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Division of Investment Management
Analytics Office
Money Market Fund Statistics
Form N-MFP Data, period ending May 31, 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 May 31, 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
5/31/2019
Change
4/30/2019
Page
4
47
33
1
-1
46
34
14
67
-
14
67
151
58
-
151
58
$616.1
$392.7
-$0.6
$9.5
$616.7
$383.2
$13.6
$127.1
-$0.3
$2.4
$13.9
$124.7
$1,678.8
$744.6
$42.3
$25.0
$1,636.5
$719.6
2.54%
2.58%
-0.04%
-0.05%
2.58%
2.63%
1.58%
1.52%
-0.65%
-0.67%
2.23%
2.20%
2.45%
2.43%
-0.04%
-0.04%
2.49%
2.48%
2.46%
2.32%
-0.04%
-0.05%
2.50%
2.37%
1.45%
1.24%
-0.65%
-0.67%
2.10%
1.92%
2.17%
2.21%
-0.04%
-0.04%
2.21%
2.25%
60.1 days
63.1 days
3.7 days
0.6 days
56.4 days
62.5 days
14.1 days
25.0 days
1.2 days
-0.1 days
12.9 days
25.1 days
93.3 days
91.2 days
2.4 days
-1.4 days
90.9 days
92.6 days
5
6
7
8
Page | 2 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 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
5/31/2019
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
4/30/2019
9
33.6 days
32.7 days
0.7 days
-1.5 days
32.9 days
34.2 days
13.8 days
22.6 days
1.2 days
-0.1 days
12.6 days
22.7 days
27.7 days
32.4 days
-0.4 days
0.8 days
28.2 days
31.6 days
10
37.6%
23.6%
-2.3%
-2.4%
39.9%
26.0%
42.5%
90.6%
-0.6%
-0.9%
43.1%
91.5%
11
52.6%
41.5%
-1.6%
0.3%
54.2%
41.2%
87.2%
76.2%
2.3%
1.4%
84.9%
74.8%
69.4%
98.5%
0.1%
0.2%
69.3%
98.3%
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
$0.9
$0.9
$0.0
9.0%
6.0%
0.8%
-1.6%
8.2%
7.6%
1.0%
3.1%
0.1%
0.3%
0.8%
2.8%
17.8%
14.7%
1.2%
-3.0%
16.6%
17.7%
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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 2019
Millions
All Funds 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 May 31, 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 May 31, 2019
Appendix 1 – Supporting Data
A. Number of Funds
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
5/31/2019
Prime
(Pre-Oct 2016)
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
47
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
33
Muni
(Pre-Oct 2016)
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
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
67
Government
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
151
Treasury
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
58
Total
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
370
Page | 18 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
B. Net Assets of Money Market Funds by Category (Millions)
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
5/31/2019
Prime
(Pre-Oct 2016)
$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
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
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.
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.
.
.
.
.
.
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
$616,085
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
$392,730
Muni
(Pre-Oct 2016)
$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
.
.
.
.
.
.
.
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.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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
$13,568
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
$127,081
Government
$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
$1,678,816
Treasury
$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
$744,591
Total
$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
$3,572,870
Page | 19 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
C. Weighted Average 7-Day Gross Yield
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
5/31/2019
Prime
(Pre-Oct 2016)
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%
2.54%
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%
2.58%
Muni
(Pre-Oct 2016)
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%
1.58%
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%
1.52%
Government
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%
2.45%
Treasury
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%
2.43%
Page | 20 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
D. Weighted Average 7-Day Net Yield
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
5/31/2019
Prime
(Pre-Oct 2016)
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%
2.46%
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%
2.32%
Muni
(Pre-Oct 2016)
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.06%
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%
1.45%
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%
1.24%
Government
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%
2.17%
Treasury
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%
2.21%
Page | 21 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
E. Weighted Average Life, in days (a measure of credit sensitivity)
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
5/31/2019
Prime
(Pre-Oct 2016)
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
60.1
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
63.1
Muni
(Pre-Oct 2016)
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
14.1
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
25.0
Government
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
93.3
Treasury
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
91.2
Page | 22 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
F. Weighted Average Maturity, in days (a measure of interest rate sensitivity)
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
5/31/2019
Prime
(Pre-Oct 2016)
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
33.6
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
32.7
Muni
(Pre-Oct 2016)
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
13.8
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
22.6
Government
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
27.7
Treasury
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
32.4
Page | 23 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 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.)
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
5/31/2019
Prime
(Pre-Oct 2016)
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%
37.6%
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%
23.6%
Government
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%
42.5%
Treasury
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%
90.6%
Page | 24 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
H. Weekly Liquid Assets as Percent of Total Assets
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
5/31/2019
Prime
(Pre-Oct 2016)
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%
52.6%
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%
41.5%
Muni
(Pre-Oct 2016)
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%
87.2%
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%
76.2%
Government
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%
69.4%
Treasury
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%
98.5%
Page | 25 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 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)
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
5/31/2019
US
$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
$117,460
Aust/NZ
$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
$36,074
Canada
$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
$129,517
France
$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
$86,740
Germany
$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
$43,623
Japan
$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
$99,894
Netherlands
$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
$31,680
Switzerland
$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
$26,039
UK
$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
$42,591
Page | 26 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 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)
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
5/31/2019
Americas
$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
$247,595
Asia/Pacific
$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
$159,125
Europe
$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
$287,404
Eurozone
$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
$168,830
Page | 27 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
K. Prime Funds Portfolio Composition
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
5/31/2019
Asset-Backed
$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
$61,954
CDs and Time Deposits
$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
$302,632
Financial Co. CP
$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
$196,984
Gov& Treas (Direct & Repo)
$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
$301,045
Non-Financial Co. CP & Other
$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
$145,395
Page | 28 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
L. Government and Treasury MMFs Bank Repo Counterparties by Country (Millions)
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
5/31/2019
US
$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
$202,323
Canada
$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
$145,633
France
$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
$217,538
$223,616
Germany
$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
$19,619
Japan
$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
$134,708
$138,983
UK
$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
$100,880
Other
$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
$37,886
Page | 29 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
M. Funds Repo with the Fed (Millions)
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
5/31/2019
Fed Repo
$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
$855
Page | 30 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 2019
N. Percent of Securities with Greater Than 179 Days to Maturity
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
5/31/2019
Prime
(Pre-Oct 2016)
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%
9.0%
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%
6.0%
Muni
(Pre-Oct 2016)
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%
1.0%
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%
3.1%
Government
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%
17.8%
Treasury
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%
14.7%
Page | 31 of 33
U.S. Securities and Exchange Commission, Money Market Funds Statistics, data as of May 31, 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 May 31, 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
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.