Division of Investment Management

Division of Investment Management

Analytics Office

Money Market Fund Statistics

Form N-MFP Data, period ending May 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.

May 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 through June 13, 2025, for the reporting periods from May

2024 to May 2025. Please see the Appendicies to this report for definitions of capitalized terms and

other technical descriptions.

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 erroneous filings 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, including a description of significant changes.

Please see the Division of Investment Management’s “Registered Fund Statistics” report on

SEC.gov for information and statistics relating to Registered Investment Companies reporting on

Form N-PORT which are not presented in this report.

If you have any questions or comments about this report, please contact:

IM-Analytics with subject line “Money Market Fund Statistics (May 2025)”.

1

May 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

May 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

May

2024

135

52

187

35

22

57

8

37

45

289

Jun

2024

130

60

190

33

22

55

7

37

44

289

Jul

2024

132

59

191

33

22

55

7

37

44

290

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

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

May

2024

12

12

24

6

2

8

0

2

2

34

Jun

2024

15

9

24

6

2

8

0

2

2

34

Jul

2024

18

6

24

6

2

8

0

2

2

34

Aug

2024

18

6

24

6

2

8

0

2

2

34

Sep

2024

18

6

24

4

2

6

0

2

2

32

1

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

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

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

May 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

Jun

2024

12

5

17

8

0

8

3

0

3

28

Jul

2024

14

4

18

8

0

8

3

0

3

29

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

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

Jun

2024

122

57

179

0

22

22

0

37

37

238

Jul

2024

124

57

181

0

22

22

0

37

37

240

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

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

May

2024

72

29

78

25

20

32

6

16

17

81

Jun

2024

68

34

78

23

20

30

5

16

17

81

Jul

2024

65

36

78

23

20

30

5

16

17

81

Aug

2024

66

36

79

19

20

28

5

16

17

80

Sep

2024

67

36

80

13

20

26

4

16

17

80

4

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

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

May 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

May

2024

20

7

20

8

7

10

3

5

5

21

Jun

2024

20

8

20

8

7

10

3

5

5

21

Jul

2024

21

7

21

8

8

11

3

5

5

22

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

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

May

2024

438

227

665

108

90

198

14

120

134

997

Jun

2024

421

248

669

105

90

195

12

120

132

996

Jul

2024

416

248

664

103

90

193

12

120

132

989

Aug

2024

416

248

664

82

90

172

12

120

132

968

Sep

2024

423

249

672

55

90

145

10

130

140

957

5

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

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

May 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

May

2024

3,271.0

1,717.7

4,988.7

638.4

766.0

1,404.4

14.8

121.0

135.8

6,528.9

Jun

2024

3,438.3

1,779.6

5,217.9

424.4

775.4

1,199.8

11.3

121.2

132.5

6,550.2

Jul

2024

3,565.3

1,683.9

5,249.2

397.2

791.0

1,188.2

12.3

119.9

132.2

6,569.6

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

4,016.6

1,952.1

5,968.7

336.1

922.2

1,258.3

15.4

131.6

147.0

7,374.0

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

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

May

2024

216.6

129.6

346.2

104.6

13.0

117.6

0.0

1.3

1.3

465.0

Jun

2024

267.7

85.5

353.2

102.2

13.6

115.8

0.0

1.3

1.3

470.3

Jul

2024

294.3

62.6

356.9

101.4

14.9

116.3

0.0

1.3

1.3

474.5

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

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

Jun

2024

176.1

100.2

276.3

181.9

0.0

181.9

3.2

0.0

3.2

461.4

Jul

2024

258.6

12.5

271.0

180.3

0.0

180.3

3.5

0.0

3.5

454.8

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

As of May 2025, there are 16 Single State MMFs (excluding feeder funds) reporting an aggregate $39 billion in net

assets (roughly 26% of aggregate Tax Exempt MMF net assets). Additionally, there are 25 Other Tax Exempt MMFs

(excluding feeder funds) reporting an aggregate $108 billion in net assets (roughly 73% of aggregate Tax Exempt MMF

net assets).

3

6

May 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

Jun

2024

3,083.3

1,671.5

4,754.8

0.0

775.4

775.4

0.0

121.2

121.2

5,651.3

Jul

2024

3,127.8

1,666.0

4,793.7

0.0

791.0

791.0

0.0

119.9

119.9

5,704.6

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

3,505.6

1,933.8

5,439.4

0.0

922.2

922.2

0.0

131.6

131.6

6,493.2

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

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

May

2024

0.12

0.24

0.70

2.88

17.06

67.60

118.43

0.08

0.22

0.55

2.88

23.17

78.53

144.96

0.48

0.56

1.57

5.59

16.98

76.17

114.30

0.12

0.16

0.45

1.96

3.47

7.26

10.30

Jun

2024

0.13

0.24

0.75

2.81

17.22

66.97

119.08

0.10

0.22

0.58

2.92

24.59

84.72

142.56

0.49

0.55

1.26

5.02

16.75

66.13

92.24

0.12

0.16

0.43

1.83

3.56

7.64

10.24

Jul

2024

0.12

0.22

0.67

2.81

16.75

69.98

121.91

0.09

0.22

0.59

2.87

26.39

82.94

140.67

0.39

0.54

1.12

4.78

15.86

70.56

94.19

0.12

0.16

0.42

1.87

3.76

7.75

10.44

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

7

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

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

166.68

0.48

0.74

2.13

7.82

31.94

88.68

134.50

0.04

0.11

0.43

2.74

3.90

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

May 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

May

2024

3,335.6

1,794.3

5,129.9

649.3

772.9

1,422.1

15.2

122.4

137.6

6,689.6

Jun

2024

3,505.9

1,869.8

5,375.7

429.2

781.0

1,210.2

11.5

124.1

135.6

6,721.5

Jul

2024

3,691.3

1,754.0

5,445.3

404.2

810.7

1,214.8

12.5

121.8

134.3

6,794.5

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

2,014.9

6,117.1

339.6

890.6

1,230.2

13.9

125.5

139.4

7,486.6

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

4,112.5

2,022.8

6,135.3

337.6

937.1

1,274.8

15.5

132.9

148.4

7,558.4

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

May

2024

217.6

130.2

347.8

105.2

13.0

118.2

0.0

1.3

1.3

467.3

Jun

2024

268.8

85.9

354.7

102.7

13.6

116.3

0.0

1.3

1.3

472.3

Jul

2024

295.6

62.9

358.5

101.8

15.0

116.8

0.0

1.3

1.3

476.6

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

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

Jun

2024

181.5

102.5

284.0

184.4

0.0

184.4

3.2

0.0

3.2

471.6

Jul

2024

270.2

12.5

282.8

185.0

0.0

185.0

3.5

0.0

3.5

471.2

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

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

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

300.3

13.1

313.4

195.5

0.0

195.5

6.7

0.0

6.7

515.7

May

2025

4,124.8

2,070.2

6,195.0

334.7

948.2

1,282.9

16.0

133.2

149.2

7,627.1

May 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

Jun

2024

3,143.1

1,758.6

4,901.7

0.0

781.0

781.0

0.0

124.1

124.1

5,806.7

Jul

2024

3,237.6

1,735.4

4,973.0

0.0

810.7

810.7

0.0

121.8

121.8

5,905.5

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

1,993.5

5,620.8

0.0

890.6

890.6

0.0

125.5

125.5

6,637.0

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

3,583.3

2,003.8

5,587.1

0.0

937.1

937.1

0.0

132.9

132.9

6,657.1

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

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

May

2024

0.12

0.24

0.75

2.94

17.40

70.00

123.51

0.08

0.22

0.56

2.93

23.44

82.66

146.82

0.48

0.56

1.58

5.67

17.27

77.53

116.28

0.12

0.16

0.45

1.98

3.53

7.29

10.39

Jun

2024

0.14

0.25

0.76

2.85

17.68

69.73

129.53

0.10

0.23

0.59

2.96

24.76

89.33

144.81

0.49

0.55

1.27

5.09

16.85

67.54

93.38

0.12

0.17

0.45

1.85

3.62

7.93

10.34

Jul

2024

0.12

0.23

0.68

2.90

17.21

72.43

127.78

0.09

0.22

0.59

2.96

26.89

87.31

144.80

0.39

0.54

1.12

4.87

15.91

72.82

96.84

0.12

0.16

0.43

1.90

3.77

7.78

10.58

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

9

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

0.19

0.60

3.19

20.61

87.94

149.39

0.05

0.20

0.54

3.00

26.51

96.59

171.20

0.46

0.73

2.18

7.23

28.31

89.51

133.50

0.04

0.11

0.43

2.43

3.81

8.81

11.43

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

173.24

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

0.05

0.18

0.70

3.44

19.79

84.20

150.34

0.05

0.18

0.62

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

May 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

May

2024

64.7

76.4

141.1

11.0

6.9

17.9

0.4

1.4

1.8

160.8

Jun

2024

59.4

89.6

149.0

4.7

5.2

9.9

0.1

2.1

2.2

161.1

Jul

2024

120.8

68.9

189.6

6.7

18.7

25.5

0.1

1.0

1.1

216.2

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

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

May

2024

5.0

21.6

35.8

60.9

81.6

94.6

6.6

26.8

43.9

71.3

90.1

98.8

21.1

53.7

77.4

94.7

99.8

100.0

13.3

46.6

62.7

92.3

100.0

100.0

Jun

2024

5.0

21.7

35.8

61.0

81.8

94.7

6.3

25.8

41.9

70.1

89.7

98.7

25.0

58.5

78.7

95.0

99.8

100.0

13.6

47.5

64.0

93.3

100.0

100.0

Jul

2024

5.1

21.8

36.1

61.3

82.0

94.7

6.4

25.7

42.0

70.2

89.7

98.6

25.7

59.9

80.6

95.8

99.9

100.0

13.2

46.9

63.7

93.4

100.0

100.0

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

10

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

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

36.4

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

64.2

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

May 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

May

2024

15.7

44.4

67.1

92.1

19.4

55.0

78.8

97.8

27.5

79.8

92.1

100.0

54.7

91.6

99.5

100.0

Jun

2024

15.1

44.2

66.2

91.5

19.1

55.8

79.2

98.1

26.5

79.3

90.7

99.7

24.9

90.2

97.9

100.0

Jul

2024

15.7

45.6

68.1

93.0

19.6

56.7

79.6

98.1

27.1

80.9

92.2

100.0

51.4

98.1

100.0

100.0

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

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

May

2024

3,787.1

1,038.4

0.0

4,825.5

942.3

266.2

45.0

1,253.5

143.9

55.2

18.2

217.3

91.3

38.9

67.3

197.5

14.3

4.2

2.0

20.4

9.4

1.5

3.1

14.0

0.4

0.0

0.1

0.5

6,528.9

Jun

2024

4,014.7

886.3

0.0

4,901.0

949.5

224.4

44.8

1,218.7

139.4

45.3

18.0

202.8

91.6

38.3

64.4

194.3

12.3

4.6

1.9

18.8

10.1

0.9

3.1

14.1

0.4

0.0

0.1

0.5

6,550.2

Jul

2024

4,032.9

900.3

0.0

4,933.2

956.7

184.5

44.1

1,185.3

134.8

59.1

22.9

216.8

102.7

37.8

60.0

200.6

11.8

5.4

1.9

19.1

9.9

1.1

3.0

14.1

0.4

0.0

0.1

0.5

6,569.6

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

11

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

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

4,741.9

1,026.8

0.0

5,768.7

948.0

166.9

59.3

1,174.2

143.5

42.0

26.6

212.1

112.2

20.3

57.4

189.9

14.9

2.0

1.7

18.6

7.9

0.4

1.9

10.1

0.4

0.0

0.1

0.5

7,374.0

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

May 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

May

2024

29

9

0

38

35

13

3

51

20

8

2

30

40

17

24

81

19

6

3

28

32

4

11

47

11

0

2

13

288

Jun

2024

31

8

0

39

36

13

3

52

20

7

2

29

41

17

23

81

16

7

3

26

34

3

11

48

10

0

2

12

287

Jul

2024

31

8

0

39

36

10

3

49

19

8

3

30

44

15

22

81

16

8

3

27

33

4

11

48

11

0

2

13

287

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

12

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

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

May 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

May

2024

1,990.0

909.9

2,899.8

425.8

82.8

508.6

8.4

17.7

26.1

3,434.6

Jun

2024

1,924.6

897.4

2,822.0

284.4

73.7

358.1

6.6

14.3

21.0

3,201.0

Jul

2024

2,125.7

887.6

3,013.3

290.0

84.9

374.9

7.1

16.4

23.6

3,411.8

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

3,576.9

204.6

115.0

319.6

9.1

25.7

34.7

3,931.2

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

May

2024

61.6

54.3

59.1

67.9

11.1

37.0

58.1

15.1

19.9

53.6

Jun

2024

55.9

51.5

54.4

68.5

9.6

30.3

55.6

11.8

15.8

49.3

Jul

2024

59.8

54.1

58.0

69.9

11.0

31.5

63.0

13.6

17.8

52.3

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

13

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

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

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

May 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

May

2024

0.00

0.01

0.06

0.69

8.98

29.82

95.29

0.02

0.03

0.14

1.01

6.61

21.70

43.28

0.00

0.01

0.06

0.24

0.74

1.29

2.35

Jun

2024

0.00

0.01

0.05

0.86

8.82

33.73

81.46

0.01

0.03

0.16

0.82

4.43

12.00

30.43

0.00

0.01

0.04

0.20

0.57

1.12

2.09

Jul

2024

0.00

0.01

0.07

0.88

8.73

32.83

86.97

0.01

0.03

0.06

0.69

5.28

12.41

33.62

0.01

0.01

0.06

0.22

0.65

1.23

2.40

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

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

May

2024

1.8

2.7

5.9

22.0

65.1

112.2

161.9

2.7

4.1

8.5

13.1

42.8

75.9

86.3

2.4

4.5

9.4

14.1

22.6

50.4

69.6

Jun

2024

1.5

2.1

6.3

19.9

67.8

111.7

169.8

2.3

2.9

7.3

11.2

35.4

72.3

81.0

3.0

3.9

7.7

11.2

18.4

39.2

53.3

Jul

2024

2.2

2.8

7.5

24.6

65.3

117.8

147.3

0.4

2.7

6.3

12.4

36.7

65.1

84.6

2.5

3.4

7.1

10.4

18.1

49.0

65.2

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

14

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

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

199.4

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

May 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

May

2024

1,957.1

879.6

2,836.7

423.2

66.0

489.2

8.1

13.3

21.4

3,347.3

Jun

2024

1,925.8

881.4

2,807.1

284.4

64.4

348.8

7.3

14.2

21.5

3,177.4

Jul

2024

2,119.1

864.1

2,983.2

304.3

69.1

373.5

6.2

17.8

24.0

3,380.6

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

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

May

2024

60.6

52.5

57.8

67.5

8.8

35.6

55.9

11.4

16.3

52.2

Jun

2024

56.0

50.6

54.2

68.5

8.4

29.5

61.1

11.7

16.2

48.9

Jul

2024

59.6

52.7

57.4

73.3

8.9

31.4

54.6

14.7

18.1

51.9

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

15

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

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

46.6

14.5

17.9

47.6

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

May 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

May

2024

0.00

0.01

0.05

0.63

8.26

31.02

92.42

0.02

0.04

0.15

1.03

5.57

23.42

40.43

0.00

0.01

0.04

0.18

0.49

1.21

1.89

Jun

2024

0.00

0.01

0.05

0.72

8.28

34.98

87.54

0.01

0.03

0.17

0.90

4.32

12.07

27.31

0.00

0.01

0.05

0.18

0.58

1.21

2.11

Jul

2024

0.00

0.01

0.06

0.74

8.25

30.30

87.51

0.02

0.03

0.18

1.10

5.03

11.65

28.03

0.00

0.01

0.06

0.22

0.63

1.40

2.60

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

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

May

2024

1.6

2.8

5.8

19.3

61.4

108.6

164.8

3.3

3.7

7.6

13.9

40.2

82.5

88.8

2.8

3.3

5.8

9.8

16.7

42.3

56.9

Jun

2024

1.5

2.3

5.3

20.8

57.8

105.9

161.7

2.7

3.4

7.4

16.9

35.7

76.2

82.0

3.0

4.4

6.7

11.0

14.2

41.1

62.9

Jul

2024

1.8

3.0

6.5

20.8

59.5

107.8

139.8

2.9

3.6

8.4

14.1

47.7

89.4

104.1

2.8

4.5

7.9

10.9

21.8

40.8

62.1

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

16

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

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

May 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

May

2024

32.8

30.3

63.1

2.6

16.8

19.4

0.3

4.4

4.7

87.2

Jun

2024

-1.2

16.0

14.9

-0.0

9.3

9.3

-0.6

0.1

-0.5

23.6

Jul

2024

6.5

23.5

30.1

-14.3

15.8

1.5

1.0

-1.3

-0.4

31.1

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

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

May

2024

1.0

1.8

1.3

0.4

2.2

1.4

2.1

3.8

3.6

1.4

Jun

2024

-0.0

0.9

0.3

-0.0

1.2

0.8

-5.4

0.1

-0.4

0.4

Jul

2024

0.2

1.4

0.6

-3.4

2.0

0.1

8.5

-1.1

-0.3

0.5

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

17

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

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

May 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

May

2024

-1.14

-0.48

-0.04

0.00

0.14

1.58

3.95

-1.48

-0.58

-0.11

-0.00

0.19

1.73

2.65

-0.05

-0.00

0.01

0.04

0.17

0.32

0.44

Jun

2024

-1.31

-0.68

-0.06

0.00

0.16

0.79

1.33

-1.29

-0.68

-0.05

0.01

0.23

0.96

1.59

-0.14

-0.10

-0.03

0.00

0.02

0.05

0.06

Jul

2024

-0.92

-0.49

-0.02

0.00

0.22

1.61

2.71

-2.10

-1.48

-0.27

0.00

0.14

1.03

2.00

-0.33

-0.14

-0.04

-0.00

0.01

0.09

0.27

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

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