# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A58ff6c6756670023

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

Division of Investment Management
Analytics Office

Money Market Fund Statistics
Form N-MFP Data, period ending July 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 August 7, 2025.

July 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 August 7, 2025, for the
reporting periods from July 2024 to July 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 (July 2025)”.

1

July 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

July 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

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

Jun
2025
138
62
200
14
22
36
6
35
41
277

Jul
2025
138
63
201
14
22
36
6
35
41
278

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

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

Oct
2024
18
6
24
4
2
6
0
2
2
32

Nov
2024
18
6
24
4
2
6
0
2
2
32

1

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

Jun
2025
22
5
27
3
2
5
0
0
0
32

Jul
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

July 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

Jun
2025
15
4
19
6
0
6
3
0
3
28

Jul
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

Jun
2025
126
59
185
0
22
22
0
35
35
242

Jul
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

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

Oct
2024
67
37
81
12
20
26
4
15
16
81

Nov
2024
67
37
81
12
20
26
4
15
16
81

4

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

Jun
2025
67
37
80
11
20
25
4
14
15
80

Jul
2025
67
38
81
11
20
25
4
14
15
81

July 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

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

Jun
2025
20
7
20
6
8
10
3
5
5
21

Jul
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

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

Oct
2024
419
251
670
38
89
127
10
122
132
929

Nov
2024
422
251
673
38
89
127
10
122
132
932

5

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

Jun
2025
425
257
682
39
88
127
10
121
131
940

Jul
2025
425
260
685
39
88
127
10
121
131
943

July 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

Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total

Government

Prime

Tax Exempt
Total

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
4,016.4
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

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

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

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

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

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

As of July 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 $103 billion in net assets (roughly 73% of aggregate Tax Exempt MMF
net assets).
3

6

July 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
3,505.4
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

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

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

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

7

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
166.65
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

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

July 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

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
2,030.4
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

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

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

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

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

Nov
2024
266.9
14.5
281.4
182.5
0.0
182.5
5.5
0.0
5.5
469.5

8

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
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

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

July 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
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

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

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

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

9

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

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

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

July 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

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

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

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

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

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

10

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
36.5
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

July 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

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

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

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

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

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

11

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
4,741.5
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

July 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

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

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

12

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

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

July 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

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
3,576.8
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

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

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

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

13

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

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
49.9
57.9
57.5
10.0
22.2
62.0
10.9
15.8
50.9

Jul
2025
2,505.8
980.9
3,486.7
187.9
94.8
282.8
8.4
14.1
22.5
3,792.0

July 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

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

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
0.05
1.10
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

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

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

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

14

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
199.3
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

July 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

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

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

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

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

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

15

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
46.7
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

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

July 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

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

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

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

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

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

16

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

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

July 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

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

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
23.9
40.8
9.0
11.8
20.8
0.7
-2.2
-1.5
60.1

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

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

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

17

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

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
1.2
0.7
2.7
1.2
1.6
4.9
-1.7
-1.1
0.8

July 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

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

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
1.21
2.12
-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

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

Jul
2024
-9.1
-4.7
-1.5
0.8
3.0
7.3
12.6
-49.8
-31.3
-4.8
0.1
2.0
4.6
7.5
-9.0
-6.3
-2.1
-0.2
1.2
4.8
10.7

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

18

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

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

July 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 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

Jul
2024
5.38
5.36
5.47
5.49
3.78
3.67

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

Table 4.2: Distribution of Seven Day Gross Yields (Percent), by
MMF Category
This table relies on 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

Jul
2024
5.32
5.34
5.35
5.37
5.39
5.40
5.42
5.37
5.39
5.43
5.47
5.50
5.53
5.54
3.49
3.57
3.66
3.70
3.77
3.85
3.90

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

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

July 2025

4.2

Analytics Office

Net Yields
Table 4.3: Asset-Weighted Seven Day Net Yield (Percent), by MMF
Category
This table relies on 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

Jul
2024
5.16
5.15
5.36
5.22
3.63
3.43

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

Table 4.4: Distribution of Seven Day Net Yields (Percent), by MMF
Category
This table relies on 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

Jul
2024
4.32
4.50
4.83
5.05
5.19
5.23
5.27
4.29
4.50
4.95
5.15
5.31
5.34
5.38
2.66
2.78
3.14
3.32
3.47
3.57
3.61

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

20

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

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

July 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 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

Jul
2024
32.3
40.0
26.6
27.1
4.4
28.8

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

Table 5.2: Distribution of WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on 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

Jul
2024
9.0
13.0
27.0
34.0
42.0
48.2
50.0
1.0
4.0
14.0
27.0
37.0
41.0
44.8
3.2
4.0
7.8
27.0
36.5
42.0
47.7

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

21

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

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

July 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 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

Jul
2024
81.3
82.2
43.6
43.9
4.4
29.6

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

Table 5.4: Distribution of WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on 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

Jul
2024
13.0
31.8
52.0
80.0
91.0
102.0
107.8
1.6
4.0
18.0
42.0
59.0
66.8
87.0
3.2
4.0
7.8
28.5
37.2
42.0
47.7

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

22

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

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

July 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 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

Jul
2024
67.8
94.6
54.6
45.7

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

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 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

Jul
2024
48.0
53.0
66.0
81.0
98.5
100.0
100.0
31.6
35.2
40.0
49.0
66.0
99.0
100.0

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

23

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

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

July 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 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

Jul
2024
79.0
99.1
68.7
61.7
97.4
75.0

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

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 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

Jul
2024
68.0
70.9
79.0
88.0
100.0
100.0
100.0
53.0
54.0
56.0
64.0
82.0
99.0
100.0
58.6
64.3
67.0
78.0
93.5
99.7
100.0

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

24

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

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

July 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

Jul
2024
2,485.2
767.0
3,252.2
1,775.8
711.4
95.8
2,583.0
200.6
158.3
358.9
187.2
75.1
27.5
289.8
76.1
32.7
21.6
130.4
25.5
8.2
0.4
0.8
0.1
35.0
105.4
6,754.8

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

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

Jul
2024
2,234.8
886.9
1,095.8
699.1
614.5
584.4
358.2
175.5

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

25

Jan
2025
1,998.2
1,118.8
1,228.9
955.2
719.0
581.1
478.2
253.3

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

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

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

July 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

Jul
2024
76.7
136.8
1.9
6.2
19.6
64.3
1.7
65.3
44.4
32.0
4.4
6.7
78.4
28.1
190.1
72.6
82.3

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

26

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

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

July 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

Jul
2024
2,425.7
760.4
3,186.1
1,528.0
592.4
3.8
2,124.1
15.8
3.3
19.1
0.7
0.0
82.4
5,412.4

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

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

Jul
2024
1,698.5
607.3
953.6
585.2
513.8
470.9
326.5
174.2

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

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

Jul
2024
77.3
137.3
2.0
7.1
1.3
6.1
5.0
0.0

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

27

Nov
2024
72.4
145.7
1.5
6.4
4.2
1.0
4.1
0.0

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

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

July 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

Jul
2024
247.8
119.0
92.1
458.9
200.6
158.3
358.9
187.2
75.1
17.6
279.9
59.5
6.6
66.1
9.7
0.4
0.8
0.1
0.0
11.0
9.5
1.9
0.3
11.8
22.9
1,209.5

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

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

Jul
2024
511.5
199.5
130.5
107.8
98.4
109.7
27.8
1.3

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

28

Jan
2025
507.0
191.7
129.7
123.0
110.0
111.8
34.7
0.8

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

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

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

July 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

Jul
2024
1.2
1.8
20.3
64.3
1.7
65.3
44.4
31.5
53.0
78.0
63.8
190.1
72.6
82.3
6.0
18.2
21.2

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

29

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

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

July 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

Jul
2024
65.9
30.7
21.3
117.9
10.0
4.9
0.0
0.0
0.0
132.9

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

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

Jul
2024
24.8
80.1
11.7
6.1
2.4
3.8
3.9
0.0

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

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

Jul
2024
4.1
6.0
79.3
32.8
1.0
0.0

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

30

Nov
2024
3.0
4.9
86.8
29.5
0.0
3.0

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

July 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

Jun
2024
543.3
2,071.7
2,614.9

Jul
2024
637.3
1,945.7
2,583.0

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

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

Jul
2024
209.7
65.4
275.1
74.1
33.3
107.4
382.5

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

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

Jul
2024
2,016.0
458.5
41.8
29.3
28.8
8.7
2,583.0

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

31

Jan
2025
1,879.0
538.4
38.6
51.2
36.6
7.0
2,550.8

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

Jul
2025
1,088.9
1,888.4
2,977.3

July 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
CMO - Private Label
Other
Money Market
Cash
Total

Jul
2024
1,906.5
560.0
66.9
39.1
16.8
15.7
8.9
9.2
9.4
3.6
0.6
2,636.8

Aug
2024
1,873.3
551.8
68.8
37.3
16.1
14.2
9.2
9.1
9.7
3.3
0.1
2,592.8

Sep
2024
2,007.8
566.3
66.1
41.5
15.7
16.0
9.8
7.9
8.5
2.6
0.7
2,743.1

Oct
2024
1,728.6
585.9
67.3
41.3
19.7
16.0
10.4
8.9
7.7
2.6
0.4
2,489.0

Nov
2024
1,731.3
547.8
69.8
47.2
24.0
13.7
12.0
9.4
7.6
4.2
0.4
2,467.4

Dec
2024
1,976.4
509.7
71.2
44.9
20.3
18.5
11.9
9.9
7.8
3.2
0.9
2,674.7

Jan
2025
1,859.2
557.9
74.5
47.1
21.5
18.7
11.0
8.2
7.6
3.2
0.3
2,609.0

Feb
2025
1,950.3
635.3
83.9
48.5
24.5
18.9
9.4
9.6
6.2
3.3
0.5
2,790.3

Mar
2025
2,047.2
638.5
79.0
48.0
22.1
17.6
9.5
8.3
7.7
2.3
0.6
2,880.8

Apr
2025
2,046.4
672.3
82.4
47.1
17.1
18.0
8.7
10.7
9.7
2.7
0.8
2,915.5

May
2025
2,075.7
699.8
83.4
49.6
19.2
18.2
8.4
9.2
9.9
3.0
0.7
2,977.2

Jun
2025
2,287.8
670.3
87.5
50.9
21.2
21.7
9.3
10.1
9.2
3.0
0.3
3,171.1

Jul
2025
2,097.6
726.9
85.3
51.7
26.7
23.4
10.6
10.3
10.1
2.4
0.1
3,045.1

4
Reporting of cash collateral in repurchase agreement transactions began with amendments to Form N-MFP effective
June 11, 2024.

32

July 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
CD/TD

Other

Municipal
Total

Investment Category
Other Repo
Treasury Repo
Subtotal
Financial Company
Non-Financial Company
Asset-Backed
Subtotal
Treasury Debt
Agency Debt
Subtotal
CD
Other Instrument
Other ABS
Investment Company
Non-US Sovereign
Subtotal
VRDN
Tender Option Bond
Subtotal
Total

Jun
2024
0.5
0.0
0.5
0.9
0.2
0.5
1.6
4.4
0.0
4.4
0.7
0.1
0.0
0.9
0.0
0.9
0.2
0.0
0.2
8.3

Jul
2024
0.6
0.0
0.6
1.5
0.4
0.4
2.3
2.0
0.0
2.0
0.3
0.1
0.0
1.3
0.0
1.4
0.2
0.0
0.2
6.7

Aug
2024
0.2
0.0
0.2
4.1
0.2
0.8
5.1
9.4
0.0
9.4
0.1
0.1
0.0
0.0
0.0
0.1
0.2
0.0
0.2
15.2

Sep
2024
0.7
0.0
0.7
2.3
1.0
0.6
3.9
3.8
0.0
3.8
0.2
0.1
0.0
0.0
0.0
0.1
0.1
0.0
0.1
8.9

Oct
2024
0.7
0.0
0.7
1.1
0.5
0.9
2.4
2.1
0.1
2.2
1.4
0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
6.7

Nov
2024
3.8
0.0
3.8
1.3
1.4
0.7
3.5
2.4
0.0
2.5
1.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10.9

Dec
2024
4.6
0.2
4.9
2.6
0.5
0.8
3.9
3.4
0.0
3.4
0.0
0.5
0.0
0.0
0.2
0.7
0.4
0.0
0.4
13.3

Jan
2025
4.9
0.1
4.9
1.6
0.9
0.5
3.0
1.3
0.0
1.3
0.0
0.2
0.0
0.0
0.0
0.2
0.4
0.0
0.4
9.8

Feb
2025
4.8
0.0
4.8
0.3
0.3
0.8
1.4
2.4
0.0
2.4
0.1
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.2
8.8

Mar
2025
6.8
0.0
6.8
2.2
0.4
1.0
3.5
3.0
0.0
3.0
0.3
0.2
0.0
0.0
0.0
0.2
0.1
0.0
0.1
13.9

Apr
2025
8.4
0.0
8.4
0.3
0.2
1.3
1.8
2.8
0.0
2.8
0.1
0.3
0.1
0.0
0.0
0.4
5.0
0.0
5.0
18.4

May
2025
8.9
0.0
8.9
1.2
0.7
0.8
2.7
0.9
0.0
0.9
0.1
0.2
0.1
0.0
0.1
0.3
0.2
0.0
0.2
13.1

Jun
2025
8.3
0.0
8.3
1.9
0.6
0.7
3.2
1.1
0.0
1.1
1.0
0.0
0.1
0.0
0.0
0.1
0.1
0.0
0.1
13.8

Jul
2025
8.9
0.0
8.9
2.1
0.6
0.4
3.1
2.0
0.0
2.0
0.1
0.0
0.0
0.0
0.0
0.1
0.1
0.0
0.1
14.4

Jun
2025
3
0
3
8
5
6
11
2
0
2
5
2
1
1
0
4
7
2
9
18

Jul
2025
1
0
1
6
5
6
12
8
0
8
2
3
1
0
0
4
3
0
4
22

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
CD/TD

Other

Municipal
Total

Investment Category
Other Repo
Treasury Repo
Subtotal
Financial Company
Non-Financial Company
Asset-Backed
Subtotal
Treasury Debt
Agency Debt
Subtotal
CD
Other Instrument
Other ABS
Investment Company
Non-US Sovereign
Subtotal
VRDN
Tender Option Bond
Subtotal
Total

Jun
2024
4
0
4
11
3
8
14
16
4
20
8
2
1
2
0
5
13
2
14
37

Jul
2024
5
0
5
10
5
6
16
11
0
11
6
3
1
3
0
7
7
0
7
31

Aug
2024
1
0
1
11
5
5
11
8
0
8
2
3
1
1
1
5
7
1
8
20

Sep
2024
3
0
3
10
3
4
14
4
1
4
2
3
1
0
0
4
6
2
8
20

5

Oct
2024
1
0
1
8
3
7
12
3
2
3
9
2
1
0
0
3
3
0
3
17

Nov
2024
2
0
2
10
7
6
12
2
1
2
5
1
1
0
0
2
4
1
5
17

Dec
2024
3
1
3
10
5
5
11
9
1
9
2
4
1
0
1
5
8
0
8
19

Jan
2025
4
1
4
9
7
5
12
4
0
4
1
2
1
0
0
3
7
1
8
18

Feb
2025
1
0
1
3
4
6
10
5
0
5
2
0
1
0
0
1
3
1
5
18

Mar
2025
2
0
2
8
5
8
12
9
0
9
3
2
1
1
0
4
7
1
7
25

Apr
2025
1
0
1
4
2
6
10
8
0
8
3
3
1
0
0
4
9
1
10
21

May
2025
2
0
2
7
4
8
12
2
0
2
3
3
1
0
2
6
7
0
7
17

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.

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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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July 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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July 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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July 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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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.

38

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A58ff6c6756670023. Public record. Not legal advice.