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Division of Investment Management
Analytics Office
Money Market Fund Statistics
Form N-MFP Data, period ending August 2025
This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.
Information presented in this report reflects staff’s compilation and analysis of data reported to the
Commission on Form N-MFP. The presented information does not reflect any filings or amended filings
submitted after September 25, 2025.
August 2025
Analytics Office
Introduction
This report provides statistics and trends for registered Money Market Funds that file reports
on Form N-MFP, reflecting data collected from filings received through September 25, 2025, for the
reporting periods from August 2024 to August 2025. A downloadable Excel file published alongside
this report provides the most recently updated historical data beginning with the December 2010
reporting period. Please see the Appendices to this report for definitions of capitalized terms, other
technical descriptions, and a summary of certain changes to Form N-MFP over time.
A money market fund may file an amendment to a previously filed Form N-MFP at any time,
including an amendment to correct a mistake or error in a previously filed form – for more details,
see the Form N-MFP General Instructions.
For information and statistics relating to investment companies and advisers that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.
Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staff updates reported statistics from time to time to reflect corrected
and amended filings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staff
may remove filings that appear to be erroneous to ensure the accuracy of information
presented. A downloadable Excel file published alongside this report provides the most
recently updated historical data and includes methodological notes and assumptions.
If you have any questions or comments about this report, please contact:
IM-Analytics with subject line “Money Market Fund Statistics (August 2025)”.
1
August 2025
Analytics Office
Contents
1 Number of MMFs and Advisers
3
2 Assets and Liabilities
6
3 Flows
13
4 Yields
19
5 Maturity
21
6 Liquidity
23
7 Portfolio Securities
25
8 Repurchase Agreements
31
9 Portfolio Dispositions
33
10 Appendices
34
2
August 2025
1
Analytics Office
Number of MMFs and Advisers1
Table 1.1: Number of MMFs Reporting2
This table excludes feeder funds (Form N-MFP Item A.7).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
133
59
192
26
22
48
7
37
44
284
Sep
2024
136
60
196
17
22
39
6
39
45
280
Oct
2024
135
62
197
14
22
36
6
36
42
275
Nov
2024
135
62
197
14
22
36
6
36
42
275
Dec
2024
136
62
198
14
22
36
6
36
42
276
Jan
2025
136
62
198
14
22
36
6
35
41
275
Feb
2025
137
62
199
15
22
37
6
35
41
277
Mar
2025
137
62
199
15
22
37
6
35
41
277
Apr
2025
137
63
200
14
22
36
6
35
41
277
May
2025
137
62
199
14
22
36
6
35
41
276
Jun
2025
138
62
200
14
22
36
6
35
41
277
Jul
2025
138
63
201
14
22
36
6
35
41
278
Aug
2025
139
63
202
14
22
36
6
35
41
279
Table 1.2: Number of Feeder Funds Reporting
This table relies on the reporting of feeder funds (Form N-MFP Item A.7).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
18
6
24
6
2
8
0
2
2
34
Sep
2024
18
6
24
4
2
6
0
2
2
32
Oct
2024
18
6
24
4
2
6
0
2
2
32
Nov
2024
18
6
24
4
2
6
0
2
2
32
Dec
2024
18
5
23
4
2
6
0
2
2
31
1
Jan
2025
21
5
26
4
2
6
0
0
0
32
Feb
2025
21
5
26
4
2
6
0
0
0
32
Mar
2025
22
5
27
3
2
5
0
0
0
32
Apr
2025
22
5
27
3
2
5
0
0
0
32
May
2025
22
5
27
3
2
5
0
0
0
32
Jun
2025
22
5
27
3
2
5
0
0
0
32
Jul
2025
21
5
26
3
2
5
0
0
0
31
Aug
2025
21
5
26
3
2
5
0
0
0
31
Due to revisions to Form N-MFP effective June 11, 2024, some information presented in this report is only available
beginning June 2024.
2
MMF categories and fund types are derived from reporting on Form N-MFP Item A.10. With revisions to Form
N-MFP effective June 11, 2024, funds must now report on Item A.10.b. if they typically invest at least 80% of the
value of their assets in U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treaury obligations.
As a result, classifications of “Treasury” funds may not be directly comparable to prior months. Please see the adopted
amendments to certain rules that govern money market funds under the Investment Company Act of 1940 here for more
information.
3
August 2025
Analytics Office
Table 1.3: Number of MMFs Established as Cash Management Vehicles
for Affiliated Funds and Accounts
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the classification of MMFs as
cash management vehicles for affiliated funds or other accounts (Item A.21).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
15
4
19
7
0
7
3
0
3
29
Sep
2024
16
4
20
6
0
6
3
0
3
29
Oct
2024
15
4
19
6
0
6
3
0
3
28
Nov
2024
15
4
19
6
0
6
3
0
3
28
Dec
2024
14
4
18
6
0
6
3
0
3
27
Jan
2025
15
4
19
6
0
6
3
0
3
28
Feb
2025
15
4
19
6
0
6
3
0
3
28
Mar
2025
14
4
18
6
0
6
3
0
3
27
Apr
2025
15
4
19
6
0
6
3
0
3
28
May
2025
15
4
19
6
0
6
3
0
3
28
Jun
2025
15
4
19
6
0
6
3
0
3
28
Jul
2025
15
4
19
6
0
6
3
0
3
28
Aug
2025
15
4
19
6
0
6
3
0
3
28
Table 1.4: Number of MMFs Seeking to Maintain a Stable Price
Per Share
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the reporting of funds seeking
to maintain a stable price per share (Item A.18).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
124
57
181
0
22
22
0
37
37
240
Sep
2024
126
57
183
0
22
22
0
39
39
244
Oct
2024
125
59
184
0
22
22
0
36
36
242
Nov
2024
125
59
184
0
22
22
0
36
36
242
Dec
2024
126
59
185
0
22
22
0
36
36
243
Jan
2025
126
59
185
0
22
22
0
35
35
242
Feb
2025
126
59
185
0
22
22
0
35
35
242
Mar
2025
126
59
185
0
22
22
0
35
35
242
Apr
2025
126
60
186
0
22
22
0
35
35
243
May
2025
126
59
185
0
22
22
0
35
35
242
Jun
2025
126
59
185
0
22
22
0
35
35
242
Jul
2025
126
59
185
0
22
22
0
35
35
242
Aug
2025
127
59
186
0
22
22
0
35
35
243
Table 1.5: Number of Investment Advisers to MMFs
This table relies on MMF investment adviser information reported (Form N-MFP Item A.2). A single MMF
may report multiple advisers on Form N-MFP.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
66
36
79
19
20
28
5
16
17
80
Sep
2024
67
36
80
13
20
26
4
16
17
80
Oct
2024
67
37
81
12
20
26
4
15
16
81
Nov
2024
67
37
81
12
20
26
4
15
16
81
Dec
2024
67
37
81
12
20
26
4
15
16
81
4
Jan
2025
67
37
81
12
20
26
4
14
15
81
Feb
2025
67
37
81
12
20
26
4
14
15
81
Mar
2025
67
37
80
12
20
26
4
14
15
80
Apr
2025
67
38
81
11
20
25
4
14
15
81
May
2025
67
37
80
11
20
25
4
14
15
80
Jun
2025
67
37
80
11
20
25
4
14
15
80
Jul
2025
67
38
81
11
20
25
4
14
15
81
Aug
2025
68
38
82
11
20
25
4
14
15
82
August 2025
Analytics Office
Table 1.6: Number of Subadvisers to MMFs
This table relies on MMF subadviser information reported (Form N-MFP Item A.3). A single MMF may
report multiple subadvisers on Form N-MFP.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
21
7
21
7
8
11
3
5
5
22
Sep
2024
21
7
21
6
8
10
3
5
5
22
Oct
2024
20
7
20
6
8
10
3
5
5
21
Nov
2024
20
7
20
6
8
10
3
5
5
21
Dec
2024
20
7
20
6
8
10
3
5
5
21
Jan
2025
20
7
20
6
8
10
3
5
5
21
Feb
2025
20
7
20
6
8
10
3
5
5
21
Mar
2025
20
7
20
6
8
10
3
5
5
21
Apr
2025
20
7
20
6
8
10
3
5
5
21
May
2025
20
7
20
6
8
10
3
5
5
21
Jun
2025
20
7
20
6
8
10
3
5
5
21
Jul
2025
20
7
20
6
8
10
3
5
5
21
Aug
2025
20
7
20
6
8
10
3
5
5
21
Table 1.7: Number of MMF Share Classes
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the number of unique share
classes reported (Item B.2).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
416
248
664
82
90
172
12
120
132
968
Sep
2024
423
249
672
55
90
145
10
130
140
957
Oct
2024
419
251
670
38
89
127
10
122
132
929
Nov
2024
422
251
673
38
89
127
10
122
132
932
Dec
2024
424
251
675
38
89
127
10
122
132
934
5
Jan
2025
424
252
676
38
89
127
10
121
131
934
Feb
2025
425
252
677
39
88
127
10
121
131
935
Mar
2025
425
253
678
39
88
127
10
121
131
936
Apr
2025
424
257
681
39
88
127
10
121
131
939
May
2025
424
256
680
39
88
127
10
121
131
938
Jun
2025
425
257
682
39
88
127
10
121
131
940
Jul
2025
425
260
685
39
88
127
10
121
131
943
Aug
2025
429
263
692
39
88
127
10
121
131
950
August 2025
Analytics Office
2
Assets and Liabilities3
2.1
Net Assets
Table 2.1: MMF Net Assets ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on net assets reported (Item
A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
3,651.7
1,719.3
5,371.1
350.1
813.1
1,163.2
12.3
120.9
133.2
6,667.5
Sep
2024
3,754.3
1,788.0
5,542.3
334.4
823.2
1,157.6
12.2
122.0
134.2
6,834.1
Oct
2024
3,820.4
1,795.1
5,615.4
336.6
837.4
1,174.0
12.5
125.4
137.9
6,927.3
Nov
2024
3,923.6
1,873.5
5,797.1
337.3
849.7
1,187.0
14.2
127.1
141.3
7,125.4
Dec
2024
3,972.9
1,933.6
5,906.5
324.8
866.1
1,191.0
13.3
127.7
141.1
7,238.5
Jan
2025
3,980.7
1,948.9
5,929.7
336.3
882.0
1,218.3
13.7
124.7
138.4
7,286.4
Feb
2025
4,033.3
1,981.9
6,015.2
330.7
903.1
1,233.8
14.4
124.8
139.3
7,388.2
Mar
2025
4,014.6
1,978.7
5,993.4
329.6
926.3
1,255.9
14.1
127.6
141.7
7,391.0
Apr
2025
4,016.4
1,951.9
5,968.3
336.1
922.2
1,258.2
15.4
131.6
147.0
7,373.5
May
2025
4,055.3
1,995.8
6,051.0
333.1
937.0
1,270.0
15.9
131.5
147.3
7,468.4
Jun
2025
4,060.6
1,989.7
6,050.3
331.3
948.5
1,279.8
13.6
128.9
142.6
7,472.7
Jul
2025
4,075.9
2,013.4
6,089.3
342.0
960.5
1,302.5
14.2
126.9
141.1
7,532.9
Aug
2025
4,155.4
2,052.0
6,207.4
349.6
973.1
1,322.7
13.8
127.0
140.8
7,670.9
Table 2.2: Feeder Fund Net Assets ($Billions)
This table solely includes feeder funds (Form N-MFP Item A.7) and relies on net assets reported
(Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
301.8
66.5
368.3
89.0
24.4
113.3
0.0
1.3
1.3
482.9
Sep
2024
343.9
77.0
420.9
82.9
24.5
107.4
0.0
1.2
1.2
529.5
Oct
2024
354.9
72.7
427.6
85.1
24.9
110.0
0.0
0.9
0.9
538.5
Nov
2024
354.4
73.5
427.9
82.4
25.2
107.6
0.0
0.7
0.7
536.1
Dec
2024
339.4
72.5
411.8
78.7
25.3
104.1
0.0
0.0
0.0
515.9
Jan
2025
342.1
71.2
413.2
81.7
25.2
106.9
0.0
0.0
0.0
520.1
Feb
2025
350.4
69.8
420.2
79.0
25.9
104.9
0.0
0.0
0.0
525.0
Mar
2025
335.1
70.7
405.8
73.0
26.1
99.1
0.0
0.0
0.0
504.9
Apr
2025
338.7
70.4
409.1
75.4
25.0
100.4
0.0
0.0
0.0
509.5
May
2025
347.8
71.9
419.7
78.5
25.2
103.7
0.0
0.0
0.0
523.4
Jun
2025
350.0
76.2
426.2
80.9
24.7
105.6
0.0
0.0
0.0
531.8
Jul
2025
338.1
76.3
414.4
83.9
24.7
108.6
0.0
0.0
0.0
522.9
Aug
2025
345.1
80.3
425.4
84.6
25.2
109.8
0.0
0.0
0.0
535.1
Table 2.3: Net Assets of MMFs Established as Cash Management
Vehicles for Affiliated Funds and Accounts ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on Net Assets (Item A.16) and the
classification of MMFs as cash management vehicles for affiliated funds or other accounts (Item
A.21).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
246.4
15.6
262.0
176.0
0.0
176.0
4.3
0.0
4.3
442.3
Sep
2024
252.0
12.6
264.6
176.4
0.0
176.4
4.4
0.0
4.4
445.4
Oct
2024
228.0
13.2
241.2
180.5
0.0
180.5
4.1
0.0
4.1
425.7
Nov
2024
259.3
14.3
273.6
182.1
0.0
182.1
5.5
0.0
5.5
461.3
Dec
2024
220.5
13.4
233.9
171.6
0.0
171.6
5.1
0.0
5.1
410.7
Jan
2025
236.1
13.6
249.8
182.2
0.0
182.2
5.1
0.0
5.1
437.0
Feb
2025
243.7
13.6
257.3
177.1
0.0
177.1
5.8
0.0
5.8
440.3
Mar
2025
238.3
13.2
251.6
188.1
0.0
188.1
5.7
0.0
5.7
445.4
Apr
2025
282.1
12.2
294.3
194.2
0.0
194.2
6.2
0.0
6.2
494.7
May
2025
296.0
12.9
308.9
194.4
0.0
194.4
6.7
0.0
6.7
509.9
Jun
2025
281.7
13.7
295.4
191.7
0.0
191.7
4.4
0.0
4.4
491.5
Jul
2025
267.3
14.5
281.8
198.9
0.0
198.9
4.3
0.0
4.3
485.0
Aug
2025
276.6
17.1
293.7
197.8
0.0
197.8
4.4
0.0
4.4
495.8
As of August 2025, there are 16 Single State MMFs (excluding feeder funds) reporting an aggregate $38 billion in net
assets (roughly 27% of aggregate Tax Exempt MMF net assets). Additionally, there are 25 Other Tax Exempt MMFs
(excluding feeder funds) reporting an aggregate $102 billion in net assets (roughly 72% of aggregate Tax Exempt MMF
net assets).
3
6
August 2025
Analytics Office
Table 2.4: Net Assets of MMFs Seeking to Maintain a Stable Price
Per Share ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on Net Assets (Item A.16) and the
reporting of funds seeking to maintain a stable price per share (Item A.18).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
3,211.0
1,701.9
4,912.9
0.0
813.1
813.1
0.0
120.9
120.9
5,846.9
Sep
2024
3,266.4
1,769.0
5,035.3
0.0
823.2
823.2
0.0
122.0
122.0
5,980.5
Oct
2024
3,351.0
1,777.4
5,128.4
0.0
837.4
837.4
0.0
125.4
125.4
6,091.2
Nov
2024
3,432.8
1,853.7
5,286.6
0.0
849.7
849.7
0.0
127.1
127.1
6,263.4
Dec
2024
3,523.7
1,913.4
5,437.1
0.0
866.1
866.1
0.0
127.7
127.7
6,431.0
Jan
2025
3,516.8
1,928.4
5,445.1
0.0
882.0
882.0
0.0
124.7
124.7
6,451.9
Feb
2025
3,552.3
1,962.7
5,515.0
0.0
903.1
903.1
0.0
124.8
124.8
6,543.0
Mar
2025
3,538.8
1,960.6
5,499.4
0.0
926.3
926.3
0.0
127.6
127.6
6,553.3
Apr
2025
3,505.4
1,933.6
5,439.0
0.0
922.2
922.2
0.0
131.6
131.6
6,492.8
May
2025
3,527.2
1,976.9
5,504.1
0.0
937.0
937.0
0.0
131.5
131.5
6,572.5
Jun
2025
3,545.6
1,971.0
5,516.7
0.0
948.5
948.5
0.0
128.9
128.9
6,594.1
Jul
2025
3,577.2
1,992.8
5,570.0
0.0
960.5
960.5
0.0
126.9
126.9
6,657.4
Aug
2025
3,641.7
2,031.2
5,672.9
0.0
973.1
973.1
0.0
127.0
127.0
6,773.0
Table 2.5: Distribution of Net Assets, by MMF Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and any observations with zero net assets
(Item A.16).
Category
All MMFs
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
0.11
0.22
0.64
2.85
17.76
73.20
124.96
0.09
0.22
0.55
3.62
28.42
81.05
140.25
0.56
0.57
1.48
4.84
19.70
77.71
108.95
0.12
0.15
0.37
1.98
3.53
7.96
10.06
Sep
2024
0.09
0.19
0.64
3.03
18.83
76.45
128.47
0.08
0.22
0.60
3.08
27.70
86.13
152.21
0.57
0.96
2.20
8.20
27.73
84.09
122.13
0.05
0.11
0.37
1.91
3.55
7.43
9.93
Oct
2024
0.08
0.21
0.70
3.08
18.80
76.46
130.30
0.07
0.21
0.64
2.97
27.97
86.75
158.64
0.56
0.96
2.21
8.34
27.53
85.12
123.10
0.05
0.12
0.44
2.23
3.75
8.54
11.18
Nov
2024
0.08
0.21
0.69
3.23
20.70
83.10
134.97
0.07
0.21
0.62
3.19
28.17
90.68
170.71
0.56
0.96
2.25
8.01
28.47
86.34
124.04
0.05
0.12
0.45
2.38
3.79
8.68
11.65
Dec
2024
0.07
0.18
0.69
3.26
21.13
83.39
133.86
0.04
0.19
0.57
3.03
27.04
90.18
174.51
0.57
0.95
2.31
8.22
28.00
85.93
125.94
0.04
0.11
0.44
2.47
3.74
8.95
11.66
Jan
2025
0.07
0.19
0.69
3.34
20.02
84.62
140.41
0.05
0.19
0.59
3.00
26.50
89.96
169.94
0.57
0.96
2.28
8.18
28.07
88.72
127.37
0.04
0.11
0.43
2.42
3.79
8.79
11.38
7
Feb
2025
0.08
0.17
0.63
3.31
18.77
83.00
135.26
0.07
0.18
0.58
3.10
27.93
90.04
174.56
0.48
0.76
2.13
7.31
26.00
89.18
128.50
0.04
0.11
0.43
2.40
3.83
9.04
11.42
Mar
2025
0.08
0.17
0.70
3.21
18.82
84.11
136.86
0.07
0.18
0.67
3.09
26.17
93.76
169.92
0.47
0.73
2.11
8.02
30.98
87.45
133.49
0.04
0.11
0.43
2.35
3.79
8.90
11.65
Apr
2025
0.07
0.17
0.65
3.41
19.95
85.53
143.21
0.05
0.15
0.62
3.11
26.33
92.43
166.65
0.48
0.74
2.13
7.82
31.94
88.68
134.50
0.04
0.11
0.43
2.74
3.89
8.90
11.34
May
2025
0.07
0.18
0.72
3.41
19.56
83.74
145.81
0.05
0.18
0.64
3.21
25.98
96.61
169.75
0.49
0.74
2.10
7.84
33.00
87.59
136.48
0.04
0.11
0.43
2.75
4.17
9.26
11.25
Jun
2025
0.06
0.18
0.64
3.31
19.31
84.68
138.92
0.05
0.19
0.59
3.23
26.88
95.71
167.46
0.49
0.74
2.10
7.63
32.25
89.33
138.13
0.04
0.11
0.43
2.72
3.90
9.09
10.80
Jul
2025
0.06
0.18
0.66
3.30
17.72
85.11
145.71
0.06
0.19
0.62
3.27
25.63
93.97
170.79
0.50
0.73
2.12
7.80
30.06
90.50
139.38
0.04
0.12
0.42
2.63
3.89
8.81
10.87
Aug
2025
0.06
0.17
0.68
3.26
19.23
89.43
149.50
0.06
0.16
0.63
3.18
27.64
96.20
168.54
0.50
0.73
2.04
7.86
31.18
94.36
140.88
0.04
0.12
0.42
2.72
3.84
8.77
10.79
August 2025
2.2
Analytics Office
Total Assets
Table 2.6: MMF Total Assets ($Billions)
Total Assets are calculated as the sum of cash (Form N-MFP Item A.14.a), the total value of
portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c). Feeder funds
(Item A.7) are excluded from this table.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
3,742.4
1,797.1
5,539.5
356.4
824.2
1,180.6
12.3
122.3
134.6
6,854.8
Sep
2024
3,865.6
1,897.7
5,763.3
339.7
833.0
1,172.7
12.2
123.2
135.4
7,071.4
Oct
2024
3,952.3
1,871.8
5,824.1
340.1
853.7
1,193.8
12.7
127.2
139.9
7,157.8
Nov
2024
4,036.9
1,956.1
5,993.0
338.7
859.4
1,198.0
14.2
128.0
142.3
7,333.3
Dec
2024
4,071.4
1,999.8
6,071.3
326.6
877.6
1,204.2
13.4
128.6
141.9
7,417.4
Jan
2025
4,102.2
2,030.4
6,132.6
339.6
901.4
1,241.0
13.9
125.5
139.4
7,513.0
Feb
2025
4,103.5
2,055.5
6,159.0
333.9
920.5
1,254.5
14.6
125.9
140.4
7,553.9
Mar
2025
4,117.9
2,085.0
6,202.9
331.4
940.0
1,271.4
14.1
128.5
142.6
7,616.9
Apr
2025
4,112.3
2,022.5
6,134.9
337.6
937.1
1,274.7
15.5
132.9
148.4
7,557.9
May
2025
4,127.1
2,070.2
6,197.3
334.7
948.2
1,282.9
16.0
133.2
149.2
7,629.4
Jun
2025
4,182.2
2,120.5
6,302.7
332.9
965.7
1,298.6
13.8
130.7
144.6
7,746.0
Jul
2025
4,177.8
2,086.1
6,263.9
350.0
977.9
1,327.9
14.4
127.6
142.1
7,733.9
Table 2.7: Feeder Fund Total Assets ($Billions)
This table solely includes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the
total value of portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c)
reported.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
303.2
66.8
370.0
89.4
24.5
113.9
0.0
1.3
1.3
485.2
Sep
2024
345.2
77.3
422.5
83.3
24.6
107.9
0.0
1.2
1.2
531.6
Oct
2024
356.3
73.0
429.3
85.5
25.0
110.5
0.0
0.9
0.9
540.7
Nov
2024
355.7
73.8
429.6
82.8
25.3
108.0
0.0
0.7
0.7
538.3
Dec
2024
340.7
72.8
413.5
79.1
25.4
104.5
0.0
0.0
0.0
518.0
Jan
2025
343.3
71.4
414.8
82.0
25.3
107.3
0.0
0.0
0.0
522.1
Feb
2025
351.6
70.1
421.6
79.3
26.0
105.3
0.0
0.0
0.0
526.9
Mar
2025
336.3
71.0
407.3
73.3
26.2
99.5
0.0
0.0
0.0
506.7
Apr
2025
339.8
70.6
410.5
75.7
25.0
100.8
0.0
0.0
0.0
511.2
May
2025
349.1
72.2
421.2
78.8
25.3
104.1
0.0
0.0
0.0
525.4
Jun
2025
351.2
76.4
427.7
81.2
24.8
106.0
0.0
0.0
0.0
533.6
Jul
2025
339.4
76.6
415.9
84.2
24.8
109.0
0.0
0.0
0.0
524.9
Aug
2025
346.3
80.6
426.9
84.9
25.3
110.2
0.0
0.0
0.0
537.1
Table 2.8: Total Assets of MMFs Established as Cash Management
Vehicles for Affiliated Funds and Accounts ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), the total value of other assets (Item A.14.c), and the
classification of MMFs as cash management vehicles for affiliated funds or other accounts (Item
A.21).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
253.5
15.6
269.2
180.1
0.0
180.1
4.3
0.0
4.3
453.5
Sep
2024
260.4
12.6
273.0
179.4
0.0
179.4
4.5
0.0
4.5
456.9
Oct
2024
238.1
13.3
251.4
182.3
0.0
182.3
4.1
0.0
4.1
437.8
Nov
2024
266.9
14.5
281.4
182.5
0.0
182.5
5.5
0.0
5.5
469.5
Dec
2024
225.5
13.4
238.9
172.5
0.0
172.5
5.1
0.0
5.1
416.5
8
Jan
2025
243.3
13.7
257.0
183.9
0.0
183.9
5.1
0.0
5.1
446.0
Feb
2025
249.4
13.7
263.1
178.9
0.0
178.9
5.8
0.0
5.8
447.9
Mar
2025
243.4
13.3
256.6
188.9
0.0
188.9
5.8
0.0
5.8
451.3
Apr
2025
295.8
12.3
308.1
195.1
0.0
195.1
6.3
0.0
6.3
509.5
May
2025
302.6
13.1
315.7
195.5
0.0
195.5
6.7
0.0
6.7
518.0
Jun
2025
290.5
13.8
304.3
192.5
0.0
192.5
4.5
0.0
4.5
501.3
Jul
2025
278.2
14.6
292.7
206.0
0.0
206.0
4.3
0.0
4.3
503.0
Aug
2025
282.9
17.1
300.0
199.7
0.0
199.7
4.4
0.0
4.4
504.1
Aug
2025
4,277.3
2,135.6
6,412.9
352.0
988.6
1,340.6
13.9
128.2
142.1
7,895.7
August 2025
Analytics Office
Table 2.9: Total Assets of MMFs Seeking to Maintain a Stable Price
Per Share ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), the total value of other assets (Item A.14.c), and the
reporting of funds seeking to maintain a stable price per share (Item A.18).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
3,287.1
1,778.9
5,066.0
0.0
824.2
824.2
0.0
122.3
122.3
6,012.4
Sep
2024
3,361.7
1,877.1
5,238.8
0.0
833.0
833.0
0.0
123.2
123.2
6,195.0
Oct
2024
3,470.7
1,853.8
5,324.6
0.0
853.7
853.7
0.0
127.2
127.2
6,305.4
Nov
2024
3,536.1
1,935.5
5,471.6
0.0
859.4
859.4
0.0
128.0
128.0
6,459.0
Dec
2024
3,616.9
1,979.3
5,596.1
0.0
877.6
877.6
0.0
128.6
128.6
6,602.4
Jan
2025
3,627.3
2,009.0
5,636.3
0.0
901.4
901.4
0.0
125.5
125.5
6,663.3
Feb
2025
3,616.5
2,035.7
5,652.2
0.0
920.5
920.5
0.0
125.9
125.9
6,698.6
Mar
2025
3,634.3
2,065.7
5,700.0
0.0
940.0
940.0
0.0
128.5
128.5
6,768.5
Apr
2025
3,583.1
2,003.6
5,586.7
0.0
937.1
937.1
0.0
132.9
132.9
6,656.7
May
2025
3,592.5
2,050.7
5,643.2
0.0
948.2
948.2
0.0
133.2
133.2
6,724.6
Jun
2025
3,650.3
2,101.4
5,751.7
0.0
965.7
965.7
0.0
130.7
130.7
6,848.1
Jul
2025
3,668.9
2,064.9
5,733.8
0.0
977.9
977.9
0.0
127.6
127.6
6,839.4
Aug
2025
3,748.6
2,114.2
5,862.7
0.0
988.6
988.6
0.0
128.2
128.2
6,979.6
Table 2.10: Distribution of Total Assets, by MMF Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c).
Observations with non-po
Category
All MMFs
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
0.11
0.24
0.65
2.99
17.91
77.16
129.49
0.09
0.23
0.56
3.84
28.53
91.08
143.76
0.56
0.58
1.51
4.87
20.30
79.53
111.62
0.12
0.16
0.37
2.00
3.56
8.02
10.17
Sep
2024
0.08
0.16
0.62
2.99
19.66
79.86
132.51
0.08
0.22
0.61
3.21
28.17
93.85
155.90
0.14
0.57
2.07
8.06
25.23
84.06
123.63
0.05
0.11
0.38
1.92
3.58
7.49
10.07
Oct
2024
0.08
0.21
0.71
3.17
18.98
79.57
136.89
0.07
0.21
0.65
3.11
28.26
88.64
163.06
0.57
0.96
2.39
8.39
27.70
86.05
128.29
0.05
0.12
0.44
2.26
3.81
8.60
11.35
Nov
2024
0.08
0.21
0.70
3.26
21.12
86.12
143.30
0.07
0.21
0.62
3.24
28.67
94.19
172.29
0.56
0.96
2.36
8.05
28.61
87.16
126.91
0.05
0.12
0.45
2.39
3.83
8.70
11.71
Dec
2024
0.07
0.19
0.69
3.27
21.31
85.10
138.34
0.04
0.20
0.58
3.05
27.44
91.17
174.90
0.57
0.95
2.33
8.31
28.08
86.42
129.63
0.04
0.11
0.44
2.49
3.77
9.00
11.71
Jan
2025
0.07
0.20
0.71
3.37
20.61
87.94
149.39
0.05
0.20
0.59
3.02
26.51
96.59
171.20
0.57
0.96
2.32
8.23
28.31
89.51
133.50
0.04
0.11
0.43
2.43
3.81
8.81
11.43
9
Feb
2025
0.08
0.17
0.65
3.35
19.32
85.46
140.43
0.08
0.19
0.59
3.13
28.13
98.10
175.53
0.49
0.76
2.14
7.39
26.13
90.08
134.19
0.04
0.11
0.43
2.43
3.96
9.06
11.50
Mar
2025
0.07
0.17
0.69
3.33
19.72
85.69
140.65
0.08
0.19
0.67
3.14
26.58
103.06
170.81
0.16
0.58
2.09
7.17
28.92
87.25
136.49
0.04
0.11
0.43
2.36
3.82
8.93
11.71
Apr
2025
0.07
0.17
0.66
3.42
20.21
86.74
152.10
0.05
0.16
0.62
3.14
26.60
95.75
173.09
0.48
0.74
2.15
7.85
32.19
89.04
139.89
0.04
0.11
0.43
2.78
3.92
8.96
11.37
May
2025
0.07
0.19
0.72
3.44
19.79
84.20
150.34
0.05
0.19
0.65
3.29
26.31
101.91
170.49
0.49
0.74
2.11
7.88
33.15
87.94
140.46
0.04
0.11
0.43
2.80
4.23
9.31
11.34
Jun
2025
0.06
0.19
0.64
3.37
20.22
85.49
145.20
0.05
0.19
0.60
3.36
27.43
104.36
172.62
0.49
0.74
2.11
7.67
32.38
91.64
142.93
0.04
0.11
0.43
2.74
3.95
9.38
10.86
Jul
2025
0.06
0.19
0.67
3.35
19.00
85.58
154.89
0.06
0.19
0.63
3.33
25.88
99.40
171.38
0.50
0.74
2.13
7.90
32.00
90.87
145.74
0.04
0.12
0.42
2.63
3.92
8.86
11.01
Aug
2025
0.06
0.18
0.69
3.28
19.71
90.28
154.56
0.06
0.18
0.65
3.19
27.70
100.59
174.25
0.50
0.74
2.04
7.94
31.79
94.70
145.74
0.04
0.12
0.42
2.73
3.88
8.81
10.89
August 2025
2.3
Analytics Office
Total Liabilities
Table 2.11: MMF Total Liabilities ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total liabilities reported
(Item A.15).
Category
Government
Prime
Tax Exempt
Total
2.4
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
81.6
76.9
158.4
6.4
11.0
17.4
0.0
1.3
1.4
177.2
Sep
2024
107.5
108.8
216.3
5.3
9.6
14.9
0.0
1.2
1.2
232.4
Oct
2024
117.5
71.2
188.7
3.5
16.2
19.7
0.3
1.8
2.1
210.5
Nov
2024
103.2
82.1
185.3
1.7
9.6
11.3
0.0
0.9
1.0
197.5
Dec
2024
95.0
65.2
160.2
1.7
11.4
13.1
0.0
0.8
0.9
174.3
Jan
2025
111.8
78.3
190.1
3.3
19.3
22.6
0.1
0.8
0.9
213.6
Feb
2025
65.3
72.5
137.8
3.3
17.4
20.7
0.1
1.0
1.2
159.7
Mar
2025
98.7
103.9
202.7
1.8
13.7
15.5
0.0
0.8
0.9
219.0
Apr
2025
87.0
69.3
156.3
1.5
14.9
16.4
0.1
1.3
1.4
174.1
May
2025
65.8
73.6
139.4
1.7
11.3
13.0
0.1
1.7
1.8
154.2
Jun
2025
117.5
129.4
247.0
1.6
14.1
15.7
0.3
1.8
2.0
264.7
Jul
2025
95.1
70.8
165.9
8.0
17.5
25.5
0.2
0.8
1.0
192.4
Aug
2025
118.2
82.4
200.7
2.5
15.4
17.9
0.1
1.2
1.3
219.8
Concentration
Table 2.12: Percent of Aggregate Net Assets Reported by Largest
MMFs, by Category
This table excludes feeder funds (Form N-MFP Item A.7) and only includes observations with nonzero
net assets (Item A.16).
Category
All MMFs
Government
Prime
Tax Exempt
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Aug
2024
5.1
21.9
36.6
61.8
82.3
95.2
6.3
25.6
42.2
70.2
89.6
98.6
26.7
62.2
83.2
97.6
100.0
100.0
13.1
46.9
63.8
93.5
100.0
100.0
Sep
2024
5.1
21.7
36.6
62.0
82.8
95.4
6.3
25.2
42.4
70.1
89.6
98.5
27.2
63.6
84.9
98.8
100.0
100.0
13.1
47.3
64.1
93.8
100.0
100.0
Oct
2024
5.3
22.2
36.8
62.1
82.8
95.4
6.5
25.8
42.7
70.2
89.7
98.5
27.4
63.6
85.2
98.7
100.0
100.0
13.1
47.8
65.1
94.8
100.0
100.0
Nov
2024
5.2
22.1
36.4
62.1
82.9
95.4
6.4
25.6
42.2
70.4
89.7
98.5
27.6
63.8
85.5
98.8
100.0
100.0
12.8
46.9
64.4
95.0
100.0
100.0
Dec
2024
5.3
22.5
37.1
62.4
83.2
95.5
6.5
26.1
42.9
70.4
90.0
98.6
28.1
64.5
85.7
98.7
100.0
100.0
13.0
47.3
64.9
95.5
100.0
100.0
Jan
2025
5.3
22.5
36.9
61.9
83.2
95.5
6.5
25.9
42.6
69.9
89.9
98.6
28.1
64.4
86.3
98.8
100.0
100.0
12.8
46.6
64.8
95.5
100.0
100.0
10
Feb
2025
5.3
22.5
37.0
62.1
83.3
95.5
6.5
25.9
42.5
69.9
90.0
98.5
28.5
65.0
86.1
98.8
100.0
100.0
12.8
46.4
64.3
95.2
100.0
100.0
Mar
2025
5.4
22.6
36.9
62.1
83.3
95.5
6.7
25.9
42.4
70.1
89.9
98.5
28.8
64.8
86.7
99.0
100.0
100.0
12.7
46.6
64.4
95.2
100.0
100.0
Apr
2025
5.4
22.4
36.5
61.9
83.0
95.4
6.7
25.6
41.8
70.0
89.7
98.5
28.6
64.8
87.0
99.0
100.0
100.0
12.8
46.4
64.3
95.5
100.0
100.0
May
2025
5.4
22.3
36.4
62.0
83.2
95.4
6.6
25.5
41.8
70.0
89.8
98.5
28.7
64.8
86.9
99.0
100.0
100.0
12.6
45.9
64.0
95.4
100.0
100.0
Jun
2025
5.5
22.4
36.5
62.1
83.2
95.5
6.7
25.5
41.8
70.1
89.8
98.5
28.9
65.2
87.2
99.0
100.0
100.0
12.8
45.9
64.5
95.5
100.0
100.0
Jul
2025
5.4
22.4
36.7
62.2
83.3
95.4
6.7
25.6
42.1
70.2
89.7
98.5
28.8
64.9
87.0
99.0
100.0
100.0
12.6
45.3
64.1
95.4
100.0
100.0
Aug
2025
5.4
22.5
36.6
62.1
83.2
95.4
6.6
25.8
41.9
70.1
89.7
98.5
28.7
65.1
86.9
99.1
100.0
100.0
12.3
45.0
63.8
95.5
100.0
100.0
August 2025
Analytics Office
Table 2.13: Percent of Aggregate Net Assets Reported by Largest
Investment Advisers to MMFs, by Category
This table relies on investment adviser information reported (Form N-MFP Item A.2) and excludes
feeder funds (N-MFP Item A.7), subadvisers (Item A.3), and any observations with zero net assets
(Item A.16).
Category
All MMFs
Government
Prime
Tax Exempt
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Aug
2024
15.4
44.5
66.2
92.6
18.9
54.7
77.3
97.7
28.0
84.5
95.1
100.0
33.4
95.1
100.0
100.0
Sep
2024
17.0
44.6
67.3
92.8
21.6
56.1
79.9
98.5
28.2
83.6
93.8
100.0
25.9
91.0
98.0
100.0
Oct
2024
16.3
47.4
69.6
94.0
18.7
54.2
77.8
97.8
43.0
85.5
95.8
100.0
55.5
95.2
100.0
100.0
Nov
2024
16.3
48.3
71.8
93.1
20.4
60.7
85.1
98.2
28.5
84.1
94.2
100.0
26.2
91.6
98.6
100.0
Dec
2024
15.2
45.3
67.3
93.2
18.5
55.0
78.5
97.9
28.7
85.2
94.9
100.0
42.5
100.0
100.0
100.0
Jan
2025
17.1
46.2
69.5
93.3
20.7
55.4
78.9
97.8
35.4
87.6
95.3
100.0
30.1
94.2
99.3
100.0
Feb
2025
17.1
45.9
68.8
92.9
21.6
57.5
81.6
98.4
28.5
84.5
94.3
100.0
26.7
91.9
98.9
100.0
Mar
2025
15.5
45.3
67.4
93.9
18.8
55.0
78.1
97.9
29.2
86.0
95.9
100.0
57.0
98.4
100.0
100.0
Apr
2025
15.2
44.5
66.3
92.9
18.8
55.1
78.1
98.1
29.2
85.4
94.9
100.0
27.2
92.3
99.0
100.0
May
2025
15.4
45.6
67.7
93.4
19.1
56.5
80.0
98.3
29.2
85.8
95.4
100.0
27.6
92.7
99.3
100.0
Jun
2025
19.2
47.1
68.9
92.8
25.2
59.0
81.8
98.1
29.1
86.3
95.8
100.0
26.1
92.4
99.2
100.0
Jul
2025
10.6
41.0
65.4
93.3
13.8
52.4
78.3
98.7
28.8
85.6
95.1
100.0
25.8
91.5
98.9
100.0
Aug
2025
15.4
44.6
66.3
92.6
19.0
54.9
77.6
97.8
28.7
85.4
95.1
100.0
30.1
94.0
99.4
100.0
Table 2.14: Aggregate Net Assets, by MMF Category and Net Assets
Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and removes any observations with zero net
assets (Item A.16). See Appendix 10.1 for a review of interval notation used here.
Net Assets
$50 billion or More
[$10 billion,$50 billion)
[$5 billion,$10 billion)
[$1 billion,$5 billion)
[$500 million,$1 billion)
[$100 million,$500 million)
Under $100 million
Total
Category
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Total
Aug
2024
4,124.5
863.4
0.0
4,987.9
977.0
214.8
44.0
1,235.7
146.7
45.3
23.7
215.7
99.6
35.2
60.8
195.7
12.5
3.8
1.4
17.7
10.5
0.6
3.2
14.3
0.3
0.0
0.1
0.4
6,667.5
Sep
2024
4,318.6
874.0
0.0
5,192.6
947.2
213.5
45.0
1,205.7
147.7
40.3
23.6
211.7
103.9
27.6
61.2
192.6
15.0
2.0
1.3
18.3
9.7
0.2
2.9
12.7
0.3
0.0
0.1
0.5
6,834.1
Oct
2024
4,370.1
939.8
0.0
5,309.9
972.7
171.8
56.9
1,201.5
143.4
32.0
24.6
200.0
104.7
28.1
51.9
184.7
14.8
2.0
1.6
18.4
9.3
0.2
2.7
12.2
0.3
0.0
0.2
0.5
6,927.3
Nov
2024
4,571.4
953.5
0.0
5,524.9
925.4
174.4
57.2
1,157.0
177.6
29.0
25.4
232.0
98.6
28.0
54.4
181.0
13.6
2.0
1.3
17.0
10.1
0.2
2.8
13.0
0.4
0.0
0.1
0.5
7,125.4
Dec
2024
4,710.8
959.9
0.0
5,670.7
907.2
159.9
57.8
1,124.9
167.9
40.1
25.7
233.7
95.9
28.9
53.9
178.7
15.9
2.0
0.7
18.6
8.4
0.2
2.8
11.4
0.4
0.0
0.2
0.5
7,238.5
11
Jan
2025
4,708.0
989.4
0.0
5,697.3
927.7
159.9
45.7
1,133.3
172.1
37.7
35.6
245.3
98.1
29.2
53.5
180.9
14.5
2.0
0.7
17.2
8.9
0.2
2.8
11.9
0.4
0.0
0.2
0.5
7,286.4
Feb
2025
4,829.9
999.3
0.0
5,829.2
926.8
163.4
45.8
1,136.0
133.9
43.8
35.5
213.2
100.2
25.0
54.3
179.5
14.8
2.0
0.7
17.5
9.0
0.3
2.9
12.2
0.6
0.0
0.1
0.6
7,388.2
Mar
2025
4,774.6
1,021.8
0.0
5,796.5
950.0
169.4
57.2
1,176.5
134.7
37.2
25.9
197.8
110.6
25.2
55.0
190.7
14.0
2.0
1.7
17.8
8.9
0.3
1.9
11.2
0.5
0.0
0.1
0.6
7,391.0
Apr
2025
4,741.5
1,026.8
0.0
5,768.3
948.0
166.8
59.3
1,174.1
143.5
42.0
26.6
212.1
112.2
20.3
57.4
189.8
14.9
2.0
1.7
18.6
7.9
0.4
1.9
10.1
0.4
0.0
0.1
0.5
7,373.5
May
2025
4,868.4
1,034.8
0.0
5,903.2
905.8
170.6
58.3
1,134.7
151.2
41.9
27.3
220.5
100.2
20.3
58.0
178.4
17.2
2.0
1.8
21.0
7.8
0.4
1.9
10.1
0.4
0.0
0.1
0.5
7,468.4
Jun
2025
4,809.5
1,046.9
0.0
5,856.4
966.9
170.2
56.4
1,193.5
140.8
35.3
27.2
203.2
109.4
24.1
55.2
188.7
14.7
2.9
1.8
19.4
8.6
0.4
1.9
10.9
0.5
0.0
0.1
0.6
7,472.7
Jul
2025
4,842.2
1,067.6
0.0
5,909.8
973.5
180.0
45.4
1,198.9
142.5
32.1
36.2
210.9
108.6
19.4
55.7
183.8
13.5
3.0
1.7
18.2
8.3
0.4
1.9
10.6
0.6
0.0
0.1
0.7
7,532.9
Aug
2025
5,034.1
1,081.7
0.0
6,115.8
900.6
186.2
44.8
1,131.6
149.1
32.0
36.7
217.9
99.8
20.3
55.6
175.6
14.3
2.0
1.8
18.1
8.9
0.5
1.8
11.2
0.6
0.0
0.1
0.7
7,670.9
August 2025
Analytics Office
Table 2.15: Number of MMFs, by Category and Net Assets Bucket
This table excludes feeder funds (Form N-MFP Item A.7) and removes any observations with zero net
assets (Item A.16). See Appendix 10.1 for a review of interval notation used here.
Net Assets
$50 billion or More
[$10 billion,$50 billion)
[$5 billion,$10 billion)
[$1 billion,$5 billion)
[$500 million,$1 billion)
[$100 million,$500 million)
Under $100 million
Total
Category
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Total
Aug
2024
31
7
0
38
36
9
3
48
21
6
3
30
42
15
22
79
17
6
2
25
34
2
12
48
10
0
2
12
280
Sep
2024
32
7
0
39
35
9
3
47
21
5
3
29
44
11
22
77
20
3
2
25
32
1
11
44
11
0
4
15
276
Oct
2024
32
8
0
40
36
9
4
49
20
4
4
28
45
11
19
75
20
3
2
25
31
1
9
41
12
0
4
16
274
Nov
2024
33
8
0
41
33
9
4
46
24
4
4
32
43
11
19
73
18
3
2
23
33
1
9
43
12
0
4
16
274
12
Dec
2024
34
8
0
42
33
8
4
45
23
5
4
32
42
11
19
72
22
3
1
26
30
1
9
40
13
0
4
17
274
Jan
2025
34
8
0
42
33
8
3
44
23
5
5
33
43
11
19
73
20
3
1
24
31
1
9
41
13
0
4
17
274
Feb
2025
35
8
0
43
36
8
3
47
19
6
5
30
43
10
19
72
20
3
1
24
31
2
10
43
14
0
3
17
276
Mar
2025
34
8
0
42
36
8
4
48
19
5
4
28
46
10
19
75
19
3
3
25
31
2
8
41
13
0
3
16
275
Apr
2025
34
8
0
42
36
8
4
48
19
6
4
29
46
9
19
74
21
3
3
27
29
2
8
39
13
0
3
16
275
May
2025
35
8
0
43
35
8
4
47
21
6
4
31
42
9
19
70
23
3
3
29
29
2
8
39
13
0
3
16
275
Jun
2025
34
8
0
42
36
8
4
48
20
5
4
29
44
9
19
72
20
4
3
27
30
2
8
40
15
0
3
18
276
Jul
2025
34
8
0
42
37
9
3
49
20
5
5
30
46
8
19
73
19
4
3
26
29
2
8
39
15
0
3
18
277
Aug
2025
36
8
0
44
36
9
3
48
21
5
5
31
43
9
19
71
19
3
3
25
31
2
8
41
15
0
3
18
278
August 2025
3
Analytics Office
Flows
Table 3.1: Aggregate Gross Subscriptions, by MMF Category
($Billions)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
2,278.1
916.5
3,194.7
176.3
97.4
273.7
6.8
16.8
23.6
3,492.0
Sep
2024
2,320.2
927.4
3,247.6
176.2
79.2
255.5
5.3
15.2
20.4
3,523.5
Oct
2024
2,355.2
964.7
3,319.9
185.7
85.3
270.9
7.9
19.4
27.3
3,618.1
Nov
2024
2,339.9
908.2
3,248.1
189.2
85.7
274.9
7.6
18.0
25.5
3,548.6
Dec
2024
2,725.6
1,082.2
3,807.8
192.8
94.5
287.3
6.9
19.5
26.4
4,121.5
Jan
2025
2,477.3
1,050.1
3,527.4
180.0
99.6
279.7
7.2
18.8
26.0
3,833.1
Feb
2025
2,291.8
893.6
3,185.4
150.7
90.1
240.9
6.4
14.7
21.0
3,447.3
Mar
2025
2,525.9
976.6
3,502.5
179.1
106.0
285.1
6.7
17.3
24.0
3,811.7
Apr
2025
2,561.7
1,015.2
3,576.8
204.6
115.0
319.6
9.1
25.7
34.7
3,931.2
May
2025
2,365.1
928.0
3,293.0
171.2
95.9
267.2
7.6
19.4
27.0
3,587.2
Jun
2025
2,400.8
909.8
3,310.7
180.0
89.1
269.0
6.5
14.9
21.4
3,601.1
Jul
2025
2,505.8
983.5
3,489.3
187.9
94.8
282.8
8.4
14.1
22.5
3,794.6
Table 3.2: Aggregate Gross Subscriptions, by MMF Category
(Percent)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.
Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
63.8
55.1
61.0
48.0
12.3
23.6
55.3
14.0
17.9
53.5
Sep
2024
63.5
54.6
60.7
52.7
9.7
22.3
44.0
12.6
15.4
53.1
Oct
2024
62.8
54.6
60.1
56.8
10.4
23.6
64.8
16.0
20.5
53.2
Nov
2024
61.3
51.2
58.1
57.5
10.2
23.6
60.6
14.3
18.5
51.4
Dec
2024
69.4
58.5
65.9
58.2
11.1
24.3
48.3
15.4
18.7
58.1
13
Jan
2025
62.4
55.0
60.0
56.7
11.5
23.6
54.4
14.7
18.4
53.2
Feb
2025
57.6
46.4
53.9
45.5
10.2
19.9
46.6
11.7
15.2
47.5
Mar
2025
62.5
49.8
58.4
56.5
11.7
23.4
46.3
13.9
17.2
51.8
Apr
2025
63.8
51.8
59.9
63.3
12.4
25.6
64.3
20.1
24.5
53.4
May
2025
58.9
48.0
55.4
51.9
10.4
21.3
49.6
14.7
18.4
48.8
Jun
2025
59.2
46.1
54.9
55.0
9.5
21.3
41.1
11.3
14.5
48.4
Jul
2025
61.7
50.0
57.9
57.5
10.0
22.2
62.0
10.9
15.8
51.0
Aug
2025
60.7
48.0
56.5
52.8
9.6
20.8
50.7
11.2
15.2
49.6
Aug
2025
2,471.8
956.9
3,428.6
177.4
92.6
270.0
7.2
14.3
21.5
3,720.1
August 2025
Analytics Office
Table 3.3: Distribution of Gross Subscriptions, by MMF Category
($Billions)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
0.00
0.01
0.07
0.96
9.13
34.60
89.15
0.02
0.03
0.08
0.47
6.45
13.58
30.16
0.00
0.01
0.04
0.20
0.71
1.38
2.28
Sep
2024
0.00
0.01
0.06
1.01
9.62
36.83
86.59
0.01
0.03
0.08
1.04
7.46
22.58
31.74
0.00
0.01
0.02
0.17
0.53
1.39
2.07
Oct
2024
0.00
0.01
0.06
1.18
8.58
33.23
85.99
0.02
0.04
0.22
1.29
8.29
25.20
35.09
0.00
0.01
0.05
0.21
0.74
1.79
2.34
Nov
2024
0.00
0.01
0.05
0.95
8.73
39.17
83.55
0.02
0.04
0.17
1.23
8.16
27.87
36.01
0.00
0.00
0.02
0.24
0.64
1.64
3.16
Dec
2024
0.00
0.01
0.09
1.38
10.40
43.54
103.58
0.02
0.04
0.23
1.41
8.81
24.36
40.01
0.00
0.00
0.02
0.26
0.82
1.64
2.49
Jan
2025
0.00
0.01
0.06
1.16
9.86
33.08
82.47
0.02
0.04
0.12
1.51
7.71
21.26
41.80
0.00
0.01
0.03
0.31
0.88
1.57
1.90
Feb
2025
0.00
0.01
0.07
0.87
7.57
34.28
86.04
0.01
0.05
0.12
1.11
7.56
18.93
33.89
0.00
0.01
0.03
0.27
0.76
1.52
1.96
Mar
2025
0.00
0.01
0.08
1.04
8.34
38.04
91.84
0.01
0.04
0.13
1.09
8.47
25.12
42.67
0.00
0.01
0.03
0.32
0.81
1.66
2.38
Apr
2025
0.00
0.01
0.09
1.00
10.15
37.50
94.27
0.04
0.06
0.14
1.24
9.86
30.13
42.57
0.00
0.01
0.04
0.37
1.39
2.24
3.16
May
2025
0.00
0.01
0.06
0.75
8.96
36.90
84.42
0.02
0.03
0.08
1.05
8.25
26.35
39.61
0.00
0.01
0.03
0.32
1.08
1.81
2.40
Jun
2025
0.00
0.01
0.06
0.88
8.88
34.33
83.46
0.01
0.03
0.10
1.03
7.75
26.69
36.29
0.00
0.00
0.02
0.27
0.69
1.33
1.94
Jul
2025
0.00
0.01
0.07
1.15
9.02
39.46
88.42
0.03
0.04
0.11
1.06
8.07
24.07
38.74
0.00
0.01
0.03
0.27
0.71
1.61
1.79
Aug
2025
0.00
0.01
0.06
0.99
8.71
33.89
85.20
0.03
0.04
0.13
1.12
8.05
26.02
37.89
0.00
0.01
0.03
0.26
0.67
1.56
1.92
Table 3.4: Distribution of Gross Subscriptions, by MMF Category
(Percent)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the flows of the feeder funds are utilized rather than the flows of the master fund.
Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
2.2
3.5
7.5
21.6
63.8
121.3
161.7
1.8
4.1
7.9
11.8
40.8
81.4
85.3
2.2
3.8
6.4
10.7
19.4
36.8
70.6
Sep
2024
1.9
2.6
6.8
26.9
67.8
123.1
170.3
1.9
2.4
4.1
9.9
35.7
54.9
96.1
2.0
3.0
6.2
10.6
16.4
27.0
51.0
Oct
2024
2.0
3.1
7.7
25.5
66.5
119.5
172.9
2.5
4.2
8.4
12.2
30.4
82.8
104.4
0.4
2.7
7.0
10.8
22.3
42.7
60.8
Nov
2024
2.1
3.2
7.1
22.1
61.7
114.8
152.9
2.6
4.2
5.3
11.0
32.7
92.4
109.4
0.2
0.4
5.0
9.2
17.0
34.0
69.2
Dec
2024
2.0
3.0
8.1
28.2
68.4
121.5
155.2
3.2
3.8
8.2
11.8
30.9
72.1
90.6
0.2
0.7
6.7
10.9
15.9
37.0
39.0
14
Jan
2025
1.6
2.4
7.6
22.7
62.5
119.2
151.4
2.5
3.6
5.8
12.1
23.9
71.3
100.7
1.7
3.9
6.8
13.4
18.8
42.8
63.7
Feb
2025
2.0
2.8
7.4
22.3
66.2
111.1
181.0
3.0
4.0
7.0
11.1
26.5
62.2
77.2
2.4
3.1
6.3
11.6
17.3
47.4
56.5
Mar
2025
3.3
4.0
9.1
23.7
68.7
132.9
185.5
4.2
5.7
8.7
12.0
34.4
66.2
101.1
2.7
3.3
7.0
11.6
16.8
31.0
51.1
Apr
2025
2.9
4.8
9.0
25.4
71.4
122.0
199.3
4.8
6.5
9.2
12.5
32.7
93.0
110.5
4.9
5.6
10.2
15.2
23.6
47.6
75.2
May
2025
1.9
2.7
6.5
23.6
62.8
107.2
151.5
2.5
2.7
6.6
10.3
32.5
66.7
81.2
2.8
3.5
7.5
12.4
17.1
43.6
64.7
Jun
2025
2.1
2.9
6.1
22.0
58.8
116.3
165.8
2.3
3.2
4.9
9.9
23.9
59.7
92.4
1.1
3.5
5.9
10.2
15.2
32.7
55.2
Jul
2025
1.6
2.3
7.9
23.4
65.4
118.2
177.7
3.5
3.7
6.6
11.2
32.2
69.0
102.7
3.5
4.2
6.5
10.3
14.7
41.7
61.6
Aug
2025
1.4
2.2
7.0
21.8
59.0
105.7
161.1
2.6
3.9
6.5
10.8
38.6
75.8
84.2
1.8
3.7
6.7
9.3
18.2
43.2
73.3
August 2025
Analytics Office
Table 3.5: Aggregate Gross Redemptions, by MMF Category
($Billions)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
2,198.3
881.4
3,079.7
192.7
75.9
268.6
6.8
15.7
22.5
3,370.8
Sep
2024
2,218.9
860.3
3,079.2
183.9
68.7
252.7
5.1
14.1
19.2
3,351.1
Oct
2024
2,288.6
958.0
3,246.6
183.6
71.1
254.7
7.6
15.1
22.7
3,524.0
Nov
2024
2,234.3
831.8
3,066.1
187.2
73.1
260.2
5.8
16.2
22.0
3,348.3
Dec
2024
2,682.1
1,021.8
3,703.9
206.3
78.4
284.7
7.7
19.1
26.8
4,015.4
Jan
2025
2,467.0
1,035.0
3,502.0
166.3
83.8
250.1
6.8
21.5
28.3
3,780.4
Feb
2025
2,241.8
859.2
3,101.0
157.7
69.1
226.8
5.7
14.5
20.2
3,348.0
Mar
2025
2,551.5
976.9
3,528.4
173.4
82.7
256.1
7.0
14.7
21.8
3,806.3
Apr
2025
2,559.7
1,042.5
3,602.2
197.4
119.0
316.4
7.7
21.9
29.6
3,948.1
May
2025
2,326.2
884.9
3,211.2
174.3
81.4
255.7
7.2
19.1
26.3
3,493.1
Jun
2025
2,394.6
917.0
3,311.6
181.9
76.9
258.8
8.8
17.5
26.3
3,596.8
Jul
2025
2,488.9
957.0
3,445.9
179.0
83.0
262.0
7.8
16.2
24.0
3,731.9
Table 3.6: Aggregate Gross Redemptions, by MMF Category (Percent)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund. Percentages are
calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
61.6
53.0
58.8
52.5
9.6
23.2
55.5
13.1
17.0
51.7
Sep
2024
60.7
50.6
57.5
55.0
8.5
22.0
42.3
11.7
14.5
50.5
Oct
2024
61.0
54.2
58.8
56.2
8.6
22.1
62.6
12.5
17.0
51.8
Nov
2024
58.5
46.9
54.8
56.9
8.7
22.3
46.7
12.9
15.9
48.5
Dec
2024
68.3
55.3
64.1
62.2
9.2
24.1
54.3
15.0
19.0
56.6
15
Jan
2025
62.1
54.2
59.5
52.4
9.7
21.1
51.4
16.8
20.1
52.5
Feb
2025
56.3
44.6
52.5
47.6
7.8
18.7
41.5
11.6
14.6
46.1
Mar
2025
63.2
49.9
58.8
54.7
9.2
21.0
48.6
11.8
15.6
51.7
Apr
2025
63.8
53.2
60.3
61.1
12.8
25.3
54.9
17.1
20.9
53.6
May
2025
57.9
45.8
54.0
52.8
8.8
20.4
46.7
14.5
17.9
47.6
Jun
2025
59.1
46.4
54.9
55.6
8.2
20.5
55.6
13.3
17.9
48.3
Jul
2025
61.3
48.6
57.2
54.7
8.8
20.5
57.2
12.6
16.9
50.1
Aug
2025
58.8
46.1
54.6
50.3
8.3
19.2
53.9
11.3
15.6
47.8
Aug
2025
2,393.4
919.8
3,313.2
169.2
80.1
249.4
7.7
14.3
22.0
3,584.6
August 2025
Analytics Office
Table 3.7: Distribution of Gross Redemptions, by MMF Category
($Billions)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund.
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
0.00
0.01
0.05
0.88
8.63
35.18
85.65
0.02
0.04
0.19
0.82
6.51
11.72
29.23
0.00
0.01
0.04
0.20
0.57
1.26
2.24
Sep
2024
0.00
0.01
0.05
0.72
8.18
35.94
86.30
0.03
0.03
0.14
1.35
7.62
20.75
28.11
0.00
0.01
0.04
0.18
0.45
1.27
1.54
Oct
2024
0.00
0.01
0.05
0.87
8.55
38.12
86.44
0.02
0.03
0.20
1.15
6.90
25.54
29.03
0.00
0.00
0.05
0.18
0.62
1.55
2.14
Nov
2024
0.00
0.01
0.07
0.79
7.88
36.42
77.49
0.02
0.04
0.20
1.03
8.06
26.64
31.49
0.00
0.01
0.03
0.17
0.52
1.32
2.87
Dec
2024
0.00
0.01
0.08
1.09
9.87
46.65
101.74
0.02
0.04
0.11
1.27
7.30
26.66
34.68
0.00
0.01
0.05
0.28
0.79
1.63
2.41
Jan
2025
0.00
0.01
0.06
1.01
8.84
35.35
82.69
0.02
0.04
0.22
1.31
6.82
20.58
34.69
0.00
0.00
0.03
0.33
0.91
1.85
2.66
Feb
2025
0.00
0.01
0.04
0.75
7.17
32.11
81.82
0.01
0.03
0.12
0.87
6.45
17.70
28.61
0.00
0.00
0.03
0.24
0.59
1.54
1.92
Mar
2025
0.00
0.01
0.04
0.96
8.90
38.26
93.65
0.00
0.02
0.08
0.86
7.47
23.66
34.84
0.00
0.00
0.04
0.24
0.67
1.62
1.76
Apr
2025
0.00
0.01
0.07
1.04
9.80
35.13
95.61
0.01
0.04
0.09
1.31
10.06
28.44
40.94
0.00
0.01
0.06
0.36
0.98
1.85
2.81
May
2025
0.00
0.01
0.06
0.92
8.20
35.07
85.34
0.01
0.03
0.10
1.02
6.80
26.75
34.86
0.00
0.00
0.03
0.29
0.90
1.80
2.45
Jun
2025
0.00
0.01
0.07
0.90
8.50
37.31
83.19
0.01
0.03
0.07
0.91
7.09
26.87
32.08
0.01
0.01
0.02
0.34
0.71
2.05
2.40
Jul
2025
0.00
0.00
0.05
0.87
8.68
39.60
92.36
0.04
0.04
0.13
0.95
7.20
25.97
34.20
0.00
0.01
0.03
0.25
0.80
1.59
2.12
Aug
2025
0.00
0.00
0.05
0.80
8.13
35.59
85.03
0.02
0.04
0.13
0.89
7.18
23.08
33.81
0.00
0.00
0.04
0.28
0.71
1.62
1.73
Table 3.8: Distribution of Gross Redemptions, by MMF Category
(Percent)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the flows of the feeder funds are utilized rather than the flows of the master fund. Percentages are
calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
1.6
2.3
6.1
21.2
58.9
118.6
147.5
3.6
4.3
8.3
13.6
55.4
98.0
106.1
2.6
3.9
6.1
11.3
19.7
32.0
64.0
Sep
2024
1.8
2.7
5.8
22.2
60.5
119.8
156.8
2.6
3.1
7.1
9.2
48.9
100.4
101.6
2.4
4.5
6.2
10.1
16.5
32.8
46.4
Oct
2024
2.1
2.6
6.6
22.7
62.9
120.7
171.7
2.7
3.0
6.7
9.7
33.2
77.5
107.5
0.2
2.5
4.5
8.7
17.1
42.9
66.6
Nov
2024
2.3
2.9
6.1
20.1
58.0
107.0
142.9
3.8
4.4
6.6
9.4
36.9
98.8
109.0
0.1
3.5
5.1
8.5
14.7
27.6
36.6
Dec
2024
2.2
3.5
7.5
26.3
72.1
118.8
153.9
3.0
3.3
6.0
9.2
33.0
78.0
99.3
0.2
3.7
6.5
11.6
16.3
48.4
87.4
16
Jan
2025
2.0
3.0
7.6
22.5
62.0
113.3
153.8
3.4
4.4
6.9
9.8
29.9
66.7
92.6
0.0
3.5
7.0
12.9
20.5
34.7
55.8
Feb
2025
1.2
2.3
5.4
18.6
60.0
104.6
158.5
2.1
3.0
6.8
8.8
25.5
60.3
83.0
1.3
2.4
4.8
8.7
15.8
32.1
45.4
Mar
2025
1.7
2.9
6.8
20.4
63.8
113.8
164.3
2.2
4.2
6.9
9.7
26.7
69.4
88.0
2.6
4.4
5.3
10.3
13.8
35.0
40.3
Apr
2025
1.7
3.8
9.0
24.2
73.1
115.5
191.7
4.3
5.1
6.6
11.8
20.3
77.4
96.5
2.3
4.3
7.6
14.8
20.3
46.0
71.7
May
2025
2.2
3.2
6.3
18.8
57.5
109.3
150.4
2.6
4.0
5.6
9.0
28.2
76.6
83.6
2.1
3.0
6.0
10.2
15.0
28.7
63.9
Jun
2025
2.0
2.8
6.2
21.4
57.9
111.9
157.2
2.6
3.5
5.9
8.9
23.5
78.4
97.3
1.6
3.7
7.4
10.2
18.8
52.4
56.0
Jul
2025
2.0
2.9
6.4
19.6
61.5
118.5
166.6
3.3
4.0
6.8
10.2
35.4
81.0
100.0
2.6
4.8
6.6
9.8
15.5
28.4
58.4
Aug
2025
1.7
2.8
6.6
18.5
52.4
105.7
139.7
3.7
3.8
6.5
8.8
26.4
80.4
85.4
2.5
3.6
6.9
10.1
13.5
36.6
60.3
August 2025
Analytics Office
Table 3.9: Aggregate Net Flows, by MMF Category ($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
79.8
35.1
114.9
-16.4
21.5
5.1
-0.0
1.1
1.1
121.2
Sep
2024
101.3
67.1
168.4
-7.7
10.5
2.8
0.2
1.0
1.2
172.5
Oct
2024
66.6
6.7
73.3
2.1
14.2
16.2
0.3
4.3
4.5
94.1
Nov
2024
105.6
76.3
182.0
2.1
12.6
14.7
1.7
1.8
3.6
200.3
Dec
2024
43.5
60.4
103.9
-13.4
16.1
2.6
-0.9
0.5
-0.4
106.1
Jan
2025
10.3
15.1
25.4
13.8
15.8
29.6
0.4
-2.7
-2.3
52.7
Feb
2025
50.0
34.4
84.4
-6.9
21.0
14.1
0.7
0.2
0.9
99.3
Mar
2025
-25.6
-0.3
-25.9
5.8
23.3
29.1
-0.3
2.6
2.3
5.4
Apr
2025
2.0
-27.3
-25.3
7.2
-4.0
3.2
1.3
3.8
5.1
-17.0
May
2025
38.8
43.0
81.8
-3.0
14.5
11.5
0.5
0.3
0.7
94.0
Jun
2025
6.3
-7.2
-0.9
-1.9
12.1
10.2
-2.3
-2.7
-5.0
4.3
Jul
2025
16.9
26.5
43.4
9.0
11.8
20.8
0.7
-2.2
-1.5
62.7
Aug
2025
78.4
37.0
115.4
8.2
12.5
20.6
-0.5
-0.1
-0.5
135.5
Table 3.10: Aggregate Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund. Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
2.2
2.1
2.2
-4.5
2.7
0.4
-0.2
0.9
0.8
1.9
Sep
2024
2.8
4.0
3.1
-2.3
1.3
0.2
1.6
0.9
0.9
2.6
Oct
2024
1.8
0.4
1.3
0.6
1.7
1.4
2.2
3.5
3.4
1.4
Nov
2024
2.8
4.3
3.3
0.6
1.5
1.3
13.9
1.5
2.6
2.9
Dec
2024
1.1
3.3
1.8
-4.1
1.9
0.2
-6.0
0.4
-0.3
1.5
17
Jan
2025
0.3
0.8
0.4
4.3
1.8
2.5
3.0
-2.1
-1.6
0.7
Feb
2025
1.3
1.8
1.4
-2.1
2.4
1.2
5.1
0.1
0.6
1.4
Mar
2025
-0.6
-0.0
-0.4
1.8
2.6
2.4
-2.3
2.1
1.6
0.1
Apr
2025
0.0
-1.4
-0.4
2.2
-0.4
0.3
9.4
3.0
3.6
-0.2
May
2025
1.0
2.2
1.4
-0.9
1.6
0.9
2.9
0.2
0.5
1.3
Jun
2025
0.2
-0.4
-0.0
-0.6
1.3
0.8
-14.5
-2.0
-3.4
0.1
Jul
2025
0.4
1.3
0.7
2.7
1.2
1.6
4.9
-1.7
-1.1
0.8
Aug
2025
1.9
1.9
1.9
2.4
1.3
1.6
-3.2
-0.1
-0.4
1.8
August 2025
Analytics Office
Table 3.11: Distribution of Net Flows, by MMF Category
($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund.
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
-1.05
-0.29
-0.01
0.02
0.36
2.04
3.89
-2.76
-1.31
-0.19
0.00
0.21
1.72
2.96
-0.24
-0.07
-0.01
0.00
0.07
0.21
0.39
Sep
2024
-1.00
-0.23
-0.00
0.02
0.48
2.86
6.29
-2.17
-1.68
-0.05
0.01
0.22
1.84
2.95
-0.11
-0.07
-0.02
-0.00
0.03
0.14
0.18
Oct
2024
-0.97
-0.41
-0.03
0.01
0.26
1.55
4.79
-1.15
-0.24
0.00
0.02
0.29
1.93
2.41
-0.19
-0.08
-0.00
0.02
0.11
0.34
0.77
Nov
2024
-0.66
-0.26
-0.02
0.01
0.41
2.78
4.49
-0.67
-0.37
-0.10
0.02
0.31
1.73
2.41
-0.10
-0.04
-0.00
0.03
0.12
0.22
0.37
Dec
2024
-1.37
-0.76
-0.05
0.00
0.25
2.26
6.00
-2.44
-1.80
-0.04
0.01
0.22
1.18
1.89
-0.33
-0.16
-0.03
0.00
0.06
0.13
0.21
Jan
2025
-2.14
-0.71
-0.04
0.00
0.20
1.27
2.91
-0.43
-0.20
-0.03
0.01
0.61
2.48
4.15
-0.51
-0.41
-0.10
-0.00
0.02
0.08
0.25
Feb
2025
-0.84
-0.28
-0.01
0.01
0.27
1.92
3.07
-0.73
-0.20
0.00
0.09
0.36
1.86
2.20
-0.12
-0.06
-0.02
0.00
0.04
0.12
0.25
Mar
2025
-3.05
-1.20
-0.05
0.01
0.12
0.89
1.69
-0.33
-0.15
-0.01
0.04
0.65
3.31
4.34
-0.14
-0.04
-0.00
0.01
0.11
0.24
0.29
Apr
2025
-3.11
-1.25
-0.27
-0.00
0.04
0.68
1.88
-1.20
-0.75
-0.22
0.01
0.07
1.56
2.24
-0.10
-0.03
-0.00
0.00
0.16
0.41
0.60
May
2025
-1.11
-0.40
-0.03
0.00
0.27
1.80
3.03
-0.86
-0.16
-0.03
0.03
0.42
1.92
2.53
-0.09
-0.07
-0.01
0.00
0.05
0.13
0.22
Jun
2025
-2.19
-0.78
-0.06
0.00
0.11
1.33
2.24
-0.47
-0.31
-0.02
0.01
0.23
1.41
2.27
-0.71
-0.45
-0.15
-0.01
0.00
0.05
0.11
Jul
2025
-0.99
-0.36
-0.04
0.00
0.17
1.24
2.21
-0.18
-0.03
-0.00
0.05
0.64
1.93
3.42
-0.33
-0.19
-0.06
-0.00
0.01
0.07
0.16
Aug
2025
-0.69
-0.20
-0.02
0.01
0.44
1.92
3.58
-0.24
-0.06
-0.01
0.11
0.75
1.61
2.62
-0.25
-0.10
-0.04
-0.00
0.01
0.12
0.17
Table 3.12: Distribution of Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the flows of the feeder funds are utilized rather than the flows of
the master fund. Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
-10.3
-6.1
-0.5
1.3
3.9
9.4
13.6
-66.3
-37.9
-8.5
0.3
1.8
8.4
35.0
-13.0
-11.2
-1.3
0.2
2.5
3.7
5.5
Sep
2024
-8.1
-4.7
-0.4
1.2
5.2
13.9
30.3
-100.0
-25.9
-2.8
0.2
2.5
6.5
7.9
-8.6
-5.6
-1.7
-0.2
1.6
5.3
5.8
Oct
2024
-10.2
-5.8
-1.2
1.0
4.4
10.9
17.4
-6.9
-4.5
0.0
0.8
2.5
5.1
11.0
-13.4
-6.8
-0.1
1.4
4.2
11.5
17.2
Nov
2024
-9.2
-5.9
-1.7
1.1
4.8
11.8
15.7
-9.4
-6.5
-1.7
0.5
1.8
5.3
8.1
-3.5
-2.6
-0.1
1.3
4.2
6.8
10.6
Dec
2024
-18.4
-11.7
-3.5
0.5
4.5
9.1
13.9
-9.2
-7.0
-0.7
0.9
2.3
3.0
4.1
-15.0
-9.4
-1.1
0.2
2.0
3.9
4.2
18
Jan
2025
-8.4
-5.8
-2.3
0.3
3.5
9.8
16.4
-4.9
-3.1
-0.9
0.3
3.1
5.7
9.0
-11.3
-4.4
-2.4
-0.7
0.6
5.2
16.4
Feb
2025
-8.7
-4.6
-1.0
0.9
2.8
9.5
27.5
-6.3
-3.5
0.1
1.8
2.9
6.3
9.5
-3.6
-3.0
-0.9
0.4
2.9
11.6
27.8
Mar
2025
-11.4
-6.8
-1.7
1.2
4.3
9.4
21.6
-4.7
-3.9
-0.5
1.9
3.2
6.4
12.9
-7.5
-1.9
-0.5
1.4
3.4
5.3
6.3
Apr
2025
-11.6
-7.4
-2.6
-0.0
3.1
12.6
24.3
-5.8
-2.8
-1.6
0.5
3.0
6.6
22.4
-6.4
-2.7
-0.7
0.7
4.9
10.1
16.4
May
2025
-10.7
-6.6
-1.8
0.2
3.3
9.8
23.0
-8.1
-4.5
-1.3
0.5
2.5
4.3
5.2
-2.6
-2.0
-0.8
0.9
2.5
6.1
9.3
Jun
2025
-14.2
-7.5
-2.5
0.0
2.3
8.8
29.8
-9.2
-4.1
-1.3
0.2
1.5
2.6
6.7
-21.3
-6.5
-2.9
-1.6
0.2
4.4
7.7
Jul
2025
-8.2
-5.2
-1.4
0.4
4.0
10.2
17.6
-12.0
-1.8
-0.2
1.2
2.2
4.1
6.3
-5.4
-3.4
-2.0
-0.7
1.0
3.9
11.0
Aug
2025
-8.6
-4.9
-1.4
0.8
5.3
12.8
21.4
-8.3
-1.9
-0.4
1.2
2.7
9.1
13.8
-4.5
-2.7
-1.4
-0.4
1.9
4.7
11.6
August 2025
Analytics Office
4
Yields4
4.1
Gross Yields
Table 4.1: Asset-Weighted Seven Day Gross Yield (Percent), by MMF
Category
This table relies on month-end gross yields (Form N-MFP Item A.19) and net assets reported (Item
A.16).
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Aug
2024
5.36
5.32
5.46
5.47
3.14
3.22
Sep
2024
5.00
5.03
5.04
5.06
3.38
3.30
Oct
2024
4.90
4.87
5.00
5.00
3.54
3.43
Nov
2024
4.70
4.69
4.78
4.79
2.97
3.04
Dec
2024
4.55
4.52
4.58
4.62
3.83
3.58
Jan
2025
4.44
4.41
4.53
4.55
2.22
2.58
Feb
2025
4.41
4.39
4.50
4.52
1.94
2.37
Mar
2025
4.40
4.37
4.48
4.50
3.20
3.04
Apr
2025
4.38
4.36
4.47
4.49
3.31
3.35
May
2025
4.36
4.34
4.46
4.47
2.38
2.51
Jun
2025
4.38
4.33
4.46
4.49
2.60
2.55
Jul
2025
4.37
4.35
4.45
4.48
2.81
2.80
Aug
2025
4.36
4.32
4.46
4.48
2.95
2.90
Table 4.2: Distribution of Seven Day Gross Yields (Percent), by
MMF Category
This table relies on month-end gross yields reported (Form N-MFP Item A.19).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
5.28
5.30
5.32
5.34
5.36
5.39
5.41
0.00
5.33
5.40
5.45
5.48
5.53
5.54
3.01
3.05
3.10
3.18
3.27
3.34
3.39
Sep
2024
4.88
4.91
4.96
4.99
5.03
5.07
5.10
4.95
5.00
5.06
5.08
5.13
5.17
5.37
2.91
3.10
3.29
3.34
3.42
3.48
3.49
Oct
2024
4.79
4.83
4.86
4.89
4.92
4.93
4.95
4.88
4.91
4.98
5.02
5.05
5.08
5.10
2.99
3.15
3.40
3.48
3.55
3.60
3.63
Nov
2024
4.61
4.63
4.66
4.69
4.71
4.72
4.74
4.67
4.69
4.75
4.80
4.82
4.84
4.88
2.61
2.71
2.92
3.05
3.10
3.18
3.21
Dec
2024
4.40
4.45
4.50
4.53
4.55
4.58
4.60
4.47
4.50
4.57
4.63
4.67
4.70
4.72
3.09
3.26
3.48
3.62
3.69
3.82
3.96
Jan
2025
4.33
4.36
4.40
4.42
4.44
4.47
4.49
4.40
4.44
4.49
4.56
4.60
4.62
4.63
2.02
2.06
2.39
2.58
2.72
2.80
2.92
Feb
2025
4.32
4.34
4.37
4.40
4.42
4.44
4.45
4.39
4.42
4.47
4.52
4.55
4.58
4.60
1.65
1.87
2.18
2.33
2.51
2.65
2.69
Mar
2025
4.31
4.32
4.35
4.39
4.41
4.42
4.43
4.32
4.39
4.46
4.51
4.54
4.58
4.59
2.69
2.81
3.01
3.09
3.13
3.17
3.31
Apr
2025
4.29
4.31
4.34
4.38
4.39
4.40
4.41
4.36
4.39
4.44
4.50
4.52
4.55
4.56
2.91
3.15
3.25
3.37
3.46
3.56
3.58
May
2025
4.29
4.31
4.33
4.36
4.37
4.39
4.40
4.35
4.40
4.44
4.48
4.51
4.54
4.55
2.27
2.31
2.39
2.47
2.60
2.69
2.73
Jun
2025
4.25
4.29
4.33
4.37
4.40
4.42
4.43
4.35
4.40
4.46
4.50
4.52
4.55
4.56
2.30
2.36
2.46
2.55
2.70
2.79
2.90
Jul
2025
4.30
4.32
4.34
4.37
4.39
4.40
4.42
4.36
4.41
4.45
4.49
4.51
4.53
4.54
2.43
2.65
2.77
2.82
2.87
2.95
2.95
Aug
2025
4.29
4.30
4.32
4.35
4.37
4.39
4.40
4.37
4.38
4.44
4.47
4.50
4.53
4.53
2.57
2.72
2.85
2.91
2.97
3.04
3.07
4
Beginning June 2024, month-end gross and net yields are determined by utilizing the reported yield for each MMF on
the last business day of the month.
19
August 2025
4.2
Analytics Office
Net Yields
Table 4.3: Asset-Weighted Seven Day Net Yield (Percent), by MMF
Category
This table relies on month-end net yields (Form N-MFP Item B.8) and net assets reported (Item B.4).
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Aug
2024
5.14
5.11
5.35
5.20
3.01
2.98
Sep
2024
4.78
4.81
4.94
4.79
3.26
3.06
Oct
2024
4.68
4.65
4.89
4.73
3.40
3.20
Nov
2024
4.47
4.47
4.67
4.52
2.85
2.81
Dec
2024
4.32
4.30
4.48
4.35
3.71
3.34
Jan
2025
4.22
4.20
4.43
4.28
2.10
2.34
Feb
2025
4.19
4.17
4.39
4.25
1.83
2.14
Mar
2025
4.18
4.15
4.38
4.24
3.09
2.80
Apr
2025
4.16
4.14
4.37
4.22
3.20
3.12
May
2025
4.15
4.13
4.36
4.20
2.28
2.28
Jun
2025
4.17
4.12
4.36
4.22
2.47
2.32
Jul
2025
4.16
4.14
4.35
4.21
2.68
2.57
Aug
2025
4.14
4.11
4.36
4.21
2.82
2.67
Table 4.4: Distribution of Seven Day Net Yields (Percent), by MMF
Category
This table relies on month-end net yields reported (Form N-MFP Item B.8).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
4.27
4.45
4.79
5.01
5.15
5.21
5.25
0.00
0.00
4.77
5.07
5.27
5.32
5.35
2.12
2.36
2.67
2.86
3.00
3.08
3.14
Sep
2024
3.81
4.08
4.44
4.66
4.82
4.89
4.93
0.00
3.79
4.43
4.70
4.90
4.98
5.11
2.28
2.40
2.69
2.94
3.13
3.19
3.24
Oct
2024
3.82
4.02
4.35
4.56
4.70
4.77
4.80
3.67
3.97
4.43
4.66
4.84
4.89
4.91
2.34
2.52
2.82
3.07
3.27
3.37
3.41
Nov
2024
3.49
3.80
4.14
4.35
4.51
4.56
4.59
3.43
3.78
4.22
4.42
4.62
4.66
4.72
1.98
2.23
2.45
2.68
2.84
2.90
2.95
Dec
2024
3.42
3.67
4.00
4.21
4.36
4.40
4.44
3.29
3.61
4.05
4.27
4.44
4.48
4.51
2.36
2.64
2.95
3.18
3.37
3.53
3.62
20
Jan
2025
3.38
3.59
3.91
4.10
4.25
4.30
4.33
3.21
3.55
3.96
4.18
4.37
4.42
4.44
1.61
1.82
2.04
2.21
2.39
2.50
2.54
Feb
2025
3.31
3.56
3.86
4.08
4.22
4.27
4.30
3.18
3.52
3.95
4.16
4.34
4.38
4.42
1.40
1.58
1.80
2.00
2.18
2.32
2.43
Mar
2025
3.25
3.54
3.86
4.06
4.20
4.26
4.29
3.01
3.50
3.91
4.14
4.32
4.38
4.39
1.98
2.14
2.46
2.70
2.86
2.94
2.97
Apr
2025
3.24
3.53
3.84
4.04
4.19
4.24
4.28
3.20
3.49
3.93
4.11
4.31
4.36
4.37
2.24
2.48
2.74
3.00
3.16
3.23
3.27
May
2025
3.23
3.50
3.83
4.03
4.18
4.23
4.27
3.18
3.48
3.91
4.09
4.30
4.34
4.36
1.54
1.72
1.99
2.17
2.28
2.40
2.48
Jun
2025
2.91
3.40
3.82
4.04
4.17
4.24
4.27
3.19
3.50
3.92
4.11
4.31
4.34
4.36
1.56
1.74
2.00
2.23
2.39
2.50
2.56
Jul
2025
3.29
3.52
3.85
4.05
4.19
4.23
4.28
3.18
3.49
3.92
4.10
4.31
4.34
4.35
1.75
1.93
2.22
2.46
2.60
2.70
2.74
Aug
2025
3.18
3.45
3.81
4.03
4.16
4.21
4.26
3.17
3.50
3.90
4.08
4.30
4.33
4.36
1.85
2.01
2.31
2.56
2.70
2.79
2.83
August 2025
Analytics Office
5
Maturity
5.1
Weighted Average Maturity (WAM)
Table 5.1: Asset-Weighted WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weighted average
maturity (Item A.11) and net assets (Item A.16) reported.
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Aug
2024
31.3
39.3
27.7
26.2
5.7
29.8
Sep
2024
28.6
36.5
25.1
20.9
4.4
30.6
Oct
2024
36.1
42.3
30.1
26.6
4.4
31.9
Nov
2024
35.7
43.4
31.3
29.5
5.2
30.5
Dec
2024
34.6
44.8
29.2
26.2
5.0
28.6
Jan
2025
36.4
44.9
27.7
28.4
5.1
27.6
Feb
2025
33.8
42.1
28.7
29.1
5.1
28.0
Mar
2025
34.0
40.2
25.4
24.9
4.0
27.4
Apr
2025
33.5
39.1
25.1
22.7
4.0
25.6
May
2025
38.8
44.6
28.7
25.2
5.0
27.3
Jun
2025
36.4
44.1
25.5
22.7
4.6
31.8
Jul
2025
37.8
47.4
29.9
27.8
4.6
29.4
Aug
2025
41.3
47.0
30.2
29.9
5.9
31.2
Table 5.2: Distribution of WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end WAM reported (Item
A.11).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
10.0
14.0
26.0
33.0
38.0
45.0
48.0
4.0
4.4
14.0
28.0
37.0
40.0
45.2
4.0
5.0
7.0
28.0
38.0
47.2
50.8
Sep
2024
7.6
12.3
22.0
28.5
34.0
41.0
44.3
1.8
7.0
15.5
27.0
33.2
36.0
38.2
1.4
3.4
6.0
29.0
40.0
48.0
49.0
Oct
2024
7.0
14.0
24.0
34.0
41.0
47.0
51.0
6.0
7.0
16.0
29.0
36.0
45.0
49.2
3.1
5.0
10.2
32.0
39.8
45.0
46.9
Nov
2024
9.8
14.0
24.8
35.0
41.0
49.0
51.0
6.8
12.0
19.8
31.0
37.2
48.0
50.5
4.0
6.0
11.2
29.5
37.0
44.7
46.9
Dec
2024
10.8
14.0
23.0
35.0
42.0
49.0
52.2
4.0
8.5
17.0
26.0
34.8
46.5
47.0
4.0
6.0
10.0
30.0
36.0
42.0
45.0
21
Jan
2025
12.8
15.0
24.0
35.0
45.0
50.0
52.2
6.8
9.0
17.5
29.5
40.0
42.0
43.2
4.0
6.0
11.0
28.0
35.0
41.0
43.0
Feb
2025
10.0
13.7
22.2
33.0
42.0
50.0
52.0
9.0
10.2
19.0
31.0
36.0
41.6
45.2
4.0
6.0
12.0
29.0
34.0
41.0
45.0
Mar
2025
8.0
13.0
21.2
32.0
41.0
47.0
52.0
4.0
8.0
15.8
27.0
37.0
40.0
41.0
4.0
5.0
11.0
25.0
33.0
42.0
46.0
Apr
2025
7.0
13.0
20.0
32.0
40.0
47.4
52.0
6.0
9.5
17.0
23.0
34.0
37.5
39.2
4.0
5.0
11.0
25.0
32.0
42.0
46.0
May
2025
13.0
16.0
27.0
38.0
47.0
52.0
53.0
7.0
16.5
18.8
29.0
36.5
41.0
42.5
4.0
6.0
12.0
25.0
37.0
43.0
46.0
Jun
2025
8.9
13.7
25.0
37.0
46.0
50.0
52.1
2.0
11.0
16.5
25.5
35.0
40.5
42.0
4.0
5.0
13.0
32.0
40.0
44.0
46.0
Jul
2025
12.0
15.0
29.0
39.5
46.0
51.1
53.0
12.0
15.0
19.0
26.5
39.0
40.0
41.5
4.0
5.0
11.0
29.0
35.0
42.0
45.0
Aug
2025
14.0
16.0
27.0
41.0
46.0
52.0
54.0
12.0
14.5
20.8
32.5
38.2
45.0
46.0
5.0
6.0
13.0
31.0
37.0
42.0
47.0
August 2025
5.2
Analytics Office
Weighted Average Life (WAL)
Table 5.3: Asset-Weighted WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weighted average life
(Item A.12) and net assets (Item A.16) reported.
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Aug
2024
81.1
81.8
44.8
44.4
5.7
30.6
Sep
2024
80.6
77.9
45.4
44.4
4.4
31.2
Oct
2024
91.0
85.8
50.6
51.5
4.7
32.5
Nov
2024
89.8
86.9
51.1
50.9
5.2
31.3
Dec
2024
89.8
89.3
49.3
46.2
5.0
29.2
Jan
2025
91.6
90.9
49.9
45.8
5.1
28.1
Feb
2025
88.4
90.6
52.8
46.2
5.1
29.2
Mar
2025
88.6
91.5
51.4
45.7
4.0
28.1
Apr
2025
89.4
92.6
51.9
45.3
4.0
26.5
May
2025
91.1
97.6
53.9
46.7
5.0
28.2
Jun
2025
88.6
96.9
49.0
43.5
4.6
32.5
Jul
2025
90.8
98.9
54.6
46.5
4.6
30.0
Aug
2025
90.5
97.6
52.4
47.7
5.9
32.1
Table 5.4: Distribution of WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end WAL reported (Item
A.12).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
14.0
27.0
56.0
79.0
92.0
101.0
109.1
4.0
4.4
23.0
45.0
58.0
70.4
88.2
4.0
5.0
7.0
28.5
39.2
47.2
50.8
Sep
2024
21.3
27.3
53.2
76.0
90.0
102.4
110.4
1.8
15.5
33.5
50.0
57.0
63.0
79.8
1.4
3.4
6.0
30.0
40.0
48.0
49.0
Oct
2024
17.8
27.0
57.0
85.5
98.0
109.0
113.2
6.8
19.0
34.0
54.5
65.8
73.5
79.8
3.1
5.0
10.2
33.5
40.8
45.0
46.9
Nov
2024
16.0
31.5
55.8
86.0
98.0
108.0
112.2
6.8
24.0
32.0
58.5
65.2
72.0
78.5
4.0
6.0
11.2
31.0
38.5
44.7
46.9
Dec
2024
15.8
32.0
56.0
87.0
103.0
111.0
113.2
4.0
20.5
29.8
52.0
62.5
74.0
80.0
4.0
6.0
11.0
30.0
36.0
42.0
46.0
22
Jan
2025
15.8
29.0
61.0
92.0
101.0
110.0
113.2
7.8
18.5
29.8
54.0
64.5
76.0
78.2
4.0
6.0
11.0
28.0
35.0
41.0
43.0
Feb
2025
21.6
36.7
55.0
88.5
101.8
106.0
110.0
9.0
20.8
31.0
58.0
68.0
78.4
83.0
4.0
6.0
12.0
29.0
35.0
41.0
45.0
Mar
2025
20.8
27.7
53.0
89.5
103.0
109.0
112.0
4.0
20.5
31.0
57.5
68.2
75.5
81.8
4.0
5.0
12.0
27.0
33.0
42.0
46.0
Apr
2025
21.8
31.0
53.0
93.0
103.0
109.0
112.0
6.0
17.0
30.0
59.5
67.2
74.5
83.8
4.0
5.0
12.0
27.0
33.0
42.0
46.0
May
2025
25.4
33.6
57.0
95.0
106.0
111.0
114.0
7.0
22.0
33.0
60.0
68.5
75.5
83.5
4.0
6.0
12.0
26.0
37.0
43.0
46.0
Jun
2025
22.0
31.4
53.0
93.0
104.8
108.0
112.0
2.0
17.0
29.2
57.5
64.2
71.0
74.0
4.0
5.0
14.0
34.0
40.0
44.0
46.0
Jul
2025
20.8
35.9
55.8
94.5
106.0
111.0
113.0
18.0
19.0
31.0
58.0
69.2
70.5
75.0
4.0
5.0
11.0
30.0
36.0
42.0
45.0
Aug
2025
20.0
30.0
57.0
97.0
105.0
112.0
114.0
15.8
18.5
32.5
59.5
69.2
73.5
82.8
5.0
6.0
15.0
31.0
37.0
43.0
47.0
August 2025
Analytics Office
6
Liquidity
6.1
Daily Liquid Assets
Table 6.1: Aggregate MMF Daily Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end daily liquid assets
reported (Item A.13.a). For each fund type, we take the sum of daily liquid assets reported by all
MMFs attributable to the given fund type and divide by the aggregate total assets of those MMFs.
Category
Government
Prime
Fund Type
Government
Treasury
Institutional
Retail
Aug
2024
67.3
94.0
56.4
46.0
Sep
2024
67.5
93.9
54.2
44.7
Oct
2024
65.7
93.9
53.3
44.6
Nov
2024
66.2
94.5
52.0
42.6
Dec
2024
67.4
95.0
53.6
45.7
Jan
2025
66.0
93.7
53.6
45.5
Feb
2025
65.3
93.7
52.7
46.0
Mar
2025
65.7
94.1
54.1
47.2
Apr
2025
63.8
94.8
55.5
47.8
May
2025
62.8
93.8
53.0
45.1
Jun
2025
62.9
94.2
54.6
47.8
Jul
2025
62.5
94.4
53.4
46.1
Aug
2025
63.9
94.1
53.9
48.7
Table 6.2: Distribution of MMF Daily Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end daily liquid assets
reported (Item A.13.a).
Category
Government
Prime
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
44.5
53.0
64.5
81.0
98.0
100.0
100.0
35.2
36.4
43.0
50.0
61.0
99.6
100.0
Sep
2024
45.0
51.0
62.0
81.0
99.0
100.0
100.0
29.8
30.0
37.5
46.0
61.5
91.0
99.1
Oct
2024
46.2
52.0
63.0
79.0
98.2
100.0
100.0
29.5
32.0
38.8
43.5
53.8
64.5
80.2
Nov
2024
42.0
51.0
62.0
82.0
96.5
100.0
100.0
29.8
30.0
36.0
42.0
52.0
61.0
84.8
Dec
2024
44.4
51.0
63.0
80.0
98.0
100.0
100.0
33.5
34.5
40.0
43.0
56.2
63.5
90.8
23
Jan
2025
42.4
48.0
62.0
81.0
98.0
100.0
100.0
28.0
29.0
36.8
45.0
55.0
63.5
86.2
Feb
2025
42.6
50.0
63.3
81.5
96.8
100.0
100.0
28.8
30.6
37.0
44.0
54.0
64.0
83.0
Mar
2025
45.8
52.0
62.5
82.0
97.0
100.0
100.0
30.5
32.5
40.0
46.0
55.5
60.5
92.2
Apr
2025
45.0
50.0
62.0
80.0
97.5
100.0
100.0
29.8
33.0
38.8
45.0
53.8
64.0
82.8
May
2025
40.7
46.7
61.5
79.0
95.2
100.0
100.0
26.8
28.5
37.8
43.5
50.0
64.0
84.0
Jun
2025
41.9
46.0
60.0
80.0
94.5
100.0
100.0
30.5
31.5
37.8
46.0
54.5
64.5
89.2
Jul
2025
42.0
49.0
58.0
78.0
96.0
100.0
100.0
27.8
29.5
35.5
43.0
53.2
66.5
76.5
Aug
2025
45.0
51.0
60.0
78.0
96.0
100.0
100.0
30.0
31.5
39.0
45.5
54.2
64.5
78.0
August 2025
6.2
Analytics Office
Weekly Liquid Assets
Table 6.3: Aggregate MMF Weekly Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weekly liquid assets
reported (Item A.13.b). For each fund type, we take the sum of weekly liquid assets reported by all
MMFs attributable to the given fund type and divide by the aggregate total assets of those MMFs.
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Aug
2024
78.9
98.9
68.4
63.1
99.7
76.8
Sep
2024
79.5
99.0
67.8
62.3
99.5
76.1
Oct
2024
77.5
99.2
65.7
60.4
99.5
74.4
Nov
2024
78.4
99.0
65.6
59.5
99.8
75.5
Dec
2024
79.2
99.1
65.8
58.6
99.7
75.3
Jan
2025
78.7
98.9
66.5
60.5
99.8
75.9
Feb
2025
78.6
99.1
65.4
61.1
99.6
75.2
Mar
2025
78.2
98.9
64.9
60.1
99.1
73.9
Apr
2025
76.4
99.0
66.7
62.1
99.8
73.9
May
2025
76.4
99.3
65.2
61.4
100.0
73.9
Jun
2025
77.1
99.2
66.2
61.5
99.9
72.9
Jul
2025
77.4
99.2
64.8
61.9
99.9
76.0
Aug
2025
77.7
99.1
65.5
62.4
99.9
73.7
Table 6.4: Distribution of MMF Weekly Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on month-end weekly liquid assets
reported (Item A.13.b).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Aug
2024
67.0
70.0
79.0
88.0
100.0
100.0
100.0
52.2
53.4
56.0
62.0
79.0
100.0
100.0
59.7
65.0
69.0
79.5
96.5
100.0
100.0
Sep
2024
67.7
71.0
79.5
88.0
100.0
100.0
100.0
51.0
52.8
55.0
58.0
72.0
99.0
100.0
57.6
63.0
69.0
78.0
98.0
100.0
100.0
Oct
2024
66.0
69.0
77.0
86.0
100.0
100.0
100.0
51.0
51.5
53.8
56.0
64.2
75.5
99.0
60.0
61.2
67.3
75.0
92.5
99.0
100.0
Nov
2024
67.8
70.0
76.0
88.0
100.0
100.0
100.0
51.8
52.0
53.0
56.5
65.5
73.0
99.0
64.1
65.1
67.5
75.0
91.8
100.0
100.0
Dec
2024
65.8
70.0
79.0
88.0
100.0
100.0
100.0
52.0
52.0
54.8
57.5
66.0
77.5
99.0
62.0
64.0
67.0
76.0
92.0
100.0
100.0
24
Jan
2025
66.0
69.0
78.0
88.0
100.0
100.0
100.0
52.0
52.5
54.0
56.0
65.8
77.5
99.0
60.0
63.0
69.0
76.0
93.0
99.0
100.0
Feb
2025
66.6
69.7
78.0
87.0
100.0
100.0
100.0
51.0
51.0
53.0
56.0
66.0
81.0
99.0
57.0
64.0
69.0
75.0
91.0
100.0
100.0
Mar
2025
64.7
70.0
79.0
87.5
100.0
100.0
100.0
50.0
51.0
54.0
56.0
62.7
73.0
99.2
60.0
62.0
67.0
75.0
92.0
100.0
100.0
Apr
2025
64.0
68.0
76.0
86.0
100.0
100.0
100.0
51.0
52.0
52.0
55.0
64.8
79.0
100.0
58.0
62.0
66.0
75.0
91.0
100.0
100.0
May
2025
63.0
68.0
77.0
86.0
99.8
100.0
100.0
51.0
52.0
53.0
55.0
64.5
77.0
99.2
57.0
63.0
69.0
76.0
90.0
100.0
100.0
Jun
2025
62.9
67.8
77.5
86.0
99.0
100.0
100.0
52.0
53.0
54.0
56.0
64.0
78.0
99.2
56.0
61.0
68.0
76.0
90.0
100.0
100.0
Jul
2025
64.0
66.0
76.0
84.5
99.2
100.0
100.0
50.0
51.0
52.0
55.0
65.5
79.5
99.2
58.0
68.0
69.0
79.0
91.0
100.0
100.0
Aug
2025
66.0
68.0
77.0
85.0
99.0
100.0
100.0
50.8
52.0
53.0
55.0
67.5
80.0
99.2
56.0
63.0
69.0
79.0
90.0
100.0
100.0
August 2025
Analytics Office
7
Portfolio Securities
7.1
All MMFs
Table 7.1: Aggregate Value of MMF Investments, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category definitions.
Category
Treasury/Agency
Repo
CD/TD
Commercial Paper
Municipal
Other
Cash
Total
Investment Category
Treasury Debt
Agency Debt
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
CD
Non-Negotiable TD
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
VRDN
Tender Option Bond
Other Municipal
Subtotal
Other Instrument
Investment Company
Other ABS
Non-US Sovereign
Insurance CO FA
Subtotal
Cash
Total
Aug
2024
2,567.7
775.3
3,342.9
1,733.6
711.3
94.5
2,539.4
186.6
166.4
353.1
192.8
74.6
25.9
293.2
78.8
32.5
19.7
131.0
24.7
9.3
0.3
2.0
0.1
36.4
114.5
6,810.6
Sep
2024
2,659.8
793.7
3,453.6
1,864.6
732.4
91.4
2,688.4
184.8
132.2
317.0
189.7
78.0
25.1
292.7
77.8
33.2
20.2
131.1
28.8
9.7
0.6
3.0
0.1
42.2
100.5
7,025.5
Oct
2024
2,877.6
855.4
3,733.0
1,613.2
723.7
96.5
2,433.4
186.9
135.9
322.8
200.2
77.5
26.0
303.6
80.5
34.0
21.7
136.2
28.7
10.2
0.6
2.4
0.1
41.9
133.9
7,104.9
Nov
2024
3,064.6
853.7
3,918.2
1,561.4
741.4
109.5
2,412.2
187.6
166.5
354.1
201.5
76.5
28.7
306.7
80.8
35.1
22.3
138.2
25.6
11.7
0.5
2.0
0.1
40.0
125.4
7,294.9
Dec
2024
2,994.9
886.4
3,881.2
1,782.5
731.7
106.0
2,620.2
192.4
75.3
267.7
196.8
75.5
26.6
298.9
81.7
35.3
21.5
138.5
31.9
12.4
0.5
1.9
0.1
46.8
119.5
7,372.9
Jan
2025
3,084.7
893.5
3,978.2
1,719.8
724.9
106.0
2,550.8
195.2
111.6
306.8
196.0
80.3
33.9
310.2
78.3
35.4
22.1
135.7
36.5
12.7
0.5
1.2
0.1
51.0
138.9
7,471.6
Feb
2025
2,967.1
885.8
3,852.8
1,802.5
819.2
106.9
2,728.6
189.9
116.7
306.6
193.6
85.9
35.7
315.2
77.5
36.2
21.8
135.5
34.1
14.0
0.6
0.7
0.1
49.5
125.4
7,513.6
Mar
2025
2,880.6
902.4
3,783.0
1,879.1
839.0
103.2
2,821.3
194.4
126.5
320.9
201.2
88.3
33.1
322.7
78.4
37.5
22.5
138.3
35.4
12.1
0.8
0.7
0.1
49.1
134.3
7,569.6
Apr
2025
2,714.4
979.3
3,693.7
1,903.5
849.4
98.8
2,851.6
198.4
117.0
315.4
184.7
91.1
37.4
313.2
80.1
38.2
24.6
142.9
39.1
12.4
0.7
0.6
0.1
52.9
143.3
7,513.2
May
2025
2,699.6
983.2
3,682.8
1,909.1
900.0
104.4
2,913.5
202.6
119.8
322.4
189.4
93.0
39.2
321.7
78.9
39.0
25.6
143.5
29.7
12.4
0.6
0.4
0.2
43.3
158.7
7,586.0
Jun
2025
2,614.0
992.8
3,606.9
2,072.1
927.1
106.2
3,105.3
200.5
103.6
304.1
183.0
98.4
30.8
312.2
78.0
39.2
23.5
140.7
39.1
11.2
0.5
0.4
0.1
51.3
164.1
7,684.6
Table 7.2: Aggregate Value of MMF Investments, by Maturity Bucket
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 10.1 for a
review of interval notation used here.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Aug
2024
2,338.0
896.3
1,023.6
898.5
441.5
625.9
333.0
139.4
Sep
2024
2,278.0
972.3
1,158.2
811.6
605.3
590.9
326.2
182.5
Oct
2024
1,911.2
1,057.7
1,122.3
1,026.6
637.6
620.5
363.5
231.7
Nov
2024
2,106.5
911.2
1,279.9
1,073.2
540.2
660.7
390.9
206.7
Dec
2024
2,195.9
914.1
1,300.3
887.7
679.7
589.8
444.6
241.4
Jan
2025
1,998.2
1,118.8
1,228.9
955.2
719.0
581.1
478.2
253.3
25
Feb
2025
2,123.4
1,146.3
1,138.2
1,087.2
600.8
582.8
486.8
222.6
Mar
2025
2,385.7
972.5
1,186.4
945.8
562.1
616.9
531.4
234.4
Apr
2025
2,407.8
999.5
1,232.9
785.0
461.1
722.6
511.3
249.7
May
2025
2,489.4
979.9
1,167.9
681.7
561.4
811.9
553.0
182.0
Jun
2025
2,578.0
1,137.9
943.1
609.8
724.6
771.4
562.5
193.2
Jul
2025
2,346.8
1,014.5
921.1
1,016.1
693.1
773.5
564.4
205.1
Aug
2025
2,346.5
969.9
1,196.3
1,079.2
606.2
819.6
528.0
158.9
Jul
2025
2,732.4
993.4
3,725.8
1,935.4
922.5
119.4
2,977.3
202.4
120.7
323.1
192.1
94.5
37.5
324.0
77.3
40.1
21.2
138.6
34.1
10.3
0.6
0.4
0.3
45.7
156.8
7,691.4
Aug
2025
3,148.6
974.6
4,123.2
1,730.5
890.1
122.8
2,743.4
205.3
109.7
315.0
199.2
95.8
36.8
331.7
75.9
41.7
21.4
139.0
40.2
10.4
0.7
0.5
0.3
52.2
143.9
7,848.5
August 2025
Analytics Office
Table 7.3: MMF Weighted Average Life (Days), by Investment
Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Treasury/Agency
Repo
CD/TD
Commercial Paper
Municipal
Other
Investment Category
Treasury Debt
Agency Debt
Treasury Repo
Agency Repo
Other Repo
CD
Non-Negotiable TD
Financial Company
Asset-Backed
Non-Financial Company
VRDN
Tender Option Bond
Other Municipal
Other Instrument
Other ABS
Non-US Sovereign
Insurance CO FA
Aug
2024
71.4
134.6
0.9
5.6
19.2
61.6
0.5
61.8
42.6
33.6
2.6
5.1
86.4
22.5
193.0
59.3
100.9
Sep
2024
70.6
142.9
1.9
6.4
22.3
67.3
1.8
67.7
46.6
38.1
4.4
6.7
91.9
25.5
229.9
57.8
96.4
Oct
2024
74.4
146.4
2.1
6.1
21.6
72.2
1.8
75.7
50.6
40.7
4.4
6.6
91.5
23.9
218.0
53.1
83.9
Nov
2024
71.8
145.5
1.3
5.4
20.0
72.8
0.8
76.0
48.8
34.9
3.3
5.3
85.3
21.8
210.4
54.0
94.3
26
Dec
2024
78.2
142.1
1.7
5.6
20.8
68.9
1.7
73.9
45.5
34.9
3.7
5.7
84.1
17.6
203.8
38.8
79.7
Jan
2025
77.9
145.2
2.1
6.7
21.6
72.5
2.1
68.3
49.6
28.5
4.4
6.5
75.8
15.7
201.7
32.8
139.6
Feb
2025
79.2
148.5
2.2
6.4
22.5
74.4
2.1
69.9
54.4
29.0
4.4
7.2
76.0
18.5
211.1
41.8
121.8
Mar
2025
82.3
149.1
2.0
5.7
24.3
76.4
1.9
72.6
56.2
29.6
4.4
7.2
73.1
17.3
219.9
35.8
115.1
Apr
2025
84.2
142.6
1.9
5.3
21.6
77.8
1.9
73.3
50.6
26.1
4.4
7.1
65.5
14.7
219.5
21.4
109.2
May
2025
88.0
139.8
1.2
5.5
20.9
75.7
1.0
72.8
51.9
23.5
3.5
5.6
66.3
18.3
208.8
89.2
104.6
Jun
2025
93.1
136.5
1.8
5.5
22.1
76.4
1.6
72.7
48.3
31.2
3.7
6.2
87.2
30.2
199.8
102.7
105.5
Jul
2025
94.1
133.1
2.1
5.7
19.8
78.1
2.0
69.4
51.4
26.4
4.4
6.7
84.8
36.2
205.4
102.8
192.8
Aug
2025
81.7
128.8
1.2
5.1
19.5
70.4
0.6
68.3
50.1
23.4
2.8
6.3
85.2
32.8
206.5
84.3
192.1
August 2025
7.2
Analytics Office
Government MMFs
Table 7.4: Aggregate Value of Government MMF Investments, by
Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category definitions.
Category
Treasury/Agency
Repo
Other
Municipal
CD/TD
Cash
Total
Investment Category
Treasury Debt
Agency Debt
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
Other Instrument
Investment Company
Subtotal
VRDN
CD
Cash
Total
Aug
2024
2,523.4
769.0
3,292.4
1,501.4
593.7
5.2
2,100.4
15.5
3.7
19.2
0.7
0.0
90.1
5,502.8
Sep
2024
2,639.7
788.5
3,428.1
1,585.3
606.9
3.9
2,196.0
18.0
4.0
22.0
0.7
0.0
77.4
5,724.3
Oct
2024
2,810.8
850.2
3,661.0
1,399.6
579.7
5.2
1,984.6
17.9
4.6
22.5
1.1
0.0
109.2
5,778.4
Nov
2024
3,007.4
849.0
3,856.4
1,367.6
607.2
5.7
1,980.5
15.4
5.1
20.5
1.1
0.0
101.7
5,960.1
Dec
2024
2,955.0
881.4
3,836.4
1,470.0
599.3
5.2
2,074.6
21.0
5.4
26.4
1.0
0.0
94.4
6,033.0
Jan
2025
3,026.0
888.4
3,914.4
1,448.9
586.3
5.2
2,040.5
23.9
6.3
30.2
1.0
0.0
111.7
6,097.8
Feb
2025
2,885.6
880.7
3,766.3
1,545.8
684.1
6.2
2,236.0
21.2
7.1
28.2
1.1
0.0
93.9
6,125.6
Mar
2025
2,817.6
897.5
3,715.1
1,597.5
709.2
6.2
2,312.9
23.4
4.8
28.2
1.1
0.0
104.9
6,162.1
Apr
2025
2,639.7
973.5
3,613.2
1,619.7
711.0
3.8
2,334.6
27.3
4.6
32.0
1.1
0.0
116.0
6,096.8
May
2025
2,632.8
977.8
3,610.6
1,643.7
749.5
3.4
2,396.5
19.7
4.7
24.4
1.1
0.0
128.2
6,160.8
Jun
2025
2,578.9
987.3
3,566.2
1,743.4
772.6
3.5
2,519.4
25.1
4.6
29.7
1.1
0.0
134.3
6,250.8
Jul
2025
2,654.0
987.4
3,641.4
1,669.9
759.2
3.0
2,432.2
20.9
3.7
24.6
1.1
0.0
128.5
6,227.9
Table 7.5: Aggregate Value of Government MMF Investments, by
Maturity Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 10.1 for a
review of interval notation used here.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Aug
2024
1,748.2
652.4
913.3
781.8
376.4
492.9
309.2
138.4
Sep
2024
1,747.5
690.1
1,048.5
719.8
504.8
454.5
299.9
181.7
Oct
2024
1,416.7
782.0
993.6
903.0
530.9
484.9
327.3
230.8
Nov
2024
1,574.0
656.0
1,178.0
923.6
444.3
522.0
354.4
206.1
Dec
2024
1,657.9
664.7
1,167.1
769.6
565.5
468.4
404.6
240.8
Jan
2025
1,465.8
843.8
1,087.1
829.6
605.0
460.6
441.8
252.5
Feb
2025
1,611.6
862.4
996.4
937.0
486.6
462.9
453.0
221.7
Mar
2025
1,821.8
718.0
1,040.1
812.5
463.1
474.9
493.3
233.5
Apr
2025
1,844.0
727.3
1,067.6
666.9
377.9
580.9
467.3
248.8
May
2025
1,907.8
722.3
1,012.4
571.3
446.5
675.3
515.5
181.5
Jun
2025
1,974.6
857.9
824.4
490.9
610.9
643.4
521.8
192.6
Jul
2025
1,789.3
721.5
788.8
852.9
577.4
642.0
522.9
204.4
Aug
2025
1,730.7
738.0
1,021.1
923.3
523.4
670.5
492.9
158.0
Table 7.6: Government MMF Weighted Average Life (Days), by
Investment Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Treasury/Agency
Repo
Other
Municipal
CD/TD
Investment Category
Treasury Debt
Agency Debt
Treasury Repo
Agency Repo
Other Repo
Other Instrument
VRDN
CD
Aug
2024
71.9
134.8
1.1
6.5
0.0
1.6
3.1
0.0
Sep
2024
70.6
143.2
2.1
7.3
1.0
2.1
5.0
1.0
Oct
2024
75.2
146.7
2.3
7.2
2.7
2.0
5.0
1.0
Nov
2024
72.4
145.7
1.5
6.4
4.2
1.0
4.1
0.0
27
Dec
2024
78.6
142.3
1.9
6.5
2.1
2.0
4.1
1.0
Jan
2025
78.6
145.4
2.3
8.0
2.5
3.1
5.0
1.0
Feb
2025
80.4
148.5
2.3
7.4
1.0
2.4
5.0
1.0
Mar
2025
83.5
149.0
2.2
6.5
5.4
2.0
5.0
1.0
Apr
2025
85.8
142.6
2.0
6.0
1.0
2.4
5.0
1.0
May
2025
89.5
139.9
1.4
6.4
0.2
1.0
4.0
0.0
Jun
2025
94.0
136.7
2.0
6.3
1.1
2.0
4.0
0.0
Jul
2025
95.5
133.2
2.2
6.6
1.0
3.3
5.0
0.0
Aug
2025
83.6
128.9
1.3
6.2
0.2
1.1
3.0
0.0
Aug
2025
3,039.9
968.1
4,008.0
1,486.0
731.2
2.8
2,220.1
24.8
3.8
28.7
1.2
0.0
114.8
6,372.7
August 2025
7.3
Analytics Office
Prime MMFs
Table 7.7: Aggregate Value of Prime MMF Investments, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category definitions.
Category
Repo
CD/TD
Commercial Paper
Treasury/Agency
Other
Municipal
Cash
Total
Investment Category
Treasury Repo
Agency Repo
Other Repo
Subtotal
CD
Non-Negotiable TD
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
Treasury Debt
Agency Debt
Subtotal
Other Instrument
Other ABS
Non-US Sovereign
Insurance CO FA
Investment Company
Subtotal
VRDN
Tender Option Bond
Other Municipal
Subtotal
Cash
Total
Aug
2024
232.2
117.6
89.2
439.0
186.6
166.4
353.1
192.8
74.6
16.7
284.1
44.2
6.3
50.5
9.2
0.3
2.0
0.1
0.0
11.7
10.1
1.9
0.3
12.3
24.3
1,175.0
Sep
2024
279.3
125.6
87.5
492.4
184.8
132.2
317.0
189.7
78.0
15.5
283.2
20.2
5.3
25.4
10.7
0.6
3.0
0.1
0.0
14.5
10.3
1.7
0.3
12.3
23.1
1,167.8
Oct
2024
213.6
144.0
91.3
448.9
186.9
135.9
322.8
200.2
77.5
16.1
293.8
66.8
5.2
72.0
10.8
0.6
2.4
0.1
0.0
13.9
10.7
1.6
0.5
12.8
24.7
1,188.8
Nov
2024
193.7
134.2
103.8
431.7
187.6
166.5
354.1
201.5
76.5
18.3
296.3
57.2
4.7
61.9
10.2
0.5
2.0
0.1
0.0
12.9
10.8
2.0
0.5
13.3
23.5
1,193.7
Dec
2024
312.5
132.3
100.8
545.6
192.4
75.3
267.7
196.8
75.5
16.8
289.1
39.8
4.9
44.8
10.9
0.5
1.9
0.1
0.0
13.5
10.9
2.1
0.6
13.6
24.9
1,199.2
Jan
2025
270.9
138.6
100.8
510.3
195.2
111.6
306.8
196.0
80.3
24.2
300.5
58.4
5.1
63.5
12.6
0.5
1.2
0.1
0.0
14.4
10.8
1.7
0.7
13.2
27.2
1,236.0
Feb
2025
256.7
135.1
100.7
492.6
189.9
116.7
306.6
193.6
85.9
25.5
304.9
81.0
5.0
86.0
12.9
0.6
0.7
0.1
0.0
14.4
11.0
1.7
0.7
13.4
31.4
1,249.4
Mar
2025
281.6
129.9
96.9
508.4
194.4
126.5
320.9
201.2
88.3
22.9
312.4
63.0
4.9
67.9
12.0
0.8
0.7
0.1
0.0
13.6
11.3
1.8
0.7
13.7
29.4
1,266.4
Apr
2025
283.7
138.4
94.9
517.1
198.4
117.0
315.4
184.7
91.1
27.0
302.8
74.8
5.8
80.5
11.8
0.7
0.6
0.1
0.0
13.2
11.4
1.8
0.6
13.8
27.3
1,270.1
May
2025
265.4
150.6
101.0
517.0
202.6
119.8
322.4
189.4
93.0
29.0
311.5
66.5
5.4
72.0
10.0
0.6
0.4
0.2
0.0
11.2
11.5
1.6
0.6
13.6
30.3
1,278.1
Jun
2025
328.7
154.5
102.7
585.9
200.5
103.6
304.1
183.0
98.4
20.4
301.9
35.1
5.5
40.6
14.0
0.5
0.4
0.1
0.0
15.1
11.5
1.8
0.2
13.5
29.7
1,290.8
Table 7.8: Aggregate Value of Prime MMF Investments, by Maturity
Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 10.1 for a
review of interval notation used here.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Aug
2024
563.2
163.7
100.5
111.4
62.2
129.1
19.6
1.0
Sep
2024
506.3
200.4
101.3
84.5
98.0
131.9
21.6
0.8
Oct
2024
469.8
193.5
115.8
119.1
102.9
128.6
33.6
0.9
Nov
2024
505.1
170.9
91.7
143.4
93.6
130.8
34.1
0.6
Dec
2024
511.5
164.8
122.4
111.2
112.8
113.0
37.8
0.6
Jan
2025
507.0
191.7
129.7
123.0
110.0
111.8
34.7
0.8
28
Feb
2025
487.1
199.8
132.8
144.2
106.8
114.0
32.4
1.0
Mar
2025
538.2
171.8
137.3
122.3
93.0
137.0
36.5
0.9
Apr
2025
536.8
185.8
151.8
108.5
80.3
137.2
41.6
0.9
May
2025
554.0
171.3
139.9
104.0
111.3
132.1
34.5
0.6
Jun
2025
577.6
195.6
106.5
112.0
108.4
124.1
36.3
0.6
Jul
2025
530.6
209.6
121.2
155.7
112.2
128.4
36.8
0.7
Aug
2025
589.6
149.3
162.9
148.6
79.8
145.2
30.4
0.9
Jul
2025
265.5
163.3
116.4
545.1
202.4
120.7
323.1
192.1
94.5
27.6
314.2
78.4
6.0
84.4
13.2
0.6
0.4
0.3
0.0
14.5
11.9
1.8
0.1
13.8
28.3
1,323.5
Aug
2025
244.5
158.9
120.0
523.3
205.3
109.7
315.0
199.2
95.8
26.7
321.7
108.7
6.6
115.3
15.4
0.7
0.5
0.3
0.0
17.0
12.0
2.0
0.5
14.5
29.0
1,335.7
August 2025
Analytics Office
Table 7.9: Prime MMF Weighted Average Life (Days), by Investment
Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Repo
CD/TD
Commercial Paper
Treasury/Agency
Other
Municipal
Investment Category
Treasury Repo
Agency Repo
Other Repo
CD
Non-Negotiable TD
Financial Company
Asset-Backed
Non-Financial Company
Treasury Debt
Agency Debt
Other Instrument
Other ABS
Non-US Sovereign
Insurance CO FA
VRDN
Tender Option Bond
Other Municipal
Aug
2024
0.2
0.8
20.3
61.6
0.5
61.8
42.6
33.9
41.1
104.0
57.5
193.0
59.3
100.9
4.1
15.7
27.2
Sep
2024
1.3
2.0
23.2
67.3
1.8
67.7
46.6
40.5
71.9
96.2
65.0
229.9
57.8
96.4
5.9
16.9
33.0
Oct
2024
1.3
1.8
22.7
72.2
1.8
75.7
50.6
44.7
42.5
113.5
60.3
218.0
53.1
83.9
5.8
16.9
29.2
Nov
2024
0.3
0.8
20.9
72.8
0.8
76.0
48.8
38.0
39.4
112.2
53.5
210.4
54.0
94.3
4.8
12.6
15.7
29
Dec
2024
1.1
1.7
21.8
68.9
1.7
73.9
45.5
38.1
50.0
97.7
47.5
203.8
38.8
79.7
6.0
13.6
18.1
Jan
2025
1.3
1.3
22.6
72.5
2.1
68.3
49.6
27.3
43.7
104.6
39.7
201.7
32.8
139.6
5.9
17.7
33.4
Feb
2025
1.2
1.3
23.9
74.4
2.1
69.9
54.4
25.0
35.2
134.3
45.1
211.1
41.8
121.8
5.9
18.5
35.4
Mar
2025
1.2
1.3
25.5
76.4
1.9
72.6
56.2
25.4
29.3
158.7
47.0
219.9
35.8
115.1
5.9
18.5
25.5
Apr
2025
1.2
1.6
22.4
77.8
1.9
73.3
50.6
25.0
27.3
130.5
43.1
219.5
21.4
109.2
5.8
17.7
25.6
May
2025
0.2
0.6
21.6
75.7
1.0
72.8
51.9
21.1
26.9
129.8
52.4
208.8
89.2
104.6
4.8
18.1
18.5
Jun
2025
1.1
1.4
22.9
76.4
1.6
72.7
48.3
28.6
27.1
116.2
80.8
199.8
102.7
105.5
5.1
17.7
21.3
Jul
2025
1.3
1.5
20.3
78.1
2.0
69.4
51.4
23.7
47.8
103.4
88.1
205.4
102.8
192.8
5.8
17.8
40.4
Aug
2025
0.1
0.3
20.0
70.4
0.6
68.3
50.1
19.6
26.9
120.0
83.9
206.5
84.3
192.1
4.1
17.5
18.9
August 2025
7.4
Analytics Office
Tax Exempt MMFs
Table 7.10: Aggregate Value of Tax Exempt MMF Investments, by
Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category definitions.
Category
Municipal
Commercial Paper
Other
Repo
Treasury/Agency
Cash
Total
Investment Category
VRDN
Tender Option Bond
Other Municipal
Subtotal
Non-Financial Company
Investment Company
Treasury Repo
Treasury Debt
Cash
Total
Aug
2024
68.1
30.5
19.5
118.1
9.2
5.5
0.0
0.0
0.1
132.8
Sep
2024
66.9
31.4
19.9
118.2
9.6
5.7
0.0
0.0
0.0
133.4
Oct
2024
68.7
32.3
21.2
122.2
9.9
5.6
0.0
0.0
0.0
137.8
Nov
2024
68.9
33.1
21.8
123.8
10.4
6.6
0.0
0.0
0.2
141.1
Dec
2024
69.8
33.2
20.9
123.9
9.8
6.9
0.0
0.0
0.1
140.7
Jan
2025
66.4
33.7
21.4
121.4
9.7
6.3
0.0
0.3
0.0
137.8
Feb
2025
65.5
34.5
21.0
120.9
10.3
6.9
0.0
0.5
0.0
138.6
Mar
2025
66.0
35.7
21.8
123.5
10.3
7.3
0.0
0.0
0.0
141.1
Apr
2025
67.6
36.5
24.0
128.1
10.4
7.8
0.0
0.0
0.1
146.3
May
2025
66.3
37.4
25.0
128.7
10.2
7.7
0.0
0.3
0.2
147.2
Jun
2025
65.4
37.4
23.3
126.1
10.3
6.5
0.0
0.0
0.0
143.0
Jul
2025
64.3
38.3
21.1
123.7
9.8
6.5
0.0
0.0
0.0
140.0
Aug
2025
62.7
39.7
20.9
123.4
10.1
6.6
0.0
0.0
0.0
140.1
Table 7.11: Aggregate Value of Tax Exempt MMF Investments, by
Maturity Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity. See Appendix 10.1 for a
review of interval notation used here.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Aug
2024
26.5
80.2
9.8
5.4
2.9
3.8
4.2
0.0
Sep
2024
24.2
81.8
8.5
7.3
2.4
4.5
4.7
0.0
Oct
2024
24.7
82.1
12.9
4.5
3.8
7.0
2.7
0.0
Nov
2024
27.4
84.3
10.3
6.3
2.3
7.9
2.4
0.0
Dec
2024
26.5
84.6
10.8
6.8
1.4
8.4
2.2
0.0
Jan
2025
25.5
83.3
12.0
2.6
4.0
8.7
1.6
0.0
Feb
2025
24.7
84.1
9.1
6.0
7.4
5.9
1.4
0.0
Mar
2025
25.7
82.7
9.1
11.0
6.0
4.9
1.6
0.0
Apr
2025
27.0
86.4
13.4
9.6
2.9
4.5
2.4
0.0
May
2025
27.7
86.2
15.6
6.4
3.6
4.5
2.9
0.0
Jun
2025
25.8
84.4
12.3
6.9
5.2
3.9
4.4
0.0
Jul
2025
26.9
83.4
11.1
7.6
3.4
3.1
4.6
0.0
Aug
2025
26.2
82.6
12.3
7.3
3.0
4.0
4.7
0.0
Table 7.12: Tax Exempt MMF Weighted Average Life (Days), by
Investment Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Municipal
Commercial Paper
Repo
Treasury/Agency
Investment Category
VRDN
Tender Option Bond
Other Municipal
Non-Financial Company
Treasury Repo
Treasury Debt
Aug
2024
2.4
4.4
87.2
33.2
0.0
0.0
Sep
2024
4.1
6.1
92.7
34.2
1.0
1.0
Oct
2024
4.1
6.0
92.8
34.1
1.0
5.0
Nov
2024
3.0
4.9
86.8
29.5
0.0
3.0
30
Dec
2024
3.4
5.2
86.0
29.3
1.0
10.3
Jan
2025
4.1
5.9
77.2
31.4
1.0
7.8
Feb
2025
4.2
6.7
77.4
38.9
1.0
5.7
Mar
2025
4.1
6.7
74.5
38.8
1.0
3.4
Apr
2025
4.1
6.6
66.5
28.7
1.0
3.5
May
2025
3.2
5.1
67.4
30.3
0.0
2.2
Jun
2025
3.5
5.7
87.7
36.4
1.0
2.9
Jul
2025
4.1
6.2
85.1
33.8
1.0
3.0
Aug
2025
2.5
5.8
86.8
33.6
0.0
4.0
August 2025
8
Analytics Office
Repurchase Agreements
Table 8.1: Aggregate Value of MMF Repurchase Agreements, by
Clearing Type ($Billions)
This tables excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (tem
C.18) by investment category (Item C.6), and whether the repo was centrally cleared (Item C.8.b).
Clearing Type
Centrally Cleared
Non-Centrally Cleared
Total
Aug
2024
645.5
1,893.9
2,539.4
Sep
2024
800.9
1,887.5
2,688.4
Oct
2024
781.4
1,652.0
2,433.4
Nov
2024
790.1
1,622.0
2,412.2
Dec
2024
867.4
1,752.8
2,620.2
Jan
2025
871.2
1,679.6
2,550.8
Feb
2025
891.1
1,837.5
2,728.6
Mar
2025
930.7
1,890.6
2,821.3
Apr
2025
997.8
1,853.8
2,851.6
May
2025
936.3
1,977.2
2,913.5
Jun
2025
1,070.7
2,034.6
3,105.3
Jul
2025
1,101.5
1,875.9
2,977.3
Aug
2025
953.1
1,790.3
2,743.4
Table 8.2: Aggregate Value of MMF Repurchase Agreements with the
Federal Reserve, by Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), and the name of the issuer (Item C.1).
Category
Government
Prime
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Total
Aug
2024
229.6
66.2
295.9
71.0
24.6
95.6
391.5
Sep
2024
229.4
65.6
295.0
76.3
58.5
134.8
429.8
Oct
2024
83.2
31.8
115.1
58.3
0.2
58.6
173.6
Nov
2024
114.3
34.2
148.6
21.0
0.1
21.2
169.7
Dec
2024
178.9
40.4
219.3
75.7
87.4
163.1
382.4
Jan
2025
84.8
25.0
109.8
34.2
4.0
38.3
148.1
Feb
2025
85.7
30.0
115.7
70.0
15.7
85.7
201.4
Mar
2025
176.6
57.3
233.9
77.7
37.1
114.8
348.7
Apr
2025
74.7
51.1
125.8
75.3
13.3
88.6
214.4
May
2025
135.0
56.3
191.3
73.3
17.2
90.5
281.8
Jun
2025
198.0
63.6
261.6
79.2
48.5
127.8
389.4
Jul
2025
73.6
32.2
105.8
67.6
6.7
74.3
180.1
Aug
2025
23.9
6.7
30.6
24.3
0.0
24.3
55.0
Table 8.3: Aggregate Value of MMF Repurchase Agreements, by Days
to Maturity ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value of repos reported
(Item C.18), and the maturity date used to calculate WAL (Item C.12) for each investment.
Investments are assigned a maturity bucket based on their business days to maturity, and open repos
(Item C.8.a) are assigned to the “Overnight/Open” bucket. See Appendix 10.1 for a review
of interval notation used here.
Days to Maturity
Overnight/Open
(1,7]
(7,30]
(30,60]
(60,90]
More than 90
Total
Aug
2024
1,974.8
436.4
42.8
64.9
12.0
8.4
2,539.4
Sep
2024
2,028.8
526.7
54.4
41.1
32.8
4.7
2,688.4
Oct
2024
1,753.7
558.9
44.6
53.3
16.1
6.8
2,433.4
Nov
2024
1,772.4
494.9
57.1
63.4
16.5
7.8
2,412.2
Dec
2024
2,023.0
466.6
58.8
31.6
35.2
5.0
2,620.2
Jan
2025
1,879.0
538.4
38.6
51.2
36.6
7.0
2,550.8
31
Feb
2025
2,012.2
572.5
43.5
56.9
38.7
4.9
2,728.6
Mar
2025
2,158.4
524.6
49.0
51.2
33.6
4.5
2,821.3
Apr
2025
2,199.0
527.2
63.1
26.4
28.7
7.2
2,851.6
May
2025
2,215.2
561.3
45.6
45.8
34.5
11.2
2,913.5
Jun
2025
2,387.2
586.3
50.2
39.6
34.2
7.8
3,105.3
Jul
2025
2,227.0
621.3
45.8
40.7
36.4
6.1
2,977.3
Aug
2025
2,071.0
530.4
43.5
69.3
20.6
8.6
2,743.4
August 2025
Analytics Office
Table 8.4: Aggregate Value of MMF Repo Collateral, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value of collateral
reported (Item C.8.j), by collateral category (Item C.8.k). See Appendix 10.4
for collateral category definitions.
Collateral Type
US Treasuries
MBS - Agency
CMO - Agency
Corporate Debt
Equities
Agency Debenture
ABS
Other
CMO - Private Label
Money Market
Cash
Total
Aug
2024
1,873.3
551.8
68.8
37.3
16.1
14.2
9.2
9.7
9.1
3.3
0.1
2,592.8
Sep
2024
2,007.8
566.3
66.1
41.5
15.7
16.0
9.8
8.5
7.9
2.6
0.7
2,743.1
Oct
2024
1,728.6
585.9
67.3
41.3
19.7
16.0
10.4
7.7
8.9
2.6
0.4
2,489.0
Nov
2024
1,731.3
547.8
69.8
47.2
24.0
13.7
12.0
7.6
9.4
4.2
0.4
2,467.4
Dec
2024
1,976.4
509.7
71.2
44.9
20.3
18.5
11.9
7.8
9.9
3.2
0.9
2,674.7
Jan
2025
1,859.2
557.9
74.5
47.1
21.5
18.7
11.0
7.6
8.2
3.2
0.3
2,609.0
Feb
2025
1,950.3
635.3
83.9
48.5
24.5
18.9
9.4
6.2
9.6
3.3
0.5
2,790.3
Mar
2025
2,047.2
638.5
79.0
48.0
22.1
17.6
9.5
7.7
8.3
2.3
0.6
2,880.8
Apr
2025
2,046.4
672.3
82.4
47.1
17.1
18.0
8.7
9.7
10.7
2.7
0.8
2,915.5
May
2025
2,075.7
699.8
83.4
49.6
19.2
18.2
8.4
9.9
9.2
3.0
0.7
2,977.2
Jun
2025
2,287.8
670.3
87.5
50.9
21.2
21.7
9.3
9.2
10.1
3.0
0.3
3,171.1
Jul
2025
2,097.6
726.9
85.3
51.7
26.7
23.4
10.6
10.1
10.3
2.4
0.1
3,045.1
Aug
2025
1,922.3
655.0
92.7
55.5
25.4
23.0
11.1
10.9
8.7
4.1
0.3
2,809.2
4
Reporting of cash collateral in repurchase agreement transactions began with amendments to Form N-MFP effective
June 11, 2024.
32
August 2025
9
Analytics Office
Portfolio Dispositions5
Table 9.1: Aggregate Value of Prime MMF Portfolio Dispositions, by
Investment Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the reported gross market value
of portfolio securities sold or disposed (Item D.1) by investment category. See
Appendix 10.3 for investment category definitions.
Category
Repo
Commercial Paper
Treasury/Agency
Municipal
CD/TD
Other
Total
Investment Category
Other Repo
Treasury Repo
Subtotal
Non-Financial Company
Financial Company
Asset-Backed
Subtotal
Treasury Debt
Agency Debt
Subtotal
VRDN
Tender Option Bond
Subtotal
CD
Other ABS
Other Instrument
Investment Company
Non-US Sovereign
Subtotal
Total
Aug
2024
0.2
0.0
0.2
0.2
4.1
0.8
5.1
9.4
0.0
9.4
0.2
0.0
0.2
0.1
0.0
0.1
0.0
0.0
0.1
15.2
Sep
2024
0.7
0.0
0.7
1.0
2.3
0.6
3.9
3.8
0.0
3.8
0.1
0.0
0.1
0.2
0.0
0.1
0.0
0.0
0.1
8.9
Oct
2024
0.7
0.0
0.7
0.5
1.1
0.9
2.4
2.1
0.1
2.2
0.0
0.0
0.0
1.4
0.0
0.1
0.0
0.0
0.1
6.7
Nov
2024
3.8
0.0
3.8
1.4
1.3
0.7
3.5
2.4
0.0
2.5
0.0
0.0
0.0
1.1
0.0
0.0
0.0
0.0
0.0
10.9
Dec
2024
4.6
0.2
4.9
0.5
2.6
0.8
3.9
3.4
0.0
3.4
0.4
0.0
0.4
0.0
0.0
0.5
0.0
0.2
0.7
13.3
Jan
2025
4.9
0.1
4.9
0.9
1.6
0.5
3.0
1.3
0.0
1.3
0.4
0.0
0.4
0.0
0.0
0.2
0.0
0.0
0.2
9.8
Feb
2025
4.8
0.0
4.8
0.3
0.3
0.8
1.4
2.4
0.0
2.4
0.2
0.0
0.2
0.1
0.0
0.0
0.0
0.0
0.0
8.8
Mar
2025
6.8
0.0
6.8
0.4
2.2
1.0
3.5
3.0
0.0
3.0
0.1
0.0
0.1
0.3
0.0
0.2
0.0
0.0
0.2
13.9
Apr
2025
8.4
0.0
8.4
0.2
0.3
1.3
1.8
2.8
0.0
2.8
5.0
0.0
5.0
0.1
0.1
0.3
0.0
0.0
0.4
18.4
May
2025
8.9
0.0
8.9
0.7
1.2
0.8
2.7
0.9
0.0
0.9
0.2
0.0
0.2
0.1
0.1
0.2
0.0
0.1
0.3
13.1
Jun
2025
8.3
0.0
8.3
0.6
1.9
0.7
3.2
1.1
0.0
1.1
0.1
0.0
0.1
1.0
0.1
0.0
0.0
0.0
0.1
13.8
Jul
2025
8.9
0.0
8.9
0.6
2.1
0.4
3.1
2.0
0.0
2.0
0.1
0.0
0.1
0.1
0.0
0.0
0.0
0.0
0.1
14.4
Aug
2025
8.8
0.0
8.8
1.1
0.8
0.8
2.7
1.2
0.0
1.2
0.5
0.0
0.5
0.3
0.0
0.0
0.0
0.0
0.1
13.5
Table 9.2: Number of Prime MMFs with Portfolio Dispositions, by
Investment Category
This table excludes feeder funds and relies on the reported gross market value of portfolio
securities sold or disposed (Form N-MFP Item D.1) by investment category. See
Appendix 10.3 for investment category definitions.
Category
Repo
Commercial Paper
Treasury/Agency
Municipal
CD/TD
Other
Total
Investment Category
Other Repo
Treasury Repo
Subtotal
Non-Financial Company
Financial Company
Asset-Backed
Subtotal
Treasury Debt
Agency Debt
Subtotal
VRDN
Tender Option Bond
Subtotal
CD
Other ABS
Other Instrument
Investment Company
Non-US Sovereign
Subtotal
Total
Aug
2024
1
0
1
5
11
5
11
8
0
8
7
1
8
2
1
3
1
1
5
20
Sep
2024
3
0
3
3
10
4
14
4
1
4
6
2
8
2
1
3
0
0
4
20
Oct
2024
1
0
1
3
8
7
12
3
2
3
3
0
3
9
1
2
0
0
3
17
Nov
2024
2
0
2
7
10
6
12
2
1
2
4
1
5
5
1
1
0
0
2
17
5
Dec
2024
3
1
3
5
10
5
11
9
1
9
8
0
8
2
1
4
0
1
5
19
Jan
2025
4
1
4
7
9
5
12
4
0
4
7
1
8
1
1
2
0
0
3
18
Feb
2025
1
0
1
4
3
6
10
5
0
5
3
1
5
2
1
0
0
0
1
18
Mar
2025
2
0
2
5
8
8
12
9
0
9
7
1
7
3
1
2
1
0
4
25
Apr
2025
1
0
1
2
4
6
10
8
0
8
9
1
10
3
1
3
0
0
4
21
May
2025
2
0
2
4
7
8
12
2
0
2
7
0
7
3
1
3
0
2
6
17
Jun
2025
3
0
3
5
8
6
11
2
0
2
7
2
9
5
1
2
1
0
4
18
Jul
2025
1
0
1
5
6
6
12
8
0
8
3
0
4
2
1
3
0
0
4
22
Aug
2025
2
0
2
6
7
7
11
5
0
5
4
0
5
4
1
2
1
0
4
20
Only Prime MMFs must disclose in Item D of Form N-MFP the gross market value of securities they sold or disposed
of during the reporting period, by category of investment. Securities reported in Item D do not include those held until
maturity.
33
August 2025
Analytics Office
10
Appendices
10.1
Interval Notation
Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.
10.2
Form N-MFP Changes
Below we include a brief summary of certain changes made to Form N-MFP since 2010 that may impact the
availability, or meaning of, historical information collected in certain data elements presented here in this
report.6
Release Number
IC-34959
Effective Date
June 11, 2024
Form N-MFP Amendments Reflect
Amendments to Form N-MFP requiring: reporting indicating whether
the fund is established as a cash management vehicle for affiliated funds
or other accounts and not available to other investors, reporting of the
gross market value of portfolio securities a prime Money Market Fund
sold or disposed of during the reporting period, reporting identifying
whether a repurchase agreement is centrally cleared, and whether it
was settled on the triparty platform, indication of whether the Money
Market Fund is a “Treasury” fund, and reporting of daily and weekly
liquid assets, yields, and shareholder flows at a daily frequency within
the monthly filing.
IC-31166
October 14, 2014
Amendments to Form N-MFP requiring identification of exempt retail
funds under 2a-7, revised investment categories for portfolio securities
and repurchase agreement collateral, and reporting of weekly reporting
of daily and weekly liquid assets within the monthly filing of the form.
IC-29132
May 5, 2010
Amendments requiring Money Market Funds to submit Form N-MFP
electronically to the Commisison within five business days after the end
of each month. Changes to rule 2a-7 portfolio quality, maturity, and
liquidity requirements.
6
This summary only covers changes to Form N-MFP that could affect the data used in compiling this report. Therefore,
this summary is purposefully not a comprehensive list of all changes made to Form N-MFP over the time period shown.
In addition, item references refer to the version of Form N-MFP in effect as of the date of a particular rulemaking.
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August 2025
10.3
Analytics Office
Investment Categories
Below we provide the mapping from reported investment categories on Form N-MFP, Item C.6 and Item D.1
to categories presented in this report.
Form N-MFP Investment Category
U.S. Government Agency Debt (if categorized as coupon-paying notes)
Report Category
Treasury/Agency
Report Investment Category
Agency Debt
U.S. Government Agency Debt (if categorized as no-coupon-paying notes)
Treasury/Agency
Agency Debt
U.S. Treasury Debt
Treasury/Agency
Treasury Debt
U.S. Government Agency Repurchase Agreement
Repo
Agency Repo
U.S. Treasury Repurchase Agreement
Repo
Treasury Repo
Other Repurchase Agreement
Repo
Other Repo
Asset Backed Commercial Paper
Commercial paper
Asset-Backed
Financial Company Commercial Paper
Commercial Paper
Financial Company
Non-Financial Company Commercial Paper
Commercial Paper
Non-Financial Company
Certificate of Deposity
CD/TD
CD
Non-Negotiable Time Deposit
CD/TD
Non-Negotiable TD
Variable Rate Demand Note
Municipal
VRDN
Tender Option Bond
Municipal
Tender Option Bond
Other Municipal Security
Municipal
Other Municipal
Insurance Company Funding Agreement
Other
Insurance CO FA
Investment Company
Other
Investment Company
Non-U.S. Sovereign, Sub-Sovereign and Supra-National Debt
Other
Non-US Sovereign
Other Asset Backed Securities
Other
Other ABS
Other Instrument
Other
Other Instrument
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August 2025
10.4
Analytics Office
Collateral Categories
Below we provide the mapping from reported collateral categories on Form N-MFP, Item C.8.k to categories
presented in this report.
Form N-MFP Collateral Category
Agency Collateralized Mortgage Obligations
Report Collateral Category
CMO - Agency
Agency Debentures and Agency Strips
Agency Debenture
Agency Mortgage-Backed Securities
MBS - Agency
Asset-Backed Securities
ABS
Cash
Cash
Corporate Debt Securities
Corporate Debt
Equities
Equities
Money Market
Money Market
Private Label Collateralized Mortgage Obligations
Other Instrument
CMO - Private Label
Other Instrument
U.S. Treasuries (including strips)
US Treasuries
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August 2025
10.5
Analytics Office
Definitions
Included by reference are all definitions included in the definitions section of
Form N-MFP and definitions set forth in Rule 2a-7 (17 CFR 270.2a-7).
Daily Liquid Assets
Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)
Securities that will mature (as determined without reference to the exceptions in paragraph (i) of 17 CFR 270.2a-7 regarding interest rate
readjustments), or are subject to a demand feature that is exercisable
and payable, within one business day; or (iv) Amounts receivable and
due unconditionally within one business day on pending sales of portfolio securities.
Form N-MFP
Used by Money Market Funds to file reports with the Commission pursuant to rule 30b1-7 under the Act (17 CFR 270.30b1-7). The form is
available here.
Fund Category
Fund category, as reported on Item A.10 of Form N-MFP. Form N-MFP
requires filers to identify each Fund from among the following categories:
Government, Prime, Single State and Other Tax Exempt, and further
asks the filer to identify whether the Fund is a Retail Money Market
Fund or Treasury Money Market Fund.
Government Money Market Fund
A Money Market Fund that invests 99.5 percent or more of its total
assets in cash, government securities, and/or repurchase agreements that
are collateralized fully.
Institutional Money Market Fund
A Fund reported on Form N-MFP which indicates in Item A.10.a. that
they are not a Retail Money Market Fund.
Money Market Fund (MMF)
A registered open-end management investment company, or series
thereof, that is regulated as a Money Market Fund pursuant to rule
2a–7 (17 CFR 270.2a–7) under the Investment Company Act of 1940.
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August 2025
Analytics Office
Prime Money Market Fund
Any Fund reported on Form N-MFP as a Prime Money Market Fund
on Form N-MFP Item A.10.
Retail Money Market Fund
A Money Market Fund that has policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons.
Single State Fund
A Tax Exempt Money Market Fund that holds itself out as seeking to
maximize the amount of its distributed income that is exempt from the
income taxes or other taxes on investments of a particular state and,
where applicable, subdivisions thereof.
Tax Exempt Money Market Fund
A Money Market Fund that holds itself out as distributing income exempt from regular federal income tax.
Total Assets
For purposes of this report: the sum of fund level cash (Form N-MFP
Item A.14.a), the total value of portfolio securities (Form N-MFP Item
A.14.b), and the total value of other assets (Form N-MFP Item A.14.c).
Treasury Money Market Fund
A Government Money Market Fund which indicates in Item A.10.b. that
they typically invest at least 80% of the value of its assets in U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury obligations.
Weekly Liquid Assets
Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)
Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the
United States pursuant to authority granted by the Congress of the
United States that: (A) Are issued at a discount to the principal amount
to be repaid at maturity without provision for the payment of interest;
and (B) Have a remaining maturity date of 60 days or less; (iv) Securities
that will mature (as determined without reference to the exceptions in
paragraph (i) of 17 CFR 270.2a-7 regarding interest rate readjustments),
or are subject to a demand feature that is exercisable and payable, within
five business days; or (v) Amounts receivable and due unconditionally
within five business days on pending sales of portfolio securities.
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This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.