Crane Data's December Money Fund Portfolio Holdings, with data as of Nov. 30, 2025, show that holdings of Treasuries and Repo both increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $134.3 billion to $7.888 trillion in November, after increasing $158.4 billion in October, $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 $67.4 billion. Repo, the second largest segment, increased $69.5 billion in November. 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 $67.4 billion (2.0%) to $3.465 trillion, or 43.9% of holdings, after increasing $180.5 billion in October, $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) increased $69.5 billion (2.5%) to $2.826 trillion, or 35.8% of holdings, in November, after decreasing $6.0 billion in October, 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 $4.0 billion, or -0.4%, to $983.4 billion, or 12.5% of holdings. Agencies decreased $2.8 billion in October, 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 $7.274 trillion, representing 92.2% of all taxable holdings.
Money fund holdings of CP and Other (mainly Time Deposits) rose while CDs fell in November. Commercial Paper (CP) increased $0.6 billion (0.2%) to $306.1 billion, or 3.9% of holdings. CP holdings increased $2.0 billion in October, 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) decreased $5.1 billion (-2.7%) to $184.4 billion, or 2.3% of taxable assets. CDs increased $0.1 billion in October, 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, increased $6.2 billion (6.1%) to $107.4 billion, or 1.4% of holdings, after decreasing $15.8 billion in October, $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 decreased to $15.4 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Wednesday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.336 trillion, or 16.9% of taxable money funds' $7.888 trillion total. Among Prime money funds, CDs represent 13.8% (down from 14.3% 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 14.5% of total holdings, Asset-Backed CP, which accounts for 6.7%, and Non-Financial Company CP, which makes up 1.8%. Prime funds also hold 0.6% in US Govt Agency Debt, 9.3% in US Treasury Debt, 19.9% in US Treasury Repo, 1.1% in Other Instruments, 4.9% in Non-Negotiable Time Deposits, 10.8% in Other Repo, 15.5% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.314 trillion (54.7% of all MMF assets), up from $4.217 trillion in October, while Treasury money fund assets totaled another $2.232 trillion (28.3%), up from $2.205 trillion the prior month. Government money fund portfolios were made up of 22.6% US Govt Agency Debt, 16.1% US Government Agency Repo, 36.8% US Treasury Debt, 24.0% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 78.4% US Treasury Debt and 21.6% in US Treasury Repo. Government and Treasury funds combined now total $6.547 trillion, or 83.0% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $34.2 billion in November to $694.6 billion; their share of holdings fell to 8.8% from last month's 9.4%. Eurozone-affiliated holdings decreased to $466.3 billion from last month's $494.5 billion; they account for 5.9% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $312.8 billion (4.0% of the total) from last month's $321.4 billion. Americas related holdings rose to $6.876 trillion from last month's $6.699 trillion; they now represent 87.2% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $40.0 billion, or 2.3%, to $1.783 trillion, or 22.6% of assets); US Government Agency Repurchase Agreements (up $26.1 billion, or 3.0%, to $899.7 billion, or 11.4% of total holdings), and Other Repurchase Agreements (up $3.4 billion, or 2.4%, to $144.1 billion, or 1.8% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $5.2 billion to $193.7 billion, or 2.5% of assets), Asset-Backed Commercial Paper (down $5.4 billion to $88.9 billion, or 1.1%), and Non-Financial Company Commercial Paper (up $0.7 billion to $23.4 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of Nov. 30, 2025, include: the US Treasury ($3.465T, 43.9%), Fixed Income Clearing Corp ($1.146T, 14.5%), Federal Home Loan Bank ($666.3B, 8.4%), JP Morgan ($253.7B, 3.2%), RBC ($225.0B, 2.9%), Federal Farm Credit Bank ($191.7B, 2.4%), Wells Fargo ($165.4B, 2.1%), Citi ($146.6B, 1.9%), BNP Paribas ($144.8B, 1.8%), Barclays PLC ($107.4B, 1.4%), Bank of America ($97.2B, 1.2%), Federal Home Loan Mortgage Corp ($81.1B, 1.0%), Credit Agricole ($79.5B, 1.0%), Sumitomo Mitsui Banking Corp ($75.2B, 1.0%), Goldman Sachs ($66.3B, 0.8%), Canadian Imperial Bank of Commerce ($62.2B, 0.8%), Mitsubishi UFJ Financial Group Inc ($59.5B, 0.8%), Toronto-Dominion Bank ($58.7B, 0.7%), Societe Generale ($54.4B, 0.7%) and Bank of Montreal ($53.3B, 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 ($1.123T, 39.7%), JP Morgan ($240.9B, 8.5%), RBC ($177.9B, 6.3%), Wells Fargo ($163.6B, 5.8%), Citi ($140.6B, 5.0%), BNP Paribas ($137.5B, 4.9%), Barclays PLC ($87.7B, 3.1%), Bank of America ($67.1B, 2.4%), Goldman Sachs ($64.6B, 2.3%) and Credit Agricole ($62.2B, 2.2%).
The largest users of the $6.8 billion in Fed RRP include: First American Govt Oblg ($3.2B), T Rowe Price Govt Reserve Fund ($2.2B), Columbia Short-Term Cash Fund ($1.0B), RBC Bluebay US Govt MMF ($0.3B) and First American Treas Oblg ($0.1B), with smaller remaining balances spread among Cavanal Hill Govt Svc MM and Cavanal Hill US Treas.
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($47.0B, 8.9%), Toronto-Dominion Bank ($37.5B, 7.1%), Bank of America ($30.1B, 5.7%), Fixed Income Clearing Corp ($23.3B, 4.4%), Mitsubishi UFJ Financial Group Inc ($22.7B, 4.3%), Mizuho Corporate Bank Ltd ($20.4B, 3.8%), Barclays PLC ($19.8B, 3.7%), Canadian Imperial Bank of Commerce ($19.5B, 3.7%), Bank of Montreal ($17.9B, 3.4%) and Credit Agricole ($17.3B, 3.3%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($15.7B, 8.5%), Bank of America ($14.8B, 8.0%), Sumitomo Mitsui Trust Bank ($14.0B, 7.6%), Mitsubishi UFJ Financial Group Inc ($13.6B, 7.4%), Sumitomo Mitsui Banking Corp ($11.9B, 6.5%), Barclays PLC ($10.8B, 5.9%), Credit Agricole ($10.6B, 5.7%), Mizuho Corporate Bank Ltd ($10.4B, 5.6%), Mitsubishi UFJ Trust and Banking Corporation ($8.3B, 4.5%) and Canadian Imperial Bank of Commerce ($7.4B, 4.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($33.7B, 12.0%), Toronto-Dominion Bank ($19.6B, 6.9%), Bank of Montreal ($12.9B, 4.6%), JP Morgan ($12.9B, 4.6%), National Bank of Canada ($9.7B, 3.4%), Mitsubishi UFJ Financial Group Inc ($9.0B, 3.2%), Bank of America ($8.7B, 3.1%), Barclays PLC ($8.5B, 3.0%), ING Bank ($8.3B, 2.9%) and Bank of Nova Scotia ($7.5B, 2.6%).
The largest increases among Issuers include: RBC (up $79.3B to $225.0B), the US Treasury (up $67.4B to $3.465T), Fixed Income Clearing Corp (up $43.6B to $1.146T), JP Morgan (up $23.6B to $253.7B), Standard Chartered Bank (up $9.5B to $22.3B), Canadian Imperial Bank of Commerce (up $8.8B to $62.2B), the Federal National Mortgage Association (up $6.6B to $40.1B), BNY Mellon (up $6.3B to $24.1B), Bank of Montreal (up $5.3B to $53.3B) and the Federal Farm Credit Bank (up $5.0B to $191.7B).
The largest decreases among Issuers of money market securities (including Repo) in November were shown by: Citi (down $36.8B to $146.6B), the Federal Reserve Bank of New York (down $24.5B to $6.8B), BNP Paribas (down $18.2B to $144.8B), Federal Home Loan Bank (down $17.9B to $666.3B), Sumitomo Mitsui Banking Corp (down $14.9B to $75.2B), Barclays PLC (down $11.5B to $107.4B), Societe Generale (down $5.4B to $54.4B), Mitsubishi UFJ Financial Group Inc (down $4.1B to $59.5B), ING Bank (down $3.8B to $28.7B) and Deutsche Bank AG (down $3.0B to $28.1B).
The United States remained the largest segment of country-affiliations; it represents 81.6% of holdings, or $6.438 trillion. Canada (5.6%, $438.9B) was in second place, while France (4.1%, $326.1B) was No. 3. Japan (3.1%, $247.6B) occupied fourth place. The United Kingdom (2.4%, $187.1B) remained in fifth place. Australia (0.6%, $47.2B) was in sixth place, followed by Germany (0.6%, $46.4B), Netherlands (0.6%, $46.3B), Spain (0.6%, $44.0B), and Sweden (0.3%, $20.9B). (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 Nov. 30, 2025, Taxable money funds held 45.2% (up from 44.2%) of their assets in securities maturing Overnight, and another 10.3% maturing in 2-7 days (down from 10.5%). Thus, 55.5% in total matures in 1-7 days. Another 11.5% matures in 8-30 days, while 11.4% matures in 31-60 days. Note that over three-quarters, or 78.4% 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 7.1% of taxable securities, while 11.1% matures in 91-180 days, and just 3.5% matures beyond 181 days.
