Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new January data for Wednesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of January 31, includes holdings information from 982 money funds (down 5 from last month), representing assets of $8.192 trillion (down from $8.298 trillion a month ago). Prime MMFs rose to $1.258 trillion (up from $1.229 trillion), or 15.4% of the total. We review the new N-MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues rose to $21.7 billion (annualized) in January. (Note: Please join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston. We hope to see you later next month!)
Our latest Form N-MFP Summary for All Funds (taxable and tax-exempt) shows Treasuries and Repurchase Agreements (Repo) remain the largest types of portfolio holdings in money market funds. Treasury holdings in money market funds now total $3.362 trillion (down from $3.515 trillion), or 41.0% of all assets, while Repo holdings fell to $2.948 trillion (down from $2.992 trillion), or 36.0% of all holdings. Government Agency securities total $1.057 trillion (up from $1.011 trillion), or 12.9%. Holdings of Treasuries, Government agencies and Repo (almost all of which is backed by Treasuries and agencies) combined total $7.367 trillion, or a massive 89.9% of all holdings.
The Other category (primarily Time Deposits) totals $142.5 billion (up from $109.6 billion), or 1.7%, and Commercial Paper (CP) totals $329.5 billion (up from $318.5 billion), or 4.0% of all holdings. Certificates of Deposit (CDs) total $206.7 billion (up from $196.8 billion), 2.5%, and VRDNs account for $146.3 billion (down from $155.0 billion), or 1.8% of money fund securities.
Broken out into the SEC's more detailed categories, the CP totals were comprised of: $195.5 billion, or 2.4%, in Financial Company Commercial Paper; $91.1 billion, or 1.1%, in Asset Backed Commercial Paper; and $42.8 billion, or 0.5%, in Non-Financial Company Commercial Paper. The Repo totals were made up of: U.S. Treasury Repo ($1.832 trillion, or 22.4%), U.S. Govt Agency Repo ($963.2 billion, or 11.8%) and Other Repo ($152.9 billion, or 1.9%).
The N-MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $285.1 billion (up from $278.1 billion), or 22.7%; Repo holdings of $538.1 billion (down from $566.2 billion), or 42.8%; Treasury holdings of $129.6 billion (up from $122.9 billion), or 10.3%; CD holdings of $180.2 billion (up from $171.7 billion), or 14.3%; Other (primarily Time Deposits) holdings of $103.6 billion (up from $71.5 billion), or 8.2%; Government Agency holdings of $9.3 billion (up from $7.5 billion), or 0.7%; and VRDN holdings of $11.5 billion (unchanged), or 0.9%.
The SEC's more detailed categories show CP in Prime MMFs made up of: $177.4 billion (down from $182.8 billion), or 14.1%, in Financial Company Commercial Paper; $77.0 billion (up from $76.4 billion), or 6.1%, in Asset Backed Commercial Paper; and $30.6 billion (up from $18.8 billion), or 2.4%, in Non-Financial Company Commercial Paper. The Repo totals include: U.S. Treasury Repo ($193.2 billion, or 15.4%), U.S. Govt Agency Repo ($209.8 billion, or 16.7%), and Other Repo ($135.1 billion, or 10.7%).
In related news, money fund charged expense ratios (Exp%) were mostly flat in January. Our Crane 100 Money Fund Index and Crane Money Fund Average were 0.27% and 0.37%, respectively, as of January 31, 2026. Crane Data revises its monthly expense data and gross yield information after the SEC updates its latest Form N-MFP data the morning of the 6th business day of the new month. (They posted this info Monday morning, so we revised our monthly MFI XLS spreadsheet and historical craneindexes.xlsx averages file to reflect the latest expenses, gross yields, portfolio composition and maturity breakout.) Visit our "Content" page for the latest files.
Our Crane 100 Money Fund Index, a simple average of the 100 largest taxable money funds, shows an average charged expense ratio of 0.27% unchanged from last month's level (also 19 bps higher than 12/31/21's 0.08%). The Crane Money Fund Average, a simple average of all taxable MMFs, showed a charged expense ratio of 0.37% as of January 31, 2026, unchanged from the month prior and slightly below the 0.40% at year-end 2019.
