Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Friday, and we'll be writing our regular monthly update on the new March data for Monday'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 Thursday. (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 March 31, includes holdings information from 997 money funds (up 4 from last month), representing assets of $8.127 trillion (down from $8.327 trillion a month ago). Prime MMFs fell to $1.251 trillion (down from $1.263 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 fell to $21.6 billion (annualized) in March.
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 $3.402 trillion (up from $3.386 trillion), or 41.9% of all assets, while Repo holdings fell to $2.836 trillion (down from $3.001 trillion), or 34.9% of all holdings. Government Agency securities total $1.097 trillion (down from $1.099 trillion), or 13.5%. Holdings of Treasuries, Government agencies and Repo (almost all of which is backed by Treasuries and agencies) combined total $7.336 trillion, or a massive 90.3% of all holdings.
The Other category (primarily Time Deposits) totals $141.1 billion (down from $163.9 billion), or 1.7%, and Commercial Paper (CP) totals $301.2 billion (down from $325.7 billion), or 3.7% of all holdings. Certificates of Deposit (CDs) total $199.7 billion (down from $204.2 billion), 2.5%, and VRDNs account for $149.8 billion (up from $146.2 billion), or 1.8% of money fund securities.
Broken out into the SEC's more detailed categories, the CP totals were comprised of: $178.8 billion, or 2.2%, in Financial Company Commercial Paper; $88.3 billion, or 1.1%, in Asset Backed Commercial Paper; and $34.1 billion, or 0.4%, in Non-Financial Company Commercial Paper. The Repo totals were made up of: U.S. Treasury Repo ($1.765 trillion, or 21.7%), U.S. Govt Agency Repo ($924.0 billion, or 11.4%) and Other Repo ($146.8 billion, or 1.8%).
The N-MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $259.4 billion (down from $277.3 billion), or 20.7%; Repo holdings of $531.7 billion (up from $518.0 billion), or 42.5%; Treasury holdings of $170.6 billion (up from $156.5 billion), or 13.6%; CD holdings of $171.3 billion (down from $177.1 billion), or 13.7%; Other (primarily Time Deposits) holdings of $97.2 billion (down from $114.0 billion), or 7.8%; Government Agency holdings of $8.3 billion (up from $8.1 billion), or 0.7%; and VRDN holdings of $12.4 billion (up from $12.0 billion), or 1.0%.
The SEC's more detailed categories show CP in Prime MMFs made up of: $162.1 billion (down from $171.3 billion), or 13.0%, in Financial Company Commercial Paper; $75.6 billion (down from $76.6 billion), or 6.0%, in Asset Backed Commercial Paper; and $21.8 billion (down from $29.4 billion), or 1.7%, in Non-Financial Company Commercial Paper. The Repo totals include: U.S. Treasury Repo ($226.7 billion, or 18.1%), U.S. Govt Agency Repo ($172.1 billion, or 13.8%), and Other Repo ($133.0 billion, or 10.6%).
In related news, money fund charged expense ratios (Exp%) were mostly flat in March. Our Crane 100 Money Fund Index and Crane Money Fund Average were 0.26% and 0.36%, respectively, as of March 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 Thursday 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 0.26% unchanged from last month's level (also 18 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 0.36% as of March 31, 2026, down 1 bp from the month prior and slightly below the 0.40% at year-end 2019.
