Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 2026, show that holdings of Treasuries jumped sharply last month. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $255.9 billion to $8.225 trillion in May, after 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. Holdings increased $231.8 billion in December, $134.3 billion in November and $158.4 billion in October. Treasuries, the largest portfolio composition segment, jumped by $218.9 billion. Repo, the second largest segment, increased $17.9 billion in May. 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 $218.9 billion (6.9%) to $3.373 trillion, or 41.0% of holdings, after decreasing $266.2 billion in April and increasing $19.2 billion in March. Repurchase Agreements (repo) rose by $17.9 billion (0.6%) to $2.992 trillion, or 36.4% of holdings, in May, after increasing $51.5 billion in April. Government Agency Debt was up $4.6 billion, or 0.4%, to $1.188 trillion, or 14.4% of holdings. Agencies increased $90.7 billion in April but were flat in March (down $2.6 billion). Repo, Treasuries and Agency holdings now total $7.553 trillion, representing 91.8% of all taxable holdings.
Money fund holdings of CP, CDs and Other (mainly Time Deposits) rose in May. Commercial Paper (CP) increased $11.3 billion (3.9%) to $297.3 billion, or 3.6% of holdings. CP holdings decreased $5.0 billion in April but decreased $23.3 billion in March. Certificates of Deposit (CDs) increased $0.7 billion (0.3%) to $203.2 billion, or 2.5% of taxable assets. CDs increased $2.7 billion in April but decreased $4.5 billion in March. Other holdings, primarily Time Deposits, increased $2.5 billion (1.7%) to $154.2 billion, or 1.9% of holdings, after increasing $20.4 billion in April and decreasing $22.9 billion in March. VRDNs increased to $17.0 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 $1.362 trillion, or 16.6% of taxable money funds' $8.225 trillion total. Among Prime money funds, CDs represent 14.9% (down from 15.0% a month ago), while Commercial Paper accounted for 21.8% (up from 21.2% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 12.8% of total holdings, Asset-Backed CP, which accounts for 6.8%, and Non-Financial Company CP, which makes up 2.2%. Prime funds also hold 0.6% in US Govt Agency Debt, 14.0% in US Treasury Debt, 14.0% in US Treasury Repo, 1.6% in Other Instruments, 7.7% in Non-Negotiable Time Deposits, 11.3% in Other Repo, 12.6% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.404 trillion (53.5% of all MMF assets), up from $4.301 trillion in April, while Treasury money fund assets totaled another $2.432 trillion (29.6%), up from $2.315 trillion the prior month. Government money fund portfolios were made up of 26.7% US Govt Agency Debt, 18.3% US Government Agency Repo, 29.5% US Treasury Debt, 24.9% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 76.5% US Treasury Debt and 23.4% in US Treasury Repo. Government and Treasury funds combined now total $6.836 trillion, or 83.1% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $12.6 billion in May to $717.8 billion; their share of holdings fell to 8.7% from last month's 8.9%. Eurozone-affiliated holdings increased to $503.7 billion from last month's $490.8 billion; they now account for 6.1% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $334.6 billion (4.1% of the total) from last month's $326.0 billion. Americas related holdings increased to $7.169 trillion from last month's $6.934 trillion; they now represent 87.2% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $3.8 billion, or 0.2%, to $1.857 trillion, or 22.6% of assets); US Government Agency Repurchase Agreements (up $10.6 billion, or 1.1%, to $977.4 billion, or 11.9% of total holdings), and Other Repurchase Agreements (up $3.5 billion, or 2.3%, to $158.0 billion, or 1.9% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $4.7 billion to $174.7 billion, or 2.1% of assets), Asset-Backed Commercial Paper (up $5.4 billion to $93.2 billion, or 1.1%), and Non-Financial Company Commercial Paper (up $1.1 billion to $29.4 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of May 31, 2026, include: the US Treasury ($3.373T, 41.0%), Fixed Income Clearing Corp ($1.158T, 14.1%), Federal Home Loan Bank ($842.3B, 10.2%), JP Morgan ($350.5B, 4.3%), RBC ($213.3B, 2.6%), Federal Farm Credit Bank ($213.0B, 2.6%), Citi ($204.1B, 2.5%), Wells Fargo ($171.2B, 2.1%), BNP Paribas ($154.1B, 1.9%), Credit Agricole ($97.1B, 1.2%), Bank of America ($95.2B, 1.2%), Barclays PLC ($89.1B, 1.1%), Sumitomo Mitsui Banking Corp ($83.4B, 1.0%), the Federal National Mortgage Association ($66.3B, 0.8%), Federal Home Loan Mortgage Corp ($60.9B, 0.7%), Mitsubishi UFJ Financial Group Inc ($59.7B, 0.7%), Goldman Sachs ($59.3B, 0.7%), Canadian Imperial Bank of Commerce ($57.2B, 0.7%), Bank of Montreal ($54.1B, 0.7%) and Toronto-Dominion Bank ($54.1B, 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 ($1.137T, 38.0%), JP Morgan ($338.9B, 11.3%), Citi ($197.8B, 6.6%), RBC ($173.5B, 5.8%), Wells Fargo ($159.5B, 5.3%), BNP Paribas ($145.4B, 4.9%), Credit Agricole ($79.4B, 2.7%), Sumitomo Mitsui Banking Corp ($71.8B, 2.4%), Bank of America ($66.7B, 2.2%) and Barclays PLC ($65.2B, 2.2%).
The largest users of the $5.6 billion in Fed RRP include: American Funds Central Cash ($2.5B), Columbia Short-Term Cash Fund ($1.1B), TCW Central Cash Fund ($0.9B), T Rowe Price Govt Reserve Fund ($0.8B), Principal Government MM ($0.3B), Cavanal Hill Govt Svc MM ($0.0B) and Cavanal Hill US Treas ($0.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($39.8B, 6.9%), Toronto-Dominion Bank ($33.5B, 5.8%), Bank of America ($28.4B, 5.0%), Barclays PLC ($24.0B, 4.2%), Mizuho Corporate Bank Ltd ($23.5B, 4.1%), Fixed Income Clearing Corp ($21.3B, 3.7%), Australia & New Zealand Banking Group Ltd ($19.0B, 3.3%), Mitsubishi UFJ Financial Group Inc ($18.5B, 3.2%), Credit Agricole ($17.7B, 3.1%) and ING Bank ($17.6B, 3.1%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($15.9B, 7.8%), Sumitomo Mitsui Trust Bank ($12.6B, 6.2%), Wells Fargo ($11.7B, 5.8%), Mitsubishi UFJ Financial Group Inc ($11.3B, 5.6%), Sumitomo Mitsui Banking Corp ($10.8B, 5.3%), Credit Agricole ($10.3B, 5.1%), Bank of Nova Scotia ($9.3B, 4.6%), Mizuho Corporate Bank Ltd ($9.3B, 4.6%), Barclays PLC ($8.6B, 4.2%) and Canadian Imperial Bank of Commerce ($8.2B, 4.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($19.9B, 7.5%), Toronto-Dominion Bank ($16.2B, 6.1%), Barclays PLC ($14.0B, 5.3%), JP Morgan ($11.6B, 4.3%), National Bank of Canada ($9.3B, 3.5%), Bank of Montreal ($9.2B, 3.4%), Bank of Nova Scotia ($7.8B, 2.9%), Capitolis Inc ($7.8B, 2.9%), Landesbank Baden-Wurttemberg ($7.2B, 2.7%) and ING Bank ($7.2B, 2.7%).
The largest increases among Issuers include: the US Treasury (up $218.9B to $3.373T), RBC (up $58.1B to $213.3B), BNP Paribas (up $10.4B to $154.1B), Credit Agricole (up $8.7B to $97.1B), Wells Fargo (up $8.0B to $171.2B), Nomura (up $5.2B to $19.2B), Bank of Montreal (up $4.7B to $54.1B), Deutsche Bank AG (up $4.6B to $35.0B), Landesbank Baden-Wurttemberg (up $4.5B to $8.5B) and Bank of Nova Scotia (up $4.3B to $37.1B).
The largest decreases among Issuers of money market securities (including Repo) in May were shown by: Morgan Stanley (down $25.5B to $8.1B), Goldman Sachs (down $23.4B to $59.3B), Citi (down $10.9B to $204.1B), Bank of America (down $6.3B to $95.2B), ING Bank (down $6.3B to $24.9B), Societe Generale (down $5.7B to $48.9B), Toronto-Dominion Bank (down $3.4B to $54.1B), Banco Santander (down $3.2B to $26.5B), Barclays PLC (down $2.4B to $89.1B) and the Federal Home Loan Mortgage Corp (down $1.8B to $60.9B).
The United States remained the largest segment of country-affiliations; it represents 81.9% of holdings, or $6.737 trillion. Canada (5.3%, $432.4B) was in second place, while France (4.3%, $350.3B) ranked third. Japan (3.1%, $256.7B) occupied fourth place. The United Kingdom (1.9%, $157.8B) remained in fifth place. Australia (0.7%, $58.1B) was sixth, followed by Germany (0.7%, $55.7B), Netherlands (0.6%, $45.1B), Spain (0.5%, $44.2B), and Sweden (0.3%, $26.8B). (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 May 31, 2026, Taxable money funds held 46.1% (down from 46.9%) of their assets in securities maturing Overnight, and another 10.5% maturing in 2-7 days (down from 11.0%). Thus, 56.6% in total matures in 1-7 days. Another 11.6% matures in 8-30 days, while 10.8% matures in 31-60 days. Note that over three-quarters, or 78.9% 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 5.5% of taxable securities, while 9.1% matures in 91-180 days, and just 6.5% matures beyond 181 days.
