The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, which shows that total money fund assets rose by $123.7 billion in February 2026 to a record high $8.341 trillion, after hitting $8.217 trillion the month prior. The SEC shows Prime MMFs increased $18.2 billion in February to $1.383 trillion, Govt & Treasury funds increased $104.5 billion to $6.808 trillion and Tax Exempt funds increased $1.0 billion to $150.1 billion. Taxable yields were lower again in February following declines in January. 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 $102.3 billion in February 2026 to a record of $8.258 trillion. In March month-to-date through 3/24, total money fund assets have decreased by $26.9 billion to $8.214 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
February's asset increase follows an increase of $36.6 billion in January, $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 and $101.8 billion last February. Over the 12 months through 2/28/26, total MMF assets have increased by $952.4 billion, or 12.9%, according to the SEC's series.
The SEC's stats show that of the $8.341 trillion in assets, $1.383 trillion was in Prime funds, up $18.2 billion in February. Prime assets were up $22.4 billion in January, $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 and $15.5 billion last February. Prime funds represented 16.6% of total assets at the end of February. They've increased by $149.0 billion, or 12.1%, 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 $6.808 trillion, or 81.6% of assets. They increased $104.5 billion in February, increased $23.1 billion in January, increased $117.3 billion in December, increased $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 and increased $85.5 billion last February. Govt & Treasury MMFs are up $792.5 billion over 12 months, or 13.2%. Tax Exempt Funds increased $1.0 billion to $150.1 billion, or 1.8% of all assets. The number of money funds was 286 in February, up 2 from the previous month and up 9 funds from a year earlier.
Yields for Taxable MMFs were lower while Tax Exempt MMFs were mixed in February. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on February 28 was 3.83%, down 1 bp from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 3.84%, down 2 bps from the previous month. Gross yields were 3.73% for Government Funds, down 2 bps from last month. Gross yields for Treasury Funds were down 1 bp at 3.72%. Gross Yields for Tax Exempt Institutional MMFs were down 5 basis points to 1.94% in February. Gross Yields for Tax Exempt Retail funds were up 5 bps to 2.17%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 3.73%, down 1 bp from the previous month and down 66 bps from 2/28/25. The Average Net Yield for Prime Retail Funds was 3.58%, down 1 bp from the previous month and down 67 bps since 2/28/25. Net yields were 3.51% for Government Funds, down 2 bps from last month. Net yields for Treasury Funds were down 1 bp from the previous month at 3.52%. Net Yields for Tax Exempt Institutional MMFs were down 4 bps from January to 1.84%. Net Yields for Tax Exempt Retail funds were up 5 bps at 1.94% in February. (Note: These averages are asset-weighted.)
WALs and WAMs were mixed in February. The average Weighted Average Life, or WAL, was 61.5 days (up 2.7 days) for Prime Institutional funds, and 51.3 days for Prime Retail funds (up 1.6 days). Government fund WALs averaged 92.1 days (down 0.5 days) while Treasury fund WALs averaged 95.9 days (down 1.5 days). Tax Exempt Institutional fund WALs were 5.4 days (up 0.4 days), and Tax Exempt Retail MMF WALs averaged 30.1 days (down 0.4 days).
The Weighted Average Maturity, or WAM, was 35.5 days (up 2.5 days from the previous month) for Prime Institutional funds, 32.3 days (down 0.2 days from the previous month) for Prime Retail funds, 39.8 days (down 1.5 days from previous month) for Government funds, and 47.0 days (down 0.2 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were up 0.2 days at 5.2 days, while Tax Exempt Retail WAMs were down 1.0 days from previous month at 28.7 days.
Total Daily Liquid Assets for Prime Institutional funds were 51.1% in February (down 0.7% from the previous month), and DLA for Prime Retail funds was 46.7% (down 1.3% from previous month) as a percent of total assets. The average DLA was 62.7% for Govt MMFs and 94.7% for Treasury MMFs. Total Weekly Liquid Assets was 66.4% (up 1.2% from the previous month) for Prime Institutional MMFs, and 60.8% (down 0.3% from the previous month) for Prime Retail funds. Average WLA was 77.6% for Govt MMFs and 99.2% 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."
