Crane Data's October Money Fund Portfolio Holdings, with data as of Sept. 30, 2025, show that holdings of Repo and Treasuries both jumped. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $56.1 billion to $7.595 trillion in September, after increasing $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, $84.1 billion in January and $88.0 billion in December. Treasuries, the largest portfolio composition segment, increased by $78.0 billion. Repo, the second largest segment, increased $27.2 billion in September. 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, Repurchase Agreements (repo) increased $27.2 billion (1.0%) to $2.763 trillion, or 36.4% of holdings, in September, after 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. Treasury securities increased $78.0 billion (2.5%) to $3.217 trillion, or 42.4% of holdings, after 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. Government Agency Debt was up $22.8 billion, or 2.4%, to $990.2 billion, or 13.0% of holdings. Agencies 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 $6.970 trillion, representing 91.8% of all taxable holdings.
Money fund holdings of CP and CDs fell while Other (Time Deposits) also fell in September. Commercial Paper (CP) decreased $18.3 billion (-5.7%) to $303.4 billion, or 4.0% of holdings. CP holdings increased $7.6 billion in August, increased $12.3 billion in July and decreased $9.7 billion in June. Certificates of Deposit (CDs) decreased $16.5 billion (-8.0%) to $189.4 billion, or 2.5% of taxable assets. CDs increased $3.4 billion in August, increased $1.9 billion in July and decreased $2.1 billion in June. Other holdings, primarily Time Deposits, decreased $36.8 billion (-23.9%) to $117.0 billion, or 1.5% of holdings, after decreasing $4.4 billion in August, increasing $13.0 billion in July and decreasing $8.7 billion in June. VRDNs decreased to $15.2 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Friday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.320 trillion, or 17.4% of taxable money funds' $7.595 trillion total. Among Prime money funds, CDs represent 14.4% (down from 15.7% a month ago), while Commercial Paper accounted for 23.0% (down from 24.5% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 14.3% of total holdings, Asset-Backed CP, which accounts for 7.2%, and Non-Financial Company CP, which makes up 1.6%. Prime funds also hold 0.5% in US Govt Agency Debt, 7.2% in US Treasury Debt, 24.4% in US Treasury Repo, 1.3% in Other Instruments, 5.5% in Non-Negotiable Time Deposits, 9.2% in Other Repo, 13.4% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.143 trillion (54.5% of all MMF assets), up from $4.100 trillion in August, while Treasury money fund assets totaled another $2.132 trillion (28.1%), up from $2.131 trillion the prior month. Government money fund portfolios were made up of 23.8% US Govt Agency Debt, 17.5% US Government Agency Repo, 35.2% US Treasury Debt, 23.0% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 78.0% US Treasury Debt and 21.9% in US Treasury Repo. Government and Treasury funds combined now total $6.275 trillion, or 82.6% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $107.9 billion in September to $649.2 billion; their share of holdings fell to 8.6% from last month's 10.0%. Eurozone-affiliated holdings decreased to $446.9 billion from last month's $519.4 billion; they account for 5.9% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $339.4 billion (4.5% of the total) from last month's $357.5 billion. Americas related holdings rose to $6.602 trillion from last month's $6.419 trillion; they now represent 86.9% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $33.6 billion, or 2.0%, to $1.741 trillion, or 22.9% of assets); US Government Agency Repurchase Agreements (down $11.1 billion, or -1.2%, to $900.3 billion, or 11.9% of total holdings), and Other Repurchase Agreements (up $4.7 billion, or 4.0%, to $121.8 billion, or 1.6% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $11.1 billion to $188.1 billion, or 2.5% of assets), Asset-Backed Commercial Paper (down $1.0 billion to $94.9 billion, or 1.2%), and Non-Financial Company Commercial Paper (down $6.2 billion to $20.5 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of Sept. 30, 2025, include: the US Treasury ($3.217T, 42.4%), Fixed Income Clearing Corp ($1.117T, 14.7%), Federal Home Loan Bank ($702.7B, 9.3%), JP Morgan ($277.3B, 3.7%), RBC ($225.1B, 3.0%), Federal Farm Credit Bank ($181.6B, 2.4%), BNP Paribas ($162.3B, 2.1%), Wells Fargo ($148.2B, 2.0%), Citi ($146.6B, 1.9%), Bank of America ($103.8B, 1.4%), Sumitomo Mitsui Banking Corp ($97.9B, 1.3%), Barclays PLC ($93.9B, 1.2%), Federal Home Loan Mortgage Corp ($68.8B, 0.9%), Mitsubishi UFJ Financial Group Inc ($67.7B, 0.9%), Credit Agricole ($64.9B, 0.9%), Canadian Imperial Bank of Commerce ($60.2B, 0.8%), Toronto-Dominion Bank ($55.7B, 0.7%), Bank of Montreal ($52.9B, 0.7%), Goldman Sachs ($51.0B, 0.7%) and Societe Generale ($47.8B, 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 ($1.093T, 39.6%), JP Morgan ($262.8B, 9.5%), RBC ($177.8B, 6.4%), BNP Paribas ($151.2B, 5.5%), Wells Fargo ($147.0B, 5.3%), Citi ($135.7B, 4.9%), Sumitomo Mitsui Banking Corp ($83.6B, 3.0%), Bank of America ($74.4B, 2.7%), Barclays PLC ($74.4B, 2.7%) and Goldman Sachs ($50.5B, 1.8%).
The largest users of the $22.0 billion in Fed RRP include: Goldman Sachs FS Treas Sol ($4.7B), Vanguard Market Liquidity Fund ($4.5B), Columbia Short-Term Cash Fund ($3.4B), T Rowe Price Govt Reserve Fund ($1.9B), American Funds Central Cash ($1.5B), UBS Select Treasury Fund ($1.5B), UBS Prime Fund ($1.3B), UBS RMA Govt MM ($1.0B), Morgan Stanley Inst Liq Govt Sec ($0.8B) and Vanguard Federal Money Mkt Fund ($0.5B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($47.4B, 8.6%), Toronto-Dominion Bank ($34.4B, 6.3%), Bank of America ($29.4B, 5.4%), Mitsubishi UFJ Financial Group Inc ($24.4B, 4.4%), Mizuho Corporate Bank Ltd ($23.5B, 4.3%), Fixed Income Clearing Corp ($23.3B, 4.3%), Barclays PLC ($19.5B, 3.6%), Bank of Montreal ($19.5B, 3.6%), ING Bank ($19.4B, 3.5%) and Canadian Imperial Bank of Commerce ($17.6B, 3.2%).
The 10 largest CD issuers include: Bank of America ($15.7B, 8.3%), Mitsubishi UFJ Financial Group Inc ($15.0B, 7.9%), Toronto-Dominion Bank ($13.9B, 7.3%), Mizuho Corporate Bank Ltd ($13.5B, 7.1%), Sumitomo Mitsui Banking Corp ($13.2B, 7.0%), Sumitomo Mitsui Trust Bank ($13.2B, 7.0%), Credit Agricole ($10.4B, 5.5%), Mitsubishi UFJ Trust and Banking Corporation ($8.8B, 4.6%), Canadian Imperial Bank of Commerce ($7.3B, 3.9%) and Barclays PLC ($6.3B, 3.3%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($31.9B, 11.4%), Toronto-Dominion Bank ($20.4B, 7.3%), JP Morgan ($14.5B, 5.2%), Bank of Montreal ($13.8B, 4.9%), Barclays PLC ($12.9B, 4.6%), Mitsubishi UFJ Financial Group Inc ($9.3B, 3.3%), National Bank of Canada ($8.9B, 3.2%), ING Bank ($8.5B, 3.0%), Canadian Imperial Bank of Commerce ($8.2B, 2.9%) and Northcross Capital Management ($7.7B, 2.8%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $154.4B to $1.117T), the US Treasury (up $78.0B to $3.217T), RBC (up $14.3B to $225.1B), Federal Home Loan Mortgage Corp (up $11.9B to $68.8B), Wells Fargo (up $10.8B to $148.2B), Federal Farm Credit Bank (up $7.7B to $181.6B), Lloyds Banking Group (up $3.9B to $11.6B), JP Morgan (up $2.9B to $277.3B), Federal National Mortgage Association (up $2.9B to $33.4B) and Mitsubishi UFJ Financial Group Inc (up $2.4B to $67.7B).
The largest decreases among Issuers of money market securities (including Repo) in September were shown by: Citi (down $36.0B to $146.6B), the Federal Reserve Bank of New York (down $32.9B to $22.0B), Goldman Sachs (down $15.3B to $51.0B), Barclays PLC (down $15.2B to $93.9B), Credit Agricole (down $12.4B to $64.9B), BNP Paribas (down $9.5B to $162.3B), Skandinaviska Enskilda Banken AB (down $9.2B to $9.7B), Societe Generale (down $9.1B to $47.8B), Mizuho Corporate Bank Ltd (down $8.0B to $40.9B) and Australia & New Zealand Banking Group Ltd (down $6.9B to $26.3B).
The United States remained the largest segment of country-affiliations; it represents 81.2% of holdings, or $6.164 trillion. Canada (5.8%, $437.8B) was in second place, while France (4.2%, $321.3B) was No. 3. Japan (3.6%, $275.4B) occupied fourth place. The United Kingdom (2.2%, $164.0B) remained in fifth place. Netherlands (0.7%, $51.0B) was in sixth place, followed by Australia (0.6%, $44.2B), Germany (0.5%, $37.3B), Spain (0.5%, $36.9B), and Sweden (0.3%, $23.0B). (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 Sept. 30, 2025, Taxable money funds held 45.1% (down from 47.5%) of their assets in securities maturing Overnight, and another 11.0% maturing in 2-7 days (up from 9.1%). Thus, 56.1% in total matures in 1-7 days. Another 11.5% matures in 8-30 days, while 9.8% matures in 31-60 days. Note that over three-quarters, or 77.4% 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 5.7% of taxable securities, while 11.8% matures in 91-180 days, and just 5.2% matures beyond 181 days.
