Crane Data's March Money Fund Portfolio Holdings, with data as of Feb. 28, 2026, 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 $113.2 billion to $8.178 trillion in February, after decreasing $54.6 billion in January. They increased $231.8 billion in December, $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, and rose by $45.6 billion last March. Treasuries, the largest portfolio composition segment, increased by $26.8 billion. Repo, the second largest segment, increased $43.5 billion in February. 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 $26.8 billion (0.8%) to $3.401 trillion, or 41.6% of holdings, after decreasing $135.2 billion in January, increasing $44.8 billion in December, $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 $43.5 billion (1.5%) to $2.992 trillion, or 36.6% of holdings, in February, after decreasing $33.5 billion in January, increasing $156.0 billion in December, $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 $28.4 billion, or 2.7%, to $1.095 trillion, or 13.4% of holdings. Agencies increased $60.5 billion in January, $22.9 billion in December, 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 $7.489 trillion, representing 91.6% of all taxable holdings.
Money fund holdings of CP and CDs fell while Other (mainly Time Deposits) rose in February. Commercial Paper (CP) decreased $4.3 billion (-1.3%) to $314.3 billion, or 3.8% of holdings. CP holdings increased $39.3 billion in January, decreased $26.7 billion in December, 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 $2.5 billion (-1.2%) to $204.4 billion, or 2.5% of taxable assets. CDs increased $23.2 billion in January, decreased $0.7 billion in December, 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 $21.0 billion (15.8%) to $154.3 billion, or 1.9% of holdings, after decreasing $8.7 billion in January, increasing $34.5 billion in December, 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 $16.5 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 increased to $1.379 trillion, or 16.9% of taxable money funds' $8.178 trillion total. Among Prime money funds, CDs represent 14.8% (down from 15.1% a month ago), while Commercial Paper accounted for 22.8% (down from 23.3% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 13.8% of total holdings, Asset-Backed CP, which accounts for 6.7%, and Non-Financial Company CP, which makes up 2.3%. Prime funds also hold 0.6% in US Govt Agency Debt, 11.4% in US Treasury Debt, 14.8% in US Treasury Repo, 1.4% in Other Instruments, 7.6% in Non-Negotiable Time Deposits, 10.4% in Other Repo, 14.8% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.450 trillion (54.4% of all MMF assets), up from $4.392 trillion in January, while Treasury money fund assets totaled another $2.323 trillion (28.4%), up from $2.301 trillion the prior month. Government money fund portfolios were made up of 24.4% US Govt Agency Debt, 18.1% US Government Agency Repo, 32.0% US Treasury Debt, 25.0% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 77.5% US Treasury Debt and 22.4% in US Treasury Repo. Government and Treasury funds combined now total $6.773 trillion, or 82.8% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $3.1 billion in February to $720.5 billion; their share of holdings fell to 8.8% from last month's 9.0%. Eurozone-affiliated holdings increased to $502.1 billion from last month's $496.8 billion; they now account for 6.1% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $334.0 billion (4.1% of the total) from last month's $342.3 billion. Americas related holdings increased to $7.117 trillion from last month's $6.992 trillion; they now represent 87.0% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $11.3 billion, or 0.6%, to $1.839 trillion, or 22.5% of assets); US Government Agency Repurchase Agreements (up $34.8 billion, or 3.6%, to $1.010 trillion, or 12.4% of total holdings), and Other Repurchase Agreements (down $2.6 billion, or -1.8%, to $143.4 billion, or 1.8% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $5.0 billion to $189.8 billion, or 2.3% of assets), Asset-Backed Commercial Paper (up $0.4 billion to $92.3 billion, or 1.1%), and Non-Financial Company Commercial Paper (up $0.4 billion to $32.3 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of Feb. 28, 2026, include: the US Treasury ($3.401T, 41.6%), Fixed Income Clearing Corp ($1.169T, 14.3%), Federal Home Loan Bank ($767.9B, 9.4%), JP Morgan ($320.0B, 3.9%), RBC ($219.8B, 2.7%), Federal Farm Credit Bank ($202.5B, 2.5%), Wells Fargo ($181.5B, 2.2%), Citi ($166.2B, 2.0%), BNP Paribas ($162.4B, 2.0%), Bank of America ($109.3B, 1.3%), Barclays PLC ($91.5B, 1.1%), Sumitomo Mitsui Banking Corp ($89.4B, 1.1%), Credit Agricole ($82.7B, 1.0%), Federal Home Loan Mortgage Corp ($70.7B, 0.9%), Canadian Imperial Bank of Commerce ($62.7B, 0.8%), Toronto-Dominion Bank ($60.5B, 0.7%), Goldman Sachs ($59.8B, 0.7%), Bank of Montreal ($59.7B, 0.7%), Societe Generale ($58.9B, 0.7%) and Mitsubishi UFJ Financial Group Inc ($58.0B, 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 ($1.148T, 38.4%), JP Morgan ($308.1B, 10.3%), RBC ($173.8B, 5.8%), Wells Fargo ($172.1B, 5.8%), Citi ($160.8B, 5.4%), BNP Paribas ($154.9B, 5.2%), Bank of America ($77.4B, 2.6%), Sumitomo Mitsui Banking Corp ($73.8B, 2.5%), Barclays PLC ($68.8B, 2.3%) and Credit Agricole ($67.2B, 2.2%).
The largest users of the $7.0 billion in Fed RRP include: Vanguard Market Liquidity Fund ($3.4B), American Funds Central Cash ($2.5B), Columbia Short-Term Cash Fund ($0.7B), TCW Central Cash Fund ($0.3B), Cavanal Hill Govt Svc MM ($0.0B), Cavanal Hill US Treas ($0.0B) and American Funds US Govt MMF ($0.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($46.0B, 7.8%), Toronto-Dominion Bank ($39.1B, 6.7%), Bank of America ($31.9B, 5.4%), Barclays PLC ($22.8B, 3.9%), Sumitomo Mitsui Trust Bank ($22.6B, 3.8%), Bank of Montreal ($22.3B, 3.8%), ING Bank ($22.0B, 3.7%), Mizuho Corporate Bank Ltd ($21.8B, 3.7%), Fixed Income Clearing Corp ($21.3B, 3.6%) and Mitsubishi UFJ Financial Group Inc ($20.7B, 3.5%).
The 10 largest CD issuers include: Sumitomo Mitsui Trust Bank ($18.5B, 9.1%), Toronto-Dominion Bank ($16.5B, 8.1%), Bank of America ($14.9B, 7.3%), Sumitomo Mitsui Banking Corp ($13.5B, 6.6%), Mitsubishi UFJ Financial Group Inc ($12.4B, 6.1%), Mizuho Corporate Bank Ltd ($11.6B, 5.7%), Barclays PLC ($11.0B, 5.4%), Wells Fargo ($9.3B, 4.6%), Credit Agricole ($8.7B, 4.3%) and Canadian Imperial Bank of Commerce ($8.2B, 4.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($26.7B, 9.5%), Toronto-Dominion Bank ($19.5B, 7.0%), Bank of Montreal ($14.6B, 5.2%), JP Morgan ($11.9B, 4.2%), National Bank of Canada ($10.4B, 3.7%), Barclays PLC ($9.3B, 3.3%), Bank of Nova Scotia ($8.6B, 3.1%), Northcross Capital Management ($7.0B, 2.5%), Mitsubishi UFJ Financial Group Inc ($6.7B, 2.4%) and Bank of America ($6.7B, 2.4%).
The largest increases among Issuers include: RBC (up $69.0B to $219.8B), the Federal Home Loan Bank (up $26.9B to $767.9B), the US Treasury (up $26.8B to $3.401T), Societe Generale (up $12.9B to $58.9B), Fixed Income Clearing Corp (up $12.7B to $1.169T), Bank of Montreal (up $10.1B to $59.7B), DNB ASA (up $5.9B to $15.4B), Canadian Imperial Bank of Commerce (up $5.6B to $62.7B), Morgan Stanley (up $4.3B to $26.9B) and the Federal Reserve Bank of New York (up $3.7B to $7.0B).
The largest decreases among Issuers of money market securities (including Repo) in February were shown by: Citi (down $13.8B to $166.2B), Credit Agricole (down $11.4B to $82.7B), Barclays PLC (down $10.8B to $91.5B), Northern Trust (down $6.9B to $15.0B), Goldman Sachs (down $6.3B to $59.8B), Toronto-Dominion Bank (down $5.7B to $60.5B), Mizuho Corporate Bank Ltd (down $5.5B to $41.0B), JP Morgan (down $4.4B to $320.0B), HSBC (down $3.9B to $26.1B) and ING Bank (down $3.8B to $31.6B).
The United States remained the largest segment of country-affiliations; it represents 81.5% of holdings, or $6.662 trillion. Canada (5.6%, $454.9B) was in second place, while France (4.3%, $353.5B) ranked third. Japan (3.2%, $262.3B) occupied fourth place. The United Kingdom (2.0%, $166.1B) remained in fifth place. Australia (0.6%, $53.0B) was sixth, followed by Netherlands (0.6%, $51.4B), Germany (0.6%, $50.0B), Spain (0.5%, $44.2B), and Sweden (0.3%, $25.5B). (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 Feb. 28, 2026, Taxable money funds held 45.9% (down from 46.1%) of their assets in securities maturing Overnight, and another 10.7% maturing in 2-7 days (up from 10.1%). Thus, 56.6% in total matures in 1-7 days. Another 9.6% matures in 8-30 days, while 12.1% matures in 31-60 days. Note that over three-quarters, or 78.4% 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 6.9% of taxable securities, while 9.8% matures in 91-180 days, and just 5.1% matures beyond 181 days.
