The Investment Company Institute published its weekly "Money Market Fund Assets" report Thursday, which shows money fund assets increasing by $7.8 billion to $7.811 trillion, after decreasing by $53.0 billion the previous week and rising by $38.7 billion to a record high $7.856 trillion two weeks prior. Assets have risen in 22 of the last 28 weeks and 30 of the past 37weeks. MMF assets are up by $779 billion, or 11.1%, over the past 52 weeks (through 4/1/26), with Institutional MMFs up $547 billion, or 13.2% and Retail MMFs up $232 billion, or 8.1%. Year-to-date in 2026, MMF assets are up by $78 billion, or 1.0%, with Institutional MMFs up $38 billion, or 0.8% and Retail MMFs up $39 billion, or 1.3%.
ICI's weekly release says, "Total money market fund assets increased by $7.58 billion to $7.81 trillion for the week ended Wednesday, April 1, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $7.38 billion and prime funds decreased by $1.80 billion. Tax-exempt money market funds increased by $2.00 billion." ICI's stats show Institutional MMFs increasing $0.3 billion and Retail MMFs increasing $7.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.418 trillion (82.2% of all money funds), while Total Prime MMFs were $1.246 trillion (16.0%). Tax Exempt MMFs totaled $146.1 billion (1.9%).
It explains, "Assets of retail money market funds increased by $7.27 billion to $3.12 trillion. Among retail funds, government money market fund assets increased by $3.64 billion to $1.98 trillion, prime money market fund assets increased by $2.37 billion to $1.01 trillion, and tax-exempt fund assets increased by $1.26 billion to $132.23 billion." Retail assets account for 39.9% of the total, and Government Retail assets make up 63.4% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $312 million to $4.69 trillion. Among institutional funds, government money market fund assets increased by $3.74 billion to $4.44 trillion, prime money market fund assets decreased by $4.17 billion to $237.50 billion, and tax-exempt fund assets increased by $736 million to $13.87 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 increased by $44 billion to $8.236 trillion month-to-date in April (as of 4/1), assets hit a record high on March 18 of $8.280 trillion. (Our asset series previous record high, $8.276 trillion, was set on 3/17/26.) Assets decreased by $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $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, but fell by $24.4 billion last April. 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.
In other news, the U.S. Treasury's Office of Financial Research (OFR) posted a blog that asks, "Who Participates in Repo?" They explain, "The U.S. repurchase agreement (repo) market links cash lenders to cash borrowers through short-term collateralized loans. This brief summarizes some facts about lenders and borrowers in the U.S. repo market using the new non-centrally cleared bilateral repo (NCCBR) data collection from the Office of Financial Research (OFR) combined with existing OFR transaction-level data. We quantify outstanding repo positions of financial institutions by type and identify which are net lenders versus net borrowers, within and across market segments."
The piece continues, "In H2 2025, total daily outstanding positions of both lenders and borrowers across all segments in the U.S. repo market averaged $12.5 trillion. Government-sponsored enterprises (GSEs), money funds, and other investment funds lent nearly $3.5 trillion on net. On the opposite side, hedge funds borrowed more than $1.8 trillion on net. Broker-dealers and banks account for the majority of gross activity but hold small net positions except in the tri-party segment where they are large net borrowers."
It tells us, "Large financial institutions rely on the U.S. repurchase agreement (repo) market as a primary source of short-term funding, and repo rates provide a basis for financial market reference rates used to price consumer and business loans. The repo market has played a role during periods of market instability by serving as a source of liquidity and a channel for contagion during the 2007-08 financial crisis and the September 2019 market dislocation. Even so, market participants and regulators have had limited insight into repo market flows and positions, which has impeded their ability to measure and manage risk. This brief presents an entity-based view of repo market flows and positions in H2 2025 using transaction-level data that covers the entire market."
The OFR writes, "The underlying data is from three sources: tri-party repo settlement data collected by Bank of New York Mellon (BNY) (available from 2013), the Office of Financial Research (OFR) centrally cleared repo collection (available from 2018), and the OFR non-centrally cleared bilateral repo (NCCBR) data collection. The OFR began collecting NCCBR data from certain market participants in December 2024 and expanded the collection to a wider range of financial institutions in July 2025. The statistics presented in this brief are a snapshot of H2 2025, covering the first two quarters that data on the complete market are available. The tri-party, cleared, and NCCBR data contain the names of the financial companies or funds that were repo counterparties. These entity names were grouped into 11 types that represent common financial company and fund types."
They state, "Gross and net repo outstanding across all segments varies by entity type.... Financial companies that manage short-term investments like money funds tend to lend and use the repo market as a safe, short-term investment, whereas financial companies like hedge funds that pursue leveraged strategies are more likely to be net borrowers. Others participate on both sides of the market by serving as intermediaries between net lenders and net borrowers and/or by using the repo market to manage cash and borrow securities."
The piece adds, "Money funds are exclusively lenders and account for more than two-thirds or more than $2.9 trillion of net lending. Investment funds, such as mutual funds, private equity funds, venture capital funds, exchange traded funds, and other closed-end funds, are also typically net lenders in the data, as are repo accounts associated with nonbank asset managers but not identifiable as specific funds. Unlike money funds, however, these institutions sometimes borrow and likely use the repo market as a safe, short-term investment and to fund their own investments. GSEs which include Freddie Mac, Fannie Mae, and regional Federal Home Loan Banks nearly exclusively lend, with 97% of their gross repo outstanding being cash lending."
The article says, "Primary dealers and the banking arms of global systemically important banks (G-SIBs) account for the majority of this activity and appear to take positions similar to those of non-primary dealers and non-G-SIB banks. For more information, previous OFR research has described the strategies that dealers use in this market. The results in this brief complement and expand on these previous findings and show that banks are performing some of the same intermediary functions as dealers. Principal trading firms are active participants mostly in the NCCBR segment. They run nearly matched books and, similar to banks and broker-dealers, are slight net borrowers; 54% of their gross repo outstanding is borrowing."
Finally, it states, "Repo activity in the tri-party segment is dominated by money funds, broker-dealers, and banks. Cash flows mostly one-way from cash lenders to broker dealers and banks. Money funds lend about twice as much to broker-dealers than to banks. Other entities, mainly asset managers, mutual funds, pensions funds, other funds, and governments, also lend a substantial amount primarily to broker-dealers. Hedge funds are not material participants on either side of the tri-party market segment."
