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 June 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 June 30, includes holdings information from 1010 money funds (up 10 from last month), representing assets of $8.364 trillion (down from $8.365 trillion a month ago). Prime MMFs rose to $1.241 trillion (up from $1.238 trillion), or 14.8% 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 $22.0 billion (annualized) in June.
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 $3.257 trillion (down from $3.352 trillion), or 38.9% of all assets, while Repo holdings rose to $3.067 trillion (up from $2.999 trillion), or 36.7% of all holdings. Government Agency securities total $1.203 trillion (up from $1.190 trillion), or 14.4%. Holdings of Treasuries, Government agencies and Repo (almost all of which is backed by Treasuries and agencies) combined total $7.527 trillion, or a massive 90.0% of all holdings.
The Other category (primarily Time Deposits) totals $159.2 billion (down from $161.8 billion), or 1.9%, and Commercial Paper (CP) totals $313.9 billion (up from $307.9 billion), or 3.8% of all holdings. Certificates of Deposit (CDs) total $208.8 billion (up from $202.9 billion), 2.5%, and VRDNs account for $154.5 billion (up from $151.4 billion), or 1.8% of money fund securities.
Broken out into the SEC's more detailed categories, the CP totals were comprised of: $174.4 billion, or 2.1%, in Financial Company Commercial Paper; $104.4 billion, or 1.2%, in Asset Backed Commercial Paper; and $35.1 billion, or 0.4%, in Non-Financial Company Commercial Paper. The Repo totals were made up of: U.S. Treasury Repo ($1.912 trillion, or 22.9%), U.S. Govt Agency Repo ($981.2 billion, or 11.7%) and Other Repo ($173.4 billion, or 2.1%).
The N-MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $254.5 billion (down from $258.8 billion), or 20.5%; Repo holdings of $501.1 billion (up from $481.3 billion), or 40.4%; Treasury holdings of $179.1 billion (down from $190.1 billion), or 14.4%; CD holdings of $179.0 billion (up from $174.8 billion), or 14.4%; Other (primarily Time Deposits) holdings of $106.9 billion (down from $113.0 billion), or 8.6%; Government Agency holdings of $7.8 billion (up from $7.5 billion), or 0.6%; and VRDN holdings of $12.8 billion (up from $12.7 billion), or 1.0%.
The SEC's more detailed categories show CP in Prime MMFs made up of: $151.2 billion (down from $156.5 billion), or 12.2%, in Financial Company Commercial Paper; $81.4 billion (up from $76.2 billion), or 6.6%, in Asset Backed Commercial Paper; and $21.9 billion (down from $26.0 billion), or 1.8%, in Non-Financial Company Commercial Paper. The Repo totals include: U.S. Treasury Repo ($179.6 billion, or 14.5%), U.S. Govt Agency Repo ($167.0 billion, or 13.5%), and Other Repo ($154.5 billion, or 12.4%).
In related news, money fund charged expense ratios (Exp%) were mostly flat in June. Our Crane 100 Money Fund Index and Crane Money Fund Average were 0.26% and 0.36%, respectively, as of June 30, 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 June 30, 2026, unchanged from the month prior and slightly below the 0.40% at year-end 2019.
