Crane Data's February Money Fund Portfolio Holdings, with data as of Jan. 31, 2026, show that holdings of Treasuries and Repo both decreased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $54.6 billion to $8.065 trillion in January, after increasing $231.8 billion in December, $134.3 billion in November, $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 and $53.7 billion in February. Treasuries, the largest portfolio composition segment, decreased by $135.2 billion. Repo, the second largest segment, decreased $33.5 billion in January. 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 $135.2 billion (-3.9%) to $3.374 trillion, or 41.8% of holdings, after increasing $44.8 billion in December, $67.4 billion in November, $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) decreased $33.5 billion (-1.1%) to $2.949 trillion, or 36.6% of holdings, in January, after increasing $156.0 billion in December, $69.5 billion in November, 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 up $60.5 billion, or 6.0%, to $1.067 trillion, or 13.2% of holdings. Agencies increased $22.9 billion in December, decreased $4.0 billion in November, $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 $7.390 trillion, representing 91.6% of all taxable holdings.
Money fund holdings of CP and CDs rose while Other (mainly Time Deposits) fell in January. Commercial Paper (CP) increased $39.3 billion (14.1%) to $318.6 billion, or 4.0% of holdings. CP holdings decreased $26.7 billion in December, increased $0.6 billion in November, increased $2.0 billion in October, decreased $18.3 billion in September, increased $7.6 billion in August, and increased $12.3 billion in July. Certificates of Deposit (CDs) increased $23.2 billion (12.6%) to $206.9 billion, or 2.6% of taxable assets. CDs decreased $0.7 billion in December, decreased $5.1 billion in November, increased $0.1 billion in October, decreased $16.5 billion in September, increased $3.4 billion in August, and increased $1.9 billion in July. Other holdings, primarily Time Deposits, decreased $8.7 billion (-6.1%) to $133.3 billion, or 1.7% of holdings, after increasing $34.5 billion in December, increasing $6.2 billion in November, decreasing $15.8 billion in October, $36.8 billion in September, decreasing $4.4 billion in August and increasing $13.0 billion in July. VRDNs decreased to $16.1 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 $1.367 trillion, or 16.9% of taxable money funds' $8.065 trillion total. Among Prime money funds, CDs represent 15.1% (up from 13.8% a month ago), while Commercial Paper accounted for 23.3% (up from 21.0% 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 6.7%, and Non-Financial Company CP, which makes up 2.3%. Prime funds also hold 0.7% in US Govt Agency Debt, 9.4% in US Treasury Debt, 15.6% in US Treasury Repo, 1.2% in Other Instruments, 6.6% in Non-Negotiable Time Deposits, 10.7% in Other Repo, 16.0% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $4.392 trillion (54.5% of all MMF assets), down from $4.411 trillion in December, while Treasury money fund assets totaled another $2.301 trillion (28.5%), down from $2.370 trillion the prior month. Government money fund portfolios were made up of 24.0% US Govt Agency Debt, 17.2% US Government Agency Repo, 33.1% US Treasury Debt, 25.2% in US Treasury Repo, 0.3% in Other Instruments. Treasury money funds were comprised of 77.8% US Treasury Debt and 22.1% in US Treasury Repo. Government and Treasury funds combined now total $6.693 trillion, or 83.0% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $122.0 billion in January to $723.7 billion; their share of holdings rose to 9.0% from last month's 7.4%. Eurozone-affiliated holdings increased to $496.8 billion from last month's $407.6 billion; they now account for 6.2% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $342.3 billion (4.2% of the total) from last month's $326.9 billion. Americas related holdings decreased to $6.992 trillion from last month's $7.186 trillion; they now represent 86.7% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $96.5 billion, or -5.0%, to $1.828 trillion, or 22.7% of assets); US Government Agency Repurchase Agreements (up $53.2 billion, or 5.8%, to $975.4 billion, or 12.1% of total holdings), and Other Repurchase Agreements (up $9.8 billion, or 7.2%, to $146.0 billion, or 1.8% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (up $17.4 billion to $194.8 billion, or 2.4% of assets), Asset-Backed Commercial Paper (up $7.1 billion to $91.9 billion, or 1.1%), and Non-Financial Company Commercial Paper (up $14.7 billion to $31.9 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of Jan. 31, 2026, include: the US Treasury ($3.374T, 41.8%), Fixed Income Clearing Corp ($1.157T, 14.3%), Federal Home Loan Bank ($741.0B, 9.2%), JP Morgan ($324.4B, 4.0%), Federal Farm Credit Bank ($201.8B, 2.5%), Wells Fargo ($184.1B, 2.3%), Citi ($180.0B, 2.2%), BNP Paribas ($164.9B, 2.0%), RBC ($150.7B, 1.9%), Bank of America ($109.1B, 1.4%), Barclays PLC ($102.3B, 1.3%), Credit Agricole ($94.1B, 1.2%), Sumitomo Mitsui Banking Corp ($92.2B, 1.1%), Federal Home Loan Mortgage Corp ($70.7B, 0.9%), Toronto-Dominion Bank ($66.2B, 0.8%), Goldman Sachs ($66.1B, 0.8%), Mitsubishi UFJ Financial Group Inc ($58.3B, 0.7%), Canadian Imperial Bank of Commerce ($57.1B, 0.7%), Bank of Montreal ($49.6B, 0.6%) and the Federal National Mortgage Association ($49.1B, 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 ($1.138T, 38.6%), JP Morgan ($312.6B, 10.6%), Wells Fargo ($177.3B, 6.0%), Citi ($173.6B, 5.9%), BNP Paribas ($157.6B, 5.3%), RBC ($106.4B, 3.6%), Barclays PLC ($79.1B, 2.7%), Bank of America ($78.2B, 2.7%), Sumitomo Mitsui Banking Corp ($77.2B, 2.6%) and Credit Agricole ($75.2B, 2.6%).
The largest users of the $3.3 billion in Fed RRP include: T Rowe Price Govt Reserve Fund ($2.3B), UBS Select Treasury Fund ($0.8B), AB Govt Money Market ($0.3B), Cavanal Hill Govt Svc MM ($0.0B) and Cavanal Hill US Treas ($0.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: Toronto-Dominion Bank ($45.1B, 7.8%), RBC ($44.3B, 7.6%), Bank of America ($30.9B, 5.3%), Mizuho Corporate Bank Ltd ($25.8B, 4.4%), Barclays PLC ($23.2B, 4.0%), ING Bank ($23.2B, 4.0%), Mitsubishi UFJ Financial Group Inc ($22.3B, 3.8%), Sumitomo Mitsui Trust Bank ($20.4B, 3.5%), Credit Agricole ($18.9B, 3.3%) and Fixed Income Clearing Corp ($18.3B, 3.2%).
The 10 largest CD issuers include: Sumitomo Mitsui Trust Bank ($18.2B, 8.8%), Toronto-Dominion Bank ($16.6B, 8.0%), Mitsubishi UFJ Financial Group Inc ($15.1B, 7.3%), Bank of America ($14.1B, 6.8%), Sumitomo Mitsui Banking Corp ($12.7B, 6.1%), Mizuho Corporate Bank Ltd ($11.9B, 5.8%), Credit Agricole ($11.6B, 5.6%), Barclays PLC ($11.0B, 5.3%), Canadian Imperial Bank of Commerce ($9.1B, 4.4%) and Mitsubishi UFJ Trust and Banking Corporation ($7.9B, 3.8%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($29.5B, 10.3%), Toronto-Dominion Bank ($22.3B, 7.8%), JP Morgan ($11.8B, 4.1%), Bank of Montreal ($9.9B, 3.5%), Barclays PLC ($9.7B, 3.4%), National Bank of Canada ($9.7B, 3.4%), Bank of Nova Scotia ($9.3B, 3.3%), DNB ASA ($7.8B, 2.7%), Bank of America ($7.6B, 2.7%) and ING Bank ($7.6B, 2.7%).
The largest increases among Issuers include: the Federal Home Loan Bank (up $64.2B to $741.0B), JP Morgan (up $59.0B to $324.4B), Citi (up $30.5B to $180.0B), Barclays PLC (up $23.7B to $102.3B), ING Bank (up $22.9B to $35.4B), Morgan Stanley (up $21.9B to $22.6B), Credit Agricole (up $21.6B to $94.1B), Wells Fargo (up $16.3B to $184.1B), BNP Paribas (up $15.1B to $164.9B) and Bank of America (up $14.5B to $109.1B).
The largest decreases among Issuers of money market securities (including Repo) in January were shown by: the US Treasury (down $135.2B to $3.374T), Fixed Income Clearing Corp (down $115.4B to $1.157T), RBC (down $86.2B to $150.7B), Federal Home Loan Mortgage Corp (down $13.5B to $70.7B), Standard Chartered Bank (down $8.7B to $12.7B), Bank of Montreal (down $7.2B to $49.6B), Goldman Sachs (down $3.7B to $66.1B), Mizuho Corporate Bank Ltd (down $2.5B to $46.5B), Canadian Imperial Bank of Commerce (down $1.7B to $57.1B) and Bank of Nova Scotia (down $1.6B to $31.1B).
The United States remained the largest segment of country-affiliations; it represents 82.1% of holdings, or $6.621 trillion. Canada (4.6%, $371.2B) was in second place, while France (4.4%, $354.5B) ranked third. Japan (3.4%, $271.2B) occupied fourth place. The United Kingdom (2.2%, $179.3B) remained in fifth place. Netherlands (0.7%, $53.2B) was sixth, followed by Australia (0.7%, $52.1B), Spain (0.5%, $43.7B), Germany (0.5%, $43.1B), and Sweden (0.3%, $27.6B). (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 Jan. 31, 2026, Taxable money funds held 46.1% (down from 46.6%) of their assets in securities maturing Overnight, and another 10.1% maturing in 2-7 days (up from 9.1%). Thus, 56.2% in total matures in 1-7 days. Another 9.4% matures in 8-30 days, while 11.6% matures in 31-60 days. Note that over three-quarters, or 77.1% 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 7.4% of taxable securities, while 10.9% matures in 91-180 days, and just 4.6% matures beyond 181 days.
