, $53.7 billion in February and $84.1 billion in January. Treasuries, the largest portfolio composition segment, increased by $44.8 billion. Repo, the second largest segment, increased $156.0 billion in December. 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 $44.8 billion (1.3%) to $3.509 trillion, or 43.2% of holdings, after increasing $67.4 billion in November, $180.5 billion in October, $78.0 billion in September, increasing $414.3 billion in August, increasing $117.3 billion in July, decreasing $98.4 billion in June and decreasing $2.1 billion in May. Repurchase Agreements (repo) increased $156.0 billion (5.5%) to $2.982 trillion, or 36.7% of holdings, in December, after increasing $69.5 billion in November, decreasing $6.0 billion in October, increasing $27.2 billion in September, decreasing $236.2 billion in August, decreasing $128.1 billion in July, increasing $194.2 billion in June and increasing $63.3 billion in May. Government Agency Debt was up $22.9 billion, or 2.3%, to $1.006 trillion, or 12.4% of holdings. Agencies decreased $4.0 billion in November, $2.8 billion in October, increased $22.8 billion in September, decreased $18.7 billion in August, increased $0.8 billion in July, $8.8 billion in June and $4.8 billion in May. Repo, Treasuries and Agency holdings now total $7.498 trillion, representing 92.3% of all taxable holdings.
Money fund holdings of CP and CDs fell while Other (mainly Time Deposits) rose in December. Commercial Paper (CP) decreased $26.7 billion (-8.7%) to $279.3 billion, or 3.4% of holdings. CP holdings increased $0.6 billion in November, increased $2.0 billion in October, decreased $18.3 billion in September, increased $7.6 billion in August and increased $12.3 billion in July. Certificates of Deposit (CDs) decreased $0.7 billion (-0.4%) to $183.7 billion, or 2.3% of taxable assets. CDs decreased $5.1 billion in November, increased $0.1 billion in October, decreased $16.5 billion in September, increased $3.4 billion in August and increased $1.9 billion in July. Other holdings, primarily Time Deposits, increased $34.5 billion (32.2%) to $142.0 billion, or 1.7% of holdings, after increasing $6.2 billion in November, decreasing $15.8 billion in October, $36.8 billion in September, decreasing $4.4 billion in August and increasing $13.0 billion in July. VRDNs increased to $16.2 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Tuesday around noon.) Prime money fund assets tracked by Crane Data decreased to $1.333 trillion, or 16.4% of taxable money funds' $8.119 trillion total. Among Prime money funds, CDs represent 13.8% (unchanged from 13.8% a month ago), while Commercial Paper accounted for 21.0% (down from 23.0% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 13.3% of total holdings, Asset-Backed CP, which accounts for 6.4%, and Non-Financial Company CP, which makes up 1.3%. Prime funds also hold 0.6% in US Govt Agency Debt, 9.1% in US Treasury Debt, 22.3% in US Treasury Repo, 1.1% in Other Instruments, 7.3% in Non-Negotiable Time Deposits, 10.2% in Other Repo, 13.2% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.411 trillion (54.3% of all MMF assets), up from $4.314 trillion in November, while Treasury money fund assets totaled another $2.370 trillion (29.2%), up from $2.232 trillion the prior month. Government money fund portfolios were made up of 22.6% US Govt Agency Debt, 16.9% US Government Agency Repo, 35.1% US Treasury Debt, 24.8% in US Treasury Repo, 0.4% in Other Instruments.Treasury money funds were comprised of 77.5% US Treasury Debt and 22.5% in US Treasury Repo. Government and Treasury funds combined now total $6.781 trillion, or 83.5% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $92.9 billion in December to $601.7 billion; their share of holdings fell to 7.4% from last month's 8.8%. Eurozone-affiliated holdings decreased to $407.6 billion from last month's $466.3 billion; they account for 5.0% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $326.9 billion (4.0% of the total) from last month's $312.8 billion. Americas related holdings rose to $7.186 trillion from last month's $6.876 trillion; they now represent 88.5% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $141.4 billion, or 7.9%, to $1.924 trillion, or 23.7% of assets); US Government Agency Repurchase Agreements (up $22.5 billion, or 2.5%, to $922.2 billion, or 11.4% of total holdings), and Other Repurchase Agreements (down $7.9 billion, or -5.5%, to $136.2 billion, or 1.7% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $16.3 billion to $177.4 billion, or 2.2% of assets), Asset-Backed Commercial Paper (down $4.2 billion to $84.7 billion, or 1.0%), and Non-Financial Company Commercial Paper (down $6.2 billion to $17.2 billion, or 0.2%).
The 20 largest Issuers to taxable money market funds as of Dec. 31, 2025, include: the US Treasury ($3.509T, 43.2%), Fixed Income Clearing Corp ($1.272T, 15.7%), Federal Home Loan Bank ($676.7B, 8.3%), JP Morgan ($265.4B, 3.3%), RBC ($236.9B, 2.9%), Federal Farm Credit Bank ($200.4B, 2.5%), Wells Fargo ($167.8B, 2.1%), BNP Paribas ($149.7B, 1.8%), Citi ($149.5B, 1.8%), Bank of America ($94.6B, 1.2%), Federal Home Loan Mortgage Corp ($84.2B, 1.0%), Sumitomo Mitsui Banking Corp ($78.9B, 1.0%), Barclays PLC ($78.7B, 1.0%), the Federal Reserve Bank of New York ($72.6B, 0.9%), Credit Agricole ($72.5B, 0.9%), Goldman Sachs ($69.8B, 0.9%), Toronto-Dominion Bank ($65.2B, 0.8%), Canadian Imperial Bank of Commerce ($58.8B, 0.7%), Mitsubishi UFJ Financial Group Inc ($58.1B, 0.7%) and Bank of Montreal ($56.8B, 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 ($1.249T, 41.9%), JP Morgan ($252.3B, 8.5%), RBC ($187.9B, 6.3%), Wells Fargo ($165.6B, 5.6%), BNP Paribas ($143.3B, 4.8%), Citi ($142.5B, 4.8%), the Federal Reserve Bank of New York ($72.6B, 2.4%), Goldman Sachs ($67.6B, 2.3%), Bank of America ($66.1B, 2.2%) and Sumitomo Mitsui Banking Corp ($63.8B, 2.1%).
The largest users of the $72.6 billion in Fed RRP include: Fidelity Cash Central Fund ($14.1B), Fidelity Sec Lending Cash Central Fund ($9.1B), First American Govt Oblg ($6.8B), JPMorgan US Govt MM ($5.0B), T Rowe Price Govt Reserve Fund ($5.0B), Goldman Sachs FS Treas Sol ($3.7B), UBS Select Treasury Fund ($2.7B), Allspring Govt MM ($2.4B), UBS Prime Fund ($2.4B) and First American Treas Oblg ($2.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($49.1B, 9.1%), Toronto-Dominion Bank ($43.4B, 8.0%), Mizuho Corporate Bank Ltd ($28.5B, 5.3%), Bank of America ($28.4B, 5.3%), Fixed Income Clearing Corp ($23.3B, 4.3%), Mitsubishi UFJ Financial Group Inc ($23.1B, 4.3%), Bank of Montreal ($19.8B, 3.7%), Barclays PLC ($19.6B, 3.6%), Sumitomo Mitsui Trust Bank ($19.0B, 3.5%) and Australia & New Zealand Banking Group Ltd ($17.1B, 3.2%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($17.2B, 9.4%), Mitsubishi UFJ Financial Group Inc ($14.9B, 8.1%), Sumitomo Mitsui Trust Bank ($14.6B, 8.0%), Bank of America ($14.0B, 7.6%), Mizuho Corporate Bank Ltd ($13.7B, 7.5%), Sumitomo Mitsui Banking Corp ($12.3B, 6.7%), Credit Agricole ($10.3B, 5.6%), Barclays PLC ($10.2B, 5.6%), Canadian Imperial Bank of Commerce ($7.9B, 4.3%) and Mitsubishi UFJ Trust and Banking Corporation ($7.6B, 4.2%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($30.5B, 11.7%), Toronto-Dominion Bank ($22.7B, 8.7%), Bank of Montreal ($13.3B, 5.1%), JP Morgan ($13.2B, 5.1%), National Bank of Canada ($9.6B, 3.7%), Bank of Nova Scotia ($9.4B, 3.6%), Mitsubishi UFJ Financial Group Inc ($8.0B, 3.1%), Barclays PLC ($7.5B, 2.9%), Bank of America ($7.0B, 2.7%) and BPCE SA ($6.8B, 2.6%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $125.8B to $1.272T), the Federal Reserve Bank of New York (up $65.8B to $72.6B), the US Treasury (up $44.8B to $3.509T), RBC (up $12.0B to $236.9B), JP Morgan (up $11.7B to $265.4B), the Federal Home Loan Bank (up $10.4B to $676.7B), the Federal Farm Credit Bank (up $8.7B to $200.4B), Northern Trust (up $8.5B to $15.8B), Mizuho Corporate Bank Ltd (up $8.3B to $49.0B) and Bank of Nova Scotia (up $8.1B to $32.7B).
The largest decreases among Issuers of money market securities (including Repo) in December were shown by: Barclays PLC (down $28.8B to $78.7B), ING Bank (down $16.3B to $12.4B), Societe Generale (down $12.6B to $41.8B), Deutsche Bank AG (down $8.8B to $19.2B), Banco Bilbao Vizcaya Argentaria SA (down $8.6B to $10.9B), Credit Agricole (down $7.1B to $72.5B), BNY Mellon (down $6.4B to $17.7B), ABN Amro Bank (down $5.0B to $7.5B), Nomura (down $3.4B to $17.0B) and Canadian Imperial Bank of Commerce (down $3.3B to $58.8B).
The United States remained the largest segment of country-affiliations; it represents 82.8% of holdings, or $6.720 trillion. Canada (5.7%, $466.1B) was in second place, while France (3.8%, $312.1B) ranked third. Japan (3.1%, $255.0B) occupied fourth place. The United Kingdom (2.0%, $158.2B) remained in fifth place. Australia (0.6%, $50.8B) was sixth, followed by Spain (0.4%, $35.7B), Germany (0.4%, $33.3B), Netherlands (0.3%, $25.2B), and Sweden (0.2%, $17.4B). (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 Dec. 31, 2025, Taxable money funds held 46.6% (up from 45.2%) of their assets in securities maturing Overnight, and another 9.1% maturing in 2-7 days (down from 10.3%). Thus, 55.7% in total matures in 1-7 days. Another 10.5% matures in 8-30 days, while 10.5% matures in 31-60 days. Note that over three-quarters, or 76.7% 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 7.3% of taxable securities, while 11.6% matures in 91-180 days, and just 4.4% matures beyond 181 days.
