Money market funds
Government funds dominate the US money-market fund complex
Every US money market fund files a monthly portfolio report on SEC Form N-MFP. This page aggregates those filings into the industry picture: $8.44 trillion in net assets across 293 funds as of June 2026, split by fund category, by what the funds hold, and by how long they lend. Government funds run $6.89T (82% of the complex), prime funds $1.39T, tax-exempt funds $154B. Aggregates only, computed at build and reconciled to the SEC's own Money Market Fund Statistics report.
Data as of June 2026 report month (SEC Form N-MFP data sets)
Reproducing the SEC's own report
The SEC's Division of Investment Management publishes Money Market Fund Statistics from the same Form N-MFP filings. Aggregating the raw filings ourselves for May 2026, the latest month the SEC has published, reproduces its net-asset table to the report's printed precision, and its fund counts exactly (290 funds, 32 feeder funds excluded).
| May 2026, net assets | Computed here | SEC published |
|---|---|---|
| Total net assets | $8388.3B | $8388.3B |
| Government | $6863.3B | $6863.3B |
| Prime | $1372.2B | $1372.2B |
| Tax-exempt | $152.8B | $152.8B |
SEC, Division of Investment Management Analytics Office, Money Market Fund Statistics, period ending May 2026, Table 2.1 (net assets, excluding feeder funds) and Tables 1.1 and 1.2 (fund and feeder counts).
Money-fund assets
Money-fund assets grew 67% to a record $8.44T
Monthly US net assets by fund category in USD trillions, from June 2022 (the first fully reported month in the N-MFP data sets) to June 2026. The complex started at $5.04T, and the Fed's 2022-2023 hikes pulled cash into funds paying money-market rates. Government funds dominate throughout, 81% of assets at the start and 82% now; prime funds are 17% in June 2026 and peaked at $1.41T in March 2024. The March 2023 bank stress is visible as a one-month jump into government funds after Silicon Valley Bank failed. The 2016 reform-era rotation out of prime predates this window and shows on /funding.
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Source: SEC, Form N-MFP Data Sets (DERA) Excludes feeder funds (Form N-MFP Item A.7); net assets are Item A.16. The June 2024 category step reflects two funds changing their Item A.10 classification from Prime to Government, not an inferred flow. The separate N-MFP3 observation-regime break is labeled in the liquidity and yield charts below. Methodology
Money-fund portfolios
Treasury and agency debt plus repo dominate money-fund portfolios
Monthly US aggregate portfolio value by instrument class in USD trillions through June 2026 with direct Treasury and agency debt at $4.49T and repurchase agreements at $3.07T. Prime-fund instruments are the smaller lines: commercial paper ($314B) and certificates of deposit and time deposits ($307B). Municipal holdings are the tax-exempt funds' variable-rate demand notes and tender-option bonds. Values are gross portfolio value (Item C.6), slightly above net assets.
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Source: SEC, Form N-MFP Data Sets (DERA) Portfolio value per holding (Item C.6, excluding sponsor support) is summed by investment category (Item C.7), ex-feeder, plus fund cash (Item A.14.a). The five named classes and the Other-and-cash residual sum to total portfolio value. Methodology
Liquidity buffers
Prime funds' weekly-liquid P10 sits 1.3 points above the 50% minimum
Monthly liquid-asset headroom from June 2022 through June 2026, measured as each category's cross-fund 10th percentile minus the Rule 2a-7 minimum in force. The percentile gives every reporting fund equal weight. It is not the median fund and is not an asset-weighted aggregate. Rule 2a-7 raised daily liquid assets from 10% to 25% and weekly liquid assets from 30% to 50% effective 2 April 2024, so April 2024 is the first report month using 25/50%. Tax-exempt funds are exempt from the daily minimum, so their daily headroom is not defined and is not plotted.
Weekly liquid assets: 10th-percentile headroom, percentage points
Daily liquid assets: 10th-percentile headroom, percentage points
June 2026 distribution and proximity to the applicable minimum
| Category | Measure | Minimum | P10 headroom | Median-fund headroom | Asset-weighted mean headroom | Within 5pp, fund-count share | Within 5pp, asset share |
|---|---|---|---|---|---|---|---|
| Government | Weekly liquid | 50% | 17.9pp | 33.9pp | 34.2pp | 0.0% (0/213) | 0.0% |
| Prime | Weekly liquid | 50% | 1.3pp | 4.7pp | 13.3pp | 50.0% (19/38) | 38.9% |
| Tax Exempt | Weekly liquid | 50% | 12.1pp | 24.1pp | 26.0pp | 0.0% (0/41) | 0.0% |
| Government | Daily liquid | 25% | 22.4pp | 47.1pp | 47.2pp | 0.5% (1/213) | 0.0% |
| Prime | Daily liquid | 25% | 5.2pp | 18.0pp | 23.7pp | 7.9% (3/38) | 6.9% |
| Tax Exempt | Daily liquid | Exempt | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
Source: SEC, Form N-MFP Data Sets (DERA) Computed only from pre-aggregated month, category, segment and metric cells. No individual funds, identifiers, row browser or downloadable data are exposed. Methodology
Yield and expenses
The latest asset-weighted gross-to-net yield wedge is 21.3 basis points
Gross and net seven-day yields are shown as net-asset-weighted means across the unsplit all-fund population for every report month. The expense wedge is computed for each fund-month as gross yield minus net yield where both legs are reported and the difference is nonnegative, then summarized. In June 2026, the all-fund median wedge is 24.7 basis points and its net-asset-weighted mean is 21.3 basis points. This is an accounting wedge that can reflect expenses and waivers, not an investor return forecast.
All MMFs: net-asset-weighted mean seven-day yield, percent
Gross minus net expense wedge: net-asset-weighted mean by category, basis points
June 2026 yield distributions
| Category | Funds, gross/net/wedge | Gross, median fund | Gross, asset-weighted mean | Net, median fund | Net, asset-weighted mean | Wedge, median fund | Wedge, P10–P90 funds | Wedge, asset-weighted mean |
|---|---|---|---|---|---|---|---|---|
| All MMFs | 278/278/278 | 3.69% | 3.68% | 3.42% | 3.47% | 24.7bp | 7.0–56.1bp | 21.3bp |
| Government | 202/202/202 | 3.69% | 3.69% | 3.45% | 3.48% | 24.7bp | 7.0–58.4bp | 21.0bp |
| Prime | 35/35/35 | 3.82% | 3.80% | 3.58% | 3.58% | 25.0bp | 3.6–58.3bp | 22.7bp |
| Tax Exempt | 41/41/41 | 2.47% | 2.46% | 2.24% | 2.24% | 24.0bp | 11.0–37.4bp | 21.6bp |
Source: SEC, Form N-MFP Data Sets (DERA) Gross yield is Form N-MFP Item A.19 and net yield is Item B.8. The displayed wedge is their fund-level accounting difference, not a forecast or a downloadable fund screen. Methodology
Category detail and maturity
The June 2026 snapshot by category, with the weighted-average maturity (WAM, Item A.11) and weighted-average life (WAL, Item A.12) the funds report, net-asset-weighted. Government funds run the longest book (WAM 39 days, WAL 92 days) because agency floaters and longer repo lift WAL; prime funds sit at WAM 37 days; tax-exempt funds are the shortest, WAM 28 days, being mostly daily and weekly variable-rate paper. Rule 2a-7 caps a fund's WAM at 60 days and WAL at 120 days.
| Category | Net assets | Share | Funds | WAM (days) | WAL (days) |
|---|---|---|---|---|---|
| Government | $6.89T | 81.7% | 214 | 39 | 92 |
| Prime | $1.39T | 16.5% | 38 | 37 | 56 |
| Tax Exempt | $0.15T | 1.8% | 41 | 28 | 29 |
| All MMFs | $8.44T | 100.0% | 293 | 38 | 85 |
Source: SEC, Form N-MFP Data Sets (DERA) | SEC, Money Market Fund Statistics (period ending May 2026) WAM and WAL are net-asset-weighted across each category's funds. 32 feeder funds are excluded from every figure on this page. Methodology
Related: repo volumes and the OFR's five-asset MMF aggregate on short-term funding; money-market rates (SOFR, EFFR, the FOMC target range) on financial conditions. See the full methodology for the N-MFP tables, item numbers, category mapping, and anchor checks.