The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary Thursday. The report shows that total money fund assets rose by $36.6 billion in January 2026 to a record high $8.217 trillion, after hitting $8.180 trillion the month prior. The SEC shows Prime MMFs increased $22.3 billion in January to $1.365 trillion, Govt & Treasury funds increased $23.1 billion to $6.703 trillion and Tax Exempt funds decreased $8.8 billion to $149.1 billion. Taxable yields were lower again in January following declines in December. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets increasing $33.9 billion in January 2026 to a record of $8.155 trillion. In February month-to-date through 2/18, total money fund assets have increased by $66.2 billion to $8.208 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
January's asset increase follows an increase of $125.0 billion in December, $125.1 billion in November, $153.2 billion in October, $106.0 billion in September, $138.0 billion in August, $60.2 billion in July, $4.3 billion in June, $94.9 billion in May, a decrease of $17.5 billion in April, a rise of $2.8 billion in March, $101.8 billion in February and $47.9 billion last January. Over the 12 months through 1/31/26, total MMF assets have increased by $930.5 billion, or 12.8%, according to the SEC's series.
The SEC's stats show that of the $8.217 trillion in assets, $1.365 trillion was in Prime funds, up $22.4 billion in January. Prime assets were up $1.2 billion in December, $3.1 billion in November, $9.1 billion in October, $6.2 billion in September, $20.2 billion in August, $22.7 billion in July, $9.8 billion in June, $11.8 billion in May, $2.3 billion in April, $22.1 billion in March, $15.5 billion in February and $27.3 billion last January. Prime funds represented 16.6% of total assets at the end of January. They've increased by $146.3 billion, or 12.0%, over the past 12 months. (Note that the SEC's series includes a number of internal money funds not tracked by ICI, though Crane Data includes most of these assets in its collections.)
Government & Treasury funds totaled $6.703 trillion, or 81.6% of assets. They increased $23.1 billion in January, increased $117.3 billion in December, $115.4 billion in November, increased $142.1 billion in October, increased $97.8 billion in September, increased $118.1 billion in August, increased $39.0 billion in July, decreased $0.7 billion in June, increased $82.7 billion in May, decreased $25.1 billion in April, $21.8 billion in March, increased $85.5 billion in February and $23.2 billion last January. Govt & Treasury MMFs are up $773.5 billion over 12 months, or 13.0%. Tax Exempt Funds decreased $8.8 billion to $149.1 billion, or 1.8% of all assets. The number of money funds was 284 in January, unchanged from the previous month and up 9 funds from a year earlier.
Yields for Taxable and Tax Exempt MMFs were both lower in January. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on January 31 was 3.84%, down 7 bps from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 3.86%, down 7 bps from the previous month. Gross yields were 3.75% for Government Funds, down 8 bps from last month. Gross yields for Treasury Funds were down 9 bps at 3.73%. Gross Yields for Tax Exempt Institutional MMFs were down 110 basis points to 1.99% in January. Gross Yields for Tax Exempt Retail funds were down 94 bps to 2.12%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 3.74%, down 6 bps from the previous month and down 69 bps from 1/31/25. The Average Net Yield for Prime Retail Funds was 3.59%, down 8 bps from the previous month and down 69 bps since 1/31/25. Net yields were 3.53% for Government Funds, down 8 bps from last month. Net yields for Treasury Funds were down 8 bps from the previous month at 3.53%. Net Yields for Tax Exempt Institutional MMFs were down 111 bps from December to 1.88%. Net Yields for Tax Exempt Retail funds were down 94 bps at 1.89% in January. (Note: These averages are asset-weighted.)
WALs and WAMs were mixed in January. The average Weighted Average Life, or WAL, was 58.8 days (up 6.3 days) for Prime Institutional funds, and 49.7 days for Prime Retail funds (up 1.4 days). Government fund WALs averaged 92.6 days (up 4.0 days) while Treasury fund WALs averaged 97.4 days (up 2.3 days). Tax Exempt Institutional fund WALs were 5.0 days (unchanged), and Tax Exempt Retail MMF WALs averaged 30.5 days (down 0.1 days).
The Weighted Average Maturity, or WAM, was 33.0 days (up 4.9 days from the previous month) for Prime Institutional funds, 32.5 days (up 1.8 days from the previous month) for Prime Retail funds, 41.3 days (up 2.2 days from previous month) for Government funds, and 47.2 days (up 1.0 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were down 0.2 days at 5.0 days, while Tax Exempt Retail WAMs were unchanged from previous month at 29.7 days.
Total Daily Liquid Assets for Prime Institutional funds were 51.8% in January (down 1.3% from the previous month), and DLA for Prime Retail funds was 48.0% (up 0.8% from previous month) as a percent of total assets. The average DLA was 63.7% for Govt MMFs and 94.6% for Treasury MMFs. Total Weekly Liquid Assets was 65.2% (up 0.2% from the previous month) for Prime Institutional MMFs, and 61.1% (up 0.7% from the previous month) for Prime Retail funds. Average WLA was 82.6% for Govt MMFs and 99.0% for Treasury MMFs.
Note that the SEC made a number of changes to their monthly release in April 2025, so we're no longer publishing a number of tables. A press release titled, "SEC Publishes New Data and Analysis About Registered Investment Companies and Money Market Funds," states, "The Securities and Exchange Commission ... published new data and analysis in a pair of reports that provide the investing public with updated key information about registered investment companies and money market funds. 'It is important that the Commission publicly shares the information it collects in a clear and transparent way,' says Acting Chairman Mark Uyeda. 'These two reports will provide the public with key information about the approximately $41.5 trillion investors trust to funds and the approximately $7.39 trillion invested in money market funds.'"
The SEC says, "Money Market Fund Statistics is an enhanced version of the money market funds report generated by the Division of Investment Management. This report contains additional statistical analysis and enhancements, as well as certain metrics based on Form N-MFP data. The modifications to the report are designed to further facilitate the public's ability to efficiently review, digest, and use aggregate information about the money market fund industry by including summaries of more money market fund data, including information about internal affiliated funds, portfolio investments, flows, and industry concentration. The report extends the downloadable historical statistical series of data back to 2010."
Tim Husson, who leads the SEC's Division of Investment Management's Analytics Office, adds, "Forms N-MFP and N-CEN provide insights into key areas of the investment company industry. The reports reflect our continued dedication to enhance the public's use of important information about the industry."
