Crane Data's July Money Fund Portfolio Holdings, with data as of June 30, 2026, show that holdings of Repo increased while Treasuries declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $4.9 billion to $8.220 trillion in June, after 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. Holdings increased $231.8 billion in December, $134.3 billion in November and $158.4 billion in October. Treasuries, the largest portfolio composition segment, decreased by $95.7 billion. Repo, the second largest segment, increased $68.0 billion in June. 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 $95.7 billion (-2.8%) to $3.277 trillion, or 39.9% of holdings, after increasing $218.9 billion in May, decreasing $266.2 billion in April and increasing $19.2 billion in March. Repurchase Agreements (repo) rose by $68.0 billion (2.3%) to $3.060 trillion, or 37.2% of holdings, in June, after increasing $17.9 billion in May and $51.5 billion in April. Government Agency Debt was up $13.8 billion, or 1.2%, to $1.202 trillion, or 14.6% of holdings. Agencies increased $4.6 billion in May and $90.7 billion in April, but were flat in March (down $2.6 billion). Repo, Treasuries and Agency holdings now total $7.539 trillion, representing 91.7% of all taxable holdings.
Money fund holdings of CP and CDs rose while Other (mainly Time Deposits) fell in June. Commercial Paper (CP) increased $6.2 billion (2.1%) to $303.5 billion, or 3.7% of holdings. CP holdings increased $11.3 billion in May, decreased $5.0 billion in April and decreased $23.3 billion in March. Certificates of Deposit (CDs) increased $6.4 billion (3.2%) to $209.6 billion, or 2.6% of taxable assets. CDs increased $0.7 billion in May and $2.7 billion in April, but decreased $4.5 billion in March. Other holdings, primarily Time Deposits, decreased $3.9 billion (-2.6%) to $150.3 billion, or 1.8% of holdings, after increasing $2.5 billion in May, $20.4 billion in April, and decreasing $22.9 billion in March. VRDNs increased to $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 Monday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.382 trillion, or 16.8% of taxable money funds' $8.220 trillion total. Among Prime money funds, CDs represent 15.2% (up from 14.9% a month ago), while Commercial Paper accounted for 22.0% (up from 21.8% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 12.6% of total holdings, Asset-Backed CP, which accounts for 7.6%, and Non-Financial Company CP, which makes up 1.8%. Prime funds also hold 0.6% in US Govt Agency Debt, 13.0% in US Treasury Debt, 14.3% in US Treasury Repo, 1.7% in Other Instruments, 7.1% in Non-Negotiable Time Deposits, 11.3% in Other Repo, 12.2% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.422 trillion (53.8% of all MMF assets), up from $4.404 trillion in May, while Treasury money fund assets totaled another $2.390 trillion (29.1%), down from $2.432 trillion the prior month. Government money fund portfolios were made up of 26.9% US Govt Agency Debt, 18.6% US Government Agency Repo, 29.0% US Treasury Debt, 24.9% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 75.0% US Treasury Debt and 24.9% in US Treasury Repo. Government and Treasury funds combined now total $6.811 trillion, or 82.9% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $76.3 billion in June to $641.5 billion; their share of holdings fell to 7.8% from last month's 8.7%. Eurozone-affiliated holdings decreased to $473.7 billion from last month's $503.7 billion; they now account for 5.8% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $338.9 billion (4.1% of the total) from last month's $334.6 billion. Americas related holdings increased to $7.234 trillion from last month's $7.169 trillion; they now represent 88.0% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $35.9 billion, or 1.9%, to $1.893 trillion, or 23.0% of assets); US Government Agency Repurchase Agreements (up $21.1 billion, or 2.2%, to $998.5 billion, or 12.1% of total holdings), and Other Repurchase Agreements (up $10.9 billion, or 6.9%, to $168.9 billion, or 2.1% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $0.1 billion to $174.6 billion, or 2.1% of assets), Asset-Backed Commercial Paper (up $11.2 billion to $104.5 billion, or 1.3%), and Non-Financial Company Commercial Paper (down $4.9 billion to $24.4 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of June 30, 2026, include: the US Treasury ($3.277T, 39.9%), Fixed Income Clearing Corp ($1.288T, 15.7%), Federal Home Loan Bank ($861.7B, 10.5%), JP Morgan ($355.5B, 4.3%), RBC ($230.7B, 2.8%), Federal Farm Credit Bank ($209.7B, 2.6%), Citi ($179.5B, 2.2%), Wells Fargo ($174.0B, 2.1%), BNP Paribas ($152.0B, 1.8%), Bank of America ($92.6B, 1.1%), Sumitomo Mitsui Banking Corp ($88.1B, 1.1%), Credit Agricole ($83.6B, 1.0%), Goldman Sachs ($76.6B, 0.9%), the Federal National Mortgage Association ($65.8B, 0.8%), Bank of Montreal ($60.3B, 0.7%), Mitsubishi UFJ Financial Group Inc ($58.8B, 0.7%), Federal Home Loan Mortgage Corp ($58.7B, 0.7%), Toronto-Dominion Bank ($56.6B, 0.7%), Barclays PLC ($55.9B, 0.7%) and Canadian Imperial Bank of Commerce ($54.5B, 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 ($1.266T, 41.4%), JP Morgan ($344.6B, 11.3%), RBC ($189.0B, 6.2%), Citi ($168.5B, 5.5%), Wells Fargo ($162.1B, 5.3%), BNP Paribas ($141.4B, 4.6%), Sumitomo Mitsui Banking Corp ($76.0B, 2.5%), Goldman Sachs ($72.1B, 2.4%), Credit Agricole ($66.2B, 2.2%) and Bank of America ($63.5B, 2.1%).
The largest users of the $6.8 billion in Fed RRP include: Columbia Short-Term Cash Fund ($3.9B), American Funds Central Cash ($1.5B), BlackRock Cash Inst MMkt ($1.0B) and T Rowe Price Govt Reserve Fund ($0.5B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($41.7B, 7.1%), Toronto-Dominion Bank ($36.5B, 6.2%), Bank of America ($29.2B, 5.0%), ING Bank ($24.6B, 4.2%), Barclays PLC ($23.9B, 4.1%), Fixed Income Clearing Corp ($21.3B, 3.6%), Australia & New Zealand Banking Group Ltd ($20.5B, 3.5%), Bank of Montreal ($19.5B, 3.3%), Mizuho Corporate Bank Ltd ($19.1B, 3.3%) and Mitsubishi UFJ Financial Group Inc ($18.6B, 3.2%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($15.9B, 7.6%), Sumitomo Mitsui Trust Bank ($13.9B, 6.6%), Wells Fargo ($11.8B, 5.6%), Sumitomo Mitsui Banking Corp ($11.3B, 5.4%), Barclays PLC ($10.6B, 5.0%), Credit Agricole ($10.3B, 4.9%), Mitsubishi UFJ Financial Group Inc ($10.2B, 4.9%), Bank of Nova Scotia ($9.9B, 4.7%), Bank of America ($8.8B, 4.2%) and Mizuho Corporate Bank Ltd ($8.5B, 4.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($24.5B, 8.9%), Toronto-Dominion Bank ($18.3B, 6.6%), Barclays PLC ($12.8B, 4.6%), Bank of Montreal ($12.6B, 4.5%), JP Morgan ($10.9B, 3.9%), Capitolis Inc ($9.4B, 3.4%), National Bank of Canada ($8.8B, 3.2%), Mitsubishi UFJ Financial Group Inc ($8.4B, 3.0%), Nearwater Capital ($7.8B, 2.8%) and Bank of Nova Scotia ($7.8B, 2.8%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $129.6B to $1.288T), the Federal Home Loan Bank (up $19.4B to $861.7B), RBC (up $17.4B to $230.7B), Goldman Sachs (up $17.3B to $76.6B), ING Bank (up $8.3B to $33.1B), Bank of Montreal (up $6.2B to $60.3B), JP Morgan (up $5.0B to $355.5B), Sumitomo Mitsui Banking Corp (up $4.7B to $88.1B), Banco Santander (up $4.1B to $30.6B) and Wells Fargo (up $2.8B to $174.0B).
The largest decreases among Issuers of money market securities (including Repo) in June were shown by: the US Treasury (down $95.7B to $3.277T), Barclays PLC (down $33.2B to $55.9B), Citi (down $24.5B to $179.5B), Credit Agricole (down $13.4B to $83.6B), Societe Generale (down $10.2B to $38.7B), Deutsche Bank AG (down $9.0B to $26.0B), DNB ASA (down $7.6B to $8.5B), Mizuho Corporate Bank Ltd (down $4.2B to $38.4B), Svenska Handelsbanken (down $4.1B to $9.2B) and the Federal Farm Credit Bank (down $3.3B to $209.7B).
The United States remained the largest segment of country-affiliations; it represents 82.5% of holdings, or $6.779 trillion. Canada (5.5%, $455.5B) was in second place, while France (3.9%, $319.7B) ranked third. Japan (3.2%, $260.1B) occupied fourth place. The United Kingdom (1.5%, $125.3B) remained in fifth place. Australia (0.7%, $59.4B) was sixth, followed by Netherlands (0.7%, $53.3B), Germany (0.6%, $52.8B), Spain (0.6%, $46.3B), and Sweden (0.3%, $21.9B). (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 June 30, 2026, Taxable money funds held 48.3% (up from 46.1%) of their assets in securities maturing Overnight, and another 10.4% maturing in 2-7 days (down from 10.5%). Thus, 58.7% in total matures in 1-7 days. Another 11.3% matures in 8-30 days, while 9.1% matures in 31-60 days. Note that over three-quarters, or 79.0% 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 5.6% of taxable securities, while 9.5% matures in 91-180 days, and just 5.9% matures beyond 181 days.
