Division of Investment Management

Division of Investment Management

Analytics Office

Money Market Fund Statistics

Form N-MFP Data, period ending July 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 August 18, 2026.

July 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 August 18, 2026, for the

reporting periods from July 2025 to July 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 (July 2026)”.

1

July 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

July 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

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

May

2026

138

73

211

15

23

38

6

35

41

290

Jun

2026

139

75

214

15

23

38

6

35

41

293

Jul

2026

139

75

214

15

23

38

6

35

41

293

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

Jul

2025

21

5

26

3

2

5

0

0

0

31

Aug

2025

21

5

26

3

2

5

0

0

0

31

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

1

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

May

2026

22

5

27

3

2

5

0

0

0

32

Jun

2026

22

5

27

3

2

5

0

0

0

32

Jul

2026

22

5

27

3

2

5

0

0

0

32

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

July 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

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

May

2026

16

6

22

6

0

6

3

0

3

31

Jun

2026

16

6

22

6

0

6

3

0

3

31

Jul

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

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

May

2026

127

67

194

0

23

23

0

35

35

252

Jun

2026

128

69

197

0

23

23

0

35

35

255

Jul

2026

128

69

197

0

23

23

0

35

35

255

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

Jul

2025

67

38

81

11

20

25

4

14

15

81

Aug

2025

68

38

82

11

20

25

4

14

15

82

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

4

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

May

2026

67

43

86

12

21

26

4

14

15

86

Jun

2026

67

44

86

12

21

26

4

14

15

86

Jul

2026

67

44

86

12

21

26

4

14

15

86

July 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

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

May

2026

21

9

21

6

8

10

3

6

6

22

Jun

2026

21

9

21

6

8

10

3

6

6

22

Jul

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

Jul

2025

425

260

685

39

88

127

10

121

131

943

Aug

2025

429

263

692

39

88

127

10

121

131

950

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

5

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

May

2026

428

284

712

40

93

133

10

119

129

974

Jun

2026

433

287

720

40

93

133

10

119

129

982

Jul

2026

430

287

717

40

93

133

10

119

129

979

July 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

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

May

2026

4,537.0

2,326.3

6,863.3

382.6

989.6

1,372.2

16.7

136.1

152.8

8,388.3

Jun

2026

4,562.2

2,332.2

6,894.4

409.1

984.6

1,393.7

15.0

139.2

154.2

8,442.4

Jul

2026

4,484.6

2,376.4

6,861.1

384.7

985.5

1,370.2

15.5

140.0

155.5

8,386.8

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

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

May

2026

420.2

78.0

498.2

94.7

23.4

118.1

0.0

0.0

0.0

616.3

Jun

2026

431.3

78.3

509.6

108.3

22.8

131.1

0.0

0.0

0.0

640.7

Jul

2026

415.9

83.9

499.8

95.9

22.8

118.6

0.0

0.0

0.0

618.5

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

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

May

2026

335.4

16.4

351.8

228.2

0.0

228.2

6.5

0.0

6.5

586.5

Jun

2026

313.0

14.7

327.7

252.8

0.0

252.8

5.3

0.0

5.3

585.8

Jul

2026

308.7

15.1

323.9

225.3

0.0

225.3

5.7

0.0

5.7

554.8

As of July 2026, there are 16 Single State MMFs (excluding feeder funds) reporting an aggregate $43 billion in net

assets (roughly 28% of aggregate Tax Exempt MMF net assets). Additionally, there are 25 Other Tax Exempt MMFs

(excluding feeder funds) reporting an aggregate $113 billion in net assets (roughly 73% of aggregate Tax Exempt MMF

net assets).

3

6

July 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

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

May

2026

3,899.3

2,278.4

6,177.7

0.0

989.6

989.6

0.0

136.1

136.1

7,303.4

Jun

2026

3,938.3

2,286.7

6,225.0

0.0

984.6

984.6

0.0

139.2

139.2

7,348.7

Jul

2026

3,885.8

2,334.0

6,219.9

0.0

985.5

985.5

0.0

140.0

140.0

7,345.3

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

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

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

7

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

May

2026

0.06

0.14

0.57

3.48

18.51

91.43

155.03

0.07

0.14

0.54

3.36

23.30

109.01

185.27

0.18

0.54

1.41

6.04

32.77

97.14

138.41

0.06

0.11

0.40

3.06

4.22

8.95

11.31

Jun

2026

0.05

0.11

0.59

3.38

18.69

88.59

149.71

0.05

0.11

0.54

3.36

22.32

108.00

180.24

0.17

0.54

1.41

7.40

37.30

104.55

137.12

0.08

0.11

0.41

2.93

4.18

9.07

11.86

Jul

2026

0.05

0.11

0.59

3.41

18.68

95.47

144.21

0.04

0.11

0.51

3.37

22.49

110.51

178.51

0.19

0.54

1.41

7.83

33.31

98.03

137.00

0.08

0.11

0.40

3.03

4.27

9.18

11.87

July 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

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

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

May

2026

4,615.1

2,430.9

7,046.1

388.2

1,006.1

1,394.2

17.1

137.6

154.7

8,595.0

Jun

2026

4,649.3

2,393.5

7,042.8

412.2

998.4

1,410.6

15.6

141.1

156.6

8,610.1

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

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

May

2026

421.5

78.2

499.7

95.0

23.5

118.5

0.0

0.0

0.0

618.2

Jun

2026

432.5

78.5

511.0

108.6

22.8

131.4

0.0

0.0

0.0

642.5

Jul

2026

417.2

84.2

501.4

96.2

22.8

119.1

0.0

0.0

0.0

620.5

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

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

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

8

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

May

2026

340.4

16.5

356.9

231.1

0.0

231.1

6.5

0.0

6.5

594.5

Jun

2026

317.3

14.9

332.2

255.3

0.0

255.3

5.3

0.0

5.3

592.7

Jul

2026

313.8

15.2

329.0

229.6

0.0

229.6

5.7

0.0

5.7

564.3

Jul

2026

4,576.3

2,484.3

7,060.6

393.0

1,004.8

1,397.8

16.3

141.1

157.4

8,615.8

July 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

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

May

2026

3,972.5

2,382.2

6,354.7

0.0

1,006.1

1,006.1

0.0

137.6

137.6

7,498.3

Jun

2026

4,016.1

2,347.0

6,363.1

0.0

998.4

998.4

0.0

141.1

141.1

7,502.6

Jul

2026

3,972.4

2,441.1

6,413.5

0.0

1,004.8

1,004.8

0.0

141.1

141.1

7,559.5

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

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

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

9

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

May

2026

0.06

0.14

0.59

3.50

18.70

93.36

159.34

0.08

0.15

0.54

3.37

23.47

115.37

191.80

0.18

0.54

1.42

6.05

33.53

97.24

144.30

0.06

0.11

0.41

3.08

4.36

8.96

11.57

Jun

2026

0.05

0.11

0.60

3.50

18.89

90.27

152.24

0.05

0.11

0.55

3.43

22.65

109.04

182.25

0.17

0.54

1.43

7.42

37.73

104.85

141.51

0.08

0.11

0.42

2.96

4.56

9.19

11.98

Jul

2026

0.05

0.11

0.59

3.45

19.18

96.73

150.59

0.04

0.11

0.52

3.42

22.66

114.56

183.64

0.19

0.55

1.42

7.84

34.45

98.98

143.04

0.08

0.11

0.40

3.05

4.59

9.21

11.97

July 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

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

May

2026

78.4

104.6

183.0

5.6

16.5

22.1

0.4

1.5

1.9

207.0

Jun

2026

87.8

61.6

149.4

3.0

13.9

16.9

0.6

1.9

2.5

168.7

Jul

2026

91.9

107.8

199.7

8.4

19.3

27.7

0.7

1.2

1.9

229.3

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

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

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

10

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

May

2026

5.5

22.4

37.2

62.9

83.8

95.4

6.7

25.7

42.6

71.2

89.8

98.4

28.5

64.3

87.3

99.1

100.0

100.0

12.1

43.8

62.5

95.5

100.0

100.0

Jun

2026

5.4

22.3

37.2

62.4

83.8

95.5

6.6

25.8

42.7

70.9

90.1

98.4

27.9

63.9

87.3

99.1

100.0

100.0

12.2

44.9

63.7

95.5

100.0

100.0

Jul

2026

5.5

22.6

37.1

62.2

83.7

95.4

6.7

25.9

42.5

70.7

90.0

98.4

28.4

64.2

87.1

99.1

100.0

100.0

12.1

44.2

63.4

95.6

100.0

100.0

July 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

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

May

2026

19.1

51.4

76.5

94.2

24.8

65.7

90.5

98.5

28.8

85.8

95.3

100.0

27.7

91.4

99.2

100.0

Jun

2026

16.5

48.3

70.7

94.3

18.7

54.9

78.5

97.8

44.6

86.9

96.2

100.0

52.5

96.7

100.0

100.0

Jul

2026

15.5

45.4

66.8

93.1

19.0

55.6

79.0

98.3

28.4

85.6

95.0

100.0

27.6

91.4

99.2

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

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

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

11

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

May

2026

5,653.1

1,121.5

0.0

6,774.6

946.2

206.2

57.9

1,210.3

132.0

22.9

33.3

188.2

108.7

18.0

57.7

184.4

13.4

3.4

2.2

19.0

9.2

0.2

1.6

11.0

0.7

0.0

0.1

0.8

8,388.3

Jun

2026

5,725.9

1,129.0

0.0

6,855.0

892.9

217.0

60.1

1,170.1

136.7

25.6

33.6

195.9

114.7

19.2

56.6

190.5

14.8

2.6

2.1

19.6

8.6

0.2

1.6

10.3

0.8

0.1

0.1

1.0

8,442.4

Jul

2026

5,683.3

1,116.2

0.0

6,799.5

897.3

206.5

59.6

1,163.4

139.5

20.7

34.3

194.5

116.5

23.0

57.8

197.3

15.0

3.6

2.1

20.7

8.8

0.2

1.6

10.6

0.7

0.1

0.1

0.9

8,386.8

July 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

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

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

12

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

May

2026

36

8

0

44

40

10

4

54

19

4

5

28

45

8

18

71

19

5

3

27

35

1

8

44

16

2

3

21

289

Jun

2026

37

8

0

45

37

10

4

51

20

4

5

29

46

9

18

73

21

4

3

28

33

1

8

42

19

2

3

24

292

Jul

2026

37

8

0

45

37

10

4

51

19

3

5

27

47

9

18

74

21

5

3

29

34

1

8

43

18

2

3

23

292

July 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

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

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

May

2026

2,819.0

1,144.3

3,963.3

217.9

88.7

306.6

9.2

19.8

29.0

4,298.8

Jun

2026

3,238.9

1,268.1

4,507.0

281.9

93.2

375.1

9.3

19.9

29.2

4,911.4

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

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

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

13

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

May

2026

63.5

51.6

59.6

60.3

9.0

22.8

57.1

14.6

19.1

52.7

Jun

2026

71.5

55.0

65.9

74.9

9.4

27.5

55.7

14.7

19.1

58.8

Jul

2026

66.5

55.6

62.8

54.2

9.0

22.1

69.9

14.0

19.5

55.3

Jul

2026

3,028.1

1,285.3

4,313.4

217.2

88.9

306.1

10.5

19.5

30.0

4,649.5

July 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

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

May

2026

0.00

0.01

0.03

0.77

8.56

33.01

99.15

0.00

0.02

0.05

0.80

7.55

37.52

38.58

0.00

0.00

0.02

0.33

1.13

1.96

2.58

Jun

2026

0.00

0.00

0.03

0.79

8.44

44.30

121.04

0.01

0.03

0.07

1.01

10.14

40.28

48.48

0.00

0.01

0.03

0.32

0.94

1.95

2.42

Jul

2026

0.00

0.00

0.03

0.74

8.04

39.83

109.77

0.01

0.03

0.06

0.83

7.95

29.27

37.58

0.00

0.00

0.03

0.33

1.12

2.00

2.53

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

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

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

14

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

May

2026

1.8

2.7

6.8

20.8

61.6

117.7

139.0

1.9

2.6

4.8

9.7

22.4

63.4

102.0

2.0

2.8

6.9

13.0

19.7

39.3

65.2

Jun

2026

1.5

2.2

6.5

23.1

75.5

137.2

195.7

2.4

3.6

7.1

10.4

25.7

125.2

137.1

2.6

2.9

6.0

11.9

17.3

43.5

60.9

Jul

2026

0.4

1.5

5.2

21.7

64.4

118.3

179.5

2.8

3.5

7.0

9.8

36.1

91.3

119.2

1.3

2.5

6.8

12.4

16.8

54.1

74.9

July 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

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

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

May

2026

2,725.0

1,056.5

3,781.5

203.0

84.6

287.6

8.7

18.8

27.5

4,096.6

Jun

2026

3,212.4

1,261.7

4,474.1

258.0

98.4

356.3

11.0

17.1

28.1

4,858.5

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

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

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

15

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

May

2026

61.4

47.7

56.8

56.1

8.6

21.4

53.9

13.9

18.1

50.3

Jun

2026

70.9

54.8

65.5

68.5

9.9

26.1

65.8

12.6

18.4

58.2

Jul

2026

68.3

53.7

63.4

60.6

8.9

23.9

66.3

13.4

18.6

56.1

Jul

2026

3,111.1

1,241.1

4,352.1

242.7

88.0

330.7

10.0

18.7

28.7

4,711.5

July 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

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

May

2026

0.00

0.01

0.04

0.76

8.22

33.79

95.04

0.00

0.01

0.06

0.76

7.30

35.90

36.94

0.00

0.01

0.04

0.29

1.01

2.21

2.44

Jun

2026

0.00

0.00

0.03

0.78

8.63

42.23

123.21

0.00

0.03

0.06

0.96

9.13

37.48

44.97

0.00

0.01

0.04

0.29

0.94

1.99

2.47

Jul

2026

0.00

0.01

0.03

0.86

7.67

35.76

114.76

0.00

0.01

0.05

0.92

8.41

32.95

39.42

0.00

0.00

0.03

0.34

0.98

1.93

2.31

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

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

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

16

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

May

2026

2.3

2.8

6.5

18.5

58.5

110.3

140.7

0.0

2.7

4.7

8.0

16.1

68.8

95.5

2.0

3.3

7.5

9.6

16.1

48.2

63.2

Jun

2026

1.8

2.9

5.8

21.1

68.0

126.0

168.1

3.0

3.4

5.5

10.6

21.2

94.9

105.7

1.8

4.1

5.8

9.7

15.3

43.0

65.2

Jul

2026

1.1

2.2

5.8

20.1

63.5

115.8

166.9

2.4

2.8

4.7

8.8

18.1

71.5

97.6

1.8

3.5

6.9

10.1

16.3

56.2

67.1

July 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

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

May

2026

93.9

87.9

181.8

14.9

4.1

19.0

0.5

0.9

1.4

202.3

Jun

2026

26.5

6.4

32.9

23.9

-5.1

18.8

-1.7

2.9

1.2

52.9

Jul

2026

-83.0

44.2

-38.8

-25.5

0.9

-24.6

0.5

0.8

1.4

-62.1

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

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

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

17

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

May

2026

2.1

4.0

2.7

4.1

0.4

1.4

3.3

0.7

1.0

2.5

Jun

2026

0.6

0.3

0.5

6.4

-0.5

1.4

-10.1

2.1

0.8

0.6

Jul

2026

-1.8

1.9

-0.6

-6.4

0.1

-1.8

3.6

0.6

0.9

-0.7

July 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

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

May

2026

-1.17

-0.39

-0.03

0.00

0.21

1.95

4.84

-0.06

-0.02

-0.00

0.01

0.29