# Division of Investment Management > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A74298ffec85da8b0 ## 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 April 30, 2019 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 for the reference period. The presented information does not reflect any filings or amended filings submitted after the data cut-off date of this report. Staff works with information reported on Form N-MFP and with filers to correct possible reporting errors and may update reported information to correct what appear to be clear filer errors. Corrected data from amended filings may be published in a corrected report or in the next regular report, as determined by staff. If you have any questions or comments about this report, please contact Sharon Pichler or Isaac Kuznits, Analytics Office, Division of Investment Management, at Form-NMFP@sec.gov, with the subject line “Money Market Fund Statistics.” Page | 1 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Monthly Change in Key Statistics and Table of Contents* TOPIC Number of Money Market Funds Reporting (Not Including Feeder Funds) Prime Institutional Retail Tax Exempt Institutional Retail Government & Treasury Funds Government Treasury Assets (in billions) Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury 7-Day Yields Gross Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury 7-Day Yields Net Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury Weighted Average Life (WAL) Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury 4/30/2019 Change 3/31/2019 Page 4 46 34 1 46 33 14 67 - 14 67 151 58 -1 - 152 58 $616.7 $383.2 $25.3 $2.5 $591.4 $380.7 $13.9 $124.7 -$1.8 -$4.6 $15.7 $129.3 $1,636.5 $719.6 -$9.1 -$11.7 $1,645.6 $731.3 2.58% 2.63% -0.01% -0.02% 2.59% 2.65% 2.23% 2.20% 0.70% 0.60% 1.53% 1.59% 2.49% 2.48% -0.01% 2.49% 2.49% 2.50% 2.37% -0.01% -0.02% 2.52% 2.39% 2.10% 1.92% 0.69% 0.60% 1.41% 1.31% 2.21% 2.25% -0.01% 2.21% 2.26% 56.4 days 62.5 days -0.5 days -4.6 days 56.9 days 67.0 days 12.9 days 25.1 days -1.7 days -2.5 days 14.6 days 27.6 days 90.9 days 92.6 days -2.1 days 0.2 days 93.0 days 92.5 days 5 6 7 8 Page | 2 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Monthly Change in Key Statistics and Table of Contents (continued) TOPIC Weighted Average Maturity (WAM) Daily Liquidity Weekly Liquidity Prime Funds' Bank Holdings Prime Funds' Portfolio Composition Gov't and Treasury Funds Bank Repo All Funds Fed Repo (in billions) Securities > 179 Days to Maturity 4/30/2019 Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury Prime Funds Institutional Retail Government & Treasury Funds Government Treasury Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury Change 3/31/2019 9 32.9 days 34.2 days -0.4 days -5.1 days 33.3 days 39.4 days 12.6 days 22.7 days -1.5 days -2.6 days 14.2 days 25.3 days 28.2 days 31.6 days -1.6 days -0.8 days 29.7 days 32.4 days 10 39.9% 26.0% -1.3% -1.6% 41.2% 27.6% 43.1% 91.5% -1.1% -0.6% 44.2% 92.1% 11 54.2% 41.2% -1.6% - 55.8% 41.2% 84.9% 74.8% -2.6% -0.7% 87.5% 75.5% 69.3% 98.3% -0.2% 0.2% 69.5% 98.1% By Country By Geographic Region 12 13 14 15 By Country Prime Funds Institutional Retail Tax Exempt Funds Institutional Retail Government & Treasury Funds Government Treasury Page $0.0 -$0.7 $0.7 8.2% 7.6% 0.9% -0.2% 7.3% 7.8% 0.8% 2.8% 0.1% -0.1% 0.7% 2.9% 16.6% 17.7% 0.7% 2.5% 16.0% 15.2% 16 17 *Some calculations in the change column in the above Table of Contents and in other tables in this report may not total as expected due to rounding. Terms used in this report are defined in Appendix 2, Key Definitions. Page | 3 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Trend in Number of Money Market Funds Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 250 200 150 100 50 0 * Note: Beginning in October 2016, Form N-MFP required prime and tax-exempt money market funds to identify themselves as institutional or retail funds; up to that date, Funds reported without making this distinction. Government and Treasury funds are not required to distinguish between retail and institutional. See Appendix 2, Key Definitions. Page | 4 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Millions Net Assets of Money Market Funds Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Page | 5 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Weighted Average 7-Day Gross Yields Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Page | 6 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Weighted Average 7-Day Net Yields Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Page | 7 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Weighted Average Life Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 120 100 80 60 40 20 0 Page | 8 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Weighted Average Maturity Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 50 45 40 35 30 25 20 15 10 5 0 Page | 9 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Daily Liquid Assets Prime (Pre-Oct 2016) Prime Institutional Prime Retail Government Treasury 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% As municipal funds do not have a daily liquidity requirement, their daily liquidity statistics are not included here. Page | 10 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Weekly Liquid Assets Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Page | 11 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Millions Prime MMFs Bank-Related Securities by Country US Aust/NZ Canada France Japan Netherlands Switzerland UK Germany $250,000 $200,000 $150,000 $100,000 $50,000 $0 Bank-related securities include Certificates of Deposit, Time Deposits, sponsored ABCP, and repurchase agreements where the bank is the counterparty. Page | 12 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Prime MMFs Bank-Related Securities by Major Region Millions Europe Eurozone Americas Asia/Pacific $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Eurozone is a subset of Europe and Eurozone values are also included in totals for Europe. Bank-related securities include Certificates of Deposit, Time Deposits, sponsored ABCP, and repurchase agreements where the bank is the counterparty. Page | 13 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Millions Prime MMFs Portfolio Composition Asset-Backed CDs and Time Deposits Gov& Treas (Direct & Repo) Non-Financial Co. CP & Other Financial Co. CP $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Page | 14 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Government and Treasury MMFs Repo by Country of Counterparty Millions US Canada France Germany Japan UK Other $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Page | 15 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Millions All MMFs Repo with the Federal Reserve $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Page | 16 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Percent of Securities > 179 Days to Maturity Prime (Pre-Oct 2016) Prime Institutional Prime Retail Muni (Pre-Oct 2016) Muni Institutional Muni Retail Government Treasury 25% 20% 15% 10% 5% 0% Page | 17 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Appendix 1 – Supporting Data A. Number of Funds 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 218 216 216 223 222 221 221 218 207 206 203 193 163 145 143 140 132 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 68 57 56 56 56 56 57 56 56 56 56 56 56 48 46 46 46 46 46 46 46 46 46 47 46 46 45 45 46 46 46 Prime Retail . . . . . . . . . . . . . . . . . . 29 37 37 37 37 37 37 37 36 36 36 36 36 36 36 36 36 35 35 35 34 34 34 34 34 33 33 33 33 33 34 Muni (Pre-Oct 2016) 161 160 159 157 153 152 150 149 147 143 142 143 131 128 127 119 112 109 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 17 11 11 11 11 11 11 11 11 11 11 11 11 11 11 12 11 12 12 12 12 12 12 12 14 14 14 14 14 14 14 Muni Retail . . . . . . . . . . . . . . . . . . 87 91 91 90 90 89 89 89 89 85 85 85 80 72 72 72 72 72 72 72 72 72 72 72 70 70 67 67 67 67 67 Government 96 96 95 85 83 83 82 84 86 86 89 91 117 131 132 132 137 148 159 159 159 158 158 159 159 159 159 159 159 159 157 156 154 154 154 154 155 155 156 157 158 157 156 155 152 152 152 152 151 Treasury 67 67 67 66 65 65 65 65 62 62 62 63 62 62 62 62 62 61 60 60 59 59 59 59 59 59 59 59 59 59 59 59 60 60 60 60 61 61 61 61 61 61 61 61 59 58 58 58 58 Total 542 539 537 531 523 521 518 516 502 497 496 490 473 466 464 453 443 433 420 415 413 411 411 411 412 411 410 406 406 406 399 382 379 380 379 379 381 381 381 382 383 383 381 379 370 369 370 370 370 Page | 18 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 B. Net Assets of Money Market Funds by Category (Millions) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) $1,704,160 $1,731,143 $1,706,487 $1,727,069 $1,749,739 $1,748,329 $1,790,928 $1,723,586 $1,572,045 $1,565,516 $1,586,685 $1,518,186 $1,470,199 $1,403,324 $1,278,835 $1,234,360 $1,033,094 $739,867 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . $327,605 $315,478 $299,286 $312,992 $337,070 $345,626 $359,051 $362,334 $365,381 $373,600 $385,107 $404,603 $404,408 $415,780 $398,906 $409,131 $405,107 $403,237 $426,570 $424,669 $407,446 $418,773 $434,967 $442,811 $433,830 $449,337 $420,950 $458,035 $501,861 $591,448 $616,748 Prime Retail . . . . . . . . . . . . . . . . . . $234,775 $250,376 $251,070 $249,093 $249,900 $253,517 $249,867 $249,039 $249,974 $251,324 $256,627 $259,868 $261,077 $264,015 $267,267 $260,248 $261,506 $259,935 $258,738 $261,345 $269,693 $282,640 $297,585 $303,635 $309,501 $322,412 $343,235 $356,898 $371,005 $380,660 $383,207 Muni (Pre-Oct 2016) $252,164 $253,268 $250,954 $254,370 $256,591 $252,663 $253,986 $255,994 $263,850 $255,942 $248,437 $239,917 $223,440 $217,892 $201,606 $190,302 $159,116 $135,611 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . $11,733 $9,947 $8,515 $10,065 $9,301 $10,242 $10,286 $10,438 $10,279 $11,097 $10,512 $10,410 $10,788 $9,817 $8,471 $11,007 $11,045 $10,600 $11,209 $11,460 $11,275 $11,518 $11,685 $12,113 $12,028 $12,602 $12,441 $14,615 $15,028 $15,696 $13,853 Muni Retail . . . . . . . . . . . . . . . . . . $123,240 $125,354 $125,956 $125,290 $125,488 $125,135 $122,639 $123,434 $122,804 $124,256 $122,485 $121,617 $121,903 $123,081 $125,956 $130,606 $129,155 $126,517 $124,743 $131,305 $127,829 $122,974 $123,408 $123,056 $126,114 $130,641 $137,247 $131,201 $128,667 $129,323 $124,749 Government $479,977 $480,604 $499,816 $504,606 $506,705 $511,749 $528,216 $580,257 $715,020 $716,457 $739,871 $755,204 $794,616 $836,290 $940,144 $1,005,481 $1,192,805 $1,424,270 $1,572,829 $1,627,562 $1,622,252 $1,587,668 $1,583,710 $1,565,137 $1,552,328 $1,542,721 $1,522,224 $1,518,764 $1,553,166 $1,574,285 $1,570,491 $1,594,652 $1,623,763 $1,576,634 $1,611,143 $1,579,295 $1,608,243 $1,642,125 $1,594,736 $1,594,613 $1,589,341 $1,580,133 $1,586,514 $1,610,212 $1,641,942 $1,644,200 $1,667,299 $1,645,631 $1,636,524 Treasury $499,438 $503,267 $507,226 $519,366 $513,258 $510,982 $512,879 $519,551 $534,522 $525,959 $547,500 $559,095 $544,852 $555,703 $571,887 $583,593 $608,304 $645,052 $644,630 $646,148 $651,244 $632,071 $625,897 $630,006 $622,862 $632,849 $626,484 $637,985 $660,348 $663,665 $656,264 $672,906 $701,105 $693,592 $703,951 $694,141 $675,210 $679,433 $687,483 $683,173 $686,627 $693,942 $695,901 $727,993 $742,059 $724,344 $722,295 $731,255 $719,621 Total $2,935,740 $2,968,283 $2,964,483 $3,005,411 $3,026,294 $3,023,724 $3,086,010 $3,079,388 $3,085,437 $3,063,874 $3,122,493 $3,072,401 $3,033,109 $3,013,209 $2,992,473 $3,013,735 $2,993,318 $2,944,800 $2,914,812 $2,974,864 $2,958,323 $2,917,180 $2,931,366 $2,929,662 $2,917,033 $2,920,815 $2,897,146 $2,917,026 $2,988,245 $3,034,448 $3,024,931 $3,080,251 $3,125,468 $3,081,218 $3,121,907 $3,073,725 $3,104,714 $3,150,337 $3,098,461 $3,113,690 $3,143,613 $3,155,690 $3,163,887 $3,253,196 $3,297,873 $3,329,293 $3,406,155 $3,494,012 $3,494,702 Page | 19 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 C. Weighted Average 7-Day Gross Yield 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 0.22% 0.22% 0.23% 0.24% 0.25% 0.26% 0.26% 0.27% 0.41% 0.49% 0.53% 0.55% 0.55% 0.56% 0.57% 0.55% 0.57% 0.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 0.63% 0.63% 0.79% 0.84% 0.84% 0.98% 1.02% 1.03% 1.20% 1.24% 1.25% 1.25% 1.26% 1.29% 1.48% 1.55% 1.60% 1.83% 1.92% 1.97% 2.11% 2.14% 2.15% 2.23% 2.35% 2.39% 2.58% 2.62% 2.62% 2.59% 2.58% Prime Retail . . . . . . . . . . . . . . . . . . 0.80% 0.81% 0.93% 0.98% 0.99% 1.08% 1.14% 1.15% 1.26% 1.30% 1.32% 1.31% 1.33% 1.36% 1.56% 1.61% 1.68% 1.89% 2.01% 2.08% 2.21% 2.22% 2.24% 2.30% 2.39% 2.48% 2.63% 2.67% 2.66% 2.65% 2.63% Muni (Pre-Oct 2016) 0.12% 0.13% 0.10% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.08% 0.33% 0.41% 0.42% 0.46% 0.47% 0.60% 0.81% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 0.63% 0.59% 0.76% 0.69% 0.67% 0.86% 0.92% 0.81% 0.92% 0.84% 0.83% 0.95% 0.95% 0.99% 1.61% 1.14% 1.14% 1.48% 1.72% 1.16% 1.53% 1.08% 1.57% 1.59% 1.64% 1.74% 1.75% 1.42% 1.76% 1.53% 2.23% Muni Retail . . . . . . . . . . . . . . . . . . 0.70% 0.62% 0.77% 0.72% 0.71% 0.87% 0.94% 0.84% 0.93% 0.89% 0.86% 0.96% 0.97% 1.00% 1.59% 1.18% 1.16% 1.46% 1.71% 1.24% 1.53% 1.10% 1.59% 1.59% 1.66% 1.74% 1.76% 1.45% 1.78% 1.59% 2.20% Government 0.12% 0.12% 0.12% 0.13% 0.14% 0.15% 0.15% 0.16% 0.29% 0.36% 0.38% 0.41% 0.41% 0.41% 0.45% 0.43% 0.43% 0.44% 0.44% 0.44% 0.58% 0.61% 0.62% 0.76% 0.80% 0.85% 1.01% 1.05% 1.07% 1.08% 1.10% 1.14% 1.33% 1.38% 1.44% 1.69% 1.75% 1.80% 1.95% 1.97% 2.01% 2.11% 2.22% 2.28% 2.45% 2.45% 2.47% 2.49% 2.49% Treasury 0.07% 0.07% 0.07% 0.09% 0.10% 0.09% 0.09% 0.13% 0.25% 0.31% 0.35% 0.37% 0.35% 0.37% 0.39% 0.38% 0.38% 0.37% 0.39% 0.42% 0.53% 0.56% 0.58% 0.74% 0.78% 0.84% 1.00% 1.07% 1.05% 1.07% 1.10% 1.15% 1.32% 1.37% 1.47% 1.69% 1.74% 1.80% 1.92% 1.95% 2.01% 2.12% 2.23% 2.29% 2.44% 2.44% 2.45% 2.49% 2.48% Page | 20 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 D. Weighted Average 7-Day Net Yield 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 0.06% 0.07% 0.07% 0.08% 0.08% 0.09% 0.09% 0.11% 0.22% 0.29% 0.32% 0.34% 0.34% 0.34% 0.36% 0.34% 0.35% 0.40% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 0.52% 0.56% 0.71% 0.76% 0.76% 0.91% 0.95% 0.96% 1.13% 1.16% 1.17% 1.17% 1.18% 1.21% 1.40% 1.47% 1.52% 1.75% 1.85% 1.89% 2.03% 2.05% 2.06% 2.14% 2.25% 2.30% 2.49% 2.52% 2.52% 2.52% 2.50% Prime Retail . . . . . . . . . . . . . . . . . . 0.44% 0.43% 0.54% 0.59% 0.60% 0.69% 0.76% 0.77% 0.88% 0.93% 0.94% 0.94% 0.97% 1.01% 1.20% 1.27% 1.34% 1.57% 1.70% 1.78% 1.91% 1.93% 1.95% 2.02% 2.12% 2.20% 2.35% 2.40% 2.39% 2.39% 2.37% Muni (Pre-Oct 2016) 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.06% 0.09% 0.10% 0.12% 0.13% 0.23% 0.43% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 0.53% 0.49% 0.65% 0.58% 0.56% 0.76% 0.82% 0.70% 0.80% 0.73% 0.71% 0.83% 0.83% 0.87% 1.45% 1.01% 1.01% 1.35% 1.58% 1.03% 1.39% 0.94% 1.44% 1.45% 1.51% 1.62% 1.63% 1.29% 1.63% 1.41% 2.10% Muni Retail . . . . . . . . . . . . . . . . . . 0.31% 0.24% 0.37% 0.33% 0.31% 0.49% 0.55% 0.46% 0.56% 0.52% 0.49% 0.59% 0.62% 0.66% 1.23% 0.85% 0.82% 1.12% 1.39% 0.93% 1.22% 0.79% 1.28% 1.28% 1.36% 1.45% 1.46% 1.16% 1.49% 1.31% 1.92% Government 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02% 0.02% 0.06% 0.09% 0.11% 0.13% 0.13% 0.14% 0.17% 0.17% 0.19% 0.21% 0.21% 0.21% 0.32% 0.35% 0.35% 0.51% 0.53% 0.57% 0.73% 0.77% 0.79% 0.82% 0.82% 0.86% 1.05% 1.10% 1.15% 1.40% 1.46% 1.52% 1.67% 1.69% 1.73% 1.83% 1.94% 1.99% 2.16% 2.17% 2.18% 2.21% 2.21% Treasury 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.06% 0.10% 0.13% 0.15% 0.14% 0.15% 0.17% 0.16% 0.16% 0.16% 0.17% 0.20% 0.29% 0.32% 0.33% 0.49% 0.53% 0.59% 0.75% 0.82% 0.81% 0.82% 0.85% 0.91% 1.09% 1.14% 1.23% 1.45% 1.50% 1.56% 1.68% 1.72% 1.78% 1.89% 2.00% 2.05% 2.21% 2.21% 2.23% 2.26% 2.25% Page | 21 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 E. Weighted Average Life, in days (a measure of credit sensitivity) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 76.3 74.4 72.9 72.6 67.7 67.0 70.1 66.7 57.6 60.0 58.5 55.5 51.7 46.9 45.1 39.8 36.5 42.9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 52.8 55.0 54.2 53.8 50.7 53.4 53.7 52.8 57.1 57.7 56.5 55.3 57.2 58.2 57.8 56.7 53.0 55.3 51.3 49.8 53.0 54.8 57.1 59.0 56.0 59.3 58.1 58.4 59.0 56.9 56.4 Prime Retail . . . . . . . . . . . . . . . . . . 67.0 71.5 70.2 68.6 69.2 68.1 66.0 70.8 76.0 76.1 75.3 72.1 70.2 74.3 69.9 65.8 69.0 72.5 65.7 65.1 66.7 62.5 64.2 66.8 65.0 73.5 62.9 62.0 64.0 67.0 62.5 Muni (Pre-Oct 2016) 30.8 28.3 33.6 34.3 33.6 34.1 34.3 31.7 29.4 28.1 26.4 26.9 23.4 21.1 25.4 26.7 29.0 27.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 14.1 15.6 16.9 15.2 15.2 14.3 12.4 11.0 11.1 10.0 12.7 14.1 14.3 14.6 17.2 13.3 13.1 13.4 10.4 11.2 10.5 10.7 9.8 11.7 13.3 14.3 13.9 12.9 14.0 14.6 12.9 Muni Retail . . . . . . . . . . . . . . . . . . 27.0 28.1 29.3 27.9 26.8 24.5 22.9 20.3 24.1 24.8 30.5 29.4 27.2 28.1 30.8 27.1 26.2 26.6 24.0 23.9 25.1 24.0 25.6 32.1 32.6 31.2 29.2 29.6 27.9 27.6 25.1 Government 86.9 82.9 76.7 79.5 84.5 87.9 94.3 87.9 86.7 89.4 92.1 96.0 95.4 95.4 97.0 98.7 97.4 93.4 93.1 93.8 95.1 94.6 91.3 88.8 84.8 82.0 84.4 86.1 85.3 84.0 80.3 86.2 89.6 91.4 90.4 90.2 86.3 82.2 85.1 83.4 84.3 86.9 87.9 86.1 87.2 85.8 88.3 93.0 90.9 Treasury 77.7 73.7 74.2 74.2 72.3 77.8 83.1 80.6 83.2 88.3 93.4 94.7 94.8 94.5 102.8 98.9 99.7 97.3 98.0 96.8 98.6 100.1 98.2 95.5 89.6 87.1 94.6 89.6 90.2 90.6 86.5 82.8 86.7 88.9 89.3 93.3 90.8 91.9 93.7 90.3 93.4 93.4 91.8 89.0 90.9 93.1 92.3 92.5 92.6 Page | 22 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 F. Weighted Average Maturity, in days (a measure of interest rate sensitivity) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 39.6 38.5 36.8 36.6 32.3 32.0 35.8 32.8 30.6 34.5 35.2 35.1 33.4 30.5 29.0 24.8 21.8 25.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 28.3 27.1 24.4 24.8 22.9 23.0 24.8 22.3 23.8 25.7 25.8 23.7 22.3 23.3 25.0 24.0 23.0 26.4 24.5 22.2 25.5 27.6 27.9 28.0 25.7 27.7 25.8 27.6 29.0 33.3 32.9 Prime Retail . . . . . . . . . . . . . . . . . . 44.8 44.0 39.6 38.3 37.9 33.4 33.6 38.2 40.2 39.3 37.8 34.0 33.8 35.3 35.7 31.6 31.8 35.2 30.9 32.3 34.5 33.6 36.1 34.3 29.9 35.4 32.3 34.1 34.8 39.4 34.2 Muni (Pre-Oct 2016) 29.1 26.7 31.6 32.2 31.2 31.8 32.1 29.2 27.4 26.1 23.8 23.4 21.2 18.4 23.3 24.9 26.6 24.9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 13.6 14.9 15.9 14.3 14.5 13.7 11.7 10.5 10.4 9.4 12.1 13.4 13.6 14.1 16.5 12.8 12.7 12.8 9.8 10.9 10.3 9.9 9.2 11.4 12.9 14.1 13.5 12.5 13.5 14.2 12.6 Muni Retail . . . . . . . . . . . . . . . . . . 24.6 25.7 27.1 25.3 23.8 21.9 20.2 17.3 21.3 21.8 27.4 26.8 24.5 25.7 28.7 24.9 24.0 24.5 21.0 21.2 22.1 20.2 22.3 28.8 30.0 29.0 27.3 27.5 25.4 25.3 22.7 Government 41.8 40.6 37.5 37.8 35.9 34.7 37.8 37.0 38.6 37.9 39.2 39.8 39.9 38.9 39.4 39.5 39.1 40.4 41.8 42.2 45.0 42.3 40.0 38.1 34.8 31.2 32.0 31.2 29.7 30.3 28.8 30.1 31.8 29.5 28.9 32.2 28.6 27.1 29.4 27.7 28.6 33.3 32.2 31.1 30.4 27.0 26.9 29.7 28.2 Treasury 43.8 41.2 41.5 43.3 41.3 41.3 43.2 39.8 42.6 41.4 44.7 44.6 42.2 39.3 43.0 42.3 45.3 46.2 46.5 46.0 47.0 46.6 43.2 40.2 36.3 33.4 37.7 34.8 35.8 36.5 33.1 31.3 34.9 34.6 36.9 37.1 34.5 34.0 36.0 31.7 32.5 33.6 32.1 29.4 31.3 32.4 31.5 32.4 31.6 Page | 23 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 G. Daily Liquid Assets as Percent of Total Assets (As municipal funds do not have a daily liquidity requirement, their daily liquidity statistics are not included here.) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 24.6% 25.7% 26.2% 26.4% 27.7% 24.3% 27.5% 30.1% 32.3% 27.9% 30.7% 31.0% 32.7% 32.7% 31.0% 34.8% 38.9% 43.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 41.4% 37.8% 41.0% 38.5% 37.8% 41.4% 33.7% 39.7% 41.9% 36.6% 35.7% 40.1% 37.9% 37.7% 38.5% 31.7% 33.9% 35.1% 37.2% 34.9% 36.7% 36.4% 40.1% 37.0% 39.3% 37.8% 37.9% 40.2% 40.0% 41.2% 39.9% Prime Retail . . . . . . . . . . . . . . . . . . 30.3% 25.9% 30.3% 28.4% 25.8% 28.6% 23.2% 27.8% 27.9% 26.6% 26.5% 29.2% 27.1% 25.0% 29.8% 22.4% 26.1% 26.7% 25.2% 20.8% 21.2% 23.9% 27.8% 23.1% 22.4% 25.7% 30.6% 27.0% 27.5% 27.6% 26.0% Government 33.1% 34.5% 30.7% 32.0% 30.5% 28.7% 32.5% 39.6% 37.0% 31.3% 32.2% 34.2% 32.0% 32.0% 35.0% 32.6% 40.0% 46.7% 47.3% 46.4% 49.3% 43.6% 44.2% 47.3% 44.0% 45.1% 44.8% 41.2% 42.4% 42.4% 43.8% 42.6% 45.9% 40.9% 44.3% 47.0% 46.6% 47.1% 45.0% 44.7% 47.4% 47.1% 47.0% 46.5% 49.0% 47.6% 47.1% 44.2% 43.1% Treasury 89.5% 90.4% 87.8% 91.2% 91.8% 89.4% 92.6% 93.8% 96.0% 93.8% 94.4% 95.7% 91.2% 93.3% 94.1% 90.1% 92.9% 93.3% 93.5% 93.1% 94.4% 93.5% 93.0% 94.5% 89.7% 91.1% 93.2% 91.4% 90.2% 91.8% 90.7% 91.2% 93.4% 91.4% 91.1% 92.4% 91.6% 90.9% 90.9% 90.8% 92.2% 91.6% 92.1% 91.5% 93.4% 92.4% 91.9% 92.1% 91.5% Page | 24 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 H. Weekly Liquid Assets as Percent of Total Assets 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 39.8% 39.8% 41.0% 39.9% 41.5% 42.2% 41.7% 43.0% 45.3% 42.6% 42.9% 44.7% 45.8% 48.0% 49.0% 53.7% 62.3% 62.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 58.0% 57.5% 58.8% 56.0% 56.2% 56.1% 54.3% 54.7% 56.5% 55.7% 54.7% 56.0% 55.8% 55.4% 55.1% 53.6% 54.7% 54.0% 55.6% 54.8% 54.4% 55.1% 55.5% 54.3% 55.1% 54.0% 54.0% 54.6% 54.3% 55.8% 54.2% Prime Retail . . . . . . . . . . . . . . . . . . 45.2% 43.6% 42.9% 43.0% 42.8% 43.3% 41.6% 42.7% 41.9% 41.3% 41.5% 45.2% 44.1% 44.0% 44.7% 44.4% 44.9% 41.6% 41.7% 41.2% 41.0% 41.9% 42.0% 42.7% 42.8% 40.1% 43.3% 41.6% 42.4% 41.2% 41.2% Muni (Pre-Oct 2016) 75.7% 63.8% 78.5% 79.2% 79.9% 80.4% 66.4% 79.8% 79.9% 66.5% 79.5% 79.5% 68.0% 79.6% 81.0% 77.2% 79.8% 78.6% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 93.1% 90.4% 90.5% 91.3% 89.1% 88.2% 85.5% 90.0% 92.9% 90.3% 91.1% 83.6% 88.3% 89.5% 85.4% 87.4% 87.1% 84.3% 89.8% 88.7% 90.3% 85.4% 91.6% 86.4% 89.1% 88.9% 87.5% 89.6% 88.8% 87.5% 84.9% Muni Retail . . . . . . . . . . . . . . . . . . 79.1% 79.0% 77.3% 76.5% 76.8% 79.2% 75.8% 80.2% 80.6% 79.5% 77.7% 66.0% 78.4% 79.3% 76.3% 78.0% 77.7% 74.3% 75.4% 76.7% 77.4% 78.3% 79.4% 76.2% 76.4% 77.4% 76.7% 74.4% 76.4% 75.5% 74.8% Government 61.6% 61.1% 64.8% 65.9% 64.6% 64.0% 58.2% 64.7% 61.5% 60.9% 61.6% 59.3% 57.4% 59.3% 58.9% 58.2% 63.9% 67.6% 69.5% 68.8% 68.4% 67.3% 68.8% 68.6% 69.2% 69.7% 68.4% 67.5% 66.8% 67.8% 70.8% 69.8% 70.0% 70.6% 70.7% 69.7% 70.6% 71.4% 70.1% 71.1% 72.6% 70.5% 70.9% 71.9% 71.7% 70.8% 70.8% 69.5% 69.3% Treasury 98.2% 97.9% 98.5% 98.9% 99.3% 99.5% 99.0% 99.3% 99.8% 98.9% 99.5% 99.5% 95.5% 99.0% 98.9% 96.0% 98.6% 98.6% 98.4% 98.5% 98.4% 98.6% 98.7% 99.0% 96.1% 98.3% 99.2% 98.9% 98.3% 98.2% 97.8% 99.0% 98.4% 98.0% 97.8% 97.7% 98.4% 98.5% 98.6% 98.0% 98.8% 98.3% 98.2% 99.0% 98.7% 98.2% 98.0% 98.1% 98.3% Page | 25 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 I. Prime MMFs Holdings of Bank-Related Securities by Country (Millions) (Bank-related securities include Certificates of Deposit, Time Deposits, sponsored ABCP, and repurchase agreements where the bank is the counterparty) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 US $197,026 $188,694 $190,786 $218,162 $215,660 $183,399 $186,642 $188,746 $187,704 $182,104 $190,935 $176,293 $171,482 $149,185 $143,672 $127,698 $100,567 $77,117 $55,269 $52,839 $58,507 $58,023 $53,922 $56,244 $61,042 $57,170 $59,305 $60,935 $61,380 $55,743 $60,851 $65,019 $67,441 $72,365 $63,838 $67,938 $66,039 $68,223 $66,354 $66,036 $71,662 $71,010 $76,953 $82,906 $92,421 $94,930 $94,414 $104,201 $117,016 Aust/NZ $95,432 $97,905 $97,382 $89,752 $85,230 $79,368 $89,622 $88,191 $87,351 $84,278 $81,949 $68,987 $71,449 $62,106 $63,142 $60,820 $50,344 $37,403 $28,265 $29,012 $34,539 $33,000 $35,300 $38,773 $39,134 $37,442 $38,208 $36,520 $38,688 $41,342 $40,871 $42,365 $47,085 $42,414 $39,232 $39,869 $36,711 $32,490 $35,652 $28,949 $30,607 $31,444 $33,813 $39,065 $40,161 $35,925 $35,982 $35,983 $33,793 Canada $205,017 $213,520 $216,716 $208,840 $209,835 $206,436 $188,570 $199,736 $183,189 $177,634 $181,858 $165,549 $139,091 $141,828 $137,677 $112,577 $99,785 $76,796 $56,307 $60,293 $70,573 $64,246 $66,475 $81,099 $68,858 $69,156 $80,402 $79,390 $76,927 $84,706 $78,528 $93,097 $101,879 $88,728 $89,252 $90,298 $84,856 $89,509 $91,761 $85,975 $90,422 $105,020 $98,542 $103,346 $123,301 $105,743 $112,401 $118,719 $124,289 France $167,331 $164,457 $111,812 $184,908 $190,023 $116,480 $188,032 $179,724 $104,508 $181,821 $190,173 $132,379 $177,840 $164,771 $111,480 $157,244 $145,490 $55,565 $53,223 $57,610 $41,649 $55,054 $62,096 $47,431 $59,551 $63,174 $45,291 $56,574 $64,906 $54,480 $63,416 $65,718 $39,108 $62,068 $63,537 $50,320 $61,343 $56,732 $48,019 $60,509 $59,673 $60,898 $78,202 $68,335 $53,809 $75,596 $79,765 $65,434 $86,468 Germany $47,423 $47,857 $44,720 $46,376 $49,435 $48,433 $46,715 $38,772 $32,739 $43,463 $46,675 $50,440 $53,344 $53,837 $44,286 $48,879 $39,497 $28,727 $23,749 $22,680 $19,868 $25,345 $26,524 $26,119 $25,048 $25,561 $18,840 $27,019 $28,424 $29,824 $28,244 $33,112 $24,540 $28,744 $27,239 $30,199 $31,266 $34,619 $32,600 $34,956 $34,339 $35,392 $40,330 $39,566 $23,065 $31,019 $31,393 $40,059 $41,331 Japan $172,895 $177,024 $179,887 $176,656 $175,545 $174,694 $178,992 $172,077 $162,264 $161,629 $156,241 $163,308 $159,432 $160,888 $145,936 $128,902 $87,568 $50,429 $47,863 $43,767 $44,763 $43,610 $44,909 $47,452 $48,325 $47,673 $49,401 $48,260 $48,492 $51,631 $50,062 $54,121 $51,882 $50,203 $55,237 $53,094 $57,737 $64,388 $59,551 $65,719 $66,409 $71,200 $68,986 $71,141 $83,019 $103,889 $88,977 $86,889 $99,667 Netherlands $55,868 $60,819 $56,828 $54,486 $53,304 $56,228 $53,497 $50,962 $43,484 $50,000 $50,163 $49,837 $47,800 $44,629 $39,564 $35,698 $28,035 $23,803 $20,252 $21,795 $12,350 $16,778 $16,373 $16,410 $19,921 $21,388 $16,196 $24,212 $31,501 $21,272 $34,688 $29,178 $14,462 $36,648 $33,060 $28,967 $28,094 $29,163 $18,954 $36,348 $32,119 $29,567 $26,881 $23,774 $15,576 $32,848 $25,027 $32,465 $31,575 Switzerland $56,886 $52,279 $53,377 $52,487 $46,570 $43,836 $46,285 $45,123 $31,781 $41,933 $47,716 $41,728 $40,081 $36,550 $29,145 $33,991 $24,611 $13,239 $12,274 $10,491 $11,287 $11,769 $12,045 $10,892 $14,838 $16,209 $15,530 $12,878 $14,699 $15,014 $16,699 $15,789 $16,354 $20,878 $23,998 $18,139 $30,528 $25,283 $17,792 $19,943 $18,993 $10,678 $20,441 $21,244 $23,882 $24,041 $29,481 $21,610 $28,371 UK $106,643 $106,829 $67,511 $93,436 $97,549 $63,743 $73,738 $73,477 $57,684 $77,124 $74,990 $63,814 $69,096 $63,438 $57,450 $52,566 $40,598 $30,229 $25,672 $21,786 $13,580 $24,091 $20,550 $18,155 $25,945 $26,238 $23,052 $25,745 $26,002 $29,727 $31,297 $32,885 $30,506 $32,517 $35,451 $37,838 $38,762 $41,567 $31,895 $41,350 $44,571 $38,307 $46,233 $49,361 $35,439 $42,278 $44,540 $44,462 $40,256 Page | 26 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 J. Prime MMFs Holdings of Bank-Related Securities by Region (Millions) (Bank-related securities include Certificates of Deposit, Time Deposits, sponsored ABCP, and repurchase agreements where the bank is the counterparty) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Americas $404,816 $405,031 $410,216 $429,659 $428,223 $392,839 $377,808 $390,944 $373,214 $361,722 $374,976 $344,016 $312,791 $292,675 $282,750 $241,745 $201,539 $154,358 $112,169 $113,736 $129,780 $122,864 $121,228 $138,311 $130,493 $126,919 $140,245 $140,817 $138,973 $140,983 $140,003 $158,724 $170,109 $161,705 $153,706 $158,769 $151,439 $158,453 $158,771 $152,578 $162,799 $176,959 $176,179 $186,792 $216,533 $201,238 $207,344 $223,511 $241,898 Asia/Pacific $290,789 $298,475 $307,195 $297,824 $288,633 $279,030 $294,191 $285,591 $279,261 $272,201 $262,077 $257,902 $255,496 $250,898 $241,802 $219,437 $161,803 $98,569 $84,255 $80,532 $88,706 $86,155 $90,201 $97,042 $98,436 $95,203 $101,940 $98,346 $100,476 $107,721 $103,269 $109,930 $114,197 $104,374 $107,348 $106,762 $108,511 $109,848 $110,025 $109,968 $111,847 $119,718 $118,456 $124,768 $138,113 $153,648 $139,543 $141,483 $152,893 Europe $586,490 $598,836 $436,893 $597,194 $607,487 $425,643 $586,639 $549,831 $339,225 $564,923 $584,937 $454,696 $571,371 $545,708 $391,986 $478,183 $414,665 $218,682 $189,513 $189,359 $132,221 $191,920 $204,219 $186,298 $216,358 $222,292 $178,741 $210,819 $236,187 $219,908 $247,709 $243,457 $172,127 $244,751 $246,462 $213,557 $254,940 $243,385 $213,975 $255,767 $252,776 $234,910 $276,946 $268,842 $202,689 $275,567 $290,111 $276,147 $293,622 Eurozone $286,551 $287,718 $219,682 $300,041 $306,772 $226,840 $302,055 $284,337 $186,618 $291,871 $304,889 $242,342 $297,202 $281,622 $202,039 $256,238 $227,798 $110,519 $102,615 $108,089 $78,415 $107,601 $115,993 $95,304 $117,210 $122,851 $86,779 $120,468 $137,561 $112,538 $141,263 $141,678 $86,732 $140,569 $135,413 $115,255 $130,595 $127,890 $106,821 $140,067 $134,998 $133,740 $158,020 $146,213 $103,413 $155,848 $151,140 $146,045 $169,148 Page | 27 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 K. Prime Funds Portfolio Composition 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Asset-Backed $90,277 $91,551 $92,747 $95,776 $99,382 $98,308 $97,867 $98,101 $100,001 $97,175 $99,442 $99,407 $93,903 $88,388 $82,300 $70,826 $50,509 $32,234 $31,214 $32,613 $32,515 $31,280 $31,882 $31,470 $34,261 $34,915 $38,005 $37,676 $41,166 $38,080 $38,932 $40,230 $41,367 $41,962 $40,185 $39,885 $38,018 $41,658 $41,932 $44,428 $45,757 $47,464 $46,840 $51,916 $55,236 $58,251 $59,125 $58,043 $59,523 CDs and Time Deposits $564,264 $576,506 $540,883 $572,594 $573,424 $518,770 $536,390 $508,976 $448,039 $502,491 $509,330 $470,149 $633,856 $610,881 $493,649 $528,712 $458,565 $260,280 $212,463 $211,101 $191,495 $232,349 $243,982 $245,654 $259,185 $257,741 $231,652 $255,799 $271,275 $263,070 $279,090 $283,618 $229,575 $265,761 $256,631 $222,924 $242,621 $227,305 $230,096 $243,998 $240,445 $246,243 $262,769 $263,039 $245,797 $289,433 $297,990 $282,832 $298,736 Financial Co. CP $258,376 $259,069 $244,854 $261,556 $252,335 $231,523 $244,734 $232,774 $212,028 $233,403 $229,720 $223,813 $228,874 $219,174 $191,981 $179,301 $141,475 $86,118 $86,686 $86,079 $78,677 $86,938 $94,693 $100,704 $102,998 $103,142 $101,583 $103,858 $118,815 $115,276 $119,279 $126,694 $125,719 $141,637 $143,571 $132,047 $142,426 $146,700 $143,163 $153,108 $150,485 $153,670 $156,687 $156,449 $149,081 $160,741 $167,806 $186,910 $192,077 Gov& Treas (Direct & Repo) $350,540 $344,860 $451,851 $338,105 $366,240 $567,599 $482,490 $475,131 $511,341 $338,219 $338,413 $409,466 $296,958 $283,012 $315,884 $276,786 $220,096 $222,935 $125,909 $125,233 $138,081 $105,944 $109,092 $122,938 $105,465 $120,056 $154,742 $136,482 $117,587 $150,153 $137,314 $132,108 $162,539 $120,823 $123,698 $161,875 $163,528 $161,880 $158,911 $156,450 $189,323 $186,679 $172,413 $190,315 $212,784 $216,162 $244,638 $313,254 $310,274 Non-Financial Co. CP & Other $439,606 $452,667 $357,401 $459,559 $461,532 $318,150 $423,476 $408,991 $284,518 $393,273 $413,816 $301,876 $214,119 $211,359 $188,373 $177,183 $159,002 $129,102 $106,548 $112,738 $104,516 $104,006 $104,009 $93,170 $101,768 $94,616 $83,467 $88,453 $92,259 $93,851 $95,196 $95,698 $98,792 $97,725 $104,043 $98,970 $97,577 $104,614 $95,339 $109,146 $104,427 $109,552 $107,399 $106,553 $99,885 $99,421 $109,297 $130,053 $140,941 Page | 28 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 L. Government and Treasury MMFs Bank Repo Counterparties by Country (Millions) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 US $81,239 $79,594 $70,888 $82,216 $85,265 $72,695 $81,216 $71,254 $72,819 $80,633 $87,553 $75,401 $90,436 $85,123 $88,294 $93,632 $105,961 $112,594 $132,097 $128,844 $104,212 $130,451 $131,586 $116,938 $137,250 $133,525 $114,103 $130,405 $137,777 $118,168 $127,641 $135,630 $127,784 $145,412 $143,112 $126,073 $156,306 $154,607 $153,799 $152,204 $143,524 $149,194 $142,819 $141,938 $172,218 $174,729 $174,532 $191,597 $194,493 Canada $33,674 $34,416 $36,544 $36,995 $41,352 $38,971 $32,669 $43,154 $44,675 $43,594 $50,817 $49,567 $54,482 $59,950 $72,381 $63,254 $75,811 $75,405 $67,885 $90,774 $92,700 $87,787 $97,761 $103,416 $107,535 $116,243 $113,489 $103,509 $113,874 $119,790 $115,055 $125,604 $148,809 $128,353 $124,849 $130,753 $118,552 $127,472 $144,331 $126,428 $124,626 $140,200 $122,622 $147,878 $165,790 $145,025 $154,948 $165,671 $140,438 France $81,287 $81,556 $36,999 $99,880 $92,357 $40,844 $96,394 $90,241 $37,590 $108,133 $120,096 $55,583 $125,243 $123,910 $71,196 $148,439 $173,611 $99,395 $180,878 $167,053 $77,674 $184,044 $187,092 $114,987 $193,548 $189,492 $125,437 $200,030 $219,808 $165,379 $241,971 $245,902 $111,718 $219,634 $222,224 $181,170 $236,494 $255,834 $193,276 $244,641 $230,774 $185,394 $223,488 $208,925 $133,126 $224,416 $218,945 $172,279 $217,584 Germany $4,028 $2,076 $400 $1,000 $1,777 $304 $459 $304 $2,065 $4,799 $8,047 $6,562 $9,869 $12,319 $9,752 $15,518 $20,024 $15,168 $35,712 $27,923 $10,245 $23,358 $22,619 $13,631 $19,389 $20,078 $15,246 $21,802 $17,610 $18,940 $21,235 $28,452 $26,666 $36,939 $24,839 $15,336 $17,080 $20,538 $10,811 $25,969 $23,176 $18,349 $24,319 $25,172 $15,324 $20,829 $19,726 $23,105 $18,231 Japan $5,835 $5,991 $2,970 $8,599 $8,573 $7,818 $11,401 $9,633 $11,037 $17,507 $17,711 $12,854 $24,977 $25,534 $24,498 $34,739 $37,760 $54,025 $66,141 $75,887 $66,718 $77,648 $80,995 $82,655 $94,710 $98,886 $97,700 $103,244 $112,436 $99,545 $105,813 $109,140 $115,001 $115,405 $120,500 $104,153 $120,370 $115,758 $126,228 $136,361 $138,966 $135,127 $136,083 $134,738 $135,124 $141,194 $134,044 $123,776 $134,663 UK $32,666 $26,173 $8,750 $22,914 $22,653 $13,385 $19,277 $20,116 $15,345 $18,305 $20,984 $17,145 $24,413 $28,005 $24,165 $37,409 $41,857 $53,088 $49,231 $44,514 $26,148 $50,601 $47,247 $34,403 $62,132 $73,356 $63,456 $74,542 $75,479 $55,796 $81,658 $84,129 $76,159 $95,388 $101,836 $100,646 $108,941 $104,044 $86,101 $95,907 $104,708 $93,072 $97,201 $96,941 $89,441 $102,066 $98,835 $89,430 $99,874 Other $23,786 $21,187 $12,334 $24,503 $22,965 $10,495 $34,908 $23,683 $9,874 $28,928 $31,294 $13,504 $29,612 $30,664 $13,089 $32,028 $38,445 $19,981 $40,666 $38,058 $16,399 $38,485 $29,261 $22,336 $39,740 $37,838 $28,061 $41,148 $50,101 $36,585 $51,138 $56,463 $28,411 $55,246 $54,364 $35,832 $45,286 $48,050 $33,673 $52,903 $50,489 $36,669 $50,147 $44,590 $38,148 $44,497 $44,441 $29,363 $41,845 Page | 29 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 M. All Funds Repo with the Fed (Millions) 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 FedRepo $121,189 $148,626 $372,152 $129,377 $143,894 $414,415 $188,401 $133,924 $423,991 $104,048 $79,448 $267,679 $60,033 $90,902 $242,784 $84,833 $149,893 $384,348 $198,088 $177,264 $403,420 $165,226 $194,041 $328,793 $174,266 $244,136 $365,114 $189,737 $204,126 $298,480 $164,445 $96,209 $288,134 $55,087 $30,873 $22,621 $13,720 $21,465 $88,810 $9,035 $380 $44,945 $4,805 $2,455 $39,648 $1,041 $3,405 $721 $5 Page | 30 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 N. Percent of Securities with Greater Than 179 Days to Maturity 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 Prime (Pre-Oct 2016) 11.2% 10.0% 10.6% 10.9% 9.6% 8.8% 8.6% 7.5% 5.2% 5.2% 4.7% 4.6% 4.5% 3.5% 3.6% 3.5% 3.0% 3.6% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prime Institutional . . . . . . . . . . . . . . . . . . 6.3% 5.7% 6.8% 7.2% 6.9% 9.2% 8.6% 9.0% 9.2% 10.2% 9.1% 9.1% 10.1% 10.3% 8.7% 8.3% 7.2% 6.9% 6.4% 6.5% 7.4% 8.2% 9.2% 9.0% 8.1% 8.4% 7.9% 9.0% 8.1% 7.3% 8.2% Prime Retail . . . . . . . . . . . . . . . . . . 6.2% 6.8% 6.9% 6.5% 7.1% 8.3% 7.7% 8.1% 8.3% 10.5% 11.5% 9.7% 9.1% 10.6% 8.3% 9.2% 10.1% 8.7% 7.9% 5.4% 7.8% 6.5% 6.0% 7.2% 8.0% 8.3% 6.2% 6.3% 7.7% 7.8% 7.6% Muni (Pre-Oct 2016) 5.3% 4.8% 7.2% 8.0% 8.0% 8.1% 8.5% 8.3% 7.3% 4.5% 3.6% 3.7% 3.4% 3.3% 4.9% 5.5% 6.4% 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Muni Institutional . . . . . . . . . . . . . . . . . . 3.2% 3.9% 3.4% 1.7% 1.9% 1.6% 1.5% 1.0% 1.2% 1.1% 1.5% 1.7% 1.8% 2.4% 3.1% 2.0% 2.0% 0.9% 0.6% 0.5% 0.4% 0.7% 0.6% 1.1% 2.0% 2.1% 1.9% 1.9% 1.9% 0.7% 0.8% Muni Retail . . . . . . . . . . . . . . . . . . 6.0% 6.5% 6.0% 3.9% 3.4% 3.3% 2.9% 2.6% 3.6% 4.1% 5.6% 5.5% 5.3% 6.1% 5.8% 4.4% 4.1% 2.9% 2.8% 3.0% 3.4% 4.0% 4.7% 6.6% 7.2% 7.1% 5.0% 5.0% 4.8% 2.9% 2.8% Government 15.1% 14.5% 13.4% 14.2% 14.6% 15.3% 16.0% 15.0% 14.4% 15.1% 15.4% 17.4% 17.7% 17.9% 19.1% 19.6% 18.7% 17.2% 17.1% 17.5% 18.2% 19.0% 18.0% 17.9% 16.7% 16.3% 16.5% 15.8% 15.0% 13.8% 13.7% 15.6% 15.9% 16.6% 16.2% 15.8% 15.0% 14.1% 15.3% 15.7% 15.5% 14.3% 15.2% 15.3% 15.5% 15.6% 15.3% 16.0% 16.6% Treasury 12.5% 12.3% 12.5% 14.3% 10.8% 12.3% 13.7% 11.5% 13.8% 16.6% 14.2% 14.6% 16.7% 14.3% 17.3% 17.8% 16.5% 17.4% 18.6% 16.5% 18.0% 18.9% 17.2% 17.7% 17.8% 14.7% 15.8% 15.9% 13.3% 15.1% 15.2% 13.1% 13.7% 15.3% 12.8% 14.1% 14.2% 13.8% 15.1% 15.6% 14.9% 14.6% 15.8% 14.3% 15.2% 16.9% 14.4% 15.2% 17.7% Page | 31 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Appendix 2 – Key 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). 1 Bank-related securities For purposes of this report, includes certificates of deposit, time deposits, sponsored ABCP, and repurchase agreements where the bank is the counterparty. 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 29 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 at https://www.sec.gov/about/forms/formn-mfp.pdf. Fund Category A category on Item A.10 of Form N-MFP. Form N-MFP requests filers to identify each Fund from among the following categories: Treasury, Government Agency, Exempt Government, Prime, Single State and Other Tax Exempt, and further asks the filer to identify whether the Fund is an exempt Retail 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 that is not identified as a Retail money market fund. Government and Treasury money market funds are not required to make this distinction. Money Market Fund (or Fund) 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. 1 Form N-MFP is available at https://www.sec.gov/about/forms/formn-mfp.pdf. Rule 2-a7 (17 CFR 270.2a-7) is available at https://www.ecfr.gov/cgi-bin/text-idx?SID=e937839363fe49d2f475d202e9a94320&mc=true&node=se17.4.270_12a_67&rgn=div8. Page | 32 of 33 U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of April 30, 2019 Prime money market fund Any Fund reported on Form N-MFP as a Prime money market fund. Prime money market funds generally hold a variety of taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and assetbacked commercial paper. 2 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. Government and Treasury money market funds are not required to make this distinction. Tax exempt fund A money market fund that holds itself out as distributing income exempt from regular federal income tax. Treasury money market fund A government money market fund that limits its holdings to only U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury securities. 3 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 29 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. 2 See Money Market Fund Reform; Amendments to Form PF, Investment Company Act Release No. 31166 (July 23, 2014), available at https://www.sec.gov/rules/final/2014/33-9616.pdf. 3 Id. Page | 33 of 33 --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A74298ffec85da8b0. Public record. Not legal advice.