# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ac73e247a8e9d6152

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

Division of Investment Management
Analytics Office

Money Market Fund Statistics
Form N-MFP Data, period ending April 2026

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.

Information presented in this report reflects staff’s compilation and analysis of data reported to the
Commission on Form N-MFP. The presented information does not reflect any filings or amended filings
submitted after May 12, 2026.

April 2026

Analytics Office

Introduction
This report provides statistics and trends for registered Money Market Funds that file reports
on Form N-MFP, reflecting data collected from filings received through May 12, 2026, for the
reporting periods from April 2025 to April 2026. A downloadable Excel file published alongside this
report provides the most recently updated historical data beginning with the December 2010
reporting period. Please see the Appendices to this report for definitions of capitalized terms, other
technical descriptions, and a summary of certain changes to Form N-MFP over time.
A money market fund may file an amendment to a previously filed Form N-MFP at any time,
including an amendment to correct a mistake or error in a previously filed form – for more details,
see the Form N-MFP General Instructions.
For information and statistics relating to investment companies and advisers that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.
Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staff updates reported statistics from time to time to reflect corrected
and amended filings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staff
may remove filings that appear to be erroneous to ensure the accuracy of information
presented. A downloadable Excel file published alongside this report provides the most
recently updated historical data and includes methodological notes and assumptions.
If you have any questions or comments about this report, please contact:
IM-Analytics with subject line “Money Market Fund Statistics (April 2026)”.

1

April 2026

Analytics Office

Contents
1 Number of MMFs and Advisers

3

2 Assets and Liabilities

6

3 Flows

13

4 Yields

19

5 Maturity

21

6 Liquidity

23

7 Portfolio Securities

25

8 Repurchase Agreements

31

9 Portfolio Dispositions

33

10 MMF ETFs

34

11 Tokenized MMFs

36

12 Appendices

38

2

April 2026

1

Analytics Office

Number of MMFs and Advisers1
Table 1.1: Number of MMFs Reporting2
This table excludes feeder funds (Form N-MFP Item A.7).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
137
63
200
14
22
36
6
35
41
277

May
2025
137
62
199
14
22
36
6
35
41
276

Jun
2025
138
62
200
14
22
36
6
35
41
277

Jul
2025
138
63
201
14
22
36
6
35
41
278

Aug
2025
139
63
202
14
22
36
6
35
41
279

Sep
2025
139
63
202
14
22
36
6
35
41
279

Oct
2025
137
66
203
14
22
36
6
35
41
280

Nov
2025
136
68
204
14
22
36
6
35
41
281

Dec
2025
136
71
207
14
22
36
6
35
41
284

Jan
2026
135
72
207
14
22
36
6
35
41
284

Feb
2026
136
72
208
15
22
37
6
35
41
286

Mar
2026
136
72
208
15
23
38
6
35
41
287

Apr
2026
136
74
210
15
23
38
6
35
41
289

Table 1.2: Number of Feeder Funds Reporting
This table relies on the reporting of feeder funds (Form N-MFP Item A.7).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
22
5
27
3
2
5
0
0
0
32

May
2025
22
5
27
3
2
5
0
0
0
32

Jun
2025
22
5
27
3
2
5
0
0
0
32

Jul
2025
21
5
26
3
2
5
0
0
0
31

Aug
2025
21
5
26
3
2
5
0
0
0
31

1

Sep
2025
21
5
26
3
2
5
0
0
0
31

Oct
2025
21
5
26
3
2
5
0
0
0
31

Nov
2025
21
5
26
3
2
5
0
0
0
31

Dec
2025
21
5
26
3
2
5
0
0
0
31

Jan
2026
21
5
26
3
2
5
0
0
0
31

Feb
2026
21
5
26
3
2
5
0
0
0
31

Mar
2026
21
5
26
3
2
5
0
0
0
31

Apr
2026
21
5
26
3
2
5
0
0
0
31

Due to revisions to Form N-MFP effective June 11, 2024, some information presented in this report is only available
beginning June 2024.
2
MMF categories and fund types are derived from reporting on Form N-MFP Item A.10. With revisions to Form
N-MFP effective June 11, 2024, funds must now report on Item A.10.b. if they typically invest at least 80% of the
value of their assets in U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treaury obligations.
As a result, classifications of “Treasury” funds may not be directly comparable to prior months. Please see the adopted
amendments to certain rules that govern money market funds under the Investment Company Act of 1940 here for more
information.

3

April 2026

Analytics Office

Table 1.3: Number of MMFs Established as Cash Management Vehicles
for Affiliated Funds and Accounts
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the classification of MMFs as
cash management vehicles for affiliated funds or other accounts (Item A.21).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
15
4
19
6
0
6
3
0
3
28

May
2025
15
4
19
6
0
6
3
0
3
28

Jun
2025
15
4
19
6
0
6
3
0
3
28

Jul
2025
15
4
19
6
0
6
3
0
3
28

Aug
2025
15
4
19
6
0
6
3
0
3
28

Sep
2025
15
4
19
6
0
6
3
0
3
28

Oct
2025
15
4
19
6
0
6
3
0
3
28

Nov
2025
15
4
19
6
0
6
3
0
3
28

Dec
2025
15
6
21
6
0
6
3
0
3
30

Jan
2026
14
7
21
6
0
6
3
0
3
30

Feb
2026
15
6
21
6
0
6
3
0
3
30

Mar
2026
15
6
21
6
0
6
3
0
3
30

Apr
2026
16
6
22
6
0
6
3
0
3
31

Table 1.4: Number of MMFs Seeking to Maintain a Stable Price
Per Share
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the reporting of funds seeking
to maintain a stable price per share (Item A.18).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
126
60
186
0
22
22
0
35
35
243

May
2025
126
59
185
0
22
22
0
35
35
242

Jun
2025
126
59
185
0
22
22
0
35
35
242

Jul
2025
126
59
185
0
22
22
0
35
35
242

Aug
2025
127
59
186
0
22
22
0
35
35
243

Sep
2025
127
59
186
0
22
22
0
35
35
243

Oct
2025
125
62
187
0
22
22
0
35
35
244

Nov
2025
125
64
189
0
22
22
0
35
35
246

Dec
2025
125
66
191
0
22
22
0
35
35
248

Jan
2026
124
67
191
0
22
22
0
35
35
248

Feb
2026
125
66
191
0
22
22
0
35
35
248

Mar
2026
125
66
191
0
23
23
0
35
35
249

Apr
2026
125
68
193
0
23
23
0
35
35
251

Table 1.5: Number of Investment Advisers to MMFs
This table relies on MMF investment adviser information reported (Form N-MFP Item A.2). A single MMF
may report multiple advisers on Form N-MFP.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
67
38
81
11
20
25
4
14
15
81

May
2025
67
37
80
11
20
25
4
14
15
80

Jun
2025
67
37
80
11
20
25
4
14
15
80

Jul
2025
67
38
81
11
20
25
4
14
15
81

Aug
2025
68
38
82
11
20
25
4
14
15
82

4

Sep
2025
68
38
82
11
20
25
4
14
15
82

Oct
2025
68
39
83
11
20
25
4
14
15
83

Nov
2025
67
40
83
11
20
25
4
14
15
83

Dec
2025
67
42
85
11
20
25
4
14
15
85

Jan
2026
67
42
85
11
20
25
4
14
15
85

Feb
2026
67
43
86
12
20
26
4
14
15
86

Mar
2026
67
43
86
12
21
26
4
14
15
86

Apr
2026
67
43
86
12
21
26
4
14
15
86

April 2026

Analytics Office

Table 1.6: Number of Subadvisers to MMFs
This table relies on MMF subadviser information reported (Form N-MFP Item A.3). A single MMF may
report multiple subadvisers on Form N-MFP.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
20
7
20
6
8
10
3
5
5
21

May
2025
20
7
20
6
8
10
3
5
5
21

Jun
2025
20
7
20
6
8
10
3
5
5
21

Jul
2025
20
7
20
6
8
10
3
5
5
21

Aug
2025
20
7
20
6
8
10
3
5
5
21

Sep
2025
20
7
20
6
8
10
3
5
5
21

Oct
2025
20
7
20
6
8
10
3
5
5
21

Nov
2025
20
8
20
6
8
10
3
5
5
21

Dec
2025
20
8
20
6
8
10
3
5
5
21

Jan
2026
21
9
21
6
8
10
3
6
6
22

Feb
2026
21
9
21
6
8
10
3
6
6
22

Mar
2026
21
9
21
6
8
10
3
6
6
22

Apr
2026
21
9
21
6
8
10
3
6
6
22

Table 1.7: Number of MMF Share Classes
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the number of unique share
classes reported (Item B.2).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
424
257
681
39
88
127
10
121
131
939

May
2025
424
256
680
39
88
127
10
121
131
938

Jun
2025
425
257
682
39
88
127
10
121
131
940

Jul
2025
425
260
685
39
88
127
10
121
131
943

Aug
2025
429
263
692
39
88
127
10
121
131
950

5

Sep
2025
431
263
694
39
88
127
10
121
131
952

Oct
2025
424
271
695
39
88
127
10
120
130
952

Nov
2025
424
273
697
39
88
127
10
120
130
954

Dec
2025
424
276
700
39
88
127
10
119
129
956

Jan
2026
423
277
700
39
88
127
10
119
129
956

Feb
2026
424
279
703
40
88
128
10
119
129
960

Mar
2026
424
278
702
40
93
133
10
119
129
964

Apr
2026
424
280
704
40
93
133
10
119
129
966

April 2026

Analytics Office

2

Assets and Liabilities3

2.1

Net Assets
Table 2.1: MMF Net Assets ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on net assets reported (Item
A.16).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
4,016.4
1,951.9
5,968.3
336.1
922.2
1,258.2
15.4
131.6
147.0
7,373.5

May
2025
4,055.3
1,995.8
6,051.0
333.1
937.0
1,270.0
15.9
131.5
147.3
7,468.4

Jun
2025
4,060.6
1,989.7
6,050.3
331.3
948.5
1,279.8
13.6
128.9
142.6
7,472.7

Jul
2025
4,075.9
2,013.4
6,089.3
342.0
960.5
1,302.5
14.2
126.9
141.1
7,532.9

Aug
2025
4,155.4
2,052.0
6,207.4
349.6
973.1
1,322.7
13.8
127.0
140.8
7,670.9

Sep
2025
4,227.9
2,077.3
6,305.2
352.5
976.5
1,328.9
14.6
128.2
142.8
7,776.9

Oct
2025
4,326.3
2,120.9
6,447.3
352.8
985.2
1,338.0
14.3
130.5
144.8
7,930.1

Nov
2025
4,411.8
2,151.0
6,562.7
347.0
994.1
1,341.1
15.5
135.8
151.3
8,055.2

Dec
2025
4,453.5
2,226.5
6,680.1
342.7
999.7
1,342.3
16.5
141.4
157.9
8,180.3

Jan
2026
4,493.1
2,210.1
6,703.2
365.5
999.1
1,364.6
17.8
131.3
149.1
8,216.9

Feb
2026
4,558.8
2,248.9
6,807.7
382.8
999.9
1,382.8
17.6
132.5
150.1
8,340.6

Mar
2026
4,483.9
2,271.8
6,755.7
375.4
1,006.9
1,382.3
16.9
135.0
151.9
8,289.9

Apr
2026
4,442.4
2,237.4
6,679.8
370.8
985.3
1,356.1
16.1
135.5
151.6
8,187.6

Table 2.2: Feeder Fund Net Assets ($Billions)
This table solely includes feeder funds (Form N-MFP Item A.7) and relies on net assets reported
(Item A.16).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
338.7
70.4
409.1
75.4
25.0
100.4
0.0
0.0
0.0
509.5

May
2025
347.8
71.9
419.7
78.5
25.2
103.7
0.0
0.0
0.0
523.4

Jun
2025
350.0
76.2
426.2
80.9
24.7
105.6
0.0
0.0
0.0
531.8

Jul
2025
338.1
76.3
414.4
83.9
24.7
108.6
0.0
0.0
0.0
522.9

Aug
2025
345.1
80.3
425.4
84.6
25.2
109.8
0.0
0.0
0.0
535.1

Sep
2025
368.9
77.8
446.7
85.4
25.0
110.4
0.0
0.0
0.0
557.2

Oct
2025
362.8
78.1
440.9
80.5
25.3
105.8
0.0
0.0
0.0
546.7

Nov
2025
398.3
80.3
478.7
76.2
25.3
101.5
0.0
0.0
0.0
580.1

Dec
2025
408.9
86.6
495.5
75.0
25.4
100.5
0.0
0.0
0.0
596.0

Jan
2026
402.9
80.7
483.6
81.4
25.3
106.7
0.0
0.0
0.0
590.3

Feb
2026
415.4
77.1
492.6
83.6
24.9
108.4
0.0
0.0
0.0
601.0

Mar
2026
396.8
79.8
476.6
82.8
24.7
107.5
0.0
0.0
0.0
584.1

Apr
2026
392.4
75.8
468.2
87.0
23.2
110.2
0.0
0.0
0.0
578.4

Table 2.3: Net Assets of MMFs Established as Cash Management
Vehicles for Affiliated Funds and Accounts ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on Net Assets (Item A.16) and the
classification of MMFs as cash management vehicles for affiliated funds or other accounts (Item
A.21).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
282.1
12.2
294.3
194.2
0.0
194.2
6.2
0.0
6.2
494.7

May
2025
296.0
12.9
308.9
194.4
0.0
194.4
6.7
0.0
6.7
509.9

Jun
2025
281.7
13.7
295.4
191.7
0.0
191.7
4.4
0.0
4.4
491.5

Jul
2025
267.3
14.5
281.8
198.9
0.0
198.9
4.3
0.0
4.3
485.0

Aug
2025
276.6
17.1
293.7
197.8
0.0
197.8
4.4
0.0
4.4
495.8

Sep
2025
276.5
15.9
292.4
203.1
0.0
203.1
4.8
0.0
4.8
500.3

Oct
2025
276.1
14.7
290.8
193.5
0.0
193.5
5.5
0.0
5.5
489.9

Nov
2025
297.7
16.4
314.2
193.7
0.0
193.7
6.2
0.0
6.2
514.1

Dec
2025
248.8
17.4
266.2
189.0
0.0
189.0
6.8
0.0
6.8
462.1

Jan
2026
294.9
21.4
316.2
202.5
0.0
202.5
7.2
0.0
7.2
526.0

Feb
2026
321.8
20.6
342.5
216.6
0.0
216.6
7.5
0.0
7.5
566.5

Mar
2026
288.2
17.3
305.5
211.8
0.0
211.8
6.9
0.0
6.9
524.2

Apr
2026
295.0
16.8
311.8
213.7
0.0
213.7
6.4
0.0
6.4
532.0

As of April 2026, there are 16 Single State MMFs (excluding feeder funds) reporting an aggregate $41 billion in net
assets (roughly 27% of aggregate Tax Exempt MMF net assets). Additionally, there are 25 Other Tax Exempt MMFs
(excluding feeder funds) reporting an aggregate $111 billion in net assets (roughly 73% of aggregate Tax Exempt MMF
net assets).
3

6

April 2026

Analytics Office

Table 2.4: Net Assets of MMFs Seeking to Maintain a Stable Price
Per Share ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on Net Assets (Item A.16) and the
reporting of funds seeking to maintain a stable price per share (Item A.18).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
3,505.4
1,933.6
5,439.0
0.0
922.2
922.2
0.0
131.6
131.6
6,492.8

May
2025
3,527.2
1,976.9
5,504.1
0.0
937.0
937.0
0.0
131.5
131.5
6,572.5

Jun
2025
3,545.6
1,971.0
5,516.7
0.0
948.5
948.5
0.0
128.9
128.9
6,594.1

Jul
2025
3,577.2
1,992.8
5,570.0
0.0
960.5
960.5
0.0
126.9
126.9
6,657.4

Aug
2025
3,641.7
2,031.2
5,672.9
0.0
973.1
973.1
0.0
127.0
127.0
6,773.0

Sep
2025
3,684.1
2,055.6
5,739.7
0.0
976.5
976.5
0.0
128.2
128.2
6,844.3

Oct
2025
3,791.0
2,099.7
5,890.7
0.0
985.2
985.2
0.0
130.5
130.5
7,006.4

Nov
2025
3,827.9
2,129.3
5,957.2
0.0
994.1
994.1
0.0
135.8
135.8
7,087.1

Dec
2025
3,910.9
2,203.6
6,114.5
0.0
999.7
999.7
0.0
141.4
141.4
7,255.6

Jan
2026
3,910.1
2,186.9
6,097.0
0.0
999.1
999.1
0.0
131.3
131.3
7,227.3

Feb
2026
3,937.7
2,208.4
6,146.2
0.0
999.9
999.9
0.0
132.5
132.5
7,278.6

Mar
2026
3,906.5
2,226.4
6,132.9
0.0
1,006.9
1,006.9
0.0
135.0
135.0
7,274.8

Apr
2026
3,874.6
2,191.9
6,066.5
0.0
985.3
985.3
0.0
135.5
135.5
7,187.3

Table 2.5: Distribution of Net Assets, by MMF Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and any observations with zero net assets
(Item A.16).

Category

All MMFs

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
0.07
0.17
0.65
3.41
19.95
85.53
143.21
0.05
0.15
0.62
3.11
26.33
92.43
166.65
0.48
0.74
2.13
7.82
31.94
88.68
134.50
0.04
0.11
0.43
2.74
3.89
8.90
11.34

May
2025
0.07
0.18
0.72
3.41
19.56
83.74
145.81
0.05
0.18
0.64
3.21
25.98
96.61
169.75
0.49
0.74
2.10
7.84
33.00
87.59
136.48
0.04
0.11
0.43
2.75
4.17
9.26
11.25

Jun
2025
0.06
0.18
0.64
3.31
19.31
84.68
138.92
0.05
0.19
0.59
3.23
26.88
95.71
167.46
0.49
0.74
2.10
7.63
32.25
89.33
138.13
0.04
0.11
0.43
2.72
3.90
9.09
10.80

Jul
2025
0.06
0.18
0.66
3.30
17.72
85.11
145.71
0.06
0.19
0.62
3.27
25.63
93.97
170.79
0.50
0.73
2.12
7.80
30.06
90.50
139.38
0.04
0.12
0.42
2.63
3.89
8.81
10.87

Aug
2025
0.06
0.17
0.68
3.26
19.23
89.43
149.50
0.06
0.16
0.63
3.18
27.64
96.20
168.54
0.50
0.73
2.04
7.86
31.18
94.36
140.88
0.04
0.12
0.42
2.72
3.84
8.77
10.79

Sep
2025
0.07
0.18
0.69
3.30
18.44
88.99
154.52
0.06
0.19
0.60
3.26
26.68
98.16
167.28
0.50
0.73
2.05
8.24
33.71
92.85
141.60
0.04
0.11
0.41
2.81
3.81
8.76
10.82

7

Oct
2025
0.07
0.19
0.63
3.40
19.88
89.83
160.22
0.07
0.19
0.61
3.25
26.73
98.85
172.65
0.51
0.74
2.03
10.44
29.54
94.99
142.58
0.04
0.11
0.41
2.82
3.82
8.84
11.35

Nov
2025
0.07
0.17
0.63
3.50
18.39
90.03
161.63
0.07
0.15
0.58
3.51
25.69
100.70
181.24
0.52
0.75
2.03
8.95
31.86
95.85
143.24
0.04
0.11
0.40
2.91
3.94
9.04
11.79

Dec
2025
0.05
0.13
0.57
3.52
18.60
90.92
159.73
0.05
0.11
0.51
3.47
26.62
101.03
187.39
0.53
0.74
2.03
8.06
33.06
97.30
143.26
0.05
0.11
0.41
3.06
4.24
9.38
12.73

Jan
2026
0.06
0.14
0.58
3.41
18.02
97.29
161.05
0.05
0.12
0.50
3.36
25.85
102.80
185.02
0.53
0.73
2.01
8.08
34.35
101.67
142.43
0.04
0.11
0.40
2.97
4.33
8.69
10.68

Feb
2026
0.06
0.13
0.59
3.33
18.26
96.41
157.52
0.06
0.12
0.56
3.33
25.17
104.14
192.37
0.40
0.56
1.88
8.63
35.75
101.51
140.71
0.06
0.11
0.40
2.98
4.10
8.60
10.69

Mar
2026
0.06
0.12
0.61
3.37
18.11
92.72
151.64
0.06
0.12
0.58
3.34
24.71
105.50
186.05
0.16
0.54
1.45
7.79
32.83
96.96
140.70
0.09
0.11
0.41
2.94
4.18
8.49
11.68

Apr
2026
0.07
0.11
0.60
3.53
18.26
89.88
150.50
0.07
0.13
0.57
3.33
23.92
105.14
184.06
0.17
0.55
1.42
7.62
32.13
95.09
138.34
0.09
0.11
0.40
2.99
4.15
8.88
11.68

April 2026

2.2

Analytics Office

Total Assets
Table 2.6: MMF Total Assets ($Billions)
Total Assets are calculated as the sum of cash (Form N-MFP Item A.14.a), the total value of
portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c). Feeder funds
(Item A.7) are excluded from this table.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
4,112.3
2,022.5
6,134.9
337.6
937.1
1,274.7
15.5
132.9
148.4
7,557.9

May
2025
4,127.1
2,070.2
6,197.3
334.7
948.2
1,282.9
16.0
133.2
149.2
7,629.4

Jun
2025
4,182.2
2,120.5
6,302.7
332.9
965.7
1,298.6
13.8
130.7
144.6
7,746.0

Jul
2025
4,177.8
2,086.1
6,263.9
350.0
977.9
1,327.9
14.4
127.6
142.1
7,733.9

Aug
2025
4,277.3
2,135.6
6,412.9
352.0
988.6
1,340.6
13.9
128.2
142.1
7,895.7

Sep
2025
4,318.1
2,130.5
6,448.6
356.3
995.1
1,351.4
14.7
129.3
144.0
7,944.0

Oct
2025
4,416.7
2,224.6
6,641.3
358.1
1,001.7
1,359.9
14.5
131.6
146.0
8,147.2

Nov
2025
4,515.2
2,217.3
6,732.5
354.0
1,011.8
1,365.8
15.4
137.0
152.4
8,250.7

Dec
2025
4,611.8
2,367.1
6,978.8
348.7
1,019.8
1,368.6
16.6
142.3
158.9
8,506.3

Jan
2026
4,599.3
2,309.5
6,908.8
373.2
1,022.3
1,395.5
17.9
131.9
149.7
8,454.1

Feb
2026
4,647.5
2,335.8
6,983.3
389.5
1,014.9
1,404.5
17.6
133.6
151.2
8,539.0

Mar
2026
4,566.4
2,336.6
6,903.1
379.2
1,023.7
1,402.9
16.9
136.0
152.9
8,458.9

Table 2.7: Feeder Fund Total Assets ($Billions)
This table solely includes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the
total value of portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c)
reported.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
339.8
70.6
410.5
75.7
25.0
100.8
0.0
0.0
0.0
511.2

May
2025
349.1
72.2
421.2
78.8
25.3
104.1
0.0
0.0
0.0
525.4

Jun
2025
351.2
76.4
427.7
81.2
24.8
106.0
0.0
0.0
0.0
533.6

Jul
2025
339.4
76.6
415.9
84.2
24.8
109.0
0.0
0.0
0.0
524.9

Aug
2025
346.3
80.6
426.9
84.9
25.3
110.2
0.0
0.0
0.0
537.1

Sep
2025
370.1
78.1
448.2
85.7
25.1
110.8
0.0
0.0
0.0
559.1

Oct
2025
364.1
78.4
442.5
80.8
25.4
106.3
0.0
0.0
0.0
548.8

Nov
2025
399.6
80.6
480.1
76.5
25.3
101.8
0.0
0.0
0.0
581.9

Dec
2025
410.2
86.9
497.1
75.3
25.5
100.8
0.0
0.0
0.0
597.9

Jan
2026
404.2
81.0
485.2
81.7
25.4
107.1
0.0
0.0
0.0
592.3

Feb
2026
416.6
77.4
494.0
83.8
24.9
108.8
0.0
0.0
0.0
602.8

Mar
2026
398.1
80.0
478.1
83.1
24.8
107.9
0.0
0.0
0.0
585.9

Apr
2026
393.6
76.0
469.6
87.2
23.3
110.6
0.0
0.0
0.0
580.1

Table 2.8: Total Assets of MMFs Established as Cash Management
Vehicles for Affiliated Funds and Accounts ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), the total value of other assets (Item A.14.c), and the
classification of MMFs as cash management vehicles for affiliated funds or other accounts (Item
A.21).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
295.8
12.3
308.1
195.1
0.0
195.1
6.3
0.0
6.3
509.5

May
2025
302.6
13.1
315.7
195.5
0.0
195.5
6.7
0.0
6.7
518.0

Jun
2025
290.5
13.8
304.3
192.5
0.0
192.5
4.5
0.0
4.5
501.3

Jul
2025
278.2
14.6
292.7
206.0
0.0
206.0
4.3
0.0
4.3
503.0

Aug
2025
282.9
17.1
300.0
199.7
0.0
199.7
4.4
0.0
4.4
504.1

8

Sep
2025
278.4
15.9
294.4
205.7
0.0
205.7
4.8
0.0
4.8
504.9

Oct
2025
283.9
14.8
298.7
197.5
0.0
197.5
5.6
0.0
5.6
501.7

Nov
2025
301.5
16.8
318.3
197.7
0.0
197.7
6.2
0.0
6.2
522.2

Dec
2025
261.3
17.5
278.8
194.0
0.0
194.0
6.9
0.0
6.9
479.6

Jan
2026
302.3
21.8
324.1
207.1
0.0
207.1
7.3
0.0
7.3
538.4

Feb
2026
329.0
20.7
349.7
221.1
0.0
221.1
7.5
0.0
7.5
578.3

Mar
2026
291.5
17.4
309.0
214.9
0.0
214.9
6.9
0.0
6.9
530.8

Apr
2026
305.4
17.0
322.5
216.9
0.0
216.9
6.4
0.0
6.4
545.8

Apr
2026
4,522.9
2,315.9
6,838.7
376.0
998.9
1,374.9
16.2
136.9
153.2
8,366.8

April 2026

Analytics Office

Table 2.9: Total Assets of MMFs Seeking to Maintain a Stable Price
Per Share ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), the total value of other assets (Item A.14.c), and the
reporting of funds seeking to maintain a stable price per share (Item A.18).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
3,583.1
2,003.6
5,586.7
0.0
937.1
937.1
0.0
132.9
132.9
6,656.7

May
2025
3,592.5
2,050.7
5,643.2
0.0
948.2
948.2
0.0
133.2
133.2
6,724.6

Jun
2025
3,650.3
2,101.4
5,751.7
0.0
965.7
965.7
0.0
130.7
130.7
6,848.1

Jul
2025
3,668.9
2,064.9
5,733.8
0.0
977.9
977.9
0.0
127.6
127.6
6,839.4

Aug
2025
3,748.6
2,114.2
5,862.7
0.0
988.6
988.6
0.0
128.2
128.2
6,979.6

Sep
2025
3,765.7
2,108.2
5,873.8
0.0
995.1
995.1
0.0
129.3
129.3
6,998.2

Oct
2025
3,873.1
2,201.4
6,074.4
0.0
1,001.7
1,001.7
0.0
131.6
131.6
7,207.8

Nov
2025
3,925.5
2,194.6
6,120.0
0.0
1,011.8
1,011.8
0.0
137.0
137.0
7,268.8

Dec
2025
4,051.5
2,342.7
6,394.2
0.0
1,019.8
1,019.8
0.0
142.3
142.3
7,556.4

Jan
2026
4,008.0
2,285.7
6,293.7
0.0
1,022.3
1,022.3
0.0
131.9
131.9
7,447.9

Feb
2026
4,018.7
2,294.7
6,313.4
0.0
1,014.9
1,014.9
0.0
133.6
133.6
7,461.9

Mar
2026
3,986.0
2,290.4
6,276.4
0.0
1,023.7
1,023.7
0.0
136.0
136.0
7,436.1

Apr
2026
3,944.4
2,269.3
6,213.7
0.0
998.9
998.9
0.0
136.9
136.9
7,349.5

Table 2.10: Distribution of Total Assets, by MMF Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c).
Observations with non-po

Category

All MMFs

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
0.07
0.17
0.66
3.42
20.21
86.74
152.10
0.05
0.16
0.62
3.14
26.60
95.75
173.09
0.48
0.74
2.15
7.85
32.19
89.04
139.89
0.04
0.11
0.43
2.78
3.92
8.96
11.37

May
2025
0.07
0.19
0.72
3.44
19.79
84.20
150.34
0.05
0.19
0.65
3.29
26.31
101.91
170.49
0.49
0.74
2.11
7.88
33.15
87.94
140.46
0.04
0.11
0.43
2.80
4.23
9.31
11.34

Jun
2025
0.06
0.19
0.64
3.37
20.22
85.49
145.20
0.05
0.19
0.60
3.36
27.43
104.36
172.62
0.49
0.74
2.11
7.67
32.38
91.64
142.93
0.04
0.11
0.43
2.74
3.95
9.38
10.86

Jul
2025
0.06
0.19
0.67
3.35
19.00
85.58
154.89
0.06
0.19
0.63
3.33
25.88
99.40
171.38
0.50
0.74
2.13
7.90
32.00
90.87
145.74
0.04
0.12
0.42
2.63
3.92
8.86
11.01

Aug
2025
0.06
0.18
0.69
3.28
19.71
90.28
154.56
0.06
0.18
0.65
3.19
27.70
100.59
174.25
0.50
0.74
2.04
7.94
31.79
94.70
145.74
0.04
0.12
0.42
2.73
3.88
8.81
10.89

Sep
2025
0.07
0.19
0.69
3.36
19.00
90.72
157.07
0.06
0.20
0.60
3.29
26.79
103.51
172.50
0.51
0.73
2.06
8.28
34.41
93.50
148.47
0.04
0.11
0.42
2.84
3.86
8.77
10.94

9

Oct
2025
0.07
0.20
0.65
3.42
20.71
91.12
168.06
0.07
0.19
0.61
3.29
27.21
107.38
175.00
0.52
0.74
2.04
10.49
30.64
95.73
147.23
0.04
0.11
0.41
2.87
3.86
8.88
11.49

Nov
2025
0.07
0.19
0.63
3.51
18.50
92.79
168.55
0.07
0.16
0.58
3.52
25.98
104.58
185.46
0.52
0.75
2.04
8.99
32.90
97.43
149.45
0.04
0.11
0.41
2.94
4.00
9.05
11.86

Dec
2025
0.06
0.13
0.59
3.53
19.36
91.67
168.75
0.05
0.11
0.52
3.50
27.02
106.88
191.83
0.53
0.75
2.04
8.09
33.97
97.89
151.36
0.05
0.11
0.41
3.08
4.25
9.40
12.77

Jan
2026
0.06
0.14
0.58
3.55
19.39
100.15
163.13
0.06
0.12
0.51
3.50
26.10
114.41
186.56
0.53
0.73
2.02
8.15
36.20
103.34
149.45
0.04
0.11
0.40
2.98
4.34
8.70
10.78

Feb
2026
0.06
0.13
0.60
3.37
19.39
97.54
161.96
0.06
0.12
0.56
3.36
25.26
115.76
195.56
0.40
0.57
1.89
8.63
37.16
102.60
145.75
0.06
0.11
0.40
2.99
4.11
8.61
10.76

Mar
2026
0.06
0.12
0.62
3.41
19.27
93.20
153.53
0.06
0.12
0.58
3.39
24.87
108.53
189.70
0.16
0.54
1.47
7.88
33.51
97.28
147.13
0.09
0.11
0.41
2.99
4.19
8.50
11.89

Apr
2026
0.07
0.11
0.62
3.57
18.87
90.57
155.41
0.07
0.13
0.57
3.35
23.99
110.39
190.99
0.17
0.55
1.43
7.68
32.70
96.13
142.93
0.09
0.11
0.41
3.02
4.23
8.90
11.86

April 2026

2.3

Analytics Office

Total Liabilities
Table 2.11: MMF Total Liabilities ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total liabilities reported
(Item A.15).

Category
Government

Prime

Tax Exempt
Total

2.4

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
87.0
69.3
156.3
1.5
14.9
16.4
0.1
1.3
1.4
174.1

May
2025
65.8
73.6
139.4
1.7
11.3
13.0
0.1
1.7
1.8
154.2

Jun
2025
117.5
129.4
247.0
1.6
14.1
15.7
0.3
1.8
2.0
264.7

Jul
2025
95.1
70.8
165.9
8.0
17.5
25.5
0.2
0.8
1.0
192.4

Aug
2025
118.2
82.4
200.7
2.5
15.4
17.9
0.1
1.2
1.3
219.8

Sep
2025
87.7
58.6
146.3
3.9
18.4
22.4
0.1
1.1
1.3
170.0

Oct
2025
81.3
100.5
181.8
5.4
16.4
21.8
0.1
1.1
1.3
204.8

Nov
2025
93.2
65.2
158.4
7.0
17.7
24.7
0.0
1.2
1.2
184.3

Dec
2025
150.2
138.9
289.1
6.0
20.0
26.0
0.1
0.9
1.0
316.1

Jan
2026
105.6
98.0
203.6
7.7
23.0
30.7
0.0
0.6
0.6
234.9

Feb
2026
88.3
86.5
174.8
6.6
14.8
21.4
0.1
1.1
1.1
197.4

Mar
2026
82.7
64.8
147.5
3.9
16.9
20.8
0.0
1.0
1.0
169.3

Apr
2026
80.6
78.4
159.0
5.2
13.6
18.8
0.1
1.4
1.5
179.4

Concentration
Table 2.12: Percent of Aggregate Net Assets Reported by Largest
MMFs, by Category
This table excludes feeder funds (Form N-MFP Item A.7) and only includes observations with nonzero
net assets (Item A.16).

Category

All MMFs

Government

Prime

Tax Exempt

Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100

Apr
2025
5.4
22.4
36.5
61.9
83.0
95.4
6.7
25.6
41.8
70.0
89.7
98.5
28.6
64.8
87.0
99.0
100.0
100.0
12.8
46.4
64.3
95.5
100.0
100.0

May
2025
5.4
22.3
36.4
62.0
83.2
95.4
6.6
25.5
41.8
70.0
89.8
98.5
28.7
64.8
86.9
99.0
100.0
100.0
12.6
45.9
64.0
95.4
100.0
100.0

Jun
2025
5.5
22.4
36.5
62.1
83.2
95.5
6.7
25.5
41.8
70.1
89.8
98.5
28.9
65.2
87.2
99.0
100.0
100.0
12.8
45.9
64.5
95.5
100.0
100.0

Jul
2025
5.4
22.4
36.7
62.2
83.3
95.4
6.7
25.6
42.1
70.2
89.7
98.5
28.8
64.9
87.0
99.0
100.0
100.0
12.6
45.3
64.1
95.4
100.0
100.0

Aug
2025
5.4
22.5
36.6
62.1
83.2
95.4
6.6
25.8
41.9
70.1
89.7
98.5
28.7
65.1
86.9
99.1
100.0
100.0
12.3
45.0
63.8
95.5
100.0
100.0

Sep
2025
5.4
22.5
36.9
62.4
83.4
95.5
6.7
25.9
42.3
70.5
89.8
98.5
28.7
64.8
86.9
99.1
100.0
100.0
12.3
44.9
63.6
95.3
100.0
100.0

10

Oct
2025
5.4
22.5
36.9
62.5
83.3
95.5
6.6
25.8
42.3
70.4
89.7
98.5
28.8
65.2
86.5
99.1
100.0
100.0
12.2
45.4
64.0
95.3
100.0
100.0

Nov
2025
5.4
22.3
37.1
63.0
83.7
95.5
6.6
25.7
42.6
71.1
89.9
98.5
29.1
65.7
86.9
99.0
100.0
100.0
12.2
45.6
64.1
95.5
100.0
100.0

Dec
2025
5.4
22.6
37.5
62.8
83.5
95.5
6.7
26.0
43.1
70.9
89.8
98.5
29.3
66.0
87.2
99.1
100.0
100.0
12.0
45.4
63.9
95.6
100.0
100.0

Jan
2026
5.3
22.5
37.4
63.0
83.8
95.5
6.5
26.0
43.0
71.2
89.9
98.5
28.7
65.5
87.2
99.1
100.0
100.0
11.9
43.6
62.6
95.5
100.0
100.0

Feb
2026
5.3
22.1
37.2
62.8
83.6
95.4
6.5
25.6
42.8
71.2
89.6
98.5
28.3
64.6
87.0
99.1
100.0
100.0
11.9
43.4
62.4
95.3
100.0
100.0

Mar
2026
5.5
22.5
37.2
62.6
83.6
95.4
6.7
25.9
42.7
70.9
89.7
98.5
28.6
64.6
87.0
99.1
100.0
100.0
11.7
43.8
62.8
95.4
100.0
100.0

Apr
2026
5.5
22.5
37.1
62.6
83.6
95.4
6.8
25.8
42.5
70.9
89.6
98.4
28.6
64.6
87.2
99.1
100.0
100.0
12.0
44.3
62.9
95.4
100.0
100.0

April 2026

Analytics Office

Table 2.13: Percent of Aggregate Net Assets Reported by Largest
Investment Advisers to MMFs, by Category
This table relies on investment adviser information reported (Form N-MFP Item A.2) and excludes
feeder funds (N-MFP Item A.7), subadvisers (Item A.3), and any observations with zero net assets
(Item A.16).

Category
All MMFs

Government

Prime

Tax Exempt

Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25

Apr
2025
15.2
44.5
66.3
92.9
18.8
55.1
78.1
98.1
29.2
85.4
94.9
100.0
27.2
92.3
99.0
100.0

May
2025
15.4
45.6
67.7
93.4
19.1
56.5
80.0
98.3
29.2
85.8
95.4
100.0
27.6
92.7
99.3
100.0

Jun
2025
19.2
47.1
68.9
92.8
25.2
59.0
81.8
98.1
29.1
86.3
95.8
100.0
26.1
92.4
99.2
100.0

Jul
2025
10.6
41.0
65.4
93.3
13.8
52.4
78.3
98.7
28.8
85.6
95.1
100.0
25.8
91.5
98.9
100.0

Aug
2025
15.4
44.6
66.3
92.6
19.0
54.9
77.6
97.8
28.7
85.4
95.1
100.0
30.1
94.0
99.4
100.0

Sep
2025
16.2
46.8
69.7
93.9
20.2
58.3
81.5
98.6
28.8
85.5
95.1
100.0
26.4
91.9
99.0
100.0

Oct
2025
15.5
45.7
67.6
93.0
18.7
55.2
78.0
97.9
31.7
86.8
95.1
100.0
30.8
93.7
99.2
100.0

Nov
2025
15.9
47.5
70.6
94.6
19.8
58.9
82.4
98.8
29.1
85.3
94.9
100.0
31.5
94.2
99.5
100.0

Dec
2025
19.3
54.2
77.3
94.8
25.0
69.4
91.1
99.1
29.5
86.2
95.9
100.0
27.4
92.0
99.1
100.0

Jan
2026
15.1
45.2
66.9
93.0
18.5
55.2
78.8
97.8
28.8
85.8
95.5
100.0
33.3
93.9
99.5
100.0

Feb
2026
10.5
40.0
66.8
91.8
14.6
52.5
82.4
97.6
28.7
85.4
95.0
100.0
27.8
91.4
99.0
100.0

Mar
2026
16.0
47.4
69.8
93.8
19.7
58.2
80.6
98.0
29.7
88.0
95.6
100.0
30.7
92.7
99.5
100.0

Apr
2026
17.1
45.9
69.1
93.3
20.9
55.4
79.4
97.8
32.2
89.2
96.3
100.0
32.0
94.0
99.7
100.0

Table 2.14: Aggregate Net Assets, by MMF Category and Net Assets
Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and removes any observations with zero net
assets (Item A.16). See Appendix 12.1 for a review of interval notation used here.

Net Assets
$50 billion or More

[$10 billion,$50 billion)

[$5 billion,$10 billion)

[$1 billion,$5 billion)

[$500 million,$1 billion)

[$100 million,$500 million)

Under $100 million
Total

Category
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Total

Apr
2025
4,741.5
1,026.8
0.0
5,768.3
948.0
166.8
59.3
1,174.1
143.5
42.0
26.6
212.1
112.2
20.3
57.4
189.8
14.9
2.0
1.7
18.6
7.9
0.4
1.9
10.1
0.4
0.0
0.1
0.5
7,373.5

May
2025
4,868.4
1,034.8
0.0
5,903.2
905.8
170.6
58.3
1,134.7
151.2
41.9
27.3
220.5
100.2
20.3
58.0
178.4
17.2
2.0
1.8
21.0
7.8
0.4
1.9
10.1
0.4
0.0
0.1
0.5
7,468.4

Jun
2025
4,809.5
1,046.9
0.0
5,856.4
966.9
170.2
56.4
1,193.5
140.8
35.3
27.2
203.2
109.4
24.1
55.2
188.7
14.7
2.9
1.8
19.4
8.6
0.4
1.9
10.9
0.5
0.0
0.1
0.6
7,472.7

Jul
2025
4,842.2
1,067.6
0.0
5,909.8
973.5
180.0
45.4
1,198.9
142.5
32.1
36.2
210.9
108.6
19.4
55.7
183.8
13.5
3.0
1.7
18.2
8.3
0.4
1.9
10.6
0.6
0.0
0.1
0.7
7,532.9

Aug
2025
5,034.1
1,081.7
0.0
6,115.8
900.6
186.2
44.8
1,131.6
149.1
32.0
36.7
217.9
99.8
20.3
55.6
175.6
14.3
2.0
1.8
18.1
8.9
0.5
1.8
11.2
0.6
0.0
0.1
0.7
7,670.9

11

Sep
2025
5,084.1
1,083.6
0.0
6,167.7
956.0
189.6
55.4
1,201.0
144.2
33.2
27.1
204.4
97.4
20.0
56.5
174.0
14.5
2.0
1.8
18.3
8.4
0.5
1.9
10.7
0.6
0.0
0.1
0.7
7,776.9

Oct
2025
5,296.5
1,090.8
0.0
6,387.3
872.5
198.2
57.0
1,127.7
152.7
26.8
27.2
206.6
101.9
19.6
57.0
178.5
14.2
2.0
1.8
18.0
8.8
0.6
1.8
11.2
0.6
0.0
0.1
0.7
7,930.1

Nov
2025
5,473.3
1,095.9
0.0
6,569.2
807.2
197.9
60.0
1,065.1
148.0
24.8
28.1
200.9
113.6
19.8
59.6
193.0
11.4
2.1
1.8
15.3
8.4
0.6
1.7
10.7
0.8
0.0
0.2
1.0
8,055.2

Dec
2025
5,513.7
1,098.2
0.0
6,611.9
882.3
199.1
62.3
1,143.7
148.3
22.6
34.2
205.2
112.8
19.8
57.6
190.2
13.7
2.0
1.9
17.7
8.3
0.6
1.8
10.7
0.9
0.0
0.1
1.0
8,180.3

Jan
2026
5,546.9
1,115.8
0.0
6,662.7
878.4
204.0
56.2
1,138.6
142.1
22.7
27.7
192.5
115.5
19.5
61.3
196.2
9.6
2.0
1.9
13.6
10.0
0.7
1.8
12.4
0.8
0.0
0.1
0.9
8,216.9

Feb
2026
5,576.6
1,125.1
0.0
6,701.8
968.2
209.5
56.5
1,234.2
132.4
25.7
27.9
186.0
109.6
19.7
61.8
191.1
11.4
2.0
2.1
15.5
8.7
0.7
1.8
11.1
0.7
0.0
0.1
0.9
8,340.6

Mar
2026
5,536.6
1,124.6
0.0
6,661.2
964.0
208.7
58.0
1,230.7
129.1
26.6
28.1
183.7
102.4
18.7
61.8
182.9
15.2
3.5
2.1
20.8
7.7
0.2
1.6
9.6
0.9
0.0
0.1
1.0
8,289.9

Apr
2026
5,475.1
1,107.1
0.0
6,582.2
948.2
191.7
58.3
1,198.2
117.1
35.6
27.9
180.6
114.7
17.9
61.6
194.3
15.8
3.5
2.1
21.4
8.2
0.2
1.6
10.0
0.6
0.0
0.1
0.8
8,187.6

April 2026

Analytics Office

Table 2.15: Number of MMFs, by Category and Net Assets Bucket
This table excludes feeder funds (Form N-MFP Item A.7) and removes any observations with zero net
assets (Item A.16). See Appendix 12.1 for a review of interval notation used here.

Net Assets
$50 billion or More

[$10 billion,$50 billion)

[$5 billion,$10 billion)

[$1 billion,$5 billion)

[$500 million,$1 billion)

[$100 million,$500 million)

Under $100 million
Total

Category
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Total

Apr
2025
34
8
0
42
36
8
4
48
19
6
4
29
46
9
19
74
21
3
3
27
29
2
8
39
13
0
3
16
275

May
2025
35
8
0
43
35
8
4
47
21
6
4
31
42
9
19
70
23
3
3
29
29
2
8
39
13
0
3
16
275

Jun
2025
34
8
0
42
36
8
4
48
20
5
4
29
44
9
19
72
20
4
3
27
30
2
8
40
15
0
3
18
276

Jul
2025
34
8
0
42
37
9
3
49
20
5
5
30
46
8
19
73
19
4
3
26
29
2
8
39
15
0
3
18
277

12

Aug
2025
36
8
0
44
36
9
3
48
21
5
5
31
43
9
19
71
19
3
3
25
31
2
8
41
15
0
3
18
278

Sep
2025
35
8
0
43
38
9
4
51
21
5
4
30
42
9
19
70
20
3
3
26
29
2
8
39
15
0
3
18
277

Oct
2025
37
8
0
45
35
10
4
49
21
4
4
29
44
9
19
72
20
3
3
26
30
2
8
40
15
0
3
18
279

Nov
2025
38
8
0
46
34
10
4
48
20
4
4
28
48
9
19
76
17
3
3
23
29
2
7
38
17
0
4
21
280

Dec
2025
37
8
0
45
35
10
4
49
20
4
5
29
45
9
18
72
20
3
3
26
30
2
8
40
19
0
3
22
283

Jan
2026
37
8
0
45
36
10
4
50
19
4
4
27
48
9
19
76
14
3
3
20
34
2
8
44
18
0
3
21
283

Feb
2026
36
8
0
44
40
10
4
54
18
4
4
26
47
9
19
75
17
3
3
23
32
2
8
42
17
1
3
21
285

Mar
2026
36
8
0
44
40
10
4
54
19
4
4
27
44
8
19
71
22
5
3
30
28
1
8
37
18
2
3
23
286

Apr
2026
36
8
0
44
40
9
4
53
17
5
4
26
46
8
19
73
22
5
3
30
32
1
8
41
16
2
3
21
288

April 2026

3

Analytics Office

Flows
Table 3.1: Aggregate Gross Subscriptions, by MMF Category
($Billions)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
2,561.7
1,015.2
3,576.8
204.6
115.0
319.6
9.1
25.7
34.7
3,931.2

May
2025
2,365.1
928.0
3,293.0
171.2
95.9
267.2
7.6
19.4
27.0
3,587.2

Jun
2025
2,400.8
909.8
3,310.7
180.0
89.1
269.0
6.5
14.9
21.4
3,601.1

Jul
2025
2,505.8
983.5
3,489.3
187.9
94.8
282.8
8.4
14.1
22.5
3,794.6

Aug
2025
2,471.8
956.9
3,428.6
177.4
92.6
270.0
7.2
14.3
21.5
3,720.1

Sep
2025
2,734.5
981.3
3,715.9
205.2
91.6
296.8
6.8
16.1
22.9
4,035.6

Oct
2025
2,718.2
1,054.6
3,772.9
214.6
101.7
316.3
8.8
18.0
26.8
4,116.0

Nov
2025
2,515.4
928.8
3,444.1
174.3
86.3
260.6
6.0
17.0
23.0
3,727.7

Dec
2025
3,177.8
1,262.5
4,440.3
216.9
96.9
313.8
7.4
22.8
30.2
4,784.3

Jan
2026
2,798.2
1,085.0
3,883.3
211.1
99.2
310.3
8.3
16.7
25.0
4,218.6

Feb
2026
2,665.4
1,021.9
3,687.4
198.6
85.5
284.1
6.8
15.7
22.5
3,994.0

Mar
2026
3,075.5
1,213.2
4,288.7
221.5
100.2
321.7
7.5
17.5
24.9
4,635.3

Table 3.2: Aggregate Gross Subscriptions, by MMF Category
(Percent)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.
Percentages are calculated using lagged net assets (Item A.16).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
63.8
51.8
59.9
63.3
12.4
25.6
64.3
20.1
24.5
53.4

May
2025
58.9
48.0
55.4
51.9
10.4
21.3
49.6
14.7
18.4
48.8

Jun
2025
59.2
46.1
54.9
55.0
9.5
21.3
41.1
11.3
14.5
48.4

Jul
2025
61.7
50.0
57.9
57.5
10.0
22.2
62.0
10.9
15.8
51.0

Aug
2025
60.7
48.0
56.5
52.8
9.6
20.8
50.7
11.2
15.2
49.6

13

Sep
2025
65.8
48.3
60.1
59.6
9.4
22.5
49.0
12.7
16.3
52.8

Oct
2025
64.4
51.1
60.1
61.8
10.4
23.9
60.3
14.0
18.8
53.1

Nov
2025
58.2
44.1
53.6
51.3
8.8
19.7
41.9
13.0
15.9
47.2

Dec
2025
72.1
59.2
67.9
63.9
9.8
23.5
47.8
16.8
19.9
59.6

Jan
2026
62.9
49.2
58.3
62.6
9.9
23.2
50.5
11.8
15.9
51.7

Feb
2026
59.3
46.7
55.2
55.2
8.6
20.9
38.4
11.9
15.1
48.8

Mar
2026
67.5
54.4
63.2
59.1
10.0
23.4
42.6
13.2
16.6
55.8

Apr
2026
63.4
50.2
59.0
56.9
9.2
21.8
40.4
16.2
18.9
52.1

Apr
2026
2,842.3
1,129.6
3,971.9
206.4
92.8
299.2
6.8
21.9
28.7
4,299.7

April 2026

Analytics Office

Table 3.3: Distribution of Gross Subscriptions, by MMF Category
($Billions)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
0.00
0.01
0.09
1.00
10.15
37.50
94.27
0.04
0.06
0.14
1.24
9.86
30.13
42.57
0.00
0.01
0.04
0.37
1.39
2.24
3.16

May
2025
0.00
0.01
0.06
0.75
8.96
36.90
84.42
0.02
0.03
0.08
1.05
8.25
26.35
39.61
0.00
0.01
0.03
0.32
1.08
1.81
2.40

Jun
2025
0.00
0.01
0.06
0.88
8.88
34.33
83.46
0.01
0.03
0.10
1.03
7.75
26.69
36.29
0.00
0.00
0.02
0.27
0.69
1.33
1.94

Jul
2025
0.00
0.01
0.07
1.15
9.02
39.46
88.42
0.03
0.04
0.11
1.06
8.07
24.07
38.74
0.00
0.01
0.03
0.27
0.71
1.61
1.79

Aug
2025
0.00
0.01
0.06
0.99
8.71
33.89
85.20
0.03
0.04
0.13
1.12
8.05
26.02
37.89
0.00
0.01
0.03
0.26
0.67
1.56
1.92

Sep
2025
0.00
0.01
0.06
1.03
8.96
36.48
100.50
0.02
0.03
0.13
1.04
8.20
30.07
38.98
0.00
0.00
0.04
0.27
0.83
1.72
1.87

Oct
2025
0.00
0.01
0.09
0.90
10.28
37.05
100.46
0.03
0.04
0.10
1.19
8.38
31.36
46.65
0.00
0.00
0.02
0.27
0.82
1.80
2.94

Nov
2025
0.00
0.01
0.05
0.85
8.04
30.55
88.71
0.03
0.03
0.07
1.09
7.27
25.08
36.97
0.00
0.00
0.02
0.25
0.76
1.57
2.20

Dec
2025
0.00
0.01
0.05
1.07
9.22
42.76
111.90
0.02
0.03
0.18
1.11
8.10
34.16
42.42
0.01
0.01
0.05
0.39
0.92
1.87
2.69

Jan
2026
0.00
0.00
0.04
0.85
9.73
32.71
104.24
0.02
0.03
0.06
1.20
8.22
31.83
41.96
0.00
0.00
0.03
0.26
0.85
1.56
1.99

Feb
2026
0.00
0.00
0.04
0.77
8.82
31.04
93.62
0.01
0.02
0.05
1.03
7.62
29.59
35.30
0.00
0.00
0.03
0.32
0.75
1.57
1.77

Mar
2026
0.00
0.01
0.05
1.16
10.30
39.87
107.99
0.01
0.02
0.08
0.90
8.79
32.30
42.28
0.00
0.00
0.04
0.30
0.80
2.03
2.21

Apr
2026
0.00
0.01
0.04
0.85
9.08
36.12
99.25
0.00
0.01
0.07
0.86
7.87
31.88
39.56
0.00
0.01
0.03
0.35
1.07
1.83
2.96

Table 3.4: Distribution of Gross Subscriptions, by MMF Category
(Percent)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.
Percentages are calculated using lagged net assets (Item A.16).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
2.9
4.8
9.0
25.4
71.4
122.0
199.3
4.8
6.5
9.2
12.5
32.7
93.0
110.5
4.9
5.6
10.2
15.2
23.6
47.6
75.2

May
2025
1.9
2.7
6.5
23.6
62.8
107.2
151.5
2.5
2.7
6.6
10.3
32.5
66.7
81.2
2.8
3.5
7.5
12.4
17.1
43.6
64.7

Jun
2025
2.1
2.9
6.1
22.0
58.8
116.3
165.8
2.3
3.2
4.9
9.9
23.9
59.7
92.4
1.1
3.5
5.9
10.2
15.2
32.7
55.2

Jul
2025
1.6
2.3
7.9
23.4
65.4
118.2
177.7
3.5
3.7
6.6
11.2
32.2
69.0
102.7
3.5
4.2
6.5
10.3
14.7
41.7
61.6

Aug
2025
1.4
2.2
7.0
21.8
59.0
105.7
161.1
2.6
3.9
6.5
10.8
38.6
75.8
84.2
1.8
3.7
6.7
9.3
18.2
43.2
73.3

14

Sep
2025
1.5
2.5
7.3
22.4
61.5
131.1
179.3
2.3
3.5
7.3
10.7
30.5
103.0
107.8
2.3
3.6
5.2
12.4
16.8
40.9
47.5

Oct
2025
1.8
2.8
8.0
25.4
75.6
114.7
150.9
2.6
3.8
6.0
11.0
26.9
69.2
88.2
2.6
3.4
5.9
10.8
14.8
43.3
65.4

Nov
2025
1.6
2.7
7.7
20.8
58.8
106.5
170.3
3.4
3.7
6.7
8.4
26.8
91.2
99.9
1.6
2.1
4.5
10.9
16.4
25.0
39.4

Dec
2025
1.5
2.1
7.5
26.4
72.3
125.5
195.9
2.9
3.5
6.9
10.3
26.3
83.0
107.8
3.9
5.6
9.0
13.4
21.5
44.1
53.3

Jan
2026
1.3
1.9
5.7
22.4
64.5
118.8
172.9
2.5
2.9
6.1
10.5
15.1
72.7
97.2
1.6
3.4
5.4
9.2
15.7
32.0
55.0

Feb
2026
1.1
2.2
5.8
19.5
61.7
115.3
144.9
2.4
2.9
5.1
7.8
14.7
68.5
93.3
1.9
3.2
5.8
9.3
17.9
32.2
46.2

Mar
2026
2.0
3.9
7.8
25.4
68.2
118.5
173.8
2.5
3.7
6.0
10.3
20.2
65.0
102.3
2.0
3.0
5.8
10.2
16.6
28.0
62.4

Apr
2026
1.9
2.6
6.9
20.7
62.3
117.6
161.1
0.0
2.8
5.3
8.7
16.2
67.8
93.4
2.5
3.5
9.2
11.4
17.4
33.8
58.2

April 2026

Analytics Office

Table 3.5: Aggregate Gross Redemptions, by MMF Category
($Billions)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
2,559.7
1,042.5
3,602.2
197.4
119.0
316.4
7.7
21.9
29.6
3,948.1

May
2025
2,326.2
884.9
3,211.2
174.3
81.4
255.7
7.2
19.1
26.3
3,493.1

Jun
2025
2,394.6
917.0
3,311.6
181.9
76.9
258.8
8.8
17.5
26.3
3,596.8

Jul
2025
2,488.9
957.0
3,445.9
179.0
83.0
262.0
7.8
16.2
24.0
3,731.9

Aug
2025
2,393.4
919.8
3,313.2
169.2
80.1
249.4
7.7
14.3
22.0
3,584.6

Sep
2025
2,661.4
954.5
3,615.9
202.7
87.9
290.6
6.0
14.7
20.7
3,927.1

Oct
2025
2,615.0
1,016.2
3,631.2
221.8
93.5
315.3
9.0
15.7
24.7
3,971.2

Nov
2025
2,427.2
900.6
3,327.8
174.4
77.1
251.5
5.0
11.6
16.6
3,595.9

Dec
2025
3,136.1
1,188.6
4,324.7
219.1
91.9
311.0
6.3
17.3
23.7
4,659.5

Jan
2026
2,757.0
1,101.3
3,858.3
188.6
98.9
287.5
7.0
26.8
33.8
4,179.7

Feb
2026
2,602.2
981.5
3,583.7
183.9
85.3
269.2
7.1
14.2
21.2
3,874.2

Mar
2026
3,148.6
1,191.2
4,339.8
233.4
93.6
327.0
8.2
15.1
23.3
4,690.1

Table 3.6: Aggregate Gross Redemptions, by MMF Category (Percent)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund. Percentages are
calculated using lagged net assets (Item A.16).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
63.8
53.2
60.3
61.1
12.8
25.3
54.9
17.1
20.9
53.6

May
2025
57.9
45.8
54.0
52.8
8.8
20.4
46.7
14.5
17.9
47.6

Jun
2025
59.1
46.4
54.9
55.6
8.2
20.5
55.6
13.3
17.9
48.3

Jul
2025
61.3
48.6
57.2
54.7
8.8
20.5
57.2
12.6
16.9
50.1

Aug
2025
58.8
46.1
54.6
50.3
8.3
19.2
53.9
11.3
15.6
47.8

15

Sep
2025
64.1
47.0
58.5
58.8
9.0
22.1
43.2
11.6
14.7
51.4

Oct
2025
62.0
49.3
57.8
63.9
9.6
23.8
61.8
12.2
17.3
51.3

Nov
2025
56.2
42.8
51.8
51.3
7.8
19.0
34.8
8.9
11.5
45.6

Dec
2025
71.1
55.7
66.1
64.5
9.2
23.3
40.8
12.8
15.6
58.1

Jan
2026
61.9
49.9
57.9
55.9
9.9
21.5
42.4
19.0
21.4
51.3

Feb
2026
57.9
44.8
53.6
51.1
8.5
19.8
39.8
10.8
14.2
47.3

Mar
2026
69.1
53.4
64.0
62.3
9.4
23.8
46.4
11.4
15.5
56.4

Apr
2026
64.4
51.7
60.1
57.2
11.3
23.5
44.8
15.9
19.1
53.3

Apr
2026
2,885.9
1,163.8
4,049.6
207.6
113.9
321.5
7.6
21.5
29.0
4,400.1

April 2026

Analytics Office

Table 3.7: Distribution of Gross Redemptions, by MMF Category
($Billions)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund.

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
0.00
0.01
0.07
1.04
9.80
35.13
95.61
0.01
0.04
0.09
1.31
10.06
28.44
40.94
0.00
0.01
0.06
0.36
0.98
1.85
2.81

May
2025
0.00
0.01
0.06
0.92
8.20
35.07
85.34
0.01
0.03
0.10
1.02
6.80
26.75
34.86
0.00
0.00
0.03
0.29
0.90
1.80
2.45

Jun
2025
0.00
0.01
0.07
0.90
8.50
37.31
83.19
0.01
0.03
0.07
0.91
7.09
26.87
32.08
0.01
0.01
0.02
0.34
0.71
2.05
2.40

Jul
2025
0.00
0.00
0.05
0.87
8.68
39.60
92.36
0.04
0.04
0.13
0.95
7.20
25.97
34.20
0.00
0.01
0.03
0.25
0.80
1.59
2.12

Aug
2025
0.00
0.00
0.05
0.80
8.13
35.59
85.03
0.02
0.04
0.13
0.89
7.18
23.08
33.81
0.00
0.00
0.04
0.28
0.71
1.62
1.73

Sep
2025
0.00
0.01
0.04
0.99
9.04
38.84
103.05
0.02
0.03
0.12
0.95
8.97
31.40
36.95
0.00
0.01
0.03
0.25
0.68
1.24
1.71

Oct
2025
0.00
0.01
0.04
0.98
8.98
34.21
96.39
0.01
0.04
0.12
1.08
8.12
34.20
48.48
0.00
0.00
0.05
0.23
0.74
1.67
2.54

Nov
2025
0.00
0.00
0.05
0.86
7.94
29.77
84.77
0.02
0.03
0.07
0.94
7.00
22.98
33.79
0.00
0.00
0.02
0.17
0.58
0.93
1.53

Dec
2025
0.00
0.01
0.03
1.02
9.40
43.34
123.29
0.02
0.04
0.08
1.11
8.02
32.65
40.36
0.00
0.01
0.03
0.28
0.73
1.73
2.32

Jan
2026
0.00
0.01
0.05
1.01
9.58
36.50
97.86
0.02
0.04
0.10
1.09
7.78
28.55
37.66
0.00
0.01
0.03
0.46
1.02
2.27
2.91

Feb
2026
0.00
0.00
0.03
0.80
8.20
30.92
88.10
0.01
0.02
0.08
0.93
7.55
26.37
34.82
0.00
0.00
0.03
0.26
0.63
1.42
1.84

Mar
2026
0.00
0.01
0.04
1.04
9.55
40.31
113.82
0.01
0.03
0.11
0.87
8.53
37.78
39.05
0.00
0.00
0.05
0.24
0.78
1.64
1.95

Apr
2026
0.00
0.01
0.05
0.85
10.25
35.27
104.82
0.00
0.02
0.08
0.98
7.95
33.67
42.07
0.00
0.01
0.04
0.30
1.02
1.76
2.65

Table 3.8: Distribution of Gross Redemptions, by MMF Category
(Percent)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund. Percentages are
calculated using lagged net assets (Item A.16).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
1.7
3.8
9.0
24.2
73.1
115.5
191.7
4.3
5.1
6.6
11.8
20.3
77.4
96.5
2.3
4.3
7.6
14.8
20.3
46.0
71.7

May
2025
2.2
3.2
6.3
18.8
57.5
109.3
150.4
2.6
4.0
5.6
9.0
28.2
76.6
83.6
2.1
3.0
6.0
10.2
15.0
28.7
63.9

Jun
2025
2.0
2.8
6.2
21.4
57.9
111.9
157.2
2.6
3.5
5.9
8.9
23.5
78.4
97.3
1.6
3.7
7.4
10.2
18.8
52.4
56.0

Jul
2025
2.0
2.9
6.4
19.6
61.5
118.5
166.6
3.3
4.0
6.8
10.2
35.4
81.0
100.0
2.6
4.8
6.6
9.8
15.5
28.4
58.4

Aug
2025
1.7
2.8
6.6
18.5
52.4
105.7
139.7
3.7
3.8
6.5
8.8
26.4
80.4
85.4
2.5
3.6
6.9
10.1
13.5
36.6
60.3

16

Sep
2025
1.8
3.0
6.8
21.3
58.5
115.5
160.4
2.7
3.3
6.7
10.8
34.5
94.8
101.0
3.2
4.1
6.6
9.6
13.0
27.0
64.5

Oct
2025
1.8
2.7
5.2
21.9
64.1
117.4
147.2
2.5
3.0
6.3
10.2
33.9
85.9
101.1
2.7
3.2
6.2
9.9
13.8
23.5
60.9

Nov
2025
1.6
2.0
5.3
19.4
59.0
107.2
147.2
2.4
3.2
5.2
8.8
26.9
77.6
90.1
1.9
3.4
4.3
6.3
8.9
21.6
30.2

Dec
2025
2.0
3.6
7.7
22.9
70.9
123.8
180.0
2.8
3.6
5.9
10.6
23.9
95.5
110.9
3.7
4.7
7.8
10.4
14.5
25.0
42.6

Jan
2026
2.0
3.0
6.5
22.4
60.4
109.6
150.2
3.3
3.9
6.7
10.6
23.7
69.9
91.5
2.5
3.4
7.4
14.9
21.8
30.2
47.5

Feb
2026
1.4
2.3
5.1
18.1
57.8
114.3
139.8
2.4
3.0
5.6
8.4
20.7
65.0
81.2
2.8
3.3
5.8
9.2
13.2
20.8
32.5

Mar
2026
2.1
3.2
6.7
21.8
68.7
126.6
168.8
2.8
3.8
6.4
9.5
32.4
96.3
102.5
2.3
2.9
5.6
10.1
12.2
30.8
58.6

Apr
2026
2.6
3.3
6.8
21.0
59.4
114.4
154.2
0.0
3.3
5.4
11.5
18.6
70.0
95.5
3.9
5.0
7.6
14.1
18.1
33.9
42.7

April 2026

Analytics Office

Table 3.9: Aggregate Net Flows, by MMF Category ($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund.

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
2.0
-27.3
-25.3
7.2
-4.0
3.2
1.3
3.8
5.1
-17.0

May
2025
38.8
43.0
81.8
-3.0
14.5
11.5
0.5
0.3
0.7
94.0

Jun
2025
6.3
-7.2
-0.9
-1.9
12.1
10.2
-2.3
-2.7
-5.0
4.3

Jul
2025
16.9
26.5
43.4
9.0
11.8
20.8
0.7
-2.2
-1.5
62.7

Aug
2025
78.4
37.0
115.4
8.2
12.5
20.6
-0.5
-0.1
-0.5
135.5

Sep
2025
73.1
26.8
100.0
2.5
3.7
6.3
0.8
1.4
2.2
108.4

Oct
2025
103.3
38.4
141.7
-7.2
8.3
1.0
-0.2
2.3
2.1
144.8

Nov
2025
88.2
28.1
116.3
-0.1
9.2
9.1
1.0
5.4
6.4
131.8

Dec
2025
41.7
73.9
115.6
-2.2
5.0
2.8
1.1
5.4
6.5
124.9

Jan
2026
41.2
-16.3
24.9
22.4
0.3
22.8
1.3
-10.1
-8.8
38.9

Feb
2026
63.2
40.5
103.7
14.7
0.2
14.9
-0.2
1.5
1.3
119.8

Mar
2026
-73.1
22.0
-51.1
-11.9
6.6
-5.3
-0.7
2.3
1.6
-54.8

Apr
2026
-43.6
-34.2
-77.8
-1.2
-21.1
-22.3
-0.8
0.4
-0.4
-100.4

Table 3.10: Aggregate Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund. Percentages are calculated using lagged net assets (Item A.16).

Category
Government

Prime

Tax Exempt
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
0.0
-1.4
-0.4
2.2
-0.4
0.3
9.4
3.0
3.6
-0.2

May
2025
1.0
2.2
1.4
-0.9
1.6
0.9
2.9
0.2
0.5
1.3

Jun
2025
0.2
-0.4
-0.0
-0.6
1.3
0.8
-14.5
-2.0
-3.4
0.1

Jul
2025
0.4
1.3
0.7
2.7
1.2
1.6
4.9
-1.7
-1.1
0.8

Aug
2025
1.9
1.9
1.9
2.4
1.3
1.6
-3.2
-0.1
-0.4
1.8

17

Sep
2025
1.8
1.3
1.6
0.7
0.4
0.5
5.8
1.1
1.6
1.4

Oct
2025
2.4
1.9
2.3
-2.1
0.8
0.1
-1.5
1.8
1.5
1.9

Nov
2025
2.0
1.3
1.8
-0.0
0.9
0.7
7.2
4.1
4.4
1.7

Dec
2025
0.9
3.5
1.8
-0.7
0.5
0.2
7.0
4.0
4.3
1.6

Jan
2026
0.9
-0.7
0.4
6.7
0.0
1.7
8.0
-7.2
-5.6
0.5

Feb
2026
1.4
1.8
1.6
4.1
0.0
1.1
-1.4
1.2
0.9
1.5

Mar
2026
-1.6
1.0
-0.8
-3.2
0.7
-0.4
-3.9
1.7
1.1
-0.7

Apr
2026
-1.0
-1.5
-1.2
-0.3
-2.1
-1.6
-4.5
0.3
-0.2
-1.2

April 2026

Analytics Office

Table 3.11: Distribution of Net Flows, by MMF Category
($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund.

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
-3.11
-1.25
-0.27
-0.00
0.04
0.68
1.88
-1.20
-0.75
-0.22
0.01
0.07
1.56
2.24
-0.10
-0.03
-0.00
0.00
0.16
0.41
0.60

May
2025
-1.11
-0.40
-0.03
0.00
0.27
1.80
3.03
-0.86
-0.16
-0.03
0.03
0.42
1.92
2.53
-0.09
-0.07
-0.01
0.00
0.05
0.13
0.22

Jun
2025
-2.19
-0.78
-0.06
0.00
0.11
1.33
2.24
-0.47
-0.31
-0.02
0.01
0.23
1.41
2.27
-0.71
-0.45
-0.15
-0.01
0.00
0.05
0.11

Jul
2025
-0.99
-0.36
-0.04
0.00
0.17
1.24
2.21
-0.18
-0.03
-0.00
0.05
0.64
1.93
3.42
-0.33
-0.19
-0.06
-0.00
0.01
0.07
0.16

Aug
2025
-0.69
-0.20
-0.02
0.01
0.44
1.92
3.58
-0.24
-0.06
-0.01
0.11
0.75
1.61
2.62
-0.25
-0.10
-0.04
-0.00
0.01
0.12
0.17

Sep
2025
-1.18
-0.45
-0.03
0.00
0.32
1.51
4.21
-0.82
-0.27
-0.02
0.02
0.39
1.11
1.57
-0.07
-0.06
-0.01
0.01
0.10
0.20
0.29

Oct
2025
-0.97
-0.43
-0.03
0.01
0.32
2.03
4.37
-1.22
-0.44
-0.09
0.02
0.22
1.28
2.03
-0.07
-0.05
-0.01
0.01
0.08
0.19
0.53

Nov
2025
-1.82
-0.56
-0.02
0.00
0.24
1.55
2.99
-0.39
-0.21
0.00
0.03
0.22
1.40
1.82
-0.00
-0.00
-0.00
0.05
0.20
0.44
0.70

Dec
2025
-0.78
-0.31
-0.03
0.01
0.34
2.79
5.49
-0.96
-0.57
-0.01
0.02
0.14
0.80
1.44
-0.01
-0.00
0.00
0.07
0.22
0.43
0.65

Jan
2026
-2.99
-0.96
-0.08
-0.00
0.11
1.01
2.55
-0.33
-0.10
-0.05
-0.01
0.24
1.69
3.44
-1.22
-0.69
-0.28
-0.02
0.00
0.14
0.21

Feb
2026
-1.25
-0.34
-0.01
0.01
0.20
1.47
4.91
-0.41
-0.20
-0.02
0.02
0.25
1.18
2.44
-0.10
-0.08
-0.01
0.00
0.07
0.15
0.26

Mar
2026
-3.11
-1.18
-0.10
0.00
0.13
1.08
2.45
-1.32
-0.58
-0.15
-0.00
0.09
0.25
0.92
-0.13
-0.10
-0.01
0.00
0.07
0.16
0.25

Apr
2026
-3.49
-1.87
-0.29
-0.01
0.01
0.42
1.08
-3.03
-2.01
-0.73
-0.11
-0.01
0.01
0.16
-0.23
-0.21
-0.03
-0.00
0.06
0.18
0.31

Table 3.12: Distribution of Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund. Percentages are calculated using lagged net assets (Item A.16).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
-11.6
-7.4
-2.6
-0.0
3.1
12.6
24.3
-5.8
-2.8
-1.6
0.5
3.0
6.6
22.4
-6.4
-2.7
-0.7
0.7
4.9
10.1
16.4

May
2025
-10.7
-6.6
-1.8
0.2
3.3
9.8
23.0
-8.1
-4.5
-1.3
0.5
2.5
4.3
5.2
-2.6
-2.0
-0.8
0.9
2.5
6.1
9.3

Jun
2025
-14.2
-7.5
-2.5
0.0
2.3
8.8
29.8
-9.2
-4.1
-1.3
0.2
1.5
2.6
6.7
-21.3
-6.5
-2.9
-1.6
0.2
4.4
7.7

Jul
2025
-8.2
-5.2
-1.4
0.4
4.0
10.2
17.6
-12.0
-1.8
-0.2
1.2
2.2
4.1
6.3
-5.4
-3.4
-2.0
-0.7
1.0
3.9
11.0

Aug
2025
-8.6
-4.9
-1.4
0.8
5.3
12.8
21.4
-8.3
-1.9
-0.4
1.2
2.7
9.1
13.8
-4.5
-2.7
-1.4
-0.4
1.9
4.7
11.6

18

Sep
2025
-11.5
-6.2
-1.7
0.3
3.8
11.3
20.6
-5.2
-4.0
-0.8
0.2
1.9
10.3
11.7
-4.5
-1.8
-1.1
1.0
4.6
5.4
14.8

Oct
2025
-11.2
-8.2
-1.2
0.9
4.2
12.4
25.5
-18.2
-11.2
-1.4
0.3
1.7
3.5
7.9
-7.3
-2.5
-1.2
0.4
2.4
4.7
4.9

Nov
2025
-19.3
-9.1
-1.2
0.7
3.9
11.2
15.9
-3.8
-3.2
0.0
0.8
1.5
3.2
6.3
-2.3
-1.6
-0.4
1.9
4.5
11.4
13.8

Dec
2025
-14.2
-9.1
-2.4
0.7
5.1
10.8
16.4
-7.9
-6.3
-0.8
0.3
1.2
3.2
5.0
-5.4
-2.2
0.6
3.0
5.1
10.7
15.8

Jan
2026
-9.9
-6.2
-2.1
-0.3
3.3
14.1
26.1
-4.3
-1.9
-1.2
-0.3
1.8
8.9
10.2
-12.3
-11.7
-7.2
-1.9
0.4
3.5
8.4

Feb
2026
-10.3
-5.3
-1.2
0.5
3.5
8.9
14.5
-2.4
-1.7
-0.5
0.1
1.5
7.1
10.2
-5.6
-3.2
-1.1
0.1
2.2
7.9
13.1

Mar
2026
-13.8
-7.8
-3.1
0.5
3.0
10.9
16.5
-13.1
-10.3
-2.2
-0.1
0.9
2.2
2.7
-4.2
-2.0
-1.3
0.5
3.7
4.8
8.6

Apr
2026
-12.6
-8.6
-3.9
-1.2
2.1
9.2
16.0
-5.3
-4.7
-2.6
-1.9
-0.3
2.4
5.1
-8.8
-6.9
-2.2
-0.3
2.2
3.7
4.6

April 2026

Analytics Office

4

Yields4

4.1

Gross Yields
Table 4.1: Asset-Weighted Seven Day Gross Yield (Percent), by MMF
Category
This table relies on month-end gross yields (Form N-MFP Item A.19) and net assets reported (Item
A.16).

Category
Government
Prime
Tax Exempt

Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail

Apr
2025
4.38
4.36
4.47
4.49
3.31
3.35

May
2025
4.36
4.34
4.46
4.47
2.38
2.51

Jun
2025
4.38
4.33
4.46
4.49
2.60
2.55

Jul
2025
4.37
4.35
4.45
4.48
2.81
2.80

Aug
2025
4.36
4.32
4.46
4.48
2.95
2.90

Sep
2025
4.20
4.17
4.29
4.30
3.16
2.95

Oct
2025
4.17
4.09
4.28
4.29
3.24
3.00

Nov
2025
4.03
4.00
4.11
4.13
2.89
2.80

Dec
2025
3.83
3.82
3.91
3.93
3.09
3.06

Jan
2026
3.75
3.73
3.84
3.86
1.99
2.12

Feb
2026
3.73
3.72
3.83
3.84
1.94
2.17

Mar
2026
3.71
3.72
3.81
3.82
2.52
2.50

Apr
2026
3.71
3.71
3.82
3.82
3.53
3.29

Table 4.2: Distribution of Seven Day Gross Yields (Percent), by
MMF Category
This table relies on month-end gross yields reported (Form N-MFP Item A.19).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
4.29
4.31
4.34
4.38
4.39
4.40
4.41
4.36
4.39
4.44
4.50
4.52
4.55
4.56
2.91
3.15
3.25
3.37
3.46
3.56
3.58

May
2025
4.29
4.31
4.33
4.36
4.37
4.39
4.40
4.35
4.40
4.44
4.48
4.51
4.54
4.55
2.27
2.31
2.39
2.47
2.60
2.69
2.73

Jun
2025
4.25
4.29
4.33
4.37
4.40
4.42
4.43
4.35
4.40
4.46
4.50
4.52
4.55
4.56
2.30
2.36
2.46
2.55
2.70
2.79
2.90

Jul
2025
4.30
4.32
4.34
4.37
4.39
4.40
4.42
4.36
4.41
4.45
4.49
4.51
4.53
4.54
2.43
2.65
2.77
2.82
2.87
2.95
2.95

Aug
2025
4.29
4.30
4.32
4.35
4.37
4.39
4.40
4.37
4.38
4.44
4.47
4.50
4.53
4.53
2.57
2.72
2.85
2.91
2.97
3.04
3.07

Sep
2025
4.11
4.14
4.17
4.19
4.21
4.22
4.23
4.20
4.21
4.26
4.31
4.32
4.33
4.35
2.51
2.72
2.92
3.00
3.08
3.18
3.25

Oct
2025
4.04
4.05
4.10
4.14
4.18
4.21
4.23
4.17
4.18
4.24
4.30
4.33
4.34
4.36
2.69
2.75
2.93
3.05
3.12
3.17
3.44

Nov
2025
3.93
3.96
3.99
4.02
4.04
4.05
4.06
4.00
4.03
4.08
4.14
4.17
4.20
4.20
2.40
2.61
2.79
2.84
2.89
2.94
2.98

Dec
2025
3.69
3.76
3.79
3.82
3.84
3.85
3.86
3.79
3.81
3.89
3.94
3.97
3.97
3.98
2.69
2.86
3.00
3.07
3.15
3.20
3.25

Jan
2026
3.65
3.68
3.71
3.74
3.75
3.76
3.78
3.71
3.73
3.81
3.86
3.90
3.92
3.92
1.81
1.85
1.97
2.09
2.19
2.26
2.32

Feb
2026
3.66
3.68
3.70
3.73
3.74
3.75
3.76
3.71
3.72
3.78
3.83
3.88
3.90
3.91
1.89
1.92
1.98
2.17
2.23
2.28
2.33

Mar
2026
3.65
3.67
3.69
3.71
3.72
3.73
3.74
3.72
3.73
3.77
3.82
3.85
3.89
3.91
2.22
2.31
2.45
2.52
2.56
2.62
2.62

Apr
2026
3.64
3.67
3.69
3.71
3.72
3.73
3.74
3.71
3.73
3.77
3.83
3.87
3.91
3.92
3.07
3.10
3.23
3.35
3.48
3.54
3.55

4
Beginning June 2024, month-end gross and net yields are determined by utilizing the reported yield for each MMF on
the last business day of the month.

19

April 2026

4.2

Analytics Office

Net Yields
Table 4.3: Asset-Weighted Seven Day Net Yield (Percent), by MMF
Category
This table relies on month-end net yields (Form N-MFP Item B.8) and net assets reported (Item B.4).

Category
Government
Prime
Tax Exempt

Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail

Apr
2025
4.16
4.14
4.37
4.22
3.20
3.12

May
2025
4.15
4.13
4.36
4.20
2.28
2.28

Jun
2025
4.17
4.12
4.36
4.22
2.47
2.32

Jul
2025
4.16
4.14
4.35
4.21
2.68
2.57

Aug
2025
4.14
4.11
4.36
4.21
2.82
2.67

Sep
2025
3.98
3.96
4.19
4.04
3.04
2.72

Oct
2025
3.95
3.88
4.18
4.03
3.13
2.77

Nov
2025
3.81
3.79
4.01
3.87
2.78
2.58

Dec
2025
3.61
3.61
3.80
3.67
2.99
2.83

Jan
2026
3.53
3.53
3.74
3.59
1.88
1.89

Feb
2026
3.51
3.52
3.73
3.58
1.84
1.94

Mar
2026
3.50
3.51
3.71
3.55
2.41
2.28

Apr
2026
3.50
3.50
3.73
3.56
3.41
3.07

Table 4.4: Distribution of Seven Day Net Yields (Percent), by MMF
Category
This table relies on month-end net yields reported (Form N-MFP Item B.8).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
3.24
3.53
3.84
4.04
4.19
4.24
4.28
3.20
3.49
3.93
4.11
4.31
4.36
4.37
2.24
2.48
2.74
3.00
3.16
3.23
3.27

May
2025
3.23
3.50
3.83
4.03
4.18
4.23
4.27
3.18
3.48
3.91
4.09
4.30
4.34
4.36
1.54
1.72
1.99
2.17
2.28
2.40
2.48

Jun
2025
2.91
3.40
3.82
4.04
4.17
4.24
4.27
3.19
3.50
3.92
4.11
4.31
4.34
4.36
1.56
1.74
2.00
2.23
2.39
2.50
2.56

Jul
2025
3.29
3.52
3.85
4.05
4.19
4.23
4.28
3.18
3.49
3.92
4.10
4.31
4.34
4.35
1.75
1.93
2.22
2.46
2.60
2.70
2.74

Aug
2025
3.18
3.45
3.81
4.03
4.16
4.21
4.26
3.17
3.50
3.90
4.08
4.30
4.33
4.36
1.85
2.01
2.31
2.56
2.70
2.79
2.83

20

Sep
2025
3.06
3.27
3.65
3.86
4.00
4.05
4.09
3.01
3.32
3.72
3.90
4.12
4.15
4.18
1.83
2.04
2.36
2.59
2.79
2.88
2.93

Oct
2025
3.01
3.25
3.60
3.82
3.95
4.01
4.05
3.00
3.27
3.72
3.91
4.11
4.15
4.18
1.84
2.09
2.36
2.60
2.81
2.92
3.01

Nov
2025
2.95
3.16
3.49
3.70
3.83
3.90
3.94
2.84
3.15
3.55
3.74
3.96
4.00
4.02
1.66
1.95
2.21
2.44
2.62
2.69
2.73

Dec
2025
2.72
2.96
3.30
3.50
3.64
3.69
3.72
2.65
2.95
3.34
3.54
3.75
3.79
3.79
1.90
2.18
2.47
2.70
2.85
2.95
3.01

Jan
2026
2.63
2.88
3.20
3.42
3.56
3.61
3.64
2.57
2.89
3.28
3.48
3.69
3.73
3.74
1.01
1.21
1.51
1.72
1.89
2.01
2.08

Feb
2026
2.65
2.90
3.21
3.42
3.55
3.60
3.63
2.55
2.87
3.27
3.46
3.68
3.70
3.72
1.20
1.36
1.63
1.79
1.94
2.03
2.07

Mar
2026
2.67
2.86
3.21
3.40
3.53
3.58
3.60
2.53
2.85
3.28
3.45
3.65
3.70
3.71
1.50
1.64
1.94
2.15
2.29
2.36
2.41

Apr
2026
2.66
2.85
3.20
3.40
3.53
3.57
3.60
2.54
2.86
3.28
3.45
3.65
3.70
3.71
2.21
2.45
2.70
2.92
3.11
3.27
3.37

April 2026

Analytics Office

5

Maturity

5.1

Weighted Average Maturity (WAM)
Table 5.1: Asset-Weighted WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weighted average
maturity (Item A.11) and net assets (Item A.16) reported.

Category
Government
Prime
Tax Exempt

Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail

Apr
2025
33.5
39.1
25.1
22.7
4.0
25.6

May
2025
38.8
44.6
28.7
25.2
5.0
27.3

Jun
2025
36.4
44.1
25.5
22.7
4.6
31.8

Jul
2025
37.8
47.4
29.9
27.8
4.6
29.4

Aug
2025
41.3
47.0
30.2
29.9
5.9
31.2

Sep
2025
40.4
47.0
27.3
28.1
4.1
29.4

Oct
2025
39.6
46.8
28.0
31.5
5.3
31.1

Nov
2025
38.1
44.9
28.3
31.5
5.0
31.4

Dec
2025
39.1
46.2
28.1
30.7
4.8
29.7

Jan
2026
41.3
47.2
33.0
32.5
5.0
29.7

Feb
2026
39.8
47.0
35.5
32.3
5.2
28.7

Mar
2026
41.8
47.5
37.4
32.8
4.4
28.2

Apr
2026
41.3
47.3
40.6
36.6
4.4
26.0

Table 5.2: Distribution of WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end WAM reported (Item
A.11).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
7.0
13.0
20.0
32.0
40.0
47.4
52.0
6.0
9.5
17.0
23.0
34.0
37.5
39.2
4.0
5.0
11.0
25.0
32.0
42.0
46.0

May
2025
13.0
16.0
27.0
38.0
47.0
52.0
53.0
7.0
16.5
18.8
29.0
36.5
41.0
42.5
4.0
6.0
12.0
25.0
37.0
43.0
46.0

Jun
2025
8.9
13.7
25.0
37.0
46.0
50.0
52.1
2.0
11.0
16.5
25.5
35.0
40.5
42.0
4.0
5.0
13.0
32.0
40.0
44.0
46.0

Jul
2025
12.0
15.0
29.0
39.5
46.0
51.1
53.0
12.0
15.0
19.0
26.5
39.0
40.0
41.5
4.0
5.0
11.0
29.0
35.0
42.0
45.0

Aug
2025
14.0
16.0
27.0
41.0
46.0
52.0
54.0
12.0
14.5
20.8
32.5
38.2
45.0
46.0
5.0
6.0
13.0
31.0
37.0
42.0
47.0

21

Sep
2025
10.9
15.0
29.0
39.0
46.0
52.0
54.0
9.8
12.0
19.8
32.0
41.0
43.0
44.5
4.0
5.0
10.0
29.0
37.0
45.0
49.0

Oct
2025
11.1
16.1
30.0
38.0
46.8
52.0
54.0
12.2
13.5
22.5
30.0
38.2
44.5
49.0
5.0
5.0
13.0
33.0
39.0
46.0
48.0

Nov
2025
10.0
15.0
27.0
37.0
43.0
49.0
52.0
11.8
15.0
20.0
30.5
36.2
43.5
48.2
4.0
5.0
14.0
33.0
39.0
46.0
48.0

Dec
2025
12.2
15.0
26.0
37.0
45.0
49.5
54.0
11.0
12.5
22.8
30.0
39.2
42.5
45.2
4.0
5.0
15.0
29.0
38.0
43.0
46.0

Jan
2026
11.5
20.0
29.0
41.0
47.0
52.0
53.0
14.0
17.5
26.2
32.0
39.2
44.0
46.0
4.0
6.0
14.0
28.0
36.0
42.0
44.0

Feb
2026
14.3
19.0
27.0
40.0
46.0
53.0
53.0
17.0
21.4
28.0
33.0
41.0
44.0
47.0
5.0
6.0
15.0
27.0
35.0
39.0
41.0

Mar
2026
12.3
21.0
31.0
43.0
48.0
52.4
54.7
14.8
20.0
29.0
36.5
42.0
46.0
46.9
5.0
5.0
13.0
28.0
32.0
38.0
44.0

Apr
2026
10.8
23.8
35.0
43.0
49.0
54.2
56.6
18.7
24.5
33.0
39.5
43.0
46.3
51.3
5.0
5.0
12.0
23.0
31.0
39.0
45.0

April 2026

5.2

Analytics Office

Weighted Average Life (WAL)
Table 5.3: Asset-Weighted WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weighted average life
(Item A.12) and net assets (Item A.16) reported.

Category
Government
Prime
Tax Exempt

Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail

Apr
2025
89.4
92.6
51.9
45.3
4.0
26.5

May
2025
91.1
97.6
53.9
46.7
5.0
28.2

Jun
2025
88.6
96.9
49.0
43.5
4.6
32.5

Jul
2025
90.8
98.9
54.6
46.5
4.6
30.0

Aug
2025
90.5
97.6
52.4
47.7
5.9
32.1

Sep
2025
89.6
97.2
49.6
46.2
4.1
30.3

Oct
2025
89.9
96.0
51.7
49.8
5.3
32.1

Nov
2025
89.1
94.8
53.2
50.2
5.0
32.2

Dec
2025
88.6
95.1
52.5
48.3
5.0
30.6

Jan
2026
92.6
97.4
58.8
49.7
5.0
30.5

Feb
2026
92.1
95.9
61.5
51.3
5.4
30.1

Mar
2026
94.4
96.9
63.5
51.7
4.6
29.0

Apr
2026
94.9
98.2
66.3
54.4
4.4
26.9

Table 5.4: Distribution of WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end WAL reported (Item
A.12).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
21.8
31.0
53.0
93.0
103.0
109.0
112.0
6.0
17.0
30.0
59.5
67.2
74.5
83.8
4.0
5.0
12.0
27.0
33.0
42.0
46.0

May
2025
25.4
33.6
57.0
95.0
106.0
111.0
114.0
7.0
22.0
33.0
60.0
68.5
75.5
83.5
4.0
6.0
12.0
26.0
37.0
43.0
46.0

Jun
2025
22.0
31.4
53.0
93.0
104.8
108.0
112.0
2.0
17.0
29.2
57.5
64.2
71.0
74.0
4.0
5.0
14.0
34.0
40.0
44.0
46.0

Jul
2025
20.8
35.9
55.8
94.5
106.0
111.0
113.0
18.0
19.0
31.0
58.0
69.2
70.5
75.0
4.0
5.0
11.0
30.0
36.0
42.0
45.0

Aug
2025
20.0
30.0
57.0
97.0
105.0
112.0
114.0
15.8
18.5
32.5
59.5
69.2
73.5
82.8
5.0
6.0
15.0
31.0
37.0
43.0
47.0

22

Sep
2025
18.7
32.8
60.0
93.5
103.0
109.0
111.0
9.8
18.5
34.0
57.5
64.2
71.0
76.8
4.0
5.0
10.0
31.0
38.0
45.0
49.0

Oct
2025
17.2
31.1
58.0
93.5
102.0
109.0
111.0
12.8
19.0
37.0
57.5
66.2
72.5
86.2
5.0
5.0
14.0
34.0
39.0
46.0
48.0

Nov
2025
13.1
32.0
55.5
90.0
102.5
108.0
113.0
18.2
21.0
34.5
59.5
67.8
74.5
82.8
4.0
5.0
15.0
34.0
40.0
46.0
48.0

Dec
2025
22.0
31.5
55.0
87.0
102.0
109.5
113.8
14.5
21.5
36.0
55.5
66.8
74.5
86.2
4.0
5.0
15.0
30.0
38.0
43.0
46.0

Jan
2026
23.0
31.5
59.2
92.0
105.0
110.0
111.8
18.0
26.5
37.2
54.5
67.2
76.5
85.8
4.0
6.0
15.0
29.0
36.0
42.0
44.0

Feb
2026
18.3
30.6
58.5
94.0
103.5
109.0
111.0
25.4
27.2
37.0
61.0
68.0
86.4
90.0
5.0
6.0
15.0
28.0
35.0
39.0
47.0

Mar
2026
17.5
31.0
59.5
93.0
104.0
109.0
111.0
26.2
31.0
39.2
58.5
71.5
83.9
93.3
5.0
5.0
14.0
28.0
33.0
39.0
44.0

Apr
2026
14.0
33.0
58.0
95.0
105.0
110.2
113.0
29.4
33.7
42.8
63.0
74.8
87.6
91.6
5.0
5.0
12.0
25.0
31.0
40.0
45.0

April 2026

Analytics Office

6

Liquidity

6.1

Daily Liquid Assets
Table 6.1: Aggregate MMF Daily Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end daily liquid assets
reported (Item A.13.a). For each fund type, we take the sum of daily liquid assets reported by all
MMFs attributable to the given fund type and divide by the aggregate total assets of those MMFs.

Category
Government
Prime

Fund Type
Government
Treasury
Institutional
Retail

Apr
2025
63.8
94.8
55.5
47.8

May
2025
62.8
93.8
53.0
45.1

Jun
2025
62.9
94.2
54.6
47.8

Jul
2025
62.5
94.4
53.4
46.1

Aug
2025
63.9
94.1
53.9
48.7

Sep
2025
63.4
94.4
54.9
49.4

Oct
2025
64.1
94.6
54.4
48.3

Nov
2025
65.3
94.7
55.3
49.5

Dec
2025
65.1
94.8
53.1
47.2

Jan
2026
63.7
94.6
51.8
48.0

Feb
2026
62.7
94.7
51.1
46.7

Mar
2026
62.9
94.7
53.0
51.4

Apr
2026
59.1
94.3
49.7
47.6

Table 6.2: Distribution of MMF Daily Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end daily liquid assets
reported (Item A.13.a).

Category

Government

Prime

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
45.0
50.0
62.0
80.0
97.5
100.0
100.0
29.8
33.0
38.8
45.0
53.8
64.0
82.8

May
2025
40.7
46.7
61.5
79.0
95.2
100.0
100.0
26.8
28.5
37.8
43.5
50.0
64.0
84.0

Jun
2025
41.9
46.0
60.0
80.0
94.5
100.0
100.0
30.5
31.5
37.8
46.0
54.5
64.5
89.2

Jul
2025
42.0
49.0
58.0
78.0
96.0
100.0
100.0
27.8
29.5
35.5
43.0
53.2
66.5
76.5

Aug
2025
45.0
51.0
60.0
78.0
96.0
100.0
100.0
30.0
31.5
39.0
45.5
54.2
64.5
78.0

23

Sep
2025
46.0
50.0
59.7
79.0
94.2
100.0
100.0
28.7
30.0
37.0
45.5
54.5
68.0
77.2

Oct
2025
41.2
50.0
60.0
78.0
98.0
100.0
100.0
29.8
31.0
38.8
44.0
51.5
70.5
83.2

Nov
2025
43.0
48.2
61.0
78.0
98.5
100.0
100.0
28.7
31.5
39.8
45.0
54.0
66.0
91.5

Dec
2025
42.0
45.0
60.2
78.5
99.0
100.0
100.0
28.5
30.0
37.8
44.0
53.5
63.5
84.8

Jan
2026
40.0
45.0
61.0
79.0
99.0
100.0
100.0
28.7
30.0
34.8
43.5
51.2
64.5
77.5

Feb
2026
40.6
48.0
61.5
78.0
99.0
100.0
100.0
27.8
28.6
34.0
42.0
52.0
65.4
80.0

Mar
2026
41.0
47.0
62.0
78.0
99.0
100.0
100.0
29.8
31.0
36.8
46.0
53.8
70.3
90.5

Apr
2026
41.0
43.8
56.0
75.0
99.0
100.0
100.0
26.8
27.7
34.2
42.0
51.8
68.0
75.2

April 2026

6.2

Analytics Office

Weekly Liquid Assets
Table 6.3: Aggregate MMF Weekly Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weekly liquid assets
reported (Item A.13.b). For each fund type, we take the sum of weekly liquid assets reported by all
MMFs attributable to the given fund type and divide by the aggregate total assets of those MMFs.

Category
Government
Prime
Tax Exempt

Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail

Apr
2025
76.4
99.0
66.7
62.1
99.8
73.9

May
2025
76.4
99.3
65.2
61.4
100.0
73.9

Jun
2025
77.1
99.2
66.2
61.5
99.9
72.9

Jul
2025
77.4
99.2
64.8
61.9
99.9
76.0

Aug
2025
77.7
99.1
65.5
62.4
99.9
73.7

Sep
2025
77.7
99.3
65.5
62.3
99.9
74.7

Oct
2025
78.6
98.9
66.5
61.3
100.0
75.5

Nov
2025
79.3
99.2
66.7
61.7
99.9
75.3

Dec
2025
79.8
98.9
65.0
60.4
99.9
74.9

Jan
2026
78.4
99.0
65.2
61.1
99.9
73.4

Feb
2026
77.6
99.2
66.4
60.8
100.3
74.6

Mar
2026
77.0
99.0
66.0
63.1
100.1
73.5

Apr
2026
75.1
99.0
65.7
63.4
99.8
74.1

Table 6.4: Distribution of MMF Weekly Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weekly liquid assets
reported (Item A.13.b).

Category

Government

Prime

Tax Exempt

Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th

Apr
2025
64.0
68.0
76.0
86.0
100.0
100.0
100.0
51.0
52.0
52.0
55.0
64.8
79.0
100.0
58.0
62.0
66.0
75.0
91.0
100.0
100.0

May
2025
63.0
68.0
77.0
86.5
99.8
100.0
100.0
51.0
52.0
53.0
55.0
64.5
77.0
99.2
57.0
63.0
69.0
76.0
90.0
100.0
100.0

Jun
2025
63.0
68.0
78.5
86.0
99.0
100.0
100.0
52.0
53.0
54.0
56.0
64.0
78.0
99.2
56.0
61.0
68.0
76.0
90.0
100.0
100.0

Jul
2025
64.0
66.0
76.0
85.0
99.2
100.0
100.0
50.0
51.0
52.0
55.0
65.5
79.5
99.2
58.0
68.0
69.0
79.0
91.0
100.0
100.0

Aug
2025
66.0
68.0
77.0
85.0
99.0
100.0
100.0
50.8
52.0
53.0
55.0
67.5
80.0
99.2
56.0
63.0
69.0
79.0
90.0
100.0
100.0

24

Sep
2025
66.9
68.0
76.0
85.0
100.0
100.0
100.0
51.0
52.0
53.0
55.0
62.7
80.5
99.2
57.0
63.0
69.0
76.0
90.0
100.0
100.0

Oct
2025
65.0
68.0
76.0
85.0
100.0
100.0
100.0
51.0
51.0
54.0
56.0
60.2
82.5
99.2
58.0
66.0
70.0
77.0
91.0
100.0
100.0

Nov
2025
67.0
71.0
76.0
86.0
100.0
100.0
100.0
51.0
51.0
52.8
56.0
66.0
77.0
99.2
63.0
65.0
71.0
77.0
90.0
100.0
100.0

Dec
2025
67.0
71.0
77.0
85.0
100.0
100.0
100.0
51.0
51.5
52.0
54.5
63.5
74.0
99.2
59.0
64.0
68.0
78.0
91.0
100.0
100.0

Jan
2026
65.0
68.5
76.0
84.0
100.0
100.0
100.0
51.0
52.0
53.0
55.0
61.5
76.5
100.0
56.0
63.0
67.0
74.0
90.0
100.0
100.0

Feb
2026
63.3
67.6
76.0
85.0
100.0
100.0
100.0
51.0
51.6
53.0
55.0
61.0
76.0
98.4
60.0
63.0
70.0
78.0
90.0
100.0
100.0

Mar
2026
64.0
66.6
75.0
84.0
100.0
100.0
100.0
51.9
52.0
53.0
55.5
63.5
82.0
100.0
57.0
65.0
70.0
76.0
91.0
100.0
100.0

Apr
2026
59.4
62.0
72.0
82.0
100.0
100.0
100.0
51.0
51.7
53.2
55.5
62.3
83.0
100.0
59.0
67.0
70.0
77.0
90.0
100.0
100.0

April 2026

Analytics Office

7

Portfolio Securities

7.1

All MMFs
Table 7.1: Aggregate Value of MMF Investments, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 12.3 for investment category definitions.

Category
Treasury/Agency

Repo

CD/TD

Commercial Paper

Municipal

Other

Cash
Total

Investment Category
Treasury Debt
Agency Debt
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
CD
Non-Negotiable TD
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
VRDN
Tender Option Bond
Other Municipal
Subtotal
Other Instrument
Investment Company
Non-US Sovereign
Insurance CO FA
Other ABS
Subtotal
Cash
Total

Apr
2025
2,714.4
979.3
3,693.7
1,903.5
849.4
98.8
2,851.6
198.4
117.0
315.4
184.7
91.1
37.4
313.2
80.1
38.2
24.6
142.9
39.1
12.4
0.6
0.1
0.7
52.9
143.3
7,513.2

May
2025
2,699.6
983.2
3,682.8
1,909.1
900.0
104.4
2,913.5
202.6
119.8
322.4
189.4
93.0
39.2
321.7
78.9
39.0
25.6
143.5
29.7
12.4
0.4
0.2
0.6
43.3
158.7
7,586.0

Jun
2025
2,614.0
992.8
3,606.9
2,072.1
927.1
106.2
3,105.3
200.5
103.6
304.1
183.0
98.4
30.8
312.2
78.0
39.2
23.5
140.7
39.1
11.2
0.4
0.1
0.5
51.3
164.1
7,684.6

Jul
2025
2,732.4
993.4
3,725.8
1,935.4
922.5
119.4
2,977.3
202.4
120.7
323.1
192.1
94.5
37.5
324.0
77.3
40.1
21.2
138.6
34.1
10.3
0.4
0.3
0.6
45.7
156.8
7,691.4

Aug
2025
3,148.6
974.6
4,123.2
1,730.5
890.1
122.8
2,743.4
205.3
109.7
315.0
199.2
95.8
36.8
331.7
75.9
41.7
21.4
139.0
40.2
10.4
0.5
0.3
0.7
52.2
143.9
7,848.5

Sep
2025
3,232.4
998.8
4,231.1
1,768.1
876.8
127.5
2,772.4
189.2
71.9
261.1
188.1
94.8
30.3
313.2
75.9
42.3
21.6
139.7
37.6
13.3
1.9
0.3
0.8
53.8
134.7
7,906.1

Oct
2025
3,406.0
994.6
4,400.6
1,739.8
879.9
146.2
2,765.8
187.8
59.4
247.2
190.1
94.2
32.7
317.1
77.0
43.1
22.3
142.4
34.7
12.9
2.1
0.3
0.8
50.8
172.3
8,096.2

Nov
2025
3,472.7
990.4
4,463.0
1,805.4
880.5
148.5
2,834.4
184.3
64.7
249.0
193.8
88.9
34.1
316.7
80.6
43.9
22.8
147.3
34.8
13.6
3.1
0.3
0.6
52.4
148.2
8,211.0

Dec
2025
3,517.8
1,013.1
4,530.9
1,950.5
900.5
143.4
2,994.4
196.9
54.7
251.6
200.2
88.7
29.7
318.5
86.9
45.7
22.4
155.0
35.4
14.4
4.3
0.3
0.5
54.9
147.7
8,453.2

Jan
2026
3,375.8
1,074.3
4,450.1
1,839.5
968.5
152.9
2,961.0
206.8
89.5
296.4
195.5
91.2
42.8
329.6
78.1
45.4
22.9
146.4
35.4
12.8
3.9
0.3
0.6
53.0
159.1
8,395.4

Feb
2026
3,406.8
1,102.7
4,509.5
1,856.9
997.9
148.8
3,003.6
204.3
104.4
308.7
189.9
92.2
43.8
325.8
78.3
45.1
22.9
146.2
41.1
13.4
4.1
0.3
0.7
59.5
137.1
8,490.4

Table 7.2: Aggregate Value of MMF Investments, by Maturity Bucket
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 12.1 for a
review of interval notation used here.

Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365

Apr
2025
2,407.8
999.5
1,232.9
785.0
461.1
722.6
511.3
249.7

May
2025
2,489.4
979.9
1,167.9
681.7
561.4
811.9
553.0
182.0

Jun
2025
2,578.0
1,137.9
943.1
609.8
724.6
771.4
562.5
193.2

Jul
2025
2,346.8
1,014.5
921.1
1,016.1
693.1
773.5
564.4
205.1

Aug
2025
2,346.5
969.9
1,196.3
1,079.2
606.2
819.6
528.0
158.9

Sep
2025
2,080.7
1,171.4
1,364.1
895.0
742.0
773.0
549.0
196.2

25

Oct
2025
2,049.5
1,234.4
1,336.2
1,080.7
722.1
756.1
527.6
217.3

Nov
2025
2,332.4
1,052.0
1,359.4
1,145.8
591.8
867.7
524.8
188.9

Dec
2025
2,394.1
1,097.8
1,400.3
995.8
825.6
832.9
535.5
223.6

Jan
2026
2,501.9
1,013.3
1,296.3
962.0
761.7
850.1
599.9
251.0

Feb
2026
2,464.3
1,107.1
1,237.3
1,140.3
705.2
862.5
626.0
210.5

Mar
2026
2,236.0
1,178.0
1,322.0
1,021.8
759.5
812.5
684.0
237.2

Apr
2026
2,198.8
1,222.4
1,282.7
1,012.9
729.1
808.7
667.9
244.0

Mar
2026
3,426.4
1,100.2
4,526.6
1,833.4
949.8
148.8
2,932.0
199.8
83.2
283.0
178.9
88.4
34.1
301.3
82.3
45.2
22.5
149.9
39.6
13.2
3.9
0.7
0.6
57.9
162.2
8,413.0

Apr
2026
3,181.7
1,189.2
4,370.9
1,871.2
956.4
158.2
2,985.7
202.5
100.4
302.9
169.9
87.9
39.1
296.8
81.3
45.6
23.0
149.8
41.6
13.7
3.9
0.7
0.6
60.4
156.8
8,323.3

April 2026

Analytics Office

Table 7.3: MMF Weighted Average Life (Days), by Investment
Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.

Category
Treasury/Agency
Repo
CD/TD
Commercial Paper

Municipal

Other

Investment Category
Treasury Debt
Agency Debt
Treasury Repo
Agency Repo
Other Repo
CD
Non-Negotiable TD
Financial Company
Asset-Backed
Non-Financial Company
VRDN
Tender Option Bond
Other Municipal
Other Instrument
Non-US Sovereign
Insurance CO FA
Other ABS

Apr
2025
84.2
142.6
1.9
5.3
21.6
77.8
1.9
73.3
50.6
26.1
4.4
7.1
65.5
14.7
21.4
109.2
219.5

May
2025
88.0
139.8
1.2
5.5
20.9
75.7
1.0
72.8
51.9
23.5
3.5
5.6
66.3
18.3
89.2
104.6
208.8

Jun
2025
93.1
136.5
1.8
5.5
22.1
76.4
1.6
72.7
48.3
31.2
3.7
6.2
87.2
30.2
102.7
105.5
199.8

Jul
2025
94.1
133.1
2.1
5.7
19.8
78.1
2.0
69.4
51.4
26.4
4.4
6.7
84.8
36.2
102.8
192.8
205.4

26

Aug
2025
81.7
128.8
1.2
5.1
19.5
70.4
0.6
68.3
50.1
23.4
2.8
6.3
85.2
32.8
84.3
192.1
206.5

Sep
2025
81.8
129.5
2.4
5.9
20.3
74.1
1.7
75.6
54.1
38.7
5.8
7.7
86.6
40.8
121.1
176.7
213.4

Oct
2025
77.9
131.7
2.2
5.6
18.9
77.9
1.9
78.6
53.7
39.9
6.1
8.1
90.6
38.3
117.0
152.5
208.0

Nov
2025
77.0
134.1
1.3
5.0
18.0
78.4
0.6
77.5
52.0
37.1
8.1
7.6
89.3
34.6
105.8
131.0
197.8

Dec
2025
80.1
132.5
2.0
6.1
20.6
76.6
1.7
72.0
50.7
38.7
3.7
6.4
89.4
41.0
92.0
110.8
182.7

Jan
2026
82.8
139.1
1.4
5.0
19.4
80.3
1.0
73.5
53.3
26.1
3.5
6.1
78.1
49.9
78.8
111.7
204.4

Feb
2026
82.1
140.4
1.3
4.8
20.3
89.8
1.1
74.2
51.0
25.2
3.5
6.7
74.5
49.8
65.1
91.6
215.6

Mar
2026
85.8
140.3
2.5
6.3
20.4
92.4
1.7
76.5
53.8
31.0
4.5
7.3
76.1
57.9
47.3
186.2
210.1

Apr
2026
88.2
133.2
2.6
6.2
18.9
97.0
2.4
78.8
53.1
24.9
4.5
7.2
69.1
57.1
25.3
188.6
202.3

April 2026

7.2

Analytics Office

Government MMFs
Table 7.4: Aggregate Value of Government MMF Investments, by
Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 12.3 for investment category definitions.

Category
Treasury/Agency

Repo

Other
Municipal
CD/TD
Cash
Total

Investment Category
Treasury Debt
Agency Debt
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
Other Instrument
Investment Company
Subtotal
VRDN
CD
Cash
Total

Apr
2025
2,639.7
973.5
3,613.2
1,619.7
711.0
3.8
2,334.6
27.3
4.6
32.0
1.1
0.0
116.0
6,096.8

May
2025
2,632.8
977.8
3,610.6
1,643.7
749.5
3.4
2,396.5
19.7
4.7
24.4
1.1
0.0
128.2
6,160.8

Jun
2025
2,578.9
987.3
3,566.2
1,743.4
772.6
3.5
2,519.4
25.1
4.6
29.7
1.1
0.0
134.3
6,250.8

Jul
2025
2,654.0
987.4
3,641.4
1,669.9
759.2
3.0
2,432.2
20.9
3.7
24.6
1.1
0.0
128.5
6,227.9

Aug
2025
3,039.9
968.1
4,008.0
1,486.0
731.2
2.8
2,220.1
24.8
3.8
28.7
1.2
0.0
114.8
6,372.7

Sep
2025
3,137.9
992.7
4,130.6
1,446.6
702.5
3.3
2,152.4
20.4
6.1
26.5
1.2
0.0
107.7
6,418.4

Oct
2025
3,301.8
988.2
4,290.0
1,440.7
690.2
5.5
2,136.5
19.9
5.4
25.2
1.2
0.0
144.1
6,597.0

Nov
2025
3,348.8
982.7
4,331.5
1,540.8
673.3
4.5
2,218.6
19.7
5.5
25.2
1.3
0.0
122.2
6,698.8

Dec
2025
3,396.3
1,005.7
4,401.9
1,654.2
727.0
4.5
2,385.7
20.3
6.5
26.7
1.4
0.0
117.1
6,932.8

Jan
2026
3,247.8
1,065.0
4,312.8
1,627.1
752.0
3.8
2,382.8
18.7
5.8
24.5
1.4
0.0
135.3
6,856.8

Feb
2026
3,248.9
1,094.6
4,343.5
1,653.3
796.3
2.6
2,452.3
21.9
5.6
27.4
1.4
0.0
115.8
6,940.4

Mar
2026
3,254.1
1,091.0
4,345.1
1,584.4
770.5
0.4
2,355.3
18.6
5.1
23.7
1.5
0.0
138.0
6,863.7

Table 7.5: Aggregate Value of Government MMF Investments, by
Maturity Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 12.1 for a
review of interval notation used here.

Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365

Apr
2025
1,844.0
727.3
1,067.6
666.9
377.9
580.9
467.3
248.8

May
2025
1,907.8
722.3
1,012.4
571.3
446.5
675.3
515.5
181.5

Jun
2025
1,974.6
857.9
824.4
490.9
610.9
643.4
521.8
192.6

Jul
2025
1,789.3
721.5
788.8
852.9
577.4
642.0
522.9
204.4

Aug
2025
1,730.7
738.0
1,021.1
923.3
523.4
670.5
492.9
158.0

Sep
2025
1,488.3
896.5
1,192.3
763.4
646.3
615.5
513.5
194.8

Oct
2025
1,475.0
950.0
1,159.2
960.8
596.2
600.2
496.2
215.2

Nov
2025
1,724.8
802.2
1,212.7
960.8
483.7
715.0
491.2
186.2

Dec
2025
1,841.4
811.9
1,220.3
839.3
693.5
692.3
495.4
221.6

Jan
2026
1,905.9
750.8
1,120.2
806.0
623.0
716.2
550.2
249.2

Feb
2026
1,898.6
827.3
1,065.5
967.5
554.8
731.6
570.0
209.2

Mar
2026
1,675.2
906.2
1,168.8
834.0
612.3
669.0
624.3
236.0

Apr
2026
1,715.0
901.4
1,105.7
843.6
599.7
654.6
604.5
243.3

Table 7.6: Government MMF Weighted Average Life (Days), by
Investment Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.

Category
Treasury/Agency
Repo
Other
Municipal
CD/TD

Investment Category
Treasury Debt
Agency Debt
Treasury Repo
Agency Repo
Other Repo
Other Instrument
VRDN
CD

Apr
2025
85.8
142.6
2.0
6.0
1.0
2.4
5.0
1.0

May
2025
89.5
139.9
1.4
6.4
0.2
1.0
4.0
0.0

Jun
2025
94.0
136.7
2.0
6.3
1.1
2.0
4.0
0.0

Jul
2025
95.5
133.2
2.2
6.6
1.0
3.3
5.0
0.0

27

Aug
2025
83.6
128.9
1.3
6.2
0.2
1.1
3.0
0.0

Sep
2025
83.5
129.5
2.6
6.9
1.1
2.1
5.0
0.0

Oct
2025
79.6
131.6
2.4
6.7
7.9
2.0
5.0
0.0

Nov
2025
78.7
134.1
1.5
6.4
1.9
1.0
4.0
0.0

Dec
2025
81.8
132.5
2.1
7.2
2.5
2.0
4.0
0.0

Jan
2026
84.7
139.4
1.5
6.3
6.1
1.4
4.0
0.0

Feb
2026
84.3
140.5
1.5
5.9
0.2
1.6
4.0
0.0

Mar
2026
87.9
140.6
2.7
7.4
1.0
2.0
5.0
0.0

Apr
2026
91.0
133.5
2.7
7.3
1.2
2.2
5.0
0.0

Apr
2026
2,999.0
1,179.4
4,178.3
1,683.5
775.5
3.1
2,462.1
19.5
6.4
25.8
1.5
0.0
133.6
6,801.4

April 2026

7.3

Analytics Office

Prime MMFs
Table 7.7: Aggregate Value of Prime MMF Investments, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 12.3 for investment category definitions.

Category
CD/TD

Repo

Treasury/Agency

Commercial Paper

Other

Municipal
Cash
Total

Investment Category
CD
Non-Negotiable TD
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
Treasury Debt
Agency Debt
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
Other Instrument
Non-US Sovereign
Insurance CO FA
Other ABS
Investment Company
Subtotal
VRDN
Tender Option Bond
Other Municipal
Subtotal
Cash
Total

Apr
2025
198.4
117.0
315.4
283.7
138.4
94.9
517.1
74.8
5.8
80.5
184.7
91.1
27.0
302.8
11.8
0.6
0.1
0.7
0.0
13.2
11.4
1.8
0.6
13.8
27.3
1,270.1

May
2025
202.6
119.8
322.4
265.4
150.6
101.0
517.0
66.5
5.4
72.0
189.4
93.0
29.0
311.5
10.0
0.4
0.2
0.6
0.0
11.2
11.5
1.6
0.6
13.6
30.3
1,278.1

Jun
2025
200.5
103.6
304.1
328.7
154.5
102.7
585.9
35.1
5.5
40.6
183.0
98.4
20.4
301.9
14.0
0.4
0.1
0.5
0.0
15.1
11.5
1.8
0.2
13.5
29.7
1,290.8

Jul
2025
202.4
120.7
323.1
265.5
163.3
116.4
545.1
78.4
6.0
84.4
192.1
94.5
27.6
314.2
13.2
0.4
0.3
0.6
0.0
14.5
11.9
1.8
0.1
13.8
28.3
1,323.5

Aug
2025
205.3
109.7
315.0
244.5
158.9
120.0
523.3
108.7
6.6
115.3
199.2
95.8
26.7
321.7
15.4
0.5
0.3
0.7
0.0
17.0
12.0
2.0
0.5
14.5
29.0
1,335.7

Sep
2025
189.2
71.9
261.1
321.6
174.3
124.2
620.1
94.5
6.1
100.5
188.1
94.8
20.5
303.4
17.2
1.9
0.3
0.8
0.0
20.1
11.6
2.0
0.5
14.0
26.9
1,346.2

Oct
2025
187.8
59.4
247.2
299.0
189.6
140.7
629.3
104.1
6.4
110.6
190.1
94.2
22.7
307.0
14.8
2.1
0.3
0.8
0.0
18.1
12.0
2.0
0.4
14.4
28.2
1,354.8

Nov
2025
184.3
64.7
249.0
264.6
207.2
144.0
615.8
123.8
7.7
131.4
193.8
88.9
23.4
306.1
15.1
3.1
0.3
0.6
0.0
19.1
12.1
1.9
0.1
14.1
25.9
1,361.5

Dec
2025
196.9
54.7
251.6
296.1
173.5
139.0
608.6
121.4
7.5
128.9
200.2
88.7
19.3
308.2
15.2
4.3
0.3
0.5
0.0
20.3
12.6
2.0
0.2
14.9
30.5
1,362.9

Jan
2026
206.8
89.5
296.4
212.5
216.5
149.2
578.1
128.0
9.3
137.2
195.5
91.2
31.9
318.6
16.7
3.9
0.3
0.6
0.0
21.5
12.5
2.0
0.2
14.7
23.8
1,390.4

Feb
2026
204.3
104.4
308.7
203.6
201.5
146.2
551.3
157.3
8.1
165.3
189.9
92.2
32.3
314.3
19.2
4.1
0.3
0.7
0.0
24.3
12.9
2.0
0.2
15.1
21.2
1,400.3

Table 7.8: Aggregate Value of Prime MMF Investments, by Maturity
Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 12.1 for a
review of interval notation used here.

Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365

Apr
2025
536.8
185.8
151.8
108.5
80.3
137.2
41.6
0.9

May
2025
554.0
171.3
139.9
104.0
111.3
132.1
34.5
0.6

Jun
2025
577.6
195.6
106.5
112.0
108.4
124.1
36.3
0.6

Jul
2025
530.6
209.6
121.2
155.7
112.2
128.4
36.8
0.7

Aug
2025
589.6
149.3
162.9
148.6
79.8
145.2
30.4
0.9

Sep
2025
565.7
191.2
158.6
125.0
94.0
152.7
30.9
1.2

28

Oct
2025
546.2
199.6
163.7
115.9
122.5
148.3
28.7
1.7

Nov
2025
576.8
163.0
136.1
178.6
104.0
144.3
30.9
1.9

Dec
2025
521.3
193.8
168.0
149.4
129.5
131.2
37.3
2.0

Jan
2026
568.4
174.5
163.5
152.2
133.0
125.5
47.6
1.9

Feb
2026
537.2
191.0
162.5
165.7
141.5
125.4
54.3
1.3

Mar
2026
531.4
184.7
143.2
176.9
140.1
138.1
58.3
1.2

Apr
2026
455.9
231.9
164.0
158.9
125.4
149.5
61.2
0.6

Mar
2026
199.8
83.2
283.0
249.0
179.3
148.4
576.7
172.3
9.2
181.5
178.9
88.4
23.8
291.0
21.0
3.9
0.7
0.6
0.0
26.2
13.0
1.9
0.5
15.4
24.1
1,398.0

Apr
2026
202.5
100.4
302.9
187.6
180.8
155.1
523.6
182.7
9.8
192.5
169.9
87.9
28.2
286.0
22.1
3.9
0.7
0.6
0.0
27.3
13.2
1.7
0.3
15.2
23.1
1,370.6

April 2026

Analytics Office

Table 7.9: Prime MMF Weighted Average Life (Days), by Investment
Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.

Category
CD/TD
Repo
Treasury/Agency
Commercial Paper

Other

Municipal

Investment Category
CD
Non-Negotiable TD
Treasury Repo
Agency Repo
Other Repo
Treasury Debt
Agency Debt
Financial Company
Asset-Backed
Non-Financial Company
Other Instrument
Non-US Sovereign
Insurance CO FA
Other ABS
VRDN
Tender Option Bond
Other Municipal

Apr
2025
77.8
1.9
1.2
1.6
22.4
27.3
130.5
73.3
50.6
25.0
43.1
21.4
109.2
219.5
5.8
17.7
25.6

May
2025
75.7
1.0
0.2
0.6
21.6
26.9
129.8
72.8
51.9
21.1
52.4
89.2
104.6
208.8
4.8
18.1
18.5

Jun
2025
76.4
1.6
1.1
1.4
22.9
27.1
116.2
72.7
48.3
28.6
80.8
102.7
105.5
199.8
5.1
17.7
21.3

Jul
2025
78.1
2.0
1.3
1.5
20.3
47.8
103.4
69.4
51.4
23.7
88.1
102.8
192.8
205.4
5.8
17.8
40.4

29

Aug
2025
70.4
0.6
0.1
0.3
20.0
26.9
120.0
68.3
50.1
19.6
83.9
84.3
192.1
206.5
4.1
17.5
18.9

Sep
2025
74.1
1.7
1.2
1.7
20.8
24.5
133.5
75.6
54.1
43.4
86.8
121.1
176.7
213.4
5.8
18.7
23.0

Oct
2025
77.9
1.9
1.2
1.6
19.4
25.5
151.0
78.6
53.7
45.8
87.0
117.0
152.5
208.0
6.5
18.2
16.7

Nov
2025
78.4
0.6
0.2
0.5
18.5
31.8
129.9
77.5
52.0
38.5
78.5
105.8
131.0
197.8
5.8
35.3
45.7

Dec
2025
76.6
1.7
1.1
1.5
21.2
31.3
133.6
72.0
50.7
39.5
93.0
92.0
110.8
182.7
5.0
18.2
32.7

Jan
2026
80.3
1.0
0.1
0.3
19.7
33.6
104.5
73.5
53.3
22.8
104.4
78.8
111.7
204.4
4.9
17.2
24.1

Feb
2026
89.8
1.1
0.2
0.4
20.6
35.8
118.5
74.2
51.0
20.6
104.7
65.1
91.6
215.6
4.7
18.9
25.5

Mar
2026
92.4
1.7
1.1
1.3
20.5
47.3
106.3
76.5
53.8
24.4
107.4
47.3
186.2
210.1
5.9
19.2
29.0

Apr
2026
97.0
2.4
1.3
1.3
19.2
42.5
99.1
78.8
53.1
21.9
105.5
25.3
188.6
202.3
5.7
17.9
28.0

April 2026

7.4

Analytics Office

Tax Exempt MMFs
Table 7.10: Aggregate Value of Tax Exempt MMF Investments, by
Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 12.3 for investment category definitions.

Category
Municipal
Commercial Paper
Other
Repo
Treasury/Agency
Cash
Total

Investment Category
VRDN
Tender Option Bond
Other Municipal
Subtotal
Non-Financial Company
Investment Company
Treasury Repo
Treasury Debt
Cash
Total

Apr
2025
67.6
36.5
24.0
128.1
10.4
7.8
0.0
0.0
0.1
146.3

May
2025
66.3
37.4
25.0
128.7
10.2
7.7
0.0
0.3
0.2
147.2

Jun
2025
65.4
37.4
23.3
126.1
10.3
6.5
0.0
0.0
0.0
143.0

Jul
2025
64.3
38.3
21.1
123.7
9.8
6.5
0.0
0.0
0.0
140.0

Aug
2025
62.7
39.7
20.9
123.4
10.1
6.6
0.0
0.0
0.0
140.1

Sep
2025
63.0
40.3
21.1
124.5
9.8
7.2
0.0
0.0
0.0
141.4

Oct
2025
63.8
41.0
21.9
126.7
10.0
7.5
0.0
0.1
0.1
144.4

Nov
2025
67.3
42.0
22.7
131.9
10.7
8.1
0.0
0.0
0.0
150.7

Dec
2025
73.0
43.6
22.2
138.8
10.4
7.9
0.2
0.1
0.1
157.5

Jan
2026
64.3
43.4
22.6
130.3
10.9
7.0
0.0
0.0
0.0
148.2

Feb
2026
64.0
43.1
22.7
129.8
11.5
7.8
0.0
0.6
0.0
149.7

Mar
2026
67.7
43.2
22.0
133.0
10.3
8.0
0.0
0.0
0.0
151.3

Apr
2026
66.5
43.9
22.7
133.1
10.9
7.3
0.0
0.0
0.1
151.3

Table 7.11: Aggregate Value of Tax Exempt MMF Investments, by
Maturity Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 12.1 for a
review of interval notation used here.

Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365

Apr
2025
27.0
86.4
13.4
9.6
2.9
4.5
2.4
0.0

May
2025
27.7
86.2
15.6
6.4
3.6
4.5
2.9
0.0

Jun
2025
25.8
84.4
12.3
6.9
5.2
3.9
4.4
0.0

Jul
2025
26.9
83.4
11.1
7.6
3.4
3.1
4.6
0.0

Aug
2025
26.2
82.6
12.3
7.3
3.0
4.0
4.7
0.0

Sep
2025
26.8
83.6
13.1
6.6
1.7
4.7
4.6
0.2

Oct
2025
28.3
84.8
13.2
4.0
3.4
7.6
2.7
0.3

Nov
2025
30.8
86.9
10.6
6.4
4.0
8.4
2.8
0.8

Dec
2025
31.3
92.0
12.0
7.1
2.7
9.4
2.8
0.0

Jan
2026
27.6
88.1
12.6
3.8
5.7
8.4
2.1
0.0

Feb
2026
28.5
88.8
9.3
7.0
9.0
5.4
1.7
0.0

Mar
2026
29.4
87.2
10.0
10.9
7.0
5.3
1.4
0.0

Apr
2026
28.0
89.1
13.0
10.4
4.0
4.6
2.2
0.0

Table 7.12: Tax Exempt MMF Weighted Average Life (Days), by
Investment Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.

Category
Municipal
Commercial Paper
Repo
Treasury/Agency

Investment Category
VRDN
Tender Option Bond
Other Municipal
Non-Financial Company
Treasury Repo
Treasury Debt

Apr
2025
4.1
6.6
66.5
28.7
1.0
3.5

May
2025
3.2
5.1
67.4
30.3
0.0
2.2

Jun
2025
3.5
5.7
87.7
36.4
1.0
2.9

Jul
2025
4.1
6.2
85.1
33.8
1.0
3.0

30

Aug
2025
2.5
5.8
86.8
33.6
0.0
4.0

Sep
2025
5.8
7.1
88.0
28.6
1.0
2.0

Oct
2025
6.0
7.6
91.8
26.8
1.0
2.0

Nov
2025
8.5
6.4
89.5
34.2
0.0
5.9

Dec
2025
3.4
5.8
89.9
37.3
1.0
4.8

Jan
2026
3.3
5.6
78.6
35.8
0.0
3.0

Feb
2026
3.3
6.1
75.0
38.2
0.0
3.6

Mar
2026
4.2
6.7
77.1
46.3
1.0
5.0

Apr
2026
4.2
6.8
69.6
32.9
1.0
5.0

April 2026

8

Analytics Office

Repurchase Agreements
Table 8.1: Aggregate Value of MMF Repurchase Agreements, by
Clearing Type ($Billions)
This tables excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (tem
C.18) by investment category (Item C.6), and whether the repo was centrally cleared (Item C.8.b).
Apr
2025
997.8
1,853.8
2,851.6

Clearing Type
Centrally Cleared
Non-Centrally Cleared
Total

May
2025
936.3
1,977.2
2,913.5

Jun
2025
1,070.7
2,034.6
3,105.3

Jul
2025
1,101.5
1,875.9
2,977.3

Aug
2025
953.1
1,790.3
2,743.4

Sep
2025
1,113.2
1,659.2
2,772.4

Oct
2025
1,109.8
1,656.0
2,765.8

Nov
2025
1,160.4
1,674.0
2,834.4

Dec
2025
1,303.1
1,691.3
2,994.4

Jan
2026
1,191.6
1,769.4
2,961.0

Feb
2026
1,193.1
1,810.4
3,003.6

Mar
2026
1,261.6
1,670.4
2,932.0

Apr
2026
1,171.0
1,814.7
2,985.7

Table 8.2: Aggregate Value of MMF Repurchase Agreements with the
Federal Reserve, by Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), and the name of the issuer (Item C.1).

Category
Government

Prime
Total

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Total

Apr
2025
74.7
51.1
125.8
75.3
13.3
88.6
214.4

May
2025
135.0
56.3
191.3
73.3
17.2
90.5
281.8

Jun
2025
198.0
63.6
261.6
79.2
48.5
127.8
389.4

Jul
2025
73.6
32.2
105.8
67.6
6.7
74.3
180.1

Aug
2025
23.9
6.7
30.6
24.3
0.0
24.3
55.0

Sep
2025
10.3
6.9
17.3
3.5
1.2
4.8
22.0

Oct
2025
23.3
6.4
29.7
2.9
0.0
2.9
32.6

Nov
2025
5.7
0.1
5.8
1.0
0.0
1.0
6.8

Dec
2025
30.2
14.1
44.3
25.4
2.9
28.3
72.6

Jan
2026
2.5
0.8
3.3
0.0
0.0
0.0
3.3

Feb
2026
6.0
0.3
6.3
0.7
0.0
0.7
7.0

Mar
2026
0.9
2.0
2.9
0.6
2.9
3.5
6.4

Apr
2026
1.8
0.8
2.6
0.0
0.0
0.0
2.6

Table 8.3: Aggregate Value of MMF Repurchase Agreements, by Days
to Maturity ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value of repos reported
(Item C.18), and the maturity date used to calculate WAL (Item C.12) for each investment.
Investments are assigned a maturity bucket based on their business days to maturity, and open repos
(Item C.8.a) are assigned to the “Overnight/Open” bucket. See Appendix 12.1 for a review
of interval notation used here.

Days to Maturity
Overnight/Open
(1,7]
(7,30]
(30,60]
(60,90]
More than 90
Total

Apr
2025
2,199.0
527.2
63.1
26.4
28.7
7.2
2,851.6

May
2025
2,215.2
561.3
45.6
45.8
34.5
11.2
2,913.5

Jun
2025
2,387.2
586.3
50.2
39.6
34.2
7.8
3,105.3

Jul
2025
2,227.0
621.3
45.8
40.7
36.4
6.1
2,977.3

Aug
2025
2,071.0
530.4
43.5
69.3
20.6
8.6
2,743.4

Sep
2025
1,997.2
629.3
55.7
59.1
22.9
8.1
2,772.4

31

Oct
2025
1,973.4
651.9
62.3
53.9
16.1
8.2
2,765.8

Nov
2025
2,076.4
618.5
44.2
65.6
20.5
9.3
2,834.4

Dec
2025
2,194.3
645.5
54.3
48.5
39.0
12.8
2,994.4

Jan
2026
2,220.4
587.2
47.3
48.0
48.5
9.7
2,961.0

Feb
2026
2,209.4
645.1
48.0
45.1
49.7
6.3
3,003.6

Mar
2026
2,145.3
633.3
48.5
46.5
45.4
12.9
2,932.0

Apr
2026
2,112.7
720.7
51.3
43.7
42.4
14.9
2,985.7

April 2026

Analytics Office

Table 8.4: Aggregate Value of MMF Repo Collateral, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value of collateral
reported (Item C.8.j), by collateral category (Item C.8.k). See Appendix 12.4
for collateral category definitions.

Collateral Type
US Treasuries
MBS - Agency
CMO - Agency
Corporate Debt
Equities
Agency Debenture
CMO - Private Label
Other
ABS
Money Market
Cash
Total

Apr
2025
2,046.4
672.3
82.4
47.1
17.1
18.0
10.7
9.7
8.7
2.7
0.8
2,915.5

May
2025
2,075.7
699.8
83.4
49.6
19.2
18.2
9.2
9.9
8.4
3.0
0.7
2,977.2

Jun
2025
2,287.8
670.3
87.5
50.9
21.2
21.7
10.1
9.2
9.3
3.0
0.3
3,171.1

Jul
2025
2,097.6
726.9
85.3
51.7
26.7
23.4
10.3
10.1
10.6
2.4
0.1
3,045.1

Aug
2025
1,922.3
655.0
92.7
55.5
25.4
23.0
8.7
10.9
11.1
4.1
0.3
2,809.2

Sep
2025
1,950.5
649.9
91.6
62.3
28.4
22.9
8.9
11.0
10.7
2.3
0.3
2,839.0

Oct
2025
1,908.3
664.8
93.2
68.0
35.7
26.9
9.7
11.5
10.9
3.7
0.3
2,833.1

Nov
2025
1,995.2
651.8
90.2
68.1
35.8
23.3
10.5
12.3
12.7
2.9
0.6
2,903.5

Dec
2025
2,166.2
646.6
92.8
64.4
32.6
22.0
10.0
12.5
15.2
2.6
0.1
3,065.2

Jan
2026
2,055.5
719.6
92.1
64.3
42.2
22.9
10.0
10.9
11.0
3.4
0.6
3,032.5

Feb
2026
2,077.3
747.7
91.3
66.4
40.4
18.8
12.3
10.4
9.7
3.0
0.1
3,077.3

Mar
2026
2,037.4
700.4
87.3
66.0
42.5
26.4
13.5
11.1
11.1
2.4
0.4
2,998.6

Apr
2026
2,095.2
686.2
97.6
66.1
43.6
23.7
13.1
12.1
12.0
4.6
0.3
3,054.5

4
Reporting of cash collateral in repurchase agreement transactions began with amendments to Form N-MFP effective
June 11, 2024.

32

April 2026

9

Analytics Office

Portfolio Dispositions5
Table 9.1: Aggregate Value of Prime MMF Portfolio Dispositions, by
Investment Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the reported gross market value
of portfolio securities sold or disposed (Item D.1) by investment category. See
Appendix 12.3 for investment category definitions.

Category
Repo

Commercial Paper

Municipal

Treasury/Agency
CD/TD

Other

Total

Investment Category
Other Repo
Treasury Repo
Subtotal
Financial Company
Non-Financial Company
Asset-Backed
Subtotal
VRDN
Tender Option Bond
Subtotal
Treasury Debt
Agency Debt
Subtotal
CD
Other ABS
Other Instrument
Investment Company
Non-US Sovereign
Subtotal
Total

Apr
2025
8.4
0.0
8.4
0.3
0.2
1.3
1.8
5.0
0.0
5.0
2.8
0.0
2.8
0.1
0.1
0.3
0.0
0.0
0.4
18.4

May
2025
8.9
0.0
8.9
1.2
0.7
0.8
2.7
0.2
0.0
0.2
0.9
0.0
0.9
0.1
0.1
0.2
0.0
0.1
0.3
13.1

Jun
2025
8.3
0.0
8.3
1.9
0.6
0.7
3.2
0.1
0.0
0.1
1.1
0.0
1.1
1.0
0.1
0.0
0.0
0.0
0.1
13.8

Jul
2025
8.9
0.0
8.9
2.1
0.6
0.4
3.1
0.1
0.0
0.1
2.0
0.0
2.0
0.1
0.0
0.0
0.0
0.0
0.1
14.4

Aug
2025
8.8
0.0
8.8
0.8
1.1
0.8
2.7
0.5
0.0
0.5
1.2
0.0
1.2
0.3
0.0
0.0
0.0
0.0
0.1
13.5

Sep
2025
10.6
0.0
10.6
0.4
0.5
0.3
1.2
1.2
0.0
1.2
3.3
0.0
3.3
0.5
0.0
0.0
0.0
0.0
0.1
16.8

Oct
2025
11.5
0.0
11.5
0.9
1.0
0.2
2.1
0.1
0.0
0.1
6.1
0.0
6.1
1.9
0.0
0.0
0.0
0.0
0.1
21.9

Nov
2025
8.6
0.0
8.6
0.7
0.6
0.4
1.7
0.2
0.0
0.2
4.4
0.2
4.6
0.4
0.0
0.1
0.0
0.0
0.1
15.6

Dec
2025
10.6
0.0
10.6
1.5
0.4
0.8
2.7
0.2
0.0
0.2
3.0
0.1
3.1
0.9
0.0
0.1
0.0
0.0
0.1
17.6

Jan
2026
9.6
0.0
9.6
2.3
1.0
1.0
4.4
0.2
0.0
0.2
1.7
0.4
2.1
0.7
0.0
0.3
0.0
0.0
0.3
17.3

Feb
2026
9.1
0.0
9.1
0.6
0.8
0.8
2.2
0.1
0.0
0.1
9.2
0.0
9.2
0.9
0.0
0.4
0.0
0.0
0.5
22.0

Mar
2026
10.6
0.0
10.6
0.7
0.8
0.6
2.1
0.2
0.0
0.2
8.5
0.0
8.5
1.5
0.0
0.0
0.0
0.0
0.1
23.0

Apr
2026
10.6
0.0
10.6
3.0
1.1
0.8
5.0
1.3
0.0
1.3
1.1
0.0
1.2
1.0
0.0
0.0
0.0
0.0
0.1
19.1

Table 9.2: Number of Prime MMFs with Portfolio Dispositions, by
Investment Category
This table excludes feeder funds and relies on the reported gross market value of portfolio
securities sold or disposed (Form N-MFP Item D.1) by investment category. See
Appendix 12.3 for investment category definitions.

Category
Repo

Commercial Paper

Municipal

Treasury/Agency
CD/TD

Other

Total

Investment Category
Other Repo
Treasury Repo
Subtotal
Financial Company
Non-Financial Company
Asset-Backed
Subtotal
VRDN
Tender Option Bond
Subtotal
Treasury Debt
Agency Debt
Subtotal
CD
Other ABS
Other Instrument
Investment Company
Non-US Sovereign
Subtotal
Total

Apr
2025
1
0
1
4
2
6
10
9
1
10
8
0
8
3
1
3
0
0
4
21

May
2025
2
0
2
7
4
8
12
7
0
7
2
0
2
3
1
3
0
2
6
17

Jun
2025
3
0
3
8
5
6
11
7
2
9
2
0
2
5
1
2
1
0
4
18

Jul
2025
1
0
1
6
5
6
12
3
0
4
8
0
8
2
1
3
0
0
4
22

5

Aug
2025
2
0
2
7
6
7
11
4
0
5
5
0
5
4
1
2
1
0
4
20

Sep
2025
3
0
3
6
4
6
10
7
0
7
7
0
7
3
1
1
1
0
3
21

Oct
2025
2
0
2
7
4
4
8
6
0
7
6
1
6
4
1
1
1
0
2
19

Nov
2025
1
0
1
4
5
7
9
9
0
9
6
2
7
6
1
5
0
0
6
20

Dec
2025
1
0
1
8
3
9
12
10
0
10
9
1
9
6
1
2
0
1
4
23

Jan
2026
1
0
1
9
7
6
12
4
0
4
8
2
8
7
1
2
0
0
3
21

Feb
2026
1
0
1
6
6
7
13
3
0
3
7
0
7
7
1
4
0
0
4
21

Mar
2026
2
0
2
7
4
8
14
6
2
6
8
0
8
6
1
1
1
0
3
24

Apr
2026
5
0
5
9
3
11
14
6
2
8
7
1
7
9
1
2
0
0
3
24

Only Prime MMFs must disclose in Item D of Form N-MFP the gross market value of securities they sold or disposed
of during the reporting period, by category of investment. Securities reported in Item D do not include those held until
maturity.

33

April 2026

10

Analytics Office

MMF ETFs
Table 10.1: Number of MMF ETFs Reporting
Category
Government
Prime
Total

Fund Type
Treasury
Government
Subtotal
Institutional
Total

Apr
2025
1
1
2
1
3

May
2025
1
1
2
1
3

Jun
2025
1
2
3
1
4

Jul
2025
2
2
4
1
5

Aug
2025
2
2
4
1
5

Sep
2025
2
2
4
1
5

Oct
2025
2
2
4
1
5

Nov
2025
2
2
4
1
5

Dec
2025
4
2
6
1
7

Jan
2026
4
2
6
1
7

Feb
2026
5
2
7
2
9

Mar
2026
5
2
7
2
9

Apr
2026
5
2
7
2
9

Table 10.2: MMF ETFs Net Assets ($Billions)
This table relies on net assets reported (Item A.16).

Category
Government
Prime
Total

Fund Type
Treasury
Government
Subtotal
Institutional
Total

Apr
2025
0.045
0.042
0.087
0.186
0.273

May
2025
0.049
0.052
0.101
0.235
0.336

Jun
2025
0.058
0.070
0.128
0.254
0.382

Jul
2025
2.686
0.109
2.795
0.269
3.064

Aug
2025
2.836
0.163
2.999
0.305
3.304

Sep
2025
3.396
0.273
3.669
0.344
4.013

34

Oct
2025
4.117
0.415
4.532
0.388
4.920

Nov
2025
4.279
0.496
4.775
0.409
5.185

Dec
2025
4.547
0.524
5.071
0.421
5.492

Jan
2026
4.673
0.585
5.258
0.468
5.725

Feb
2026
23.105
0.636
23.742
0.470
24.212

Mar
2026
26.697
0.822
27.519
0.550
28.068

Apr
2026
27.125
0.827
27.952
0.582
28.534

April 2026

Analytics Office

Table 10.3: Aggregate MMF ETF Net Flows, by MMF Category
($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund.

Category
Government
Prime
Total

Fund Type
Treasury
Government
Subtotal
Institutional
Total

Apr
2025
0.000
0.006
0.006
0.035
0.041

May
2025
0.000
0.010
0.010
0.049
0.059

Jun
2025
0.013
0.018
0.031
0.019
0.050

Jul
2025
2.625
0.039
2.664
0.015
2.679

Aug
2025
0.153
0.053
0.207
0.035
0.242

Sep
2025
0.561
0.109
0.670
0.039
0.709

Oct
2025
0.721
0.143
0.864
0.044
0.908

Nov
2025
0.160
0.080
0.241
0.021
0.262

Dec
2025
0.268
0.029
0.298
0.013
0.311

Jan
2026
0.126
0.059
0.186
0.045
0.231

Feb
2026
18.418
0.051
18.469
0.003
18.472

Mar
2026
3.599
0.185
3.784
0.079
3.863

Apr
2026
0.424
0.005
0.429
0.033
0.462

Table 10.4: Aggregate MMF ETF Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund. Percentages are calculated using lagged net assets (Item B.4).

Category
Government
Prime
Total

Fund Type
Treasury
Government
Subtotal
Institutional
Total

Apr
2025
0.0
16.6
7.4
23.3
17.7

May
2025
0.0
23.8
11.5
26.4
21.6

Jun
2025
25.7
34.5
30.3
8.1
14.8

Jul
2025
4,555.7
55.6
2,082.9
5.9
701.1

Aug
2025
5.7
48.6
7.4
13.0
7.9

35

Sep
2025
19.8
67.2
22.3
12.9
21.5

Oct
2025
21.2
52.4
23.5
12.8
22.6

Nov
2025
3.9
19.4
5.3
5.4
5.3

Dec
2025
6.3
5.9
6.2
3.2
6.0

Jan
2026
2.8
11.3
3.7
10.7
4.2

Feb
2026
394.2
8.8
351.3
0.6
322.6

Mar
2026
15.6
29.1
15.9
16.9
16.0

Apr
2026
1.6
0.6
1.6
6.0
1.6

April 2026

11

Analytics Office

Tokenized MMFs6
Table 11.1: Number of Tokenized MMFs Reporting
Identification of Tokenized MMFs is based on Staff review of public disclosures.

Category
Government
Total

Fund Type
Government
Treasury
Total

Apr
2025
2
1
3

May
2025
2
1
3

Jun
2025
2
0
2

Jul
2025
2
2
4

Aug
2025
2
3
5

Sep
2025
2
3
5

Oct
2025
2
3
5

Nov
2025
1
4
5

Dec
2025
1
4
5

Jan
2026
1
4
5

Feb
2026
1
4
5

Mar
2026
1
4
5

Apr
2026
1
4
5

Table 11.2: Tokenized MMFs Net Assets ($Billions)
This table relies on share class net assets reported (Item B.4).

Category
Government
Total

Fund Type
Government
Treasury
Total

Apr
2025
0.820
0.000
0.820

May
2025
0.983
0.000
0.983

Jun
2025
1.065
0.000
1.065

Jul
2025
1.200
0.000
1.200

Aug
2025
1.625
0.002
1.627

6

Sep
2025
1.275
0.203
1.478

Oct
2025
1.431
0.234
1.665

Nov
2025
0.794
0.925
1.718

Dec
2025
0.766
0.985
1.751

Jan
2026
0.836
0.885
1.721

Feb
2026
0.864
0.989
1.854

Mar
2026
0.844
1.070
1.914

Apr
2026
0.825
1.110
1.935

For this report, a “Tokenized” MMF is a MMF that maintains its “record of ownership...in whole or in part on or
through one or more crypto networks,” consistent with the SEC’s Statement on Tokenized Securities. See Appendix 12.5
for more detail on the tokenized MMFs identified for purposes of this report.

36

April 2026

Analytics Office

Table 11.3: Aggregate Tokenized MMF Net Flows, by MMF Category
($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund.

Category
Government
Total

Fund Type
Government
Treasury
Total

Apr
2025
0.021
0.000
0.021

May
2025
0.163
0.000
0.163

Jun
2025
0.082
0.000
0.082

Jul
2025
0.135
0.000
0.135

Aug
2025
0.426
0.002
0.427

Sep
2025
-0.350
0.201
-0.149

Oct
2025
0.155
0.031
0.186

Nov
2025
-0.001
0.055
0.054

Dec
2025
-0.028
0.060
0.033

Jan
2026
0.070
-0.100
-0.030

Feb
2026
0.028
0.105
0.133

Mar
2026
-0.021
0.081
0.060

Apr
2026
-0.019
0.040
0.021

Table 11.4: Aggregate Tokenized MMF Net Flows, by MMF Category
(Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund. Percentages are calculated using lagged net assets (Item B.4).

Category
Government
Total

Fund Type
Government
Treasury
Total

Apr
2025
2.6
0.2
2.6

May
2025
19.9
0.2
19.9

Jun
2025
8.3
0.0
8.3

Jul
2025
12.7
392.9
12.7

Aug
2025
35.5
3,086.3
35.6

37

Sep
2025
-21.5
12,505.9
-9.2

Oct
2025
12.2
15.2
12.6

Nov
2025
-0.1
6.3
3.2

Dec
2025
-3.5
6.5
1.9

Jan
2026
9.1
-10.2
-1.7

Feb
2026
3.4
11.9
7.8

Mar
2026
-2.4
8.2
3.2

Apr
2026
-2.3
3.7
1.1

April 2026

Analytics Office

12

Appendices

12.1

Interval Notation

Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.

12.2

Form N-MFP Changes

Below we include a brief summary of certain changes made to Form N-MFP since 2010 that may impact the
availability, or meaning of, historical information collected in certain data elements presented here in this
report.7

Release Number
IC-34959

Effective Date
June 11, 2024

Form N-MFP Amendments Reflect
Amendments to Form N-MFP requiring: reporting indicating whether
the fund is established as a cash management vehicle for affiliated funds
or other accounts and not available to other investors, reporting of the
gross market value of portfolio securities a prime Money Market Fund
sold or disposed of during the reporting period, reporting identifying
whether a repurchase agreement is centrally cleared, and whether it
was settled on the triparty platform, indication of whether the Money
Market Fund is a “Treasury” fund, and reporting of daily and weekly
liquid assets, yields, and shareholder flows at a daily frequency within
the monthly filing.

IC-31166

October 14, 2014

Amendments to Form N-MFP requiring identification of exempt retail
funds under 2a-7, revised investment categories for portfolio securities
and repurchase agreement collateral, and reporting of weekly reporting
of daily and weekly liquid assets within the monthly filing of the form.

IC-29132

May 5, 2010

Amendments requiring Money Market Funds to submit Form N-MFP
electronically to the Commisison within five business days after the end
of each month. Changes to rule 2a-7 portfolio quality, maturity, and
liquidity requirements.

7

This summary only covers changes to Form N-MFP that could affect the data used in compiling this report. Therefore,
this summary is purposefully not a comprehensive list of all changes made to Form N-MFP over the time period shown.
In addition, item references refer to the version of Form N-MFP in effect as of the date of a particular rulemaking.

38

April 2026

12.3

Analytics Office

Investment Categories

Below we provide the mapping from reported investment categories on Form N-MFP, Item C.6 and Item D.1
to categories presented in this report.

Form N-MFP Investment Category
U.S. Government Agency Debt (if categorized as coupon-paying notes)

Report Category
Treasury/Agency

Report Investment Category
Agency Debt

U.S. Government Agency Debt (if categorized as no-coupon-paying notes)

Treasury/Agency

Agency Debt

U.S. Treasury Debt

Treasury/Agency

Treasury Debt

U.S. Government Agency Repurchase Agreement

Repo

Agency Repo

U.S. Treasury Repurchase Agreement

Repo

Treasury Repo

Other Repurchase Agreement

Repo

Other Repo

Asset Backed Commercial Paper

Commercial paper

Asset-Backed

Financial Company Commercial Paper

Commercial Paper

Financial Company

Non-Financial Company Commercial Paper

Commercial Paper

Non-Financial Company

Certificate of Deposity

CD/TD

CD

Non-Negotiable Time Deposit

CD/TD

Non-Negotiable TD

Variable Rate Demand Note

Municipal

VRDN

Tender Option Bond

Municipal

Tender Option Bond

Other Municipal Security

Municipal

Other Municipal

Insurance Company Funding Agreement

Other

Insurance CO FA

Investment Company

Other

Investment Company

Non-U.S. Sovereign, Sub-Sovereign and Supra-National Debt

Other

Non-US Sovereign

Other Asset Backed Securities

Other

Other ABS

Other Instrument

Other

Other Instrument

39

April 2026

12.4

Analytics Office

Collateral Categories

Below we provide the mapping from reported collateral categories on Form N-MFP, Item C.8.k to categories
presented in this report.

Form N-MFP Collateral Category
Agency Collateralized Mortgage Obligations

Report Collateral Category
CMO - Agency

Agency Debentures and Agency Strips

Agency Debenture

Agency Mortgage-Backed Securities

MBS - Agency

Asset-Backed Securities

ABS

Cash

Cash

Corporate Debt Securities

Corporate Debt

Equities

Equities

Money Market

Money Market

Private Label Collateralized Mortgage Obligations
Other Instrument

CMO - Private Label
Other Instrument

U.S. Treasuries (including strips)

US Treasuries

40

April 2026

12.5

Analytics Office

Tokenized MMF Information

Below are the MMFs staff has identified, based on review of public disclosures, as “Tokenized” MMFs for
purposes of the statistics in Section 11 of this report. Staff identified these funds by searching public MMF
disclosures for certain key words and then reviewing those public disclosures that contained the key words. The
staff classified a MMF as “Tokenized” only when its public disclcosures clearly indicate that the MMF
maintains its“record of ownership...in whole or in part on or through one or more crypto networks,” consistent
with the SEC’s Statement on Tokenized Securities.

Table 12.1: Tokenized MMFs Identified
Registrant
360 FUNDS

Series Name
M3SIXTY ONCHAIN U.S. GOVERNMENT MONEY MARKET FUND

Class Name
M3SIXTY ONCHAIN U.S. GOVERNMENT MONEY MARKET FUND

Ticker
MCGXX

DREYFUS TREASURY PRIME CASH MANAGEMENT

DREYFUS TREASURY SECURITIES CASH MANAGEMENT

TOKEN-ENABLED SHARES

TKNXX

FIDELITY TREASURY DIGITAL FUND

FIDELITY TREASURY DIGITAL FUND

ONCHAIN

FYOXX

FRANKLIN TEMPLETON TRUST

FRANKLIN ONCHAIN U.S. GOVERNMENT MONEY FUND

FRANKLIN ONCHAIN U.S. GOVERNMENT MONEY FUND

FOBXX

WISDOMTREE DIGITAL TRUST

WISDOMTREE TREASURY MONEY MARKET DIGITAL FUND

WISDOMTREE TREASURY MONEY MARKET DIGITAL FUND

WTGXX

41

April 2026

12.6

Analytics Office

Definitions
Included by reference are all definitions included in the definitions section of
Form N-MFP and definitions set forth in Rule 2a-7 (17 CFR 270.2a-7).

Daily Liquid Assets

Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)
Securities that will mature (as determined without reference to the exceptions in paragraph (i) of 17 CFR 270.2a-7 regarding interest rate
readjustments), or are subject to a demand feature that is exercisable
and payable, within one business day; or (iv) Amounts receivable and
due unconditionally within one business day on pending sales of portfolio securities.

Form N-MFP

Used by Money Market Funds to file reports with the Commission pursuant to rule 30b1-7 under the Act (17 CFR 270.30b1-7). The form is
available here.

Fund Category

Fund category, as reported on Item A.10 of Form N-MFP. Form N-MFP
requires filers to identify each Fund from among the following categories:
Government, Prime, Single State and Other Tax Exempt, and further
asks the filer to identify whether the Fund is a Retail Money Market
Fund or Treasury Money Market Fund.

Government Money Market Fund

A Money Market Fund that invests 99.5 percent or more of its total
assets in cash, government securities, and/or repurchase agreements that
are collateralized fully.

Institutional Money Market Fund

A Fund reported on Form N-MFP which indicates in Item A.10.a. that
they are not a Retail Money Market Fund.

Money Market Fund (MMF)

A registered open-end management investment company, or series
thereof, that is regulated as a Money Market Fund pursuant to rule
2a–7 (17 CFR 270.2a–7) under the Investment Company Act of 1940.

42

April 2026

Analytics Office

Prime Money Market Fund

Any Fund reported on Form N-MFP as a Prime Money Market Fund
on Form N-MFP Item A.10.

Retail Money Market Fund

A Money Market Fund that has policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons.

Single State Fund

A Tax Exempt Money Market Fund that holds itself out as seeking to
maximize the amount of its distributed income that is exempt from the
income taxes or other taxes on investments of a particular state and,
where applicable, subdivisions thereof.

Tax Exempt Money Market Fund

A Money Market Fund that holds itself out as distributing income exempt from regular federal income tax.

Total Assets

For purposes of this report: the sum of fund level cash (Form N-MFP
Item A.14.a), the total value of portfolio securities (Form N-MFP Item
A.14.b), and the total value of other assets (Form N-MFP Item A.14.c).

Treasury Money Market Fund

A Government Money Market Fund which indicates in Item A.10.b. that
they typically invest at least 80% of the value of its assets in U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury obligations.

Weekly Liquid Assets

Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)
Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the
United States pursuant to authority granted by the Congress of the
United States that: (A) Are issued at a discount to the principal amount
to be repaid at maturity without provision for the payment of interest;
and (B) Have a remaining maturity date of 60 days or less; (iv) Securities
that will mature (as determined without reference to the exceptions in
paragraph (i) of 17 CFR 270.2a-7 regarding interest rate readjustments),
or are subject to a demand feature that is exercisable and payable, within
five business days; or (v) Amounts receivable and due unconditionally
within five business days on pending sales of portfolio securities.

43

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ac73e247a8e9d6152. Public record. Not legal advice.