Crane Data's May Money Fund Portfolio Holdings, with data as of April 30, 2026, show that holdings of Treasuries declined while Repo increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $105.9 billion to $7.969 trillion in April, after decreasing $103.0 billion in March, 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 last May. Treasuries, the largest portfolio composition segment, declined by $266.2 billion. Repo, the second largest segment, increased $51.5 billion in April. 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 $266.2 billion (-7.8%) to $3.154 trillion, or 39.6% of holdings, after increasing $19.2 billion in March, 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) rose by $51.5 billion (1.8%) to $2.975 trillion, or 37.3% of holdings, in April, after decreasing $69.4 billion in March, 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 up $90.7 billion, or 8.3%, to $1.183 trillion, or 14.8% of holdings. Agencies were flat in March (down $2.6 billion), increased $28.4 billion in February, $60.5 billion in January, and $22.9 billion in December. Repo, Treasuries and Agency holdings now total $7.312 trillion, representing 91.8% of all taxable holdings.
Money fund holdings of CP fell while CDs and Other (mainly Time Deposits) rose in April. Commercial Paper (CP) decreased $5.0 billion (-1.7%) to $286.0 billion, or 3.6% of holdings. CP holdings decreased $23.3 billion in March, decreased $4.3 billion in February, increased $39.3 billion in January, and decreased $26.7 billion in December. Certificates of Deposit (CDs) increased $2.7 billion (1.3%) to $202.6 billion, or 2.5% of taxable assets. CDs decreased $4.5 billion in March, decreased $2.5 billion in February, increased $23.2 billion in January, and decreased $0.7 billion in December. Other holdings, primarily Time Deposits, increased $20.4 billion (15.5%) to $151.7 billion, or 1.9% of holdings, after decreasing $22.9 billion in March, increasing $21.0 billion in February, decreasing $8.7 billion in January, and increasing $34.5 billion in December. VRDNs were flat at $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 Tuesday around noon.)
Prime money fund assets tracked by Crane Data decreased to $1.348 trillion, or 16.9% of taxable money funds' $7.969 trillion total. Among Prime money funds, CDs represent 15.0% (up from 14.5% a month ago), while Commercial Paper accounted for 21.2% (up from 21.1% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 12.6% of total holdings, Asset-Backed CP, which accounts for 6.5%, and Non-Financial Company CP, which makes up 2.1%. Prime funds also hold 0.7% in US Govt Agency Debt, 13.6% in US Treasury Debt, 14.0% in US Treasury Repo, 1.6% in Other Instruments, 7.5% in Non-Negotiable Time Deposits, 11.3% in Other Repo, 13.6% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $4.301 trillion (54.0% of all MMF assets), down from $4.353 trillion in March, while Treasury money fund assets totaled another $2.315 trillion (29.1%), down from $2.320 trillion the prior month. Government money fund portfolios were made up of 27.2% US Govt Agency Debt, 18.2% US Government Agency Repo, 28.4% US Treasury Debt, 25.6% in US Treasury Repo, 0.4% in Other Instruments. Treasury money funds were comprised of 75.5% US Treasury Debt and 24.4% in US Treasury Repo. Government and Treasury funds combined now total $6.616 trillion, or 83.0% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $94.2 billion in April to $705.1 billion; their share of holdings rose to 8.9% from last month's 7.6%. Eurozone-affiliated holdings increased to $490.8 billion from last month's $438.5 billion; they now account for 6.2% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $326.0 billion (4.1% of the total) from last month's $308.6 billion. Americas related holdings decreased to $6.934 trillion from last month's $7.151 trillion; they now represent 87.0% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $35.8 billion, or 2.0%, to $1.853 trillion, or 23.3% of assets); US Government Agency Repurchase Agreements (up $9.0 billion, or 0.9%, to $966.8 billion, or 12.1% of total holdings), and Other Repurchase Agreements (up $6.7 billion, or 4.5%, to $154.5 billion, or 1.9% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $9.1 billion to $169.9 billion, or 2.1% of assets), Asset-Backed Commercial Paper (down $0.3 billion to $87.8 billion, or 1.1%), and Non-Financial Company Commercial Paper (up $4.4 billion to $28.2 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of April 30, 2026, include: the US Treasury ($3.154T, 39.6%), Fixed Income Clearing Corp ($1.156T, 14.5%), Federal Home Loan Bank ($839.1B, 10.5%), JP Morgan ($351.5B, 4.4%), Citi ($215.0B, 2.7%), Federal Farm Credit Bank ($212.7B, 2.7%), Wells Fargo ($163.2B, 2.0%), RBC ($155.2B, 1.9%), BNP Paribas ($143.7B, 1.8%), Bank of America ($101.5B, 1.3%), Barclays PLC ($91.6B, 1.1%), Credit Agricole ($88.4B, 1.1%), Goldman Sachs ($82.7B, 1.0%), Sumitomo Mitsui Banking Corp ($82.2B, 1.0%), the Federal National Mortgage Association ($63.5B, 0.8%), Federal Home Loan Mortgage Corp ($62.7B, 0.8%), Toronto-Dominion Bank ($57.4B, 0.7%), Mitsubishi UFJ Financial Group Inc ($57.2B, 0.7%), Canadian Imperial Bank of Commerce ($57.1B, 0.7%) and Societe Generale ($54.6B, 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 ($1.135T, 38.2%), JP Morgan ($339.7B, 11.4%), Citi ($210.6B, 7.1%), Wells Fargo ($151.2B, 5.1%), BNP Paribas ($136.8B, 4.6%), RBC ($117.7B, 4.0%), Goldman Sachs ($79.4B, 2.7%), Bank of America ($72.8B, 2.4%), Credit Agricole ($71.3B, 2.4%) and Barclays PLC ($71.0B, 2.4%).
The largest users of the $2.6 billion in Fed RRP include: T Rowe Price Govt Reserve Fund ($1.8B), UBS Select Treasury Fund ($0.8B), Cavanal Hill Govt Svc MM ($0.0B), Cavanal Hill US Treas ($0.0B), T Rowe Price Cash Reserves ($0.0B), T Rowe Price Govt Money Market ($0.0B), T Rowe Price Treas Reserve Fund ($0.0B) and T Rowe Price US Treasury ($0.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($37.5B, 6.8%), Toronto-Dominion Bank ($37.2B, 6.7%), Bank of America ($28.7B, 5.2%), ING Bank ($24.0B, 4.3%), Mizuho Corporate Bank Ltd ($23.0B, 4.2%), Fixed Income Clearing Corp ($21.3B, 3.8%), Barclays PLC ($20.5B, 3.7%), Australia & New Zealand Banking Group Ltd ($20.4B, 3.7%), Mitsubishi UFJ Financial Group Inc ($17.3B, 3.1%) and Credit Agricole ($17.1B, 3.1%).
The 10 largest CD issuers include: Toronto-Dominion Bank ($17.1B, 8.5%), Sumitomo Mitsui Trust Bank ($14.1B, 7.0%), Wells Fargo ($12.0B, 5.9%), Mitsubishi UFJ Financial Group Inc ($11.8B, 5.8%), Sumitomo Mitsui Banking Corp ($10.5B, 5.2%), Mizuho Corporate Bank Ltd ($10.2B, 5.0%), Credit Agricole ($9.7B, 4.8%), Barclays PLC ($9.7B, 4.8%), Bank of Nova Scotia ($9.2B, 4.5%) and Canadian Imperial Bank of Commerce ($8.9B, 4.4%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: RBC ($21.9B, 8.5%), Toronto-Dominion Bank ($18.6B, 7.2%), JP Morgan ($11.8B, 4.6%), Barclays PLC ($9.4B, 3.7%), National Bank of Canada ($8.2B, 3.2%), Bank of Montreal ($8.0B, 3.1%), UBS AG ($7.0B, 2.7%), Capitolis Inc ($6.9B, 2.7%), ING Bank ($6.8B, 2.6%) and Bank of America ($6.4B, 2.5%).
The largest increases among Issuers include: the Federal Home Loan Bank (up $84.0B to $839.1B), Citi (up $47.7B to $215.0B), Morgan Stanley (up $33.4B to $33.6B), Barclays PLC (up $31.8B to $91.6B), Goldman Sachs (up $24.6B to $82.7B), JP Morgan (up $23.0B to $351.5B), Societe Generale (up $15.8B to $54.6B), Credit Agricole (up $13.3B to $88.4B), Australia & New Zealand Banking Group Ltd (up $9.2B to $32.5B) and the Federal National Mortgage Association (up $8.5B to $63.5B).
The largest decreases among Issuers of money market securities (including Repo) in April were shown by: the US Treasury (down $266.2B to $3.154T), Fixed Income Clearing Corp (down $92.9B to $1.156T), RBC (down $63.6B to $155.2B), Wells Fargo (down $12.0B to $163.2B), Bank of Montreal (down $9.4B to $49.4B), BNP Paribas (down $9.2B to $143.7B), the Federal Home Loan Mortgage Corp (down $5.6B to $62.7B), Northern Trust (down $1.7B to $8.3B), Canadian Imperial Bank of Commerce (down $1.2B to $57.1B) and Nomura (down $1.1B to $14.0B).
The United States remained the largest segment of country-affiliations; it represents 82.4% of holdings, or $6.567 trillion. Canada (4.6%, $366.8B) was in second place, while France (4.2%, $337.5B) ranked third. Japan (3.1%, $246.6B) occupied fourth place. The United Kingdom (2.0%, $160.4B) remained in fifth place. Australia (0.8%, $59.6B) was sixth, followed by Germany (0.7%, $52.2B), Netherlands (0.6%, $51.3B), Spain (0.6%, $45.6B), and Sweden (0.3%, $25.0B). (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 April 30, 2026, Taxable money funds held 46.9% (up from 46.6%) of their assets in securities maturing Overnight, and another 11.0% maturing in 2-7 days (up from 9.7%). Thus, 57.9% in total matures in 1-7 days. Another 9.3% matures in 8-30 days, while 9.5% 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 7.2% of taxable securities, while 9.5% matures in 91-180 days, and just 6.7% matures beyond 181 days.
