Crane Data's November Money Fund Portfolio Holdings, with data as of Oct. 31, 2025, show that holdings of Treasuries jumped while Repo exposure inched lower. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $158.4 billion to $7.753 trillion in October, after increasing $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. 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 $180.5 billion. Repo, the second largest segment, decreased $6.0 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 $180.5 billion (5.6%) to $3.397 trillion, or 43.8% of holdings, after increasing $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) decreased $6.0 billion (-0.2%) to $2.757 trillion, or 35.6% of holdings, in October, after 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 down $2.8 billion, or -0.3%, to $987.4 billion, or 12.7% of holdings. Agencies 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 $7.142 trillion, representing 92.1% of all taxable holdings.
Money fund holdings of CP and CDs rose while Other (mainly Time Deposits) fell in October. Commercial Paper (CP) increased $2.0 billion (0.7%) to $305.5 billion, or 3.9% of holdings. CP holdings decreased $18.3 billion in September, increased $7.6 billion in August, increased $12.3 billion in July and decreased $9.7 billion in June. Certificates of Deposit (CDs) increased $0.1 billion (0.1%) to $189.5 billion, or 2.4% of taxable assets. CDs decreased $16.5 billion in September, 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 $15.8 billion (-13.5%) to $101.2 billion, or 1.3% of holdings, after decreasing $36.8 billion in September, decreasing $4.4 billion in August, increasing $13.0 billion in July and decreasing $8.7 billion in June. VRDNs increased to $15.6 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 increased to $1.327 trillion, or 17.1% of taxable money funds' $7.753 trillion total. Among Prime money funds, CDs represent 14.3% (down from 14.4% a month ago), while Commercial Paper accounted for 23.0% (unchanged from 23.0% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 14.2% of total holdings, Asset-Backed CP, which accounts for 7.1%, and Non-Financial Company CP, which makes up 1.7%. Prime funds also hold 0.5% in US Govt Agency Debt, 7.9% in US Treasury Debt, 22.6% in US Treasury Repo, 1.1% in Other Instruments, 4.5% in Non-Negotiable Time Deposits, 10.6% in Other Repo, 14.3% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.217 trillion (54.4% of all MMF assets), up from $4.143 trillion in September, while Treasury money fund assets totaled another $2.205 trillion (28.4%), up from $2.132 trillion the prior month. Government money fund portfolios were made up of 23.2% US Govt Agency Debt, 16.2% US Government Agency Repo, 36.7% US Treasury Debt, 23.4% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 79.1% US Treasury Debt and 20.8% in US Treasury Repo. Government and Treasury funds combined now total $6.422 trillion, or 82.8% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $79.7 billion in October to $728.9 billion; their share of holdings rose to 9.4% from last month's 8.6%. Eurozone-affiliated holdings increased to $494.5 billion from last month's $446.9 billion; they account for 6.4% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $321.4 billion (4.2% of the total) from last month's $339.4 billion. Americas related holdings rose to $6.699 trillion from last month's $6.602 trillion; they now represent 86.4% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $1.7 billion, or 0.1%, to $1.743 trillion, or 22.5% of assets); US Government Agency Repurchase Agreements (down $26.6 billion, or -3.0%, to $873.7 billion, or 11.3% of total holdings), and Other Repurchase Agreements (up $18.9 billion, or 15.5%, to $140.7 billion, or 1.8% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $0.5 billion to $188.5 billion, or 2.4% of assets), Asset-Backed Commercial Paper (down $0.6 billion to $94.3 billion, or 1.2%), and Non-Financial Company Commercial Paper (up $2.2 billion to $22.7 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of Oct. 31, 2025, include: the US Treasury ($3.397T, 43.8%), Fixed Income Clearing Corp ($1.103T, 14.2%), Federal Home Loan Bank ($684.2B, 8.8%), JP Morgan ($230.1B, 3.0%), Federal Farm Credit Bank ($186.7B, 2.4%), Citi ($183.4B, 2.4%), Wells Fargo ($167.1B, 2.2%), BNP Paribas ($163.0B, 2.1%), RBC ($145.6B, 1.9%), Barclays PLC ($118.9B, 1.5%), Bank of America ($99.7B, 1.3%), Sumitomo Mitsui Banking Corp ($90.1B, 1.2%), Federal Home Loan Mortgage Corp ($79.0B, 1.0%), Credit Agricole ($76.1B, 1.0%), Mitsubishi UFJ Financial Group Inc ($63.7B, 0.8%), Goldman Sachs ($62.5B, 0.8%), Societe Generale ($59.8B, 0.8%), Toronto-Dominion Bank ($57.3B, 0.7%), Canadian Imperial Bank of Commerce ($53.3B, 0.7%) and Bank of Montreal ($47.9B, 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, 39.1%), JP Morgan ($216.2B, 7.8%), Citi ($176.1B, 6.4%), Wells Fargo ($165.4B, 6.0%), BNP Paribas ($154.3B, 5.6%), RBC ($104.3B, 3.8%), Barclays PLC ($98.2B, 3.6%), Sumitomo Mitsui Banking Corp ($76.4B, 2.8%), Bank of America ($68.9B, 2.5%) and Goldman Sachs ($61.0B, 2.2%).
The largest users of the $31.4 billion in Fed RRP include: T Rowe Price Govt Reserve Fund ($6.1B), Dreyfus Treas Obligations Cash Mgmt ($3.0B), Dreyfus Govt Cash Mgmt ($3.0B), Columbia Short-Term Cash Fund ($2.9B), Vanguard Federal Money Mkt Fund ($2.4B), First American Govt Oblg ($2.1B), Vanguard Market Liquidity Fund ($2.0B), DWS Govt MM ($1.9B), Goldman Sachs FS Treas Sol ($1.8B) and Western Asset Inst Govt Reserve ($1.8B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($41.3B, 7.9%), Toronto-Dominion Bank ($35.4B, 6.7%), Bank of America ($30.8B, 5.9%), Mitsubishi UFJ Financial Group Inc ($24.5B, 4.7%), Fixed Income Clearing Corp ($23.3B, 4.4%), Barclays PLC ($20.7B, 3.9%), Mizuho Corporate Bank Ltd ($19.7B, 3.8%), Sumitomo Mitsui Trust Bank ($18.4B, 3.5%), Credit Agricole ($17.9B, 3.4%) and ING Bank ($17.3B, 3.3%).
The 10 largest CD issuers include: Bank of America ($16.1B, 8.5%), Mitsubishi UFJ Financial Group Inc ($14.8B, 7.8%), Sumitomo Mitsui Trust Bank ($14.5B, 7.7%), Toronto-Dominion Bank ($14.3B, 7.6%), Sumitomo Mitsui Banking Corp ($12.0B, 6.3%), Credit Agricole ($11.4B, 6.0%), Barclays PLC ($9.5B, 5.0%), Mizuho Corporate Bank Ltd ($8.4B, 4.4%), Mitsubishi UFJ Trust and Banking Corporation ($8.1B, 4.3%) and Canadian Imperial Bank of Commerce ($7.8B, 4.1%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($32.7B, 11.7%), Toronto-Dominion Bank ($20.0B, 7.1%), JP Morgan ($13.8B, 4.9%), Bank of Montreal ($11.4B, 4.1%), Barclays PLC ($10.8B, 3.8%), Mitsubishi UFJ Financial Group Inc ($9.6B, 3.4%), ING Bank ($9.5B, 3.4%), National Bank of Canada ($8.3B, 3.0%), Bank of America ($8.1B, 2.9%) and Canadian Imperial Bank of Commerce ($7.3B, 2.6%).
The largest increases among Issuers include: the US Treasury (up $180.5B to $3.397T), Citi (up $36.9B to $183.4B), Barclays PLC (up $25.0B to $118.9B), Wells Fargo (up $18.8B to $167.1B), Societe Generale (up $11.9B to $59.8B), Goldman Sachs (up $11.5B to $62.5B), Credit Agricole (up $11.2B to $76.1B), Deutsche Bank AG (up $10.3B to $31.0B), Federal Home Loan Mortgage Corp (up $10.1B to $79.0B) and the Federal Reserve Bank of New York (up $9.3B to $31.4B).
The largest decreases among Issuers of money market securities (including Repo) in October were shown by: RBC (down $79.5B to $145.6B), JP Morgan (down $47.2B to $230.1B), Federal Home Loan Bank (down $18.5B to $684.2B), Fixed Income Clearing Corp (down $14.2B to $1.103T), Sumitomo Mitsui Banking Corp (down $7.8B to $90.1B), Canadian Imperial Bank of Commerce (down $6.8B to $53.3B), Bank of Nova Scotia (down $6.8B to $23.1B), Australia & New Zealand Banking Group Ltd (down $5.4B to $20.9B), Bank of Montreal (down $5.0B to $47.9B) and Bank of America (down $4.2B to $99.7B).
The United States remained the largest segment of country-affiliations; it represents 82.0% of holdings, or $6.359 trillion. France (4.5%, $346.5B) was in second place, while Canada (4.4%, $340.0B) was No. 3. Japan (3.4%, $264.7B) occupied fourth place. The United Kingdom (2.4%, $188.6B) remained in fifth place. Germany (0.7%, $51.2B) was in sixth place, followed by Netherlands (0.6%, $49.2B), Spain (0.6%, $43.5B), Australia (0.5%, $39.5B), and Sweden (0.3%, $25.6B). (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, 2025, Taxable money funds held 44.2% (down from 45.1%) of their assets in securities maturing Overnight, and another 10.5% maturing in 2-7 days (down from 11.0%). Thus, 54.7% in total matures in 1-7 days. Another 10.2% matures in 8-30 days, while 11.9% matures in 31-60 days. Note that over three-quarters, or 76.7% 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 7.6% of taxable securities, while 10.9% matures in 91-180 days, and just 4.8% matures beyond 181 days.
