Crane Data's November Money Fund Portfolio Holdings, with data as of Oct. 31, 2026, show that holdings of Treasuries jumped while Repo totals declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $78.4 billion to $8.282 trillion in October, after decreasing $140.1 billion in September and increasing $131.9 billion in August. MMFs decreased $8.7 billion in July and $4.9 billion in June, but increased $255.9 billion in May. They decreased $105.9 billion in April and $103.0 billion in March. Treasuries, the largest portfolio composition segment, increased by $141.6 billion. Repo, the second largest segment, decreased $78.2 billion in October. 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 $141.6 billion (4.1%) to $3.618 trillion, or 43.7% of holdings, after decreasing $211.1 billion in September and increasing $260.3 billion in August. Repurchase Agreements (repo) decreased by $78.2 billion (-2.7%) to $2.775 trillion, or 33.5% of holdings, in October, after increasing $36.0 billion in September and decreasing $95.4 billion in August. Government Agency Debt was up $40.0 billion, or 3.4%, to $1.227 trillion, or 14.8% of holdings. Agencies increased $20.1 billion in September but decreased $40.5 billion in August. Repo, Treasuries and Agency holdings now total $7.620 trillion, representing 92.0% of all taxable holdings.
Money fund holdings of CP and CDs rose, while Other (mainly Time Deposits) fell in October. Commercial Paper (CP) increased $0.5 billion (0.1%) to $320.3 billion, or 3.9% of holdings. CP holdings increased $0.1 billion in September and $19.7 billion in August. Certificates of Deposit (CDs) increased $5.8 billion (2.8%) to $210.2 billion, or 2.5% of taxable assets. CDs decreased $1.8 billion in September but increased $0.4 billion in August. Other holdings, primarily Time Deposits, decreased $31.0 billion (-21.5%) to $113.3 billion, or 1.4% of holdings, after increasing $16.3 billion in September and decreasing $12.8 billion in August. VRDNs decreased to $17.6 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Thursday around noon.)
Prime money fund assets tracked by Crane Data totaled $1.359 trillion, or 16.4% of taxable money funds' $8.282 trillion total. Among Prime money funds, CDs represent 15.5% (up from 15.0% a month ago), while Commercial Paper accounted for 23.6% (up from 23.5% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 13.9% of total holdings, Asset-Backed CP, which accounts for 7.5%, and Non-Financial Company CP, which makes up 2.2%. Prime funds also hold 0.6% in US Govt Agency Debt, 5.3% in US Treasury Debt, 16.7% in US Treasury Repo, 1.3% in Other Instruments, 6.3% in Non-Negotiable Time Deposits, 11.4% in Other Repo, 17.8% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.363 trillion (52.7% of all MMF assets), up from $4.357 trillion in September, while Treasury money fund assets totaled another $2.536 trillion (30.6%), up from $2.462 trillion the prior month. Government money fund portfolios were made up of 27.9% US Govt Agency Debt, 16.2% US Government Agency Repo, 35.1% US Treasury Debt, 20.5% in US Treasury Repo, 0.3% in Other Instruments. Treasury money funds were comprised of 78.6% US Treasury Debt and 21.0% in US Treasury Repo. Government and Treasury funds combined now total $6.899 trillion, or 83.3% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $22.0 billion in October to $701.5 billion; their share of holdings rose to 8.5% from last month's 8.3%. Eurozone-affiliated holdings decreased to $468.8 billion from last month's $486.5 billion; they now account for 5.7% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $324.2 billion (3.9% of the total) from last month's $325.0 billion. Americas related holdings increased to $7.250 trillion from last month's $7.191 trillion; they now represent 87.5% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $23.7 billion, or -1.4%, to $1.656 trillion, or 20.0% of assets); US Government Agency Repurchase Agreements (down $31.4 billion, or -3.2%, to $949.8 billion, or 11.5% of total holdings), and Other Repurchase Agreements (down $23.0 billion, or -12.0%, to $169.2 billion, or 2.0% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $4.5 billion to $188.6 billion, or 2.3% of assets), Asset-Backed Commercial Paper (down $1.3 billion to $102.4 billion, or 1.2%), and Non-Financial Company Commercial Paper (up $6.3 billion to $29.3 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of Oct. 31, 2026, include: the US Treasury ($3.618T, 43.7%), Fixed Income Clearing Corp ($1.079T, 13.0%), Federal Home Loan Bank ($894.5B, 10.8%), JP Morgan ($290.5B, 3.5%), Federal Farm Credit Bank ($224.0B, 2.7%), Wells Fargo ($182.4B, 2.2%), Citi ($156.9B, 1.9%), RBC ($154.2B, 1.9%), BNP Paribas ($151.2B, 1.8%), Goldman Sachs ($111.5B, 1.3%), Bank of America ($98.5B, 1.2%), Barclays PLC ($90.0B, 1.1%), Credit Agricole ($89.6B, 1.1%), Mitsubishi UFJ Financial Group Inc ($64.4B, 0.8%), Sumitomo Mitsui Banking Corp ($63.1B, 0.8%), the Federal National Mortgage Association ($61.4B, 0.7%), Toronto-Dominion Bank ($57.8B, 0.7%), Canadian Imperial Bank of Commerce ($55.6B, 0.7%), Bank of Montreal ($53.0B, 0.6%) and Societe Generale ($47.4B, 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 ($1.079T, 38.9%), JP Morgan ($279.3B, 10.1%), Wells Fargo ($169.5B, 6.1%), Citi ($146.9B, 5.3%), BNP Paribas ($140.7B, 5.1%), RBC ($110.1B, 4.0%), Goldman Sachs ($107.5B, 3.9%), Bank of America ($70.7B, 2.5%), Credit Agricole ($69.7B, 2.5%) and Barclays PLC ($69.6B, 2.5%).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($44.1B, 7.8%), Toronto-Dominion Bank ($37.6B, 6.6%), Bank of America ($27.9B, 4.9%), Mitsubishi UFJ Financial Group Inc ($21.6B, 3.8%), Australia & New Zealand Banking Group Ltd ($21.5B, 3.8%), Barclays PLC ($20.4B, 3.6%), Bank of Montreal ($20.3B, 3.6%), Credit Agricole ($19.9B, 3.5%), ING Bank ($19.9B, 3.5%) and Bank of Nova Scotia ($17.0B, 3.0%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($20.3B, 9.7%), Wells Fargo ($12.5B, 5.9%), Credit Agricole ($11.8B, 5.6%), Mitsubishi UFJ Financial Group Inc ($11.7B, 5.6%), Sumitomo Mitsui Banking Corp ($10.7B, 5.1%), Barclays PLC ($9.2B, 4.4%), Bank of Nova Scotia ($8.7B, 4.2%), Bank of Montreal ($8.4B, 4.0%), Bank of America ($8.0B, 3.8%) and Mitsubishi UFJ Trust and Banking Corporation ($8.0B, 3.8%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($28.7B, 9.9%), Toronto-Dominion Bank ($16.8B, 5.8%), ING Bank ($16.4B, 5.6%), Bank of Montreal ($11.9B, 4.1%), JP Morgan ($11.2B, 3.8%), Barclays PLC ($10.6B, 3.7%), Mitsubishi UFJ Financial Group Inc ($9.9B, 3.4%), National Bank of Canada ($9.6B, 3.3%), Capitolis Inc ($9.2B, 3.2%) and Bank of Nova Scotia ($8.3B, 2.8%).
The largest increases among Issuers include: the US Treasury (up $141.6B to $3.618T), the Federal Home Loan Bank (up $40.2B to $894.5B), Barclays PLC (up $24.8B to $90.0B), Fixed Income Clearing Corp (up $9.6B to $1.079T), the Federal Farm Credit Bank (up $6.6B to $224.0B), Nomura (up $5.7B to $27.4B), Credit Agricole (up $5.6B to $89.6B), Standard Chartered Bank (up $5.4B to $14.0B), Societe Generale (up $5.2B to $47.4B) and Australia & New Zealand Banking Group Ltd (up $4.8B to $32.7B).
The largest decreases among Issuers of money market securities (including Repo) in October were shown by: RBC (down $71.9B to $154.2B), Citi (down $32.0B to $156.9B), BNP Paribas (down $18.9B to $151.2B), Mizuho Corporate Bank Ltd (down $9.2B to $42.3B), the Federal Home Loan Mortgage Corp (down $8.5B to $41.0B), JP Morgan (down $8.5B to $290.5B), ING Bank (down $8.2B to $25.4B), Goldman Sachs (down $7.0B to $111.5B), Sumitomo Mitsui Banking Corp (down $6.0B to $63.1B) and Toronto-Dominion Bank (down $3.7B to $57.8B).
The United States remained the largest segment of country-affiliations; it represents 83.0% of holdings, or $6.876 trillion. Canada (4.5%, $374.4B) was in second place, while France (4.0%, $332.1B) ranked third. Japan (3.0%, $247.6B) occupied fourth place. The United Kingdom (2.1%, $177.6B) remained in fifth place. Australia (0.7%, $56.3B) was sixth, followed by Netherlands (0.6%, $47.7B), Germany (0.5%, $42.0B), Spain (0.5%, $41.5B), and Sweden (0.4%, $31.2B). (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 Oct. 31, 2026, Taxable money funds held 48.0% (down from 49.2%) of their assets in securities maturing Overnight, and another 10.0% maturing in 2-7 days (up from 9.8%). Thus, 58.1% in total matures in 1-7 days. Another 11.3% matures in 8-30 days, while 12.1% matures in 31-60 days. Note that over three-quarters, or 81.5% 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 6.2% of taxable securities, while 8.2% matures in 91-180 days, and just 4.2% matures beyond 181 days.
