As we wrote earlier this month (and reprint here), our January MFI issue recognized the top performing money funds, ranked by total returns, for calendar year 2025, as well as the top funds for the past 5-year and 10-year periods. We present the funds below with our annual Money Fund Intelligence Awards. These are given to the No. 1‐ranked funds based on 1-year, 5-year and 10-year returns, through Dec. 31, 2025, in each of our major fund categories -- Prime Institutional, Government Institutional, Treasury Institutional, Prime Retail, Government Retail, Treasury Retail and Tax‐Exempt. (Let us know if you'd like to see our latest Money Fund Intelligence issue with the MFI Awards article or our latest MFI XLS product with the performance data and rankings behind the awards. (Note: Register soon for our upcoming Bond Fund Symposium, which is March 19-20 in Boston, Mass.)
The Top-Performing Prime Institutional fund (and fund overall) was BlackRock Cash Inst MMF SL (BISXX), which returned 4.46%. Among Prime Retail funds, Morgan Stanley Inst Liq MMP Wealth (MWMXX) had the best return in 2025 (4.37%). (Our Crane 100 Money Fund Index returned 4.11% in 2025.)
The Top‐Performing Govt Institutional funds in 2025 were Dreyfus Inst Pref Govt Plus MF (DRF03) and Fidelity Series Govt Money Market Fund (FGNXX), which both returned 4.40%. Vanguard Cash Reserves Federal MM Adm (VMRXX) was the Top Government Retail fund with a 4.23% return. BlackRock Lq T-Fund Inst (TSTXX) ranked No. 1 in the Treasury Institutional class with a return of 4.34%. Vanguard Treasury Money Market (VUSXX) was No. 1 among Treasury Retail, returning 4.23%.
For the 5‐year period through Dec. 31, 2025, BlackRock Cash Inst MMF SL (BISXX) took top honors for the best performing Prime Institutional money fund with a return of 3.41%. Allspring MMF Premium (WMPXX) ranked No. 1 among Prime Retail with an annualized return of 3.33%.
JPMorgan Sec Lending MM Agency SL (VSLXX) ranked No. 1 among Govt Institutional funds with a return of 3.55%, while Vanguard Cash Reserves Federal MM Adm (VMRXX) ranked No. 1 among Govt Retail funds over the past 5 years with a return of 3.21%. BlackRock Lq T-Fund Inst (TSTXX) ranked No. 1 in 5-year performance among Treasury Inst funds with a return of 3.28%. Vanguard Treasury Money Market (VUSXX) ranks No. 1 among Treasury Retail funds with a return of 3.19%.
The highest performers of the past 10 years and No. 1 among Prime Inst MMFs was BlackRock Cash Inst MMF SL (BISXX), which returned 2.41%. Morgan Stanley Inst Liq MMP Wealth (MWMXX), which returned 2.31%, was best among Prime Retail. ` Vanguard Market Liquidity Fund <b:>`_ (VAN01) returned 2.32% and ranked No. 1 among Govt Inst funds. Vanguard Cash Reserves Federal MM Adm (VMRXX) ranked No. 1 among Govt Retail funds, returning 2.25%.
BlackRock Lq T-Fund Inst (TSTXX) returned the most among Treasury Inst funds over the past 10 years at 2.25%. Vanguard Treasury Money Market (VUSXX) ranked No. 1 among Treasury Retail money market funds at 2.13%.
We're also giving out awards for the best-performing Tax-Exempt MMFs. Federated Hermes Muni Obligs WS (MOFXX) ranked No. 1 among T-E funds over 1-year with a return of 2.82%. Federated Hermes Muni Obligs WS (MOFXX) also ranked No. 1 over 5-years ended Dec. 31, 2025 with a return of 2.19%. Federated Hermes Muni Obligs WS (MOFXX) also ranked No. 1 for the 10-year period with a return of 1.56%.
See the MFI Award Winner listings on page 6 of January's MFI, and see our latest Money Fund Intelligence XLS for more detailed rankings. The tables on page 6 show the No. 1 ranked money fund for each category based on 1‐year, 5‐year, and 10‐year annualized total returns.
In other news, the Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets falling by $30.8 billion to $7.699 trillion, after decreasing by $74.7 billion the previous week. (January 15 was a quarterly corporate tax date and money funds are normally weak following Monday Holidays.) Two weeks prior assets were a record $7.804 trillion. Assets have still risen in 14 of the last 18 weeks and 22 of the past 27 weeks. MMF assets are up by $795 billion, or 11.5%, over the past 52 weeks (through 1/21/26), with Institutional MMFs up $484 billion, or 11.7% and Retail MMFs up $311 billion, or 11.3%. Year-to-date, MMF assets are down by $35 billion, or -0.4%, with Institutional MMFs down $32 billion, or -0.7% and Retail MMFs down $3 billion, or -0.1%.
ICI's weekly release says, "Total money market fund assets decreased by $30.85 billion to $7.70 trillion for the week ended Wednesday, January 21, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $27.73 billion and prime funds increased by $1.10 billion. Tax-exempt money market funds decreased by $4.21 billion." ICI's stats show Institutional MMFs decreasing $24.6 billion and Retail MMFs decreasing $6.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.318 trillion (82.1% of all money funds), while Total Prime MMFs were $1.235 trillion (16.0%). Tax Exempt MMFs totaled $145.2 billion (1.9%).
It explains, "Assets of retail money market funds decreased by $6.27 billion to $3.07 trillion. Among retail funds, government money market fund assets decreased by $1.83 billion to $1.94 trillion, prime money market fund assets decreased by $743 million to $999.99 billion, and tax-exempt fund assets decreased by $3.69 billion to $131.49 billion." Retail assets account for 39.9% of the total, and Government Retail assets make up 63.2% of all Retail MMFs.
They add, "Assets of institutional money market funds decreased by $24.58 billion to $4.62 trillion. Among institutional funds, government money market fund assets decreased by $25.90 billion to $4.37 trillion, prime money market fund assets increased by $1.84 billion to $235.13 billion, and tax-exempt fund assets decreased by $516 million to $13.74 billion." Institutional assets accounted for 60.1% of all MMF assets, with Government Institutional assets making up 94.6% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have decreased by $14.8 billion to $8.094 trillion month-to-date in January (as of 1/21); they hit a record high of $8.165 trillion on 1/6. Assets increased by $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion last January. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
