Crane Data's April Money Fund Portfolio Holdings, with data as of March 31, 2026, show that holdings of Treasuries increased while Repo declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $103.0 billion to $8.075 trillion in March, after increasing $113.2 billion in February, but decreasing $54.6 billion in January. Holdings assets increased $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 last April. Treasuries, the largest portfolio composition segment, inched higher by $19.2 billion. Repo, the second largest segment, decreased $69.4 billion in March. 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 $19.2 billion (0.6%) to $3.420 trillion, or 42.4% of holdings, after increasing $26.8 billion in February, decreasing $135.2 billion in January, but increasing $44.8 billion in December, $67.4 billion in November, and $180.5 billion in October. Repurchase Agreements (repo) fell by $69.4 billion (-2.3%) to $2.923 trillion, or 36.2% of holdings, in March, after increasing $43.5 billion in February and decreasing $33.5 billion in January. Repo increased $156.0 billion in December and $69.5 billion in November, but decreased $6.0 billion in October. Government Agency Debt was flat (down $2.6 billion), or -0.2%, to $1.093 trillion, or 13.5% of holdings. Agencies increased $28.4 billion in February, $60.5 billion in January, and $22.9 billion in December. Repo, Treasuries and Agency holdings now total $7.436 trillion, representing 92.1% of all taxable holdings.
Money fund holdings of CP and CDs fell while Other (mainly Time Deposits) also declined in March. Commercial Paper (CP) decreased $23.3 billion (-7.4%) to $291.1 billion, or 3.6% of holdings. CP holdings decreased $4.3 billion in February, increased $39.3 billion in January, and decreased $26.7 billion in December. Certificates of Deposit (CDs) decreased $4.5 billion (-2.2%) to $199.9 billion, or 2.5% of taxable assets. CDs decreased $2.5 billion in February, increased $23.2 billion in January, and decreased $0.7 billion in December. Other holdings, primarily Time Deposits, decreased $22.9 billion (-14.9%) to $131.4 billion, or 1.6% of holdings, after increasing $21.0 billion in February, decreasing $8.7 billion in January, and increasing $34.5 billion in December. VRDNs increased to $16.9 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Monday around noon.)
Prime money fund assets tracked by Crane Data decreased to $1.374 trillion, or 17.0% of taxable money funds' $8.075 trillion total. Among Prime money funds, CDs represent 14.5% (down from 14.8% a month ago), while Commercial Paper accounted for 21.1% (down from 22.8% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 13.0% of total holdings, Asset-Backed CP, which accounts for 6.4%, and Non-Financial Company CP, which makes up 1.7%. Prime funds also hold 0.7% in US Govt Agency Debt, 12.6% in US Treasury Debt, 18.2% in US Treasury Repo, 1.5% in Other Instruments, 6.1% in Non-Negotiable Time Deposits, 10.6% in Other Repo, 13.2% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.353 trillion (53.9% of all MMF assets), down from $4.450 trillion in February, while Treasury money fund assets totaled another $2.320 trillion (28.7%), down from $2.323 trillion the prior month. Government money fund portfolios were made up of 24.8% US Govt Agency Debt, 17.8% US Government Agency Repo, 32.9% US Treasury Debt, 24.0% in US Treasury Repo, 0.3% in Other Instruments. Treasury money funds were comprised of 77.3% US Treasury Debt and 22.6% in US Treasury Repo. Government and Treasury funds combined now total $6.674 trillion, or 82.7% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $109.6 billion in March to $610.9 billion; their share of holdings fell to 7.6% from last month's 8.8%. Eurozone-affiliated holdings decreased to $438.5 billion from last month's $502.1 billion; they now account for 5.4% of overall taxable money fund holdings. Asia & Pacific related holdings were down at $308.6 billion (3.8% of the total) from last month's $334.0 billion. Americas related holdings increased to $7.151 trillion from last month's $7.117 trillion; they now represent 88.6% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $21.3 billion, or -1.2%, to $1.817 trillion, or 22.5% of assets); US Government Agency Repurchase Agreements (down $52.5 billion, or -5.2%, to $957.7 billion, or 11.9% of total holdings), and Other Repurchase Agreements (up $4.4 billion, or 3.1%, to $147.8 billion, or 1.8% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $10.7 billion to $179.1 billion, or 2.2% of assets), Asset-Backed Commercial Paper (down $4.1 billion to $88.2 billion, or 1.1%), and Non-Financial Company Commercial Paper (down $8.5 billion to $23.8 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of March 31, 2026, include: the US Treasury ($3.420T, 40.7%), Fixed Income Clearing Corp ($1.249T, 9.7%), Federal Home Loan Bank ($755.1B, 9.1%), JP Morgan ($328.5B, 2.8%), RBC ($218.8B, 2.7%), Federal Farm Credit Bank ($209.6B, 3.5%), Wells Fargo ($175.2B, 1.8%), Citi ($167.2B, 1.8%), BNP Paribas ($152.9B, 1.9%), Bank of America ($100.9B, 2.2%), Sumitomo Mitsui Banking Corp ($75.5B, 0.7%), Credit Agricole ($75.1B, 1.6%), Federal Home Loan Mortgage Corp ($68.4B, 0.9%), Barclays PLC ($59.7B, 0.7%), Bank of Montreal ($58.8B, 0.9%), Canadian Imperial Bank of Commerce ($58.4B, 0.7%), Goldman Sachs ($58.0B, 1.1%), Toronto-Dominion Bank ($58.0B, 1.1%), Mitsubishi UFJ Financial Group Inc ($55.9B, 0.9%) and the Federal National Mortgage Association ($55.0B, 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 ($1.228T, 42.0%), JP Morgan ($316.9B, 10.8%), RBC ($176.2B, 6.0%), Wells Fargo ($165.4B, 5.7%), Citi ($163.0B, 5.6%), BNP Paribas ($145.7B, 5.0%), Bank of America ($70.2B, 2.4%), Sumitomo Mitsui Banking Corp ($61.2B, 2.1%), Credit Agricole ($60.8B, 2.1%) and Goldman Sachs ($55.4B, 1.9%).
The largest users of the $6.4 billion in Fed RRP include: UBS Prime Fund ($2.9B), UBS Select Treasury Fund ($2.0B), UBS RMA Govt MM ($0.6B), Columbia Short-Term Cash Fund ($0.6B), Principal Government MM ($0.2B), UBS Limited Purpose Cash Inv Fund ($0.2B), 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: RBC ($42.7B, 7.8%), Toronto-Dominion Bank ($37.5B, 6.9%), Bank of America ($30.7B, 5.6%), Bank of Montreal ($22.7B, 4.2%), Fixed Income Clearing Corp ($21.4B, 3.9%), Barclays PLC ($21.3B, 3.9%), Mizuho Corporate Bank Ltd ($20.8B, 3.8%), ING Bank ($20.1B, 3.7%), Mitsubishi UFJ Financial Group Inc ($17.1B, 3.1%) and Sumitomo Mitsui Trust Bank ($16.9B, 3.1%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($17.8B, 8.9%), Sumitomo Mitsui Trust Bank ($13.9B, 7.0%), Sumitomo Mitsui Banking Corp ($12.3B, 6.2%), Barclays PLC ($11.9B, 6.0%), Mitsubishi UFJ Financial Group Inc ($11.3B, 5.7%), Bank of America ($11.0B, 5.5%), Wells Fargo ($9.8B, 4.9%), Mizuho Corporate Bank Ltd ($9.6B, 4.8%), Bank of Nova Scotia ($9.5B, 4.8%) and Canadian Imperial Bank of Commerce ($8.7B, 4.3%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($24.1B, 9.1%), Toronto-Dominion Bank ($18.2B, 6.9%), Bank of Montreal ($14.6B, 5.5%), JP Morgan ($11.6B, 4.4%), National Bank of Canada ($9.1B, 3.4%), Barclays PLC ($8.9B, 3.4%), Bank of America ($7.1B, 2.7%), Northcross Capital Management ($6.9B, 2.6%), UBS AG ($6.5B, 2.5%) and Westpac Banking Corp ($6.4B, 2.4%).
The largest increases among Issuers include: Fixed Income Clearing Corp (up $79.7B to $1.249T), the US Treasury (up $19.2B to $3.420T), JP Morgan (up $8.5B to $328.5B), the Federal Farm Credit Bank (up $7.1B to $209.6B), the Federal National Mortgage Association (up $5.2B to $55.0B), UBS AG (up $3.7B to $8.8B), Svenska Handelsbanken (up $1.3B to $11.0B), Oversea-Chinese Banking Corp (up $1.1B to $7.7B), Citi (up $1.0B to $167.2B) and Westpac Banking Corp (up $0.6B to $8.6B).
The largest decreases among Issuers of money market securities (including Repo) in March were shown by: Barclays PLC (down $31.8B to $59.7B), Societe Generale (down $20.1B to $38.8B), Sumitomo Mitsui Banking Corp (down $14.0B to $75.5B), the Federal Home Loan Bank (down $12.7B to $755.1B), BNP Paribas (down $9.5B to $152.9B), Banco Bilbao Vizcaya Argentaria SA (down $9.1B to $10.9B), Bank of America (down $8.4B to $100.9B), Credit Agricole (down $7.6B to $75.1B), BNY Mellon (down $6.5B to $14.3B) and Wells Fargo (down $6.3B to $175.2B).
The United States remained the largest segment of country-affiliations; it represents 83.1% of holdings, or $6.710 trillion. Canada (5.5%, $441.2B) was in second place, while France (3.9%, $312.3B) ranked third. Japan (3.0%, $238.1B) occupied fourth place. The United Kingdom (1.6%, $126.9B) remained in fifth place. Australia (0.6%, $49.7B) was sixth, followed by Netherlands (0.6%, $46.7B), Germany (0.5%, $43.3B), Spain (0.4%, $35.2B), and Sweden (0.3%, $22.7B). (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 March 31, 2026, Taxable money funds held 46.6% (up from 45.9%) of their assets in securities maturing Overnight, and another 9.7% maturing in 2-7 days (down from 10.7%). Thus, 56.4% in total matures in 1-7 days. Another 11.7% matures in 8-30 days, while 9.7% matures in 31-60 days. Note that over three-quarters, or 77.8% 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 5.5% of taxable securities, while 10.5% matures in 91-180 days, and just 6.2% matures beyond 181 days.
