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Division of Investment Management
Analytics Ofce
Money Market Fund Statistics
Form N-MFP Data, period ending March 2025
This is a report of the Staf of the Division of Investment Management’s Analytics Ofce of the
U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the
analysis, fndings, or conclusions contained herein.
March 2025
Analytics Ofce
Introduction
This report provides statistics and trends for registered Money Market Funds that fle reports
on Form N-MFP, refecting data collected through April 7, 2025, for the reporting periods from
March 2024 to March 2025. Please see the Appendicies to this report for defnitions of capitalized
terms and other technical descriptions.
Commission Staf works with the reported information and with flers to identify and correct fling errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staf updates reported statistics from time to time to refect corrected
and amended flings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staf
may remove erroneous flings to ensure the accuracy of information presented. A downloadable Excel fle published alongside this report provides the most recently updated
historical data and includes methodological notes and assumptions, including a description of signifcant changes.
Please see the Division of Investment Management’s “Registered Fund Statistics” report on
SEC.gov for information and statistics relating to Registered Investment Companies reporting on
Form N-PORT which are not presented in this report.
If you have any questions or comments about this report, please contact:
IM-Analytics with subject line “Money Market Fund Statistics (March 2025)”.
1
March 2025
Analytics Ofce
Contents
1 Number of MMFs and Advisers
3
2 Assets and Liabilities
6
3 Flows
13
4 Yields
19
5 Maturity
21
6 Liquidity
23
7 Portfolio Securities
25
8 Repurchase Agreements
31
9 Portfolio Dispositions
33
10 Appendices
34
2
March 2025
1
Analytics Ofce
Number of MMFs and Advisers1
Table 1.1: Number of MMFs Reporting2
This table excludes feeder funds (Form N-MFP Item A.7).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
134
52
186
36
22
58
8
37
45
289
Apr
2024
134
52
186
35
22
57
8
37
45
288
May
2024
135
52
187
35
22
57
8
37
45
289
Jun
2024
130
60
190
33
22
55
7
37
44
289
Jul
2024
132
59
191
33
22
55
7
37
44
290
Aug
2024
133
59
192
26
22
48
7
37
44
284
Sep
2024
136
60
196
17
22
39
6
39
45
280
Oct
2024
135
62
197
14
22
36
6
36
42
275
Nov
2024
135
62
197
14
22
36
6
36
42
275
Dec
2024
136
62
198
14
22
36
6
36
42
276
Jan
2025
136
62
198
14
22
36
6
35
41
275
Feb
2025
137
62
199
15
22
37
6
35
41
277
Mar
2025
137
62
199
15
22
37
6
35
41
277
Table 1.2: Number of Feeder Funds Reporting
This table relies on the reporting of feeder funds (Form N-MFP Item A.7).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
12
12
24
6
2
8
0
2
2
34
Apr
2024
12
12
24
6
2
8
0
2
2
34
May
2024
12
12
24
6
2
8
0
2
2
34
Jun
2024
15
9
24
6
2
8
0
2
2
34
Jul
2024
18
6
24
6
2
8
0
2
2
34
1
Aug
2024
18
6
24
6
2
8
0
2
2
34
Sep
2024
18
6
24
4
2
6
0
2
2
32
Oct
2024
18
6
24
4
2
6
0
2
2
32
Nov
2024
18
6
24
4
2
6
0
2
2
32
Dec
2024
18
5
23
4
2
6
0
2
2
31
Jan
2025
21
5
26
4
2
6
0
0
0
32
Feb
2025
21
5
26
4
2
6
0
0
0
32
Mar
2025
22
5
27
3
2
5
0
0
0
32
Due to revisions to Form N-MFP efective June 11, 2024, some information presented in this report is only available
beginning June 2024.
2
MMF categories and fund types are derived from reporting on Form N-MFP Item A.10. With revisions to Form
N-MFP efective June 11, 2024, funds must now report on Item A.10.b. if they typically invest at least 80% of the
value of their assets in U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treaury obligations.
As a result, classifcations of “Treasury” funds may not be directly comparable to prior months. Please see the adopted
amendments to certain rules that govern money market funds under the Investment Company Act of 1940 here for more
information.
3
March 2025
Analytics Ofce
Table 1.3: Number of MMFs Established as Cash Management Vehicles
for Afliated Funds and Accounts
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the classifcation of MMFs as
cash management vehicles for afliated funds or other accounts (Item A.21).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Jun
2024
12
5
17
8
0
8
3
0
3
28
Jul
2024
14
4
18
8
0
8
3
0
3
29
Aug
2024
15
4
19
7
0
7
3
0
3
29
Sep
2024
16
4
20
6
0
6
3
0
3
29
Oct
2024
15
4
19
6
0
6
3
0
3
28
Nov
2024
15
4
19
6
0
6
3
0
3
28
Dec
2024
14
4
18
6
0
6
3
0
3
27
Jan
2025
15
4
19
6
0
6
3
0
3
28
Feb
2025
15
4
19
6
0
6
3
0
3
28
Mar
2025
14
4
18
6
0
6
3
0
3
27
Table 1.4: Number of MMFs Seeking to Maintain a Stable Price
Per Share
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the reporting of funds seeking
to maintain a stable price per share (Item A.18).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Jun
2024
122
57
179
0
22
22
0
37
37
238
Jul
2024
124
57
181
0
22
22
0
37
37
240
Aug
2024
124
57
181
0
22
22
0
37
37
240
Sep
2024
126
57
183
0
22
22
0
39
39
244
Oct
2024
125
59
184
0
22
22
0
36
36
242
Nov
2024
125
59
184
0
22
22
0
36
36
242
Dec
2024
126
59
185
0
22
22
0
36
36
243
Jan
2025
126
59
185
0
22
22
0
35
35
242
Feb
2025
126
59
185
0
22
22
0
35
35
242
Mar
2025
126
59
185
0
22
22
0
35
35
242
Table 1.5: Number of Investment Advisers to MMFs
This table relies on MMF investment adviser information reported (Form N-MFP Item A.2). A single MMF
may report multiple advisers on Form N-MFP.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
71
29
77
25
20
32
6
16
17
80
Apr
2024
71
29
77
25
20
32
6
16
17
80
May
2024
72
29
78
25
20
32
6
16
17
81
Jun
2024
68
34
78
23
20
30
5
16
17
81
Jul
2024
65
36
78
23
20
30
5
16
17
81
4
Aug
2024
66
36
79
19
20
28
5
16
17
80
Sep
2024
67
36
80
13
20
26
4
16
17
80
Oct
2024
67
37
81
12
20
26
4
15
16
81
Nov
2024
67
37
81
12
20
26
4
15
16
81
Dec
2024
67
37
81
12
20
26
4
15
16
81
Jan
2025
67
37
81
12
20
26
4
14
15
81
Feb
2025
67
37
81
12
20
26
4
14
15
81
Mar
2025
67
37
81
12
20
26
4
14
15
81
March 2025
Analytics Ofce
Table 1.6: Number of Subadvisers to MMFs
This table relies on MMF subadviser information reported (Form N-MFP Item A.3). A single MMF may
report multiple subadvisers on Form N-MFP.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
20
7
20
8
7
10
3
5
5
21
Apr
2024
20
7
20
8
7
10
3
5
5
21
May
2024
20
7
20
8
7
10
3
5
5
21
Jun
2024
20
8
20
8
7
10
3
5
5
21
Jul
2024
21
7
21
8
8
11
3
5
5
22
Aug
2024
21
7
21
7
8
11
3
5
5
22
Sep
2024
21
7
21
6
8
10
3
5
5
22
Oct
2024
20
7
20
6
8
10
3
5
5
21
Nov
2024
20
7
20
6
8
10
3
5
5
21
Dec
2024
20
7
20
6
8
10
3
5
5
21
Jan
2025
20
7
20
6
8
10
3
5
5
21
Feb
2025
20
7
20
6
8
10
3
5
5
21
Mar
2025
20
7
20
6
8
10
3
5
5
21
Table 1.7: Number of MMF Share Classes
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the number of unique share
classes reported (Item B.2).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
435
227
662
109
90
199
14
120
134
995
Apr
2024
433
227
660
108
90
198
14
120
134
992
May
2024
438
227
665
108
90
198
14
120
134
997
Jun
2024
421
248
669
105
90
195
12
120
132
996
Jul
2024
416
248
664
103
90
193
12
120
132
989
5
Aug
2024
416
248
664
82
90
172
12
120
132
968
Sep
2024
423
249
672
55
90
145
10
130
140
957
Oct
2024
419
251
670
38
89
127
10
122
132
929
Nov
2024
422
251
673
38
89
127
10
122
132
932
Dec
2024
424
251
675
38
89
127
10
122
132
934
Jan
2025
424
252
676
38
89
127
10
121
131
934
Feb
2025
425
252
677
39
88
127
10
121
131
935
Mar
2025
425
253
678
39
88
127
10
121
131
936
March 2025
Analytics Ofce
2
Assets and Liabilities3
2.1
Net Assets
Table 2.1: MMF Net Assets ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on net assets reported (Item
A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
3,225.6
1,688.3
4,913.9
663.0
751.5
1,414.5
14.2
114.1
128.3
6,456.7
Apr
2024
3,237.5
1,685.6
4,923.1
635.6
749.0
1,384.6
14.5
116.8
131.3
6,439.0
May
2024
3,271.0
1,717.7
4,988.7
638.4
766.0
1,404.4
14.8
121.0
135.8
6,528.9
Jun
2024
3,438.3
1,779.6
5,217.9
424.4
775.4
1,199.8
11.3
121.2
132.5
6,550.2
Jul
2024
3,565.3
1,683.9
5,249.2
397.2
791.0
1,188.2
12.3
119.9
132.2
6,569.6
Aug
2024
3,651.7
1,719.3
5,371.1
350.1
813.1
1,163.2
12.3
120.9
133.2
6,667.5
Sep
2024
3,754.3
1,788.0
5,542.3
334.4
823.2
1,157.6
12.2
122.0
134.2
6,834.1
Oct
2024
3,820.4
1,795.1
5,615.4
336.6
837.4
1,174.0
12.5
125.4
137.9
6,927.3
Nov
2024
3,923.6
1,873.5
5,797.1
337.3
849.7
1,187.0
14.2
127.1
141.3
7,125.4
Dec
2024
3,972.9
1,933.6
5,906.5
324.8
866.1
1,191.0
13.3
127.7
141.1
7,238.5
Jan
2025
3,980.7
1,948.9
5,929.7
336.3
882.0
1,218.3
13.7
124.7
138.4
7,286.4
Feb
2025
4,033.3
1,981.9
6,015.2
330.7
903.1
1,233.8
14.4
124.8
139.3
7,388.2
Mar
2025
4,014.6
1,978.7
5,993.4
329.6
926.3
1,255.9
14.1
127.6
141.7
7,391.0
Table 2.2: Feeder Fund Net Assets ($Billions)
This table solely includes feeder funds (Form N-MFP Item A.7) and relies on net assets reported
(Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
230.7
126.7
357.4
104.4
14.6
119.0
0.0
1.2
1.2
477.6
Apr
2024
225.0
123.3
348.3
104.6
13.3
117.9
0.0
1.1
1.1
467.4
May
2024
216.6
129.6
346.2
104.6
13.0
117.6
0.0
1.3
1.3
465.0
Jun
2024
267.7
85.5
353.2
102.2
13.6
115.8
0.0
1.3
1.3
470.3
Jul
2024
294.3
62.6
356.9
101.4
14.9
116.3
0.0
1.3
1.3
474.5
Aug
2024
301.8
66.5
368.3
89.0
24.4
113.3
0.0
1.3
1.3
482.9
Sep
2024
343.9
77.0
420.9
82.9
24.5
107.4
0.0
1.2
1.2
529.5
Oct
2024
354.9
72.7
427.6
85.1
24.9
110.0
0.0
0.9
0.9
538.5
Nov
2024
354.4
73.5
427.9
82.4
25.2
107.6
0.0
0.7
0.7
536.1
Dec
2024
339.4
72.5
411.8
78.7
25.3
104.1
0.0
0.0
0.0
515.9
Jan
2025
342.1
71.2
413.2
81.7
25.2
106.9
0.0
0.0
0.0
520.1
Feb
2025
350.4
69.8
420.2
79.0
25.9
104.9
0.0
0.0
0.0
525.0
Mar
2025
335.1
70.7
405.8
73.0
26.1
99.1
0.0
0.0
0.0
504.9
Table 2.3: Net Assets of MMFs Established as Cash Management
Vehicles for Afliated Funds and Accounts ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on Net Assets (Item A.16) and the
classifcation of MMFs as cash management vehicles for afliated funds or other accounts (Item
A.21).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Jun
2024
176.1
100.2
276.3
181.9
0.0
181.9
3.2
0.0
3.2
461.4
Jul
2024
258.6
12.5
271.0
180.3
0.0
180.3
3.5
0.0
3.5
454.8
Aug
2024
246.4
15.6
262.0
176.0
0.0
176.0
4.3
0.0
4.3
442.3
Sep
2024
252.0
12.6
264.6
176.4
0.0
176.4
4.4
0.0
4.4
445.4
Oct
2024
228.0
13.2
241.2
180.5
0.0
180.5
4.1
0.0
4.1
425.7
Nov
2024
259.3
14.3
273.6
182.1
0.0
182.1
5.5
0.0
5.5
461.3
Dec
2024
220.5
13.4
233.9
171.6
0.0
171.6
5.1
0.0
5.1
410.7
Jan
2025
236.1
13.6
249.8
182.2
0.0
182.2
5.1
0.0
5.1
437.0
Feb
2025
243.7
13.6
257.3
177.1
0.0
177.1
5.8
0.0
5.8
440.3
Mar
2025
238.3
13.2
251.6
188.1
0.0
188.1
5.7
0.0
5.7
445.4
As of March 2025, there are 16 Single State MMFs (excluding feeder funds) reporting an aggregate $38 billion in net
assets (roughly 27% of aggregate Tax Exempt MMF net assets). Additionally, there are 25 Other Tax Exempt MMFs
(excluding feeder funds) reporting an aggregate $104 billion in net assets (roughly 73% of aggregate Tax Exempt MMF
net assets).
3
6
March 2025
Analytics Ofce
Table 2.4: Net Assets of MMFs Seeking to Maintain a Stable Price
Per Share ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on Net Assets (Item A.16) and the
reporting of funds seeking to maintain a stable price per share (Item A.18).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Jun
2024
3,083.3
1,671.5
4,754.8
0.0
775.4
775.4
0.0
121.2
121.2
5,651.3
Jul
2024
3,127.8
1,666.0
4,793.7
0.0
791.0
791.0
0.0
119.9
119.9
5,704.6
Aug
2024
3,211.0
1,701.9
4,912.9
0.0
813.1
813.1
0.0
120.9
120.9
5,846.9
Sep
2024
3,266.4
1,769.0
5,035.3
0.0
823.2
823.2
0.0
122.0
122.0
5,980.5
Oct
2024
3,351.0
1,777.4
5,128.4
0.0
837.4
837.4
0.0
125.4
125.4
6,091.2
Nov
2024
3,432.8
1,853.7
5,286.6
0.0
849.7
849.7
0.0
127.1
127.1
6,263.4
Dec
2024
3,523.7
1,913.4
5,437.1
0.0
866.1
866.1
0.0
127.7
127.7
6,431.0
Jan
2025
3,516.8
1,928.4
5,445.1
0.0
882.0
882.0
0.0
124.7
124.7
6,451.9
Feb
2025
3,552.3
1,962.7
5,515.0
0.0
903.1
903.1
0.0
124.8
124.8
6,543.0
Mar
2025
3,538.8
1,960.6
5,499.4
0.0
926.3
926.3
0.0
127.6
127.6
6,553.3
Table 2.5: Distribution of Net Assets, by MMF Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and any observations with zero net assets
(Item A.16).
Category
All MMFs
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
0.12
0.24
0.67
2.82
16.68
67.43
118.39
0.08
0.22
0.57
2.81
24.26
77.68
143.83
0.50
0.57
1.66
5.52
17.72
75.80
111.65
0.12
0.16
0.44
1.74
3.40
6.77
9.85
Apr
2024
0.12
0.25
0.66
2.89
16.50
66.41
117.06
0.08
0.22
0.57
2.97
23.60
77.55
143.07
0.50
0.56
1.67
5.67
16.49
75.03
111.93
0.12
0.15
0.41
1.89
3.62
6.91
10.06
May
2024
0.12
0.24
0.70
2.88
17.06
67.60
118.43
0.08
0.22
0.55
2.88
23.17
78.53
144.96
0.48
0.56
1.57
5.59
16.98
76.17
114.30
0.12
0.16
0.45
1.96
3.47
7.26
10.30
Jun
2024
0.13
0.24
0.75
2.81
17.22
66.97
119.08
0.10
0.22
0.58
2.92
24.59
84.72
142.56
0.49
0.55
1.26
5.02
16.75
66.13
92.24
0.12
0.16
0.43
1.83
3.56
7.64
10.24
Jul
2024
0.12
0.22
0.67
2.81
16.75
69.98
121.91
0.09
0.22
0.59
2.87
26.39
82.94
140.67
0.39
0.54
1.12
4.78
15.86
70.56
94.19
0.12
0.16
0.42
1.87
3.76
7.75
10.44
Aug
2024
0.11
0.22
0.64
2.85
17.76
73.20
124.96
0.09
0.22
0.55
3.62
28.42
81.05
140.25
0.56
0.57
1.48
4.84
19.70
77.71
108.95
0.12
0.15
0.37
1.98
3.53
7.96
10.06
7
Sep
2024
0.09
0.19
0.64
3.03
18.83
76.45
128.47
0.08
0.22
0.60
3.08
27.70
86.13
152.21
0.57
0.96
2.20
8.20
27.73
84.09
122.13
0.05
0.11
0.37
1.91
3.55
7.43
9.93
Oct
2024
0.08
0.21
0.70
3.08
18.80
76.46
130.30
0.07
0.21
0.64
2.97
27.97
86.75
158.64
0.56
0.96
2.21
8.34
27.53
85.12
123.10
0.05
0.12
0.44
2.23
3.75
8.54
11.18
Nov
2024
0.08
0.21
0.69
3.23
20.70
83.10
134.97
0.07
0.21
0.62
3.19
28.17
90.68
170.71
0.56
0.96
2.25
8.01
28.47
86.34
124.04
0.05
0.12
0.45
2.38
3.79
8.68
11.65
Dec
2024
0.07
0.18
0.69
3.26
21.13
83.39
133.86
0.04
0.19
0.57
3.03
27.04
90.18
174.51
0.57
0.95
2.31
8.22
28.00
85.93
125.94
0.04
0.11
0.44
2.47
3.74
8.95
11.66
Jan
2025
0.07
0.19
0.69
3.34
20.02
84.62
140.41
0.05
0.19
0.59
3.00
26.50
89.96
169.94
0.57
0.96
2.28
8.18
28.07
88.72
127.37
0.04
0.11
0.43
2.42
3.79
8.79
11.38
Feb
2025
0.08
0.17
0.63
3.31
18.77
83.00
135.26
0.07
0.18
0.58
3.10
27.93
90.04
174.56
0.48
0.76
2.13
7.31
26.00
89.18
128.50
0.04
0.11
0.43
2.40
3.83
9.04
11.42
Mar
2025
0.08
0.17
0.70
3.21
18.82
84.11
136.86
0.07
0.18
0.67
3.09
26.17
93.76
169.92
0.47
0.73
2.11
8.02
30.98
87.45
133.49
0.04
0.11
0.43
2.35
3.79
8.90
11.65
March 2025
2.2
Analytics Ofce
Total Assets
Table 2.6: MMF Total Assets ($Billions)
Total Assets are calculated as the sum of cash (Form N-MFP Item A.14.a), the total value of
portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c). Feeder funds
(Item A.7) are excluded from this table.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
3,294.0
1,762.8
5,056.7
677.9
759.1
1,437.0
14.3
114.9
129.2
6,623.0
Apr
2024
3,288.7
1,738.9
5,027.6
647.9
759.3
1,407.1
14.6
117.8
132.3
6,567.1
May
2024
3,335.6
1,794.3
5,129.9
649.3
772.9
1,422.1
15.2
122.4
137.6
6,689.6
Jun
2024
3,505.9
1,869.8
5,375.7
429.2
781.0
1,210.2
11.5
124.1
135.6
6,721.5
Jul
2024
3,691.3
1,754.0
5,445.3
404.2
810.7
1,214.8
12.5
121.8
134.3
6,794.5
Aug
2024
3,742.4
1,797.1
5,539.5
356.4
824.2
1,180.6
12.3
122.3
134.6
6,854.8
Sep
2024
3,865.6
1,897.7
5,763.3
339.7
833.0
1,172.7
12.2
123.2
135.4
7,071.4
Oct
2024
3,952.3
1,871.8
5,824.1
340.1
853.7
1,193.8
12.7
127.2
139.9
7,157.8
Nov
2024
4,036.9
1,956.1
5,993.0
338.7
859.4
1,198.0
14.2
128.0
142.3
7,333.3
Dec
2024
4,071.4
1,999.8
6,071.3
326.6
877.6
1,204.2
13.4
128.6
141.9
7,417.4
Jan
2025
4,102.2
2,030.4
6,132.6
339.6
901.4
1,241.0
13.9
125.5
139.4
7,513.0
Feb
2025
4,103.5
2,055.5
6,159.0
333.9
920.5
1,254.5
14.6
125.9
140.4
7,553.9
Table 2.7: Feeder Fund Total Assets ($Billions)
This table solely includes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the
total value of portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c)
reported.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
231.8
127.3
359.1
104.9
14.7
119.6
0.0
1.2
1.2
479.8
Apr
2024
226.0
123.8
349.8
105.1
13.4
118.4
0.0
1.2
1.2
469.4
May
2024
217.6
130.2
347.8
105.2
13.0
118.2
0.0
1.3
1.3
467.3
Jun
2024
268.8
85.9
354.7
102.7
13.6
116.3
0.0
1.3
1.3
472.3
Jul
2024
295.6
62.9
358.5
101.8
15.0
116.8
0.0
1.3
1.3
476.6
Aug
2024
303.2
66.8
370.0
89.4
24.5
113.9
0.0
1.3
1.3
485.2
Sep
2024
345.2
77.3
422.5
83.3
24.6
107.9
0.0
1.2
1.2
531.6
Oct
2024
356.3
73.0
429.3
85.5
25.0
110.5
0.0
0.9
0.9
540.7
Nov
2024
355.7
73.8
429.6
82.8
25.3
108.0
0.0
0.7
0.7
538.3
Dec
2024
340.7
72.8
413.5
79.1
25.4
104.5
0.0
0.0
0.0
518.0
Jan
2025
343.3
71.4
414.8
82.0
25.3
107.3
0.0
0.0
0.0
522.1
Feb
2025
351.6
70.1
421.6
79.3
26.0
105.3
0.0
0.0
0.0
526.9
Mar
2025
336.3
71.0
407.3
73.3
26.2
99.5
0.0
0.0
0.0
506.7
Table 2.8: Total Assets of MMFs Established as Cash Management
Vehicles for Afliated Funds and Accounts ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), the total value of other assets (Item A.14.c), and the
classifcation of MMFs as cash management vehicles for afliated funds or other accounts (Item
A.21).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Jun
2024
181.5
102.5
284.0
184.4
0.0
184.4
3.2
0.0
3.2
471.6
Jul
2024
270.2
12.5
282.8
185.0
0.0
185.0
3.5
0.0
3.5
471.2
Aug
2024
253.5
15.6
269.2
180.1
0.0
180.1
4.3
0.0
4.3
453.5
Sep
2024
260.4
12.6
273.0
179.4
0.0
179.4
4.5
0.0
4.5
456.9
8
Oct
2024
238.1
13.3
251.4
182.3
0.0
182.3
4.1
0.0
4.1
437.8
Nov
2024
266.9
14.5
281.4
182.5
0.0
182.5
5.5
0.0
5.5
469.5
Dec
2024
225.5
13.4
238.9
172.5
0.0
172.5
5.1
0.0
5.1
416.5
Jan
2025
243.3
13.7
257.0
183.9
0.0
183.9
5.1
0.0
5.1
446.0
Feb
2025
249.4
13.7
263.1
178.9
0.0
178.9
5.8
0.0
5.8
447.9
Mar
2025
243.4
13.3
256.6
188.9
0.0
188.9
5.8
0.0
5.8
451.3
Mar
2025
4,117.9
2,085.0
6,202.9
331.4
940.0
1,271.4
14.1
128.5
142.6
7,616.9
March 2025
Analytics Ofce
Table 2.9: Total Assets of MMFs Seeking to Maintain a Stable Price
Per Share ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), the total value of other assets (Item A.14.c), and the
reporting of funds seeking to maintain a stable price per share (Item A.18).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Jun
2024
3,143.1
1,758.6
4,901.7
0.0
781.0
781.0
0.0
124.1
124.1
5,806.7
Jul
2024
3,237.6
1,735.4
4,973.0
0.0
810.7
810.7
0.0
121.8
121.8
5,905.5
Aug
2024
3,287.1
1,778.9
5,066.0
0.0
824.2
824.2
0.0
122.3
122.3
6,012.4
Sep
2024
3,361.7
1,877.1
5,238.8
0.0
833.0
833.0
0.0
123.2
123.2
6,195.0
Oct
2024
3,470.7
1,853.8
5,324.6
0.0
853.7
853.7
0.0
127.2
127.2
6,305.4
Nov
2024
3,536.1
1,935.5
5,471.6
0.0
859.4
859.4
0.0
128.0
128.0
6,459.0
Dec
2024
3,616.9
1,979.3
5,596.1
0.0
877.6
877.6
0.0
128.6
128.6
6,602.4
Jan
2025
3,627.3
2,009.0
5,636.3
0.0
901.4
901.4
0.0
125.5
125.5
6,663.3
Feb
2025
3,616.5
2,035.7
5,652.2
0.0
920.5
920.5
0.0
125.9
125.9
6,698.6
Mar
2025
3,634.3
2,065.7
5,700.0
0.0
940.0
940.0
0.0
128.5
128.5
6,768.5
Table 2.10: Distribution of Total Assets, by MMF Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on cash (Item A.14.a), the total
value of portfolio securities (Item A.14.b), and the total value of other assets (Item A.14.c).
Observations with non-po
Category
All MMFs
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
0.13
0.24
0.69
2.94
17.07
69.10
120.30
0.08
0.22
0.61
2.94
24.69
80.56
145.77
0.50
0.57
1.67
5.61
18.07
76.45
114.18
0.13
0.16
0.44
1.74
3.41
6.84
9.91
Apr
2024
0.12
0.25
0.67
2.95
16.76
67.46
119.80
0.08
0.22
0.58
3.02
23.97
79.54
146.66
0.50
0.57
1.68
5.80
16.61
76.27
115.14
0.12
0.15
0.41
1.89
3.64
6.94
10.15
May
2024
0.12
0.24
0.75
2.94
17.40
70.00
123.51
0.08
0.22
0.56
2.93
23.44
82.66
146.82
0.48
0.56
1.58
5.67
17.27
77.53
116.28
0.12
0.16
0.45
1.98
3.53
7.29
10.39
Jun
2024
0.14
0.25
0.76
2.85
17.68
69.73
129.53
0.10
0.23
0.59
2.96
24.76
89.33
144.81
0.49
0.55
1.27
5.09
16.85
67.54
93.38
0.12
0.17
0.45
1.85
3.62
7.93
10.34
Jul
2024
0.12
0.23
0.68
2.90
17.21
72.43
127.78
0.09
0.22
0.59
2.96
26.89
87.31
144.80
0.39
0.54
1.12
4.87
15.91
72.82
96.84
0.12
0.16
0.43
1.90
3.77
7.78
10.58
Aug
2024
0.11
0.24
0.65
2.99
17.91
77.16
129.49
0.09
0.23
0.56
3.84
28.53
91.08
143.76
0.56
0.58
1.51
4.87
20.30
79.53
111.62
0.12
0.16
0.37
2.00
3.56
8.02
10.17
9
Sep
2024
0.08
0.16
0.62
2.99
19.66
79.86
132.51
0.08
0.22
0.61
3.21
28.17
93.85
155.90
0.14
0.57
2.07
8.06
25.23
84.06
123.63
0.05
0.11
0.38
1.92
3.58
7.49
10.07
Oct
2024
0.08
0.21
0.71
3.17
18.98
79.57
136.89
0.07
0.21
0.65
3.11
28.26
88.64
163.06
0.57
0.96
2.39
8.39
27.70
86.05
128.29
0.05
0.12
0.44
2.26
3.81
8.60
11.35
Nov
2024
0.08
0.21
0.70
3.26
21.12
86.12
143.30
0.07
0.21
0.62
3.24
28.67
94.19
172.29
0.56
0.96
2.36
8.05
28.61
87.16
126.91
0.05
0.12
0.45
2.39
3.83
8.70
11.71
Dec
2024
0.07
0.19
0.69
3.27
21.31
85.10
138.34
0.04
0.20
0.58
3.05
27.44
91.17
174.90
0.57
0.95
2.33
8.31
28.08
86.42
129.63
0.04
0.11
0.44
2.49
3.77
9.00
11.71
Jan
2025
0.07
0.20
0.71
3.37
20.61
87.94
149.39
0.05
0.20
0.59
3.02
26.51
96.59
171.20
0.57
0.96
2.32
8.23
28.31
89.51
133.50
0.04
0.11
0.43
2.43
3.81
8.81
11.43
Feb
2025
0.08
0.17
0.65
3.35
19.32
85.46
140.43
0.08
0.19
0.59
3.13
28.13
98.10
175.53
0.49
0.76
2.14
7.39
26.13
90.08
134.19
0.04
0.11
0.43
2.43
3.96
9.06
11.50
Mar
2025
0.07
0.17
0.69
3.33
19.72
85.69
140.65
0.08
0.19
0.67
3.14
26.58
103.06
170.81
0.16
0.58
2.09
7.17
28.92
87.25
136.49
0.04
0.11
0.43
2.36
3.82
8.93
11.71
March 2025
2.3
Analytics Ofce
Total Liabilities
Table 2.11: MMF Total Liabilities ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total liabilities reported
(Item A.15).
Category
Government
Prime
Tax Exempt
Total
2.4
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
68.4
74.5
142.8
14.9
7.6
22.5
0.2
0.8
1.0
166.3
Apr
2024
51.4
53.4
104.8
12.6
10.3
22.9
0.1
1.0
1.1
128.8
May
2024
64.7
76.4
141.1
11.0
6.9
17.9
0.4
1.4
1.8
160.8
Jun
2024
59.4
89.6
149.0
4.7
5.2
9.9
0.1
2.1
2.2
161.1
Jul
2024
120.8
68.9
189.6
6.7
18.7
25.5
0.1
1.0
1.1
216.2
Aug
2024
81.6
76.9
158.4
6.4
11.0
17.4
0.0
1.3
1.4
177.2
Sep
2024
107.5
108.8
216.3
5.3
9.6
14.9
0.0
1.2
1.2
232.4
Oct
2024
117.5
71.2
188.7
3.5
16.2
19.7
0.3
1.8
2.1
210.5
Nov
2024
103.2
82.1
185.3
1.7
9.6
11.3
0.0
0.9
1.0
197.5
Dec
2024
95.0
65.2
160.2
1.7
11.4
13.1
0.0
0.8
0.9
174.3
Jan
2025
111.8
78.3
190.1
3.3
19.3
22.6
0.1
0.8
0.9
213.6
Feb
2025
65.3
72.5
137.8
3.3
17.4
20.7
0.1
1.0
1.2
159.7
Mar
2025
98.7
103.9
202.7
1.8
13.7
15.5
0.0
0.8
0.9
219.0
Concentration
Table 2.12: Percent of Aggregate Net Assets Reported by Largest
MMFs, by Category
This table excludes feeder funds (Form N-MFP Item A.7) and only includes observations with nonzero
net assets (Item A.16).
Category
All MMFs
Government
Prime
Tax Exempt
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Top 1
Top 5
Top 10
Top 25
Top 50
Top 100
Mar
2024
5.0
21.4
35.3
60.4
81.3
94.7
6.6
26.6
43.5
70.8
90.2
98.8
20.3
52.8
76.2
94.6
99.8
100.0
13.6
46.2
62.4
92.3
100.0
100.0
Apr
2024
5.0
21.6
35.6
60.6
81.3
94.6
6.6
26.9
43.6
71.0
90.2
98.8
20.8
52.7
76.5
94.5
99.8
100.0
13.6
46.6
62.4
92.7
100.0
100.0
May
2024
5.0
21.6
35.8
60.9
81.6
94.6
6.6
26.8
43.9
71.3
90.1
98.8
21.1
53.7
77.4
94.7
99.8
100.0
13.3
46.6
62.7
92.3
100.0
100.0
Jun
2024
5.0
21.7
35.8
61.0
81.8
94.7
6.3
25.8
41.9
70.1
89.7
98.7
25.0
58.5
78.7
95.0
99.8
100.0
13.6
47.5
64.0
93.3
100.0
100.0
Jul
2024
5.1
21.8
36.1
61.3
82.0
94.7
6.4
25.7
42.0
70.2
89.7
98.6
25.7
59.9
80.6
95.8
99.9
100.0
13.2
46.9
63.7
93.4
100.0
100.0
Aug
2024
5.1
21.9
36.6
61.8
82.3
95.2
6.3
25.6
42.2
70.2
89.6
98.6
26.7
62.2
83.2
97.6
100.0
100.0
13.1
46.9
63.8
93.5
100.0
100.0
10
Sep
2024
5.1
21.7
36.6
62.0
82.8
95.4
6.3
25.2
42.4
70.1
89.6
98.5
27.2
63.6
84.9
98.8
100.0
100.0
13.1
47.3
64.1
93.8
100.0
100.0
Oct
2024
5.3
22.2
36.8
62.1
82.8
95.4
6.5
25.8
42.7
70.2
89.7
98.5
27.4
63.6
85.2
98.7
100.0
100.0
13.1
47.8
65.1
94.8
100.0
100.0
Nov
2024
5.2
22.1
36.4
62.1
82.9
95.4
6.4
25.6
42.2
70.4
89.7
98.5
27.6
63.8
85.5
98.8
100.0
100.0
12.8
46.9
64.4
95.0
100.0
100.0
Dec
2024
5.3
22.5
37.1
62.4
83.2
95.5
6.5
26.1
42.9
70.4
90.0
98.6
28.1
64.5
85.7
98.7
100.0
100.0
13.0
47.3
64.9
95.5
100.0
100.0
Jan
2025
5.3
22.5
36.9
61.9
83.2
95.5
6.5
25.9
42.6
69.9
89.9
98.6
28.1
64.4
86.3
98.8
100.0
100.0
12.8
46.6
64.8
95.5
100.0
100.0
Feb
2025
5.3
22.5
37.0
62.1
83.3
95.5
6.5
25.9
42.5
69.9
90.0
98.5
28.5
65.0
86.1
98.8
100.0
100.0
12.8
46.4
64.3
95.2
100.0
100.0
Mar
2025
5.4
22.6
36.9
62.1
83.3
95.5
6.7
25.9
42.4
70.1
89.9
98.5
28.8
64.8
86.7
99.0
100.0
100.0
12.7
46.6
64.4
95.2
100.0
100.0
March 2025
Analytics Ofce
Table 2.13: Percent of Aggregate Net Assets Reported by Largest
Investment Advisers to MMFs, by Category
This table relies on investment adviser information reported (Form N-MFP Item A.2) and excludes
feeder funds (N-MFP Item A.7), subadvisers (Item A.3), and any observations with zero net assets
(Item A.16).
Category
All MMFs
Government
Prime
Tax Exempt
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Top 1
Top 5
Top 10
Top 25
Mar
2024
15.1
41.8
63.4
90.3
19.7
54.6
78.6
97.8
22.7
72.6
90.9
99.8
27.0
92.9
99.1
100.0
Apr
2024
17.7
46.5
69.6
90.8
24.6
64.1
88.5
98.4
22.5
71.6
89.4
99.6
24.0
90.2
97.9
100.0
May
2024
15.7
44.4
67.1
92.1
19.4
55.0
78.8
97.8
27.5
79.8
92.1
100.0
54.7
91.6
99.5
100.0
Jun
2024
15.1
44.2
66.2
91.5
19.1
55.8
79.2
98.1
26.5
79.3
90.7
99.7
24.9
90.2
97.9
100.0
Jul
2024
15.7
45.6
68.1
93.0
19.6
56.7
79.6
98.1
27.1
80.9
92.2
100.0
51.4
98.1
100.0
100.0
Aug
2024
15.4
44.5
66.2
92.6
18.9
54.7
77.3
97.7
28.0
84.5
95.1
100.0
33.4
95.1
100.0
100.0
Sep
2024
17.0
44.6
67.3
92.8
21.6
56.1
79.9
98.5
28.2
83.6
93.8
100.0
25.9
91.0
98.0
100.0
Oct
2024
16.3
47.4
69.6
94.0
18.7
54.2
77.8
97.8
43.0
85.5
95.8
100.0
55.5
95.2
100.0
100.0
Nov
2024
16.3
48.3
71.8
93.1
20.4
60.7
85.1
98.2
28.5
84.1
94.2
100.0
26.2
91.6
98.6
100.0
Dec
2024
15.2
45.3
67.3
93.2
18.5
55.0
78.5
97.9
28.7
85.2
94.9
100.0
42.5
100.0
100.0
100.0
Jan
2025
17.1
46.2
69.5
93.3
20.7
55.4
78.9
97.8
35.4
87.6
95.3
100.0
30.1
94.2
99.3
100.0
Feb
2025
17.1
45.9
68.8
92.9
21.6
57.5
81.6
98.4
28.5
84.5
94.3
100.0
26.7
91.9
98.9
100.0
Mar
2025
16.3
47.5
69.1
93.7
18.8
55.0
78.1
97.9
41.2
84.4
95.0
100.0
55.1
99.4
100.0
100.0
Table 2.14: Aggregate Net Assets, by MMF Category and Net Assets
Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and removes any observations with zero net
assets (Item A.16). See Appendix 10.1 for a review of interval notation used here.
Net Assets
$50 billion or More
[$10 billion,$50 billion)
[$5 billion,$10 billion)
[$1 billion,$5 billion)
[$500 million,$1 billion)
[$100 million,$500 million)
Under $100 million
Total
Category
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Total
Mar
2024
3,710.1
1,077.5
0.0
4,787.6
946.3
245.2
42.5
1,234.0
141.4
45.2
16.8
203.4
92.4
41.8
63.8
198.0
12.8
3.8
1.9
18.5
10.6
1.0
3.1
14.7
0.4
0.0
0.1
0.5
6,456.7
Apr
2024
3,727.4
1,009.3
0.0
4,736.6
937.5
274.2
43.8
1,255.5
140.5
55.3
17.4
213.1
94.0
41.0
65.0
200.0
13.7
3.8
1.9
19.4
9.7
1.0
3.0
13.7
0.4
0.0
0.1
0.5
6,439.0
May
2024
3,787.1
1,038.4
0.0
4,825.5
942.3
266.2
45.0
1,253.5
143.9
55.2
18.2
217.3
91.3
38.9
67.3
197.5
14.3
4.2
2.0
20.4
9.4
1.5
3.1
14.0
0.4
0.0
0.1
0.5
6,528.9
Jun
2024
4,014.7
886.3
0.0
4,901.0
949.5
224.4
44.8
1,218.7
139.4
45.3
18.0
202.8
91.6
38.3
64.4
194.3
12.3
4.6
1.9
18.8
10.1
0.9
3.1
14.1
0.4
0.0
0.1
0.5
6,550.2
Jul
2024
4,032.9
900.3
0.0
4,933.2
956.7
184.5
44.1
1,185.3
134.8
59.1
22.9
216.8
102.7
37.8
60.0
200.6
11.8
5.4
1.9
19.1
9.9
1.1
3.0
14.1
0.4
0.0
0.1
0.5
6,569.6
11
Aug
2024
4,124.5
863.4
0.0
4,987.9
977.0
214.8
44.0
1,235.7
146.7
45.3
23.7
215.7
99.6
35.2
60.8
195.7
12.5
3.8
1.4
17.7
10.5
0.6
3.2
14.3
0.3
0.0
0.1
0.4
6,667.5
Sep
2024
4,318.6
874.0
0.0
5,192.6
947.2
213.5
45.0
1,205.7
147.7
40.3
23.6
211.7
103.9
27.6
61.2
192.6
15.0
2.0
1.3
18.3
9.7
0.2
2.9
12.7
0.3
0.0
0.1
0.5
6,834.1
Oct
2024
4,370.1
939.8
0.0
5,309.9
972.7
171.8
56.9
1,201.5
143.4
32.0
24.6
200.0
104.7
28.1
51.9
184.7
14.8
2.0
1.6
18.4
9.3
0.2
2.7
12.2
0.3
0.0
0.2
0.5
6,927.3
Nov
2024
4,571.4
953.5
0.0
5,524.9
925.4
174.4
57.2
1,157.0
177.6
29.0
25.4
232.0
98.6
28.0
54.4
181.0
13.6
2.0
1.3
17.0
10.1
0.2
2.8
13.0
0.4
0.0
0.1
0.5
7,125.4
Dec
2024
4,710.8
959.9
0.0
5,670.7
907.2
159.9
57.8
1,124.9
167.9
40.1
25.7
233.7
95.9
28.9
53.9
178.7
15.9
2.0
0.7
18.6
8.4
0.2
2.8
11.4
0.4
0.0
0.2
0.5
7,238.5
Jan
2025
4,708.0
989.4
0.0
5,697.3
927.7
159.9
45.7
1,133.3
172.1
37.7
35.6
245.3
98.1
29.2
53.5
180.9
14.5
2.0
0.7
17.2
8.9
0.2
2.8
11.9
0.4
0.0
0.2
0.5
7,286.4
Feb
2025
4,829.9
999.3
0.0
5,829.2
926.8
163.4
45.8
1,136.0
133.9
43.8
35.5
213.2
100.2
25.0
54.3
179.5
14.8
2.0
0.7
17.5
9.0
0.3
2.9
12.2
0.6
0.0
0.1
0.6
7,388.2
Mar
2025
4,774.6
1,021.8
0.0
5,796.5
950.0
169.4
57.2
1,176.5
134.7
37.2
25.9
197.8
110.6
25.2
55.0
190.7
14.0
2.0
1.7
17.8
8.9
0.3
1.9
11.2
0.5
0.0
0.1
0.6
7,391.0
March 2025
Analytics Ofce
Table 2.15: Number of MMFs, by Category and Net Assets Bucket
This table excludes feeder funds (Form N-MFP Item A.7) and removes any observations with zero net
assets (Item A.16). See Appendix 10.1 for a review of interval notation used here.
Net Assets
$50 billion or More
[$10 billion,$50 billion)
[$5 billion,$10 billion)
[$1 billion,$5 billion)
[$500 million,$1 billion)
[$100 million,$500 million)
Under $100 million
Total
Category
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Government
Prime
Tax Exempt
Subtotal
Total
Mar
2024
29
10
0
39
35
13
3
51
19
7
2
28
40
18
24
82
17
6
3
26
34
3
11
48
11
0
2
13
287
Apr
2024
29
9
0
38
35
13
3
51
19
8
2
29
40
18
24
82
19
6
3
28
32
3
11
46
11
0
2
13
287
May
2024
29
9
0
38
35
13
3
51
20
8
2
30
40
17
24
81
19
6
3
28
32
4
11
47
11
0
2
13
288
Jun
2024
31
8
0
39
36
13
3
52
20
7
2
29
41
17
23
81
16
7
3
26
34
3
11
48
10
0
2
12
287
12
Jul
2024
31
8
0
39
36
10
3
49
19
8
3
30
44
15
22
81
16
8
3
27
33
4
11
48
11
0
2
13
287
Aug
2024
31
7
0
38
36
9
3
48
21
6
3
30
42
15
22
79
17
6
2
25
34
2
12
48
10
0
2
12
280
Sep
2024
32
7
0
39
35
9
3
47
21
5
3
29
44
11
22
77
20
3
2
25
32
1
11
44
11
0
4
15
276
Oct
2024
32
8
0
40
36
9
4
49
20
4
4
28
45
11
19
75
20
3
2
25
31
1
9
41
12
0
4
16
274
Nov
2024
33
8
0
41
33
9
4
46
24
4
4
32
43
11
19
73
18
3
2
23
33
1
9
43
12
0
4
16
274
Dec
2024
34
8
0
42
33
8
4
45
23
5
4
32
42
11
19
72
22
3
1
26
30
1
9
40
13
0
4
17
274
Jan
2025
34
8
0
42
33
8
3
44
23
5
5
33
43
11
19
73
20
3
1
24
31
1
9
41
13
0
4
17
274
Feb
2025
35
8
0
43
36
8
3
47
19
6
5
30
43
10
19
72
20
3
1
24
31
2
10
43
14
0
3
17
276
Mar
2025
34
8
0
42
36
8
4
48
19
5
4
28
46
10
19
75
19
3
3
25
31
2
8
41
13
0
3
16
275
March 2025
3
Analytics Ofce
Flows
Table 3.1: Aggregate Gross Subscriptions, by MMF Category
($Billions)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the fows of the feeder funds are utilized rather than the fows of the master fund.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
1,885.1
893.8
2,778.9
414.9
78.7
493.6
6.3
13.5
19.7
3,292.2
Apr
2024
1,994.7
964.7
2,959.3
429.2
84.0
513.2
8.0
19.5
27.5
3,500.0
May
2024
1,990.0
909.9
2,899.8
425.8
82.8
508.6
8.4
17.7
26.1
3,434.6
Jun
2024
1,924.6
897.4
2,822.0
284.4
73.7
358.1
6.6
14.3
21.0
3,201.0
Jul
2024
2,125.7
887.6
3,013.3
290.0
84.9
374.9
7.1
16.4
23.6
3,411.8
Aug
2024
2,278.1
916.5
3,194.7
176.3
97.4
273.7
6.8
16.8
23.6
3,492.0
Sep
2024
2,320.2
927.4
3,247.6
176.2
79.2
255.5
5.3
15.2
20.4
3,523.5
Oct
2024
2,355.6
965.1
3,320.7
185.7
85.3
270.9
7.9
19.4
27.3
3,618.9
Nov
2024
2,339.9
908.2
3,248.1
189.2
85.7
274.9
7.6
18.0
25.5
3,548.6
Dec
2024
2,725.6
1,082.2
3,807.8
192.8
94.5
287.3
6.9
19.5
26.4
4,121.5
Jan
2025
2,477.3
1,050.1
3,527.4
180.0
99.6
279.7
7.2
18.8
26.0
3,833.1
Feb
2025
2,291.8
893.6
3,185.4
150.7
90.1
240.9
6.4
14.7
21.0
3,447.3
Table 3.2: Aggregate Gross Subscriptions, by MMF Category
(Percent)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the fows of the feeder funds are utilized rather than the fows of the master fund.
Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
57.3
53.1
55.9
62.7
10.7
35.3
43.9
12.0
15.6
50.7
Apr
2024
62.0
57.5
60.4
65.6
11.2
36.5
56.2
17.1
21.4
54.4
May
2024
61.6
54.3
59.1
67.9
11.1
37.0
58.1
15.1
19.9
53.6
Jun
2024
55.9
51.5
54.4
68.5
9.6
30.3
55.6
11.8
15.8
49.3
Jul
2024
59.8
54.1
58.0
69.9
11.0
31.5
63.0
13.6
17.8
52.3
13
Aug
2024
63.8
55.1
61.0
48.0
12.3
23.6
55.3
14.0
17.9
53.5
Sep
2024
63.5
54.6
60.7
52.7
9.7
22.3
44.0
12.6
15.4
53.1
Oct
2024
62.8
54.6
60.2
56.8
10.4
23.6
64.8
16.1
20.5
53.2
Nov
2024
61.3
51.2
58.1
57.5
10.2
23.6
60.6
14.3
18.5
51.4
Dec
2024
69.4
58.5
65.9
58.2
11.1
24.3
48.3
15.4
18.7
58.1
Jan
2025
62.4
55.0
60.0
56.7
11.5
23.6
54.4
14.7
18.4
53.2
Feb
2025
57.6
46.4
53.9
45.5
10.2
19.9
46.6
11.7
15.2
47.5
Mar
2025
62.5
49.8
58.4
56.5
11.7
23.4
46.3
13.9
17.2
51.8
Mar
2025
2,525.9
976.6
3,502.5
179.1
106.0
285.1
6.7
17.3
24.0
3,811.7
March 2025
Analytics Ofce
Table 3.3: Distribution of Gross Subscriptions, by MMF Category
($Billions)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the fows of the feeder funds are utilized rather than the fows of the master fund.
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
0.00
0.01
0.05
0.67
8.94
34.23
82.69
0.01
0.03
0.10
1.21
5.64
23.95
31.17
0.00
0.01
0.05
0.19
0.60
1.20
1.59
Apr
2024
0.00
0.01
0.07
0.71
9.38
30.54
90.13
0.02
0.04
0.13
1.15
5.74
21.70
39.22
0.01
0.01
0.06
0.26
0.77
1.40
2.59
May
2024
0.00
0.01
0.06
0.69
8.98
29.82
95.29
0.02
0.03
0.14
1.01
6.61
21.70
43.28
0.00
0.01
0.06
0.24
0.74
1.29
2.35
Jun
2024
0.00
0.01
0.05
0.86
8.82
33.73
81.46
0.01
0.03
0.16
0.82
4.43
12.00
30.43
0.00
0.01
0.04
0.20
0.57
1.12
2.09
Jul
2024
0.00
0.01
0.07
0.88
8.73
32.83
86.97
0.01
0.03
0.06
0.69
5.28
12.41
33.62
0.01
0.01
0.06
0.22
0.65
1.23
2.40
Aug
2024
0.00
0.01
0.07
0.96
9.13
34.60
89.15
0.02
0.03
0.08
0.47
6.45
13.58
30.16
0.00
0.01
0.04
0.20
0.71
1.38
2.28
Sep
2024
0.00
0.01
0.06
1.01
9.62
36.83
86.59
0.01
0.03
0.08
1.04
7.46
22.58
31.74
0.00
0.01
0.02
0.17
0.53
1.39
2.07
Oct
2024
0.00
0.01
0.06
1.18
8.58
33.23
85.99
0.02
0.04
0.22
1.29
8.29
25.20
35.09
0.00
0.01
0.05
0.21
0.74
1.79
2.34
Nov
2024
0.00
0.01
0.05
0.95
8.73
39.17
83.55
0.02
0.04
0.17
1.23
8.16
27.87
36.01
0.00
0.00
0.02
0.24
0.64
1.64
3.16
Dec
2024
0.00
0.01
0.09
1.38
10.40
43.54
103.58
0.02
0.04
0.23
1.41
8.81
24.36
40.01
0.00
0.00
0.02
0.26
0.82
1.64
2.49
Jan
2025
0.00
0.01
0.06
1.16
9.86
33.08
82.47
0.02
0.04
0.12
1.51
7.71
21.26
41.80
0.00
0.01
0.03
0.31
0.88
1.57
1.90
Feb
2025
0.00
0.01
0.07
0.87
7.57
34.28
86.04
0.01
0.05
0.12
1.11
7.56
18.93
33.89
0.00
0.01
0.03
0.27
0.76
1.52
1.96
Mar
2025
0.00
0.01
0.08
1.04
8.34
38.04
91.84
0.01
0.04
0.13
1.09
8.47
25.12
42.67
0.00
0.01
0.03
0.32
0.81
1.66
2.38
Table 3.4: Distribution of Gross Subscriptions, by MMF Category
(Percent)
This table relies on gross subscriptions reported (Form N-MFP B.7.b.i). For master-feeder
structures, the fows of the feeder funds are utilized rather than the fows of the master fund.
Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
1.7
2.4
6.1
19.2
54.9
109.2
152.2
2.5
3.0
7.7
12.5
36.8
75.8
96.1
2.7
4.1
7.6
11.0
15.7
43.2
53.5
Apr
2024
2.8
3.4
7.0
22.7
63.2
111.2
145.1
3.1
3.4
9.2
12.9
42.9
79.7
88.2
3.2
4.4
8.2
13.9
19.8
42.3
53.4
May
2024
1.8
2.7
5.9
22.0
65.1
112.2
161.9
2.7
4.1
8.5
13.1
42.8
75.9
86.3
2.4
4.5
9.4
14.1
22.6
50.4
69.6
Jun
2024
1.5
2.1
6.3
19.9
67.8
111.7
169.8
2.3
2.9
7.3
11.2
35.4
72.3
81.0
3.0
3.9
7.7
11.2
18.4
39.2
53.3
Jul
2024
2.2
2.8
7.5
24.6
65.3
117.8
147.3
0.4
2.7
6.3
12.4
36.7
65.1
84.6
2.5
3.4
7.1
10.4
18.1
49.0
65.2
14
Aug
2024
2.2
3.5
7.5
21.6
63.8
121.3
161.7
1.8
4.1
7.9
11.8
40.8
81.4
85.3
2.2
3.8
6.4
10.7
19.4
36.8
70.6
Sep
2024
1.9
2.6
6.8
26.9
67.8
123.1
170.3
1.9
2.4
4.1
9.9
35.7
54.9
96.1
2.0
3.0
6.2
10.6
16.4
27.0
51.0
Oct
2024
2.0
3.1
7.7
25.5
66.5
119.5
172.9
2.5
4.2
8.4
12.2
30.4
82.8
104.4
0.4
2.7
7.0
10.8
22.3
42.7
60.8
Nov
2024
2.1
3.2
7.1
22.1
61.7
114.8
152.9
2.6
4.2
5.3
11.0
32.7
92.4
109.4
0.2
0.4
5.0
9.2
17.0
34.0
69.2
Dec
2024
2.0
3.0
8.1
28.2
68.4
121.5
155.2
3.2
3.8
8.2
11.8
30.9
72.1
90.6
0.2
0.7
6.7
10.9
15.9
37.0
39.0
Jan
2025
1.6
2.4
7.6
22.7
62.5
119.2
151.4
2.5
3.6
5.8
12.1
23.9
71.3
100.7
1.7
3.9
6.8
13.4
18.8
42.8
63.7
Feb
2025
2.0
2.8
7.4
22.3
66.2
111.1
181.0
3.0
4.0
7.0
11.1
26.5
62.2
77.2
2.4
3.1
6.3
11.6
17.3
47.4
56.5
Mar
2025
3.3
4.0
9.1
23.7
68.7
132.9
185.5
4.2
5.7
8.7
12.0
34.4
66.2
101.1
2.7
3.3
7.0
11.6
16.8
31.0
51.1
March 2025
Analytics Ofce
Table 3.5: Aggregate Gross Redemptions, by MMF Category
($Billions)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the fows of the feeder funds are utilized rather than the fows of the master fund.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
1,958.0
897.8
2,855.8
421.8
62.0
483.8
6.3
11.3
17.7
3,357.3
Apr
2024
1,986.5
968.7
2,955.2
456.6
87.3
544.0
7.6
17.0
24.7
3,523.8
May
2024
1,957.1
879.6
2,836.7
423.2
66.0
489.2
8.1
13.3
21.4
3,347.3
Jun
2024
1,925.8
881.4
2,807.1
284.4
64.4
348.8
7.3
14.2
21.5
3,177.4
Jul
2024
2,119.1
864.1
2,983.2
304.3
69.1
373.5
6.2
17.8
24.0
3,380.6
Aug
2024
2,198.3
881.4
3,079.7
192.7
75.9
268.6
6.8
15.7
22.5
3,370.8
Sep
2024
2,218.9
860.3
3,079.2
183.9
68.7
252.7
5.1
14.1
19.2
3,351.1
Oct
2024
2,289.1
958.1
3,247.2
183.6
71.1
254.7
7.6
15.2
22.8
3,524.7
Nov
2024
2,234.3
831.8
3,066.1
187.2
73.1
260.2
5.8
16.2
22.0
3,348.3
Dec
2024
2,682.1
1,021.8
3,703.9
206.3
78.4
284.7
7.7
19.1
26.8
4,015.4
Jan
2025
2,467.0
1,035.0
3,502.0
166.3
83.8
250.1
6.8
21.5
28.3
3,780.4
Feb
2025
2,241.8
859.2
3,101.0
157.7
69.1
226.8
5.7
14.5
20.2
3,348.0
Table 3.6: Aggregate Gross Redemptions, by MMF Category (Percent)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the fows of the feeder funds are utilized rather than the fows of the master fund. Percentages are
calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
59.5
53.4
57.4
63.7
8.4
34.6
44.4
10.1
14.0
51.7
Apr
2024
61.7
57.7
60.4
69.8
11.6
38.7
53.8
14.9
19.2
54.8
May
2024
60.6
52.5
57.8
67.5
8.8
35.6
55.9
11.4
16.3
52.2
Jun
2024
56.0
50.6
54.2
68.5
8.4
29.5
61.1
11.7
16.2
48.9
Jul
2024
59.6
52.7
57.4
73.3
8.9
31.4
54.6
14.7
18.1
51.9
15
Aug
2024
61.6
53.0
58.8
52.5
9.6
23.2
55.5
13.1
17.0
51.7
Sep
2024
60.7
50.6
57.5
55.0
8.5
22.0
42.3
11.7
14.5
50.5
Oct
2024
61.0
54.2
58.8
56.2
8.6
22.1
62.6
12.5
17.1
51.8
Nov
2024
58.5
46.9
54.8
56.9
8.7
22.3
46.7
12.9
15.9
48.5
Dec
2024
68.3
55.3
64.1
62.2
9.2
24.1
54.3
15.0
19.0
56.6
Jan
2025
62.1
54.2
59.5
52.4
9.7
21.1
51.4
16.8
20.1
52.5
Feb
2025
56.3
44.6
52.5
47.6
7.8
18.7
41.5
11.6
14.6
46.1
Mar
2025
63.2
49.9
58.8
54.7
9.2
21.0
48.6
11.8
15.6
51.7
Mar
2025
2,551.5
976.9
3,528.4
173.4
82.7
256.1
7.0
14.7
21.8
3,806.3
March 2025
Analytics Ofce
Table 3.7: Distribution of Gross Redemptions, by MMF Category
($Billions)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the fows of the feeder funds are utilized rather than the fows of the master fund.
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
0.00
0.01
0.06
0.72
9.02
36.61
87.56
0.03
0.04
0.14
1.34
5.28
23.67
29.87
0.01
0.01
0.04
0.16
0.54
1.02
1.54
Apr
2024
0.00
0.01
0.05
0.80
9.75
31.07
88.55
0.02
0.04
0.19
1.34
7.03
24.75
49.20
0.01
0.01
0.06
0.23
0.67
1.28
2.15
May
2024
0.00
0.01
0.05
0.63
8.26
31.02
92.42
0.02
0.04
0.15
1.03
5.57
23.42
40.43
0.00
0.01
0.04
0.18
0.49
1.21
1.89
Jun
2024
0.00
0.01
0.05
0.72
8.28
34.98
87.54
0.01
0.03
0.17
0.90
4.32
12.07
27.31
0.00
0.01
0.05
0.18
0.58
1.21
2.11
Jul
2024
0.00
0.01
0.06
0.74
8.25
30.30
87.51
0.02
0.03
0.18
1.10
5.03
11.65
28.03
0.00
0.01
0.06
0.22
0.63
1.40
2.60
Aug
2024
0.00
0.01
0.05
0.88
8.63
35.18
85.65
0.02
0.04
0.19
0.82
6.51
11.72
29.23
0.00
0.01
0.04
0.20
0.57
1.26
2.24
Sep
2024
0.00
0.01
0.05
0.72
8.18
35.94
86.30
0.03
0.03
0.14
1.35
7.62
20.75
28.11
0.00
0.01
0.04
0.18
0.45
1.27
1.54
Oct
2024
0.00
0.01
0.05
0.87
8.55
38.12
86.44
0.02
0.03
0.20
1.15
6.90
25.54
29.03
0.00
0.00
0.05
0.18
0.62
1.55
2.14
Nov
2024
0.00
0.01
0.07
0.79
7.88
36.42
77.49
0.02
0.04
0.20
1.03
8.06
26.64
31.49
0.00
0.01
0.03
0.17
0.52
1.32
2.87
Dec
2024
0.00
0.01
0.08
1.09
9.87
46.65
101.74
0.02
0.04
0.11
1.27
7.30
26.66
34.68
0.00
0.01
0.05
0.28
0.79
1.63
2.41
Jan
2025
0.00
0.01
0.06
1.01
8.84
35.35
82.69
0.02
0.04
0.22
1.31
6.82
20.58
34.69
0.00
0.00
0.03
0.33
0.91
1.85
2.66
Feb
2025
0.00
0.01
0.04
0.75
7.17
32.11
81.82
0.01
0.03
0.12
0.87
6.45
17.70
28.61
0.00
0.00
0.03
0.24
0.59
1.54
1.92
Mar
2025
0.00
0.01
0.04
0.96
8.90
38.26
93.65
0.00
0.02
0.08
0.86
7.47
23.66
34.84
0.00
0.00
0.04
0.24
0.67
1.62
1.76
Table 3.8: Distribution of Gross Redemptions, by MMF Category
(Percent)
This table relies on gross redemptions reported (Form N-MFP B.7.b.ii). For master-feeder structures,
the fows of the feeder funds are utilized rather than the fows of the master fund. Percentages are
calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
1.7
3.0
5.7
19.5
56.7
111.9
138.9
3.2
3.6
8.0
14.9
47.7
82.8
95.7
3.3
4.2
6.5
9.1
14.4
42.8
46.7
Apr
2024
1.6
3.1
6.2
22.1
62.2
112.3
140.0
3.5
4.1
8.8
15.6
44.2
78.8
95.1
4.5
5.4
7.5
14.2
20.2
46.9
56.3
May
2024
1.6
2.8
5.8
19.3
61.4
108.6
164.8
3.3
3.7
7.6
13.9
40.2
82.5
88.8
2.8
3.3
5.8
9.8
16.7
42.3
56.9
Jun
2024
1.5
2.3
5.3
20.8
57.8
105.9
161.7
2.7
3.4
7.4
16.9
35.7
76.2
82.0
3.0
4.4
6.7
11.0
14.2
41.1
62.9
Jul
2024
1.8
3.0
6.5
20.8
59.5
107.8
139.8
2.9
3.6
8.4
14.1
47.7
89.4
104.1
2.8
4.5
7.9
10.9
21.8
40.8
62.1
16
Aug
2024
1.6
2.3
6.1
21.2
58.9
118.6
147.5
3.6
4.3
8.3
13.6
55.4
98.0
106.1
2.6
3.9
6.1
11.3
19.7
32.0
64.0
Sep
2024
1.8
2.7
5.8
22.2
60.5
119.8
156.8
2.6
3.1
7.1
9.2
48.9
100.4
101.6
2.4
4.5
6.2
10.1
16.5
32.8
46.4
Oct
2024
2.1
2.6
6.7
22.7
62.9
120.7
171.7
2.7
3.0
6.7
9.7
33.2
77.5
107.5
0.2
2.5
4.7
8.7
17.1
42.9
66.6
Nov
2024
2.3
2.9
6.1
20.1
58.0
107.0
142.9
3.8
4.4
6.6
9.4
36.9
98.8
109.0
0.1
3.5
5.1
8.5
14.7
27.6
36.6
Dec
2024
2.2
3.5
7.5
26.3
72.1
118.8
153.9
3.0
3.3
6.0
9.2
33.0
78.0
99.3
0.2
3.7
6.5
11.6
16.3
48.4
87.4
Jan
2025
2.0
3.0
7.6
22.5
62.0
113.3
153.8
3.4
4.4
6.9
9.8
29.9
66.7
92.6
0.0
3.5
7.0
12.9
20.5
34.7
55.8
Feb
2025
1.2
2.3
5.4
18.6
60.0
104.6
158.5
2.1
3.0
6.8
8.8
25.5
60.3
83.0
1.3
2.4
4.8
8.7
15.8
32.1
45.4
Mar
2025
1.7
2.9
6.8
20.4
63.8
113.8
164.3
2.2
4.2
6.9
9.7
26.7
69.4
88.0
2.6
4.4
5.3
10.3
13.8
35.0
40.3
March 2025
Analytics Ofce
Table 3.9: Aggregate Net Flows, by MMF Category ($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the fows of the feeder funds are utilized rather than the fows of
the master fund.
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
-72.9
-4.0
-76.9
-6.9
16.7
9.8
-0.1
2.1
2.1
-65.1
Apr
2024
8.2
-4.0
4.2
-27.5
-3.3
-30.8
0.3
2.5
2.8
-23.8
May
2024
32.8
30.3
63.1
2.6
16.8
19.4
0.3
4.4
4.7
87.2
Jun
2024
-1.2
16.0
14.9
-0.0
9.3
9.3
-0.6
0.1
-0.5
23.6
Jul
2024
6.5
23.5
30.1
-14.3
15.8
1.5
1.0
-1.3
-0.4
31.1
Aug
2024
79.8
35.1
114.9
-16.4
21.5
5.1
-0.0
1.1
1.1
121.2
Sep
2024
101.3
67.1
168.4
-7.7
10.5
2.8
0.2
1.0
1.2
172.5
Oct
2024
66.5
6.9
73.5
2.1
14.2
16.2
0.3
4.3
4.5
94.2
Nov
2024
105.6
76.3
182.0
2.1
12.6
14.7
1.7
1.8
3.6
200.3
Dec
2024
43.5
60.4
103.9
-13.4
16.1
2.6
-0.9
0.5
-0.4
106.1
Jan
2025
10.3
15.1
25.4
13.8
15.8
29.6
0.4
-2.7
-2.3
52.7
Feb
2025
50.0
34.4
84.4
-6.9
21.0
14.1
0.7
0.2
0.9
99.3
Mar
2025
-25.6
-0.3
-25.9
5.8
23.3
29.1
-0.3
2.6
2.3
5.4
Table 3.10: Aggregate Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the fows of the feeder funds are utilized rather than the fows of
the master fund. Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
-2.2
-0.2
-1.5
-1.0
2.3
0.7
-0.6
1.9
1.6
-1.0
Apr
2024
0.3
-0.2
0.1
-4.2
-0.4
-2.2
2.4
2.2
2.2
-0.4
May
2024
1.0
1.8
1.3
0.4
2.2
1.4
2.1
3.8
3.6
1.4
Jun
2024
-0.0
0.9
0.3
-0.0
1.2
0.8
-5.4
0.1
-0.4
0.4
Jul
2024
0.2
1.4
0.6
-3.4
2.0
0.1
8.5
-1.1
-0.3
0.5
17
Aug
2024
2.2
2.1
2.2
-4.5
2.7
0.4
-0.2
0.9
0.8
1.9
Sep
2024
2.8
4.0
3.1
-2.3
1.3
0.2
1.6
0.9
0.9
2.6
Oct
2024
1.8
0.4
1.3
0.6
1.7
1.4
2.2
3.5
3.4
1.4
Nov
2024
2.8
4.3
3.3
0.6
1.5
1.3
13.9
1.5
2.6
2.9
Dec
2024
1.1
3.3
1.8
-4.1
1.9
0.2
-6.0
0.4
-0.3
1.5
Jan
2025
0.3
0.8
0.4
4.3
1.8
2.5
3.0
-2.1
-1.6
0.7
Feb
2025
1.3
1.8
1.4
-2.1
2.4
1.2
5.1
0.1
0.6
1.4
Mar
2025
-0.6
-0.0
-0.4
1.8
2.6
2.4
-2.3
2.1
1.6
0.1
March 2025
Analytics Ofce
Table 3.11: Distribution of Net Flows, by MMF Category
($Billions)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the fows of the feeder funds are utilized rather than the fows of
the master fund.
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
-2.79
-1.38
-0.07
-0.00
0.08
0.77
1.65
-1.95
-0.84
-0.31
-0.00
0.16
1.30
2.91
-0.08
-0.06
-0.00
0.03
0.09
0.15
0.20
Apr
2024
-1.92
-0.87
-0.14
0.00
0.05
0.51
1.70
-2.15
-1.60
-0.38
-0.03
0.01
0.27
0.55
-0.18
-0.04
-0.01
-0.00
0.10
0.33
0.43
May
2024
-1.14
-0.48
-0.04
0.00
0.14
1.58
3.95
-1.48
-0.58
-0.11
-0.00
0.19
1.73
2.65
-0.05
-0.00
0.01
0.04
0.17
0.32
0.44
Jun
2024
-1.31
-0.68
-0.06
0.00
0.16
0.79
1.33
-1.29
-0.68
-0.05
0.01
0.23
0.96
1.59
-0.14
-0.10
-0.03
0.00
0.02
0.05
0.06
Jul
2024
-0.92
-0.49
-0.02
0.00
0.22
1.61
2.71
-2.10
-1.48
-0.27
0.00
0.14
1.03
2.00
-0.33
-0.14
-0.04
-0.00
0.01
0.09
0.27
Aug
2024
-1.05
-0.29
-0.01
0.02
0.36
2.04
3.89
-2.76
-1.31
-0.19
0.00
0.21
1.72
2.96
-0.24
-0.07
-0.01
0.00
0.07
0.21
0.39
Sep
2024
-1.00
-0.23
-0.00
0.02
0.48
2.86
6.29
-2.17
-1.68
-0.05
0.01
0.22
1.84
2.95
-0.11
-0.07
-0.02
-0.00
0.03
0.14
0.18
Oct
2024
-0.97
-0.41
-0.03
0.01
0.26
1.55
4.79
-1.15
-0.24
0.00
0.02
0.29
1.93
2.41
-0.19
-0.08
-0.00
0.02
0.11
0.34
0.77
Nov
2024
-0.66
-0.26
-0.02
0.01
0.41
2.78
4.49
-0.67
-0.37
-0.10
0.02
0.31
1.73
2.41
-0.10
-0.04
-0.00
0.03
0.12
0.22
0.37
Dec
2024
-1.37
-0.76
-0.05
0.00
0.25
2.26
6.00
-2.44
-1.80
-0.04
0.01
0.22
1.18
1.89
-0.33
-0.16
-0.03
0.00
0.06
0.13
0.21
Jan
2025
-2.14
-0.71
-0.04
0.00
0.20
1.27
2.91
-0.43
-0.20
-0.03
0.01
0.61
2.48
4.15
-0.51
-0.41
-0.10
-0.00
0.02
0.08
0.25
Feb
2025
-0.84
-0.28
-0.01
0.01
0.27
1.92
3.07
-0.73
-0.20
0.00
0.09
0.36
1.86
2.20
-0.12
-0.06
-0.02
0.00
0.04
0.12
0.25
Mar
2025
-3.05
-1.20
-0.05
0.01
0.12
0.89
1.69
-0.33
-0.15
-0.01
0.04
0.65
3.31
4.34
-0.14
-0.04
-0.00
0.01
0.11
0.24
0.29
Table 3.12: Distribution of Net Flows, by MMF Category (Percent)
This table relies on gross subscriptions and redemptions reported (Form N-MFP B.7.b.i and B.7.b.ii).
For master-feeder structures, the fows of the feeder funds are utilized rather than the fows of
the master fund. Percentages are calculated using lagged net assets (Item A.16).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
-11.9
-7.2
-2.5
-0.1
1.8
4.8
9.5
-25.5
-14.0
-6.6
-0.1
2.1
5.5
8.5
-6.2
-4.4
-0.7
1.6
3.2
7.3
10.6
Apr
2024
-8.1
-5.8
-1.9
0.4
2.6
7.1
12.5
-10.5
-8.4
-4.2
-0.9
0.7
2.3
3.4
-11.0
-5.6
-2.3
-0.1
2.5
6.9
13.7
May
2024
-9.7
-5.3
-1.6
0.6
2.9
6.8
11.8
-20.9
-15.5
-3.0
-0.2
2.6
6.8
7.7
-2.7
-1.6
1.3
3.6
5.9
8.0
10.3
Jun
2024
-9.2
-4.9
-1.4
0.4
2.9
8.5
17.1
-17.2
-11.9
-2.8
0.4
2.7
4.8
6.4
-9.2
-4.5
-1.1
0.3
2.0
4.8
6.0
Jul
2024
-9.1
-4.7
-1.5
0.8
3.0
7.3
12.6
-49.8
-31.3
-4.8
0.1
2.0
4.6
7.5
-9.0
-6.3
-2.1
-0.2
1.2
4.8
10.7
18
Aug
2024
-10.3
-6.1
-0.5
1.3
3.9
9.4
13.6
-66.3
-37.9
-8.5
0.3
1.8
8.4
35.0
-13.0
-11.2
-1.3
0.2
2.5
3.7
5.5
Sep
2024
-8.1
-4.7
-0.4
1.2
5.2
13.9
30.3
-100.0
-25.9
-2.8
0.2
2.5
6.5
7.9
-8.6
-5.6
-1.7
-0.2
1.6
5.3
5.8
Oct
2024
-10.2
-5.8
-1.2
1.0
4.4
10.9
17.4
-6.9
-4.5
0.0
0.8
2.5
5.1
11.0
-13.4
-6.8
-0.1
1.4
4.2
11.5
17.2
Nov
2024
-9.2
-5.9
-1.7
1.1
4.8
11.8
15.7
-9.4
-6.5
-1.7
0.5
1.8
5.3
8.1
-3.5
-2.6
-0.1
1.3
4.2
6.8
10.6
Dec
2024
-18.4
-11.7
-3.5
0.5
4.5
9.1
13.9
-9.2
-7.0
-0.7
0.9
2.3
3.0
4.1
-15.0
-9.4
-1.1
0.2
2.0
3.9
4.2
Jan
2025
-8.4
-5.8
-2.3
0.3
3.5
9.8
16.4
-4.9
-3.1
-0.9
0.3
3.1
5.7
9.0
-11.3
-4.4
-2.4
-0.7
0.6
5.2
16.4
Feb
2025
-8.7
-4.6
-1.0
0.9
2.8
9.5
27.5
-6.3
-3.5
0.1
1.8
2.9
6.3
9.5
-3.6
-3.0
-0.9
0.4
2.9
11.6
27.8
Mar
2025
-11.4
-6.8
-1.7
1.2
4.3
9.4
21.6
-4.7
-3.9
-0.5
1.9
3.2
6.4
12.9
-7.5
-1.9
-0.5
1.4
3.4
5.3
6.3
March 2025
Analytics Ofce
4
Yields4
4.1
Gross Yields
Table 4.1: Asset-Weighted Seven Day Gross Yield (Percent), by MMF
Category
This table relies on gross yields (Form N-MFP Item A.19) and net assets reported (Item A.16).
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Mar
2024
5.38
5.37
5.46
5.50
3.79
3.64
Apr
2024
5.37
5.36
5.45
5.49
3.62
3.69
May
2024
5.38
5.37
5.44
5.49
3.50
3.51
Jun
2024
5.38
5.36
5.47
5.48
4.17
3.99
Jul
2024
5.38
5.36
5.47
5.49
3.78
3.67
Aug
2024
5.36
5.32
5.46
5.47
3.14
3.22
Sep
2024
5.00
5.03
5.04
5.06
3.38
3.30
Oct
2024
4.90
4.87
5.00
5.00
3.54
3.43
Nov
2024
4.70
4.69
4.78
4.79
2.97
3.04
Dec
2024
4.55
4.52
4.58
4.62
3.83
3.58
Jan
2025
4.44
4.41
4.53
4.55
2.22
2.58
Feb
2025
4.41
4.39
4.50
4.52
1.94
2.37
Mar
2025
4.40
4.37
4.48
4.50
3.20
3.04
Table 4.2: Distribution of Seven Day Gross Yields (Percent), by
MMF Category
This table relies on gross yields reported (Form N-MFP Item A.19).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
5.33
5.34
5.36
5.37
5.39
5.40
5.41
5.37
5.39
5.44
5.51
5.55
5.57
5.58
3.46
3.50
3.57
3.68
3.73
3.83
3.93
Apr
2024
5.32
5.34
5.35
5.37
5.38
5.39
5.40
5.37
5.39
5.45
5.49
5.53
5.55
5.57
3.51
3.52
3.58
3.69
3.78
3.88
3.90
May
2024
5.32
5.34
5.36
5.37
5.39
5.40
5.41
5.38
5.39
5.43
5.48
5.51
5.54
5.56
3.37
3.40
3.46
3.52
3.57
3.60
3.63
Jun
2024
5.32
5.34
5.36
5.37
5.39
5.40
5.42
5.38
5.39
5.42
5.48
5.51
5.54
5.56
3.77
3.82
3.98
4.03
4.14
4.25
4.28
Jul
2024
5.32
5.34
5.35
5.37
5.39
5.40
5.42
5.37
5.39
5.43
5.47
5.50
5.53
5.54
3.49
3.57
3.66
3.70
3.77
3.85
3.90
Aug
2024
5.28
5.30
5.32
5.34
5.36
5.39
5.41
0.00
5.33
5.40
5.45
5.48
5.53
5.54
3.01
3.05
3.10
3.18
3.27
3.34
3.39
Sep
2024
4.88
4.91
4.96
4.99
5.03
5.07
5.10
4.95
5.00
5.06
5.08
5.13
5.17
5.37
2.91
3.10
3.29
3.34
3.42
3.48
3.49
Oct
2024
4.79
4.83
4.86
4.89
4.92
4.93
4.95
4.88
4.91
4.98
5.02
5.05
5.08
5.10
2.99
3.15
3.40
3.48
3.55
3.60
3.63
Nov
2024
4.61
4.63
4.66
4.69
4.71
4.72
4.74
4.67
4.69
4.75
4.80
4.82
4.84
4.88
2.61
2.71
2.92
3.05
3.10
3.18
3.21
Dec
2024
4.40
4.45
4.50
4.53
4.55
4.58
4.60
4.47
4.50
4.57
4.63
4.67
4.70
4.72
3.09
3.26
3.48
3.62
3.69
3.82
3.96
Jan
2025
4.33
4.36
4.40
4.42
4.44
4.47
4.49
4.40
4.44
4.49
4.56
4.60
4.62
4.63
2.02
2.06
2.39
2.58
2.72
2.80
2.92
Feb
2025
4.32
4.34
4.37
4.40
4.42
4.44
4.45
4.39
4.42
4.47
4.52
4.55
4.58
4.60
1.65
1.87
2.18
2.33
2.51
2.65
2.69
Mar
2025
4.31
4.32
4.35
4.39
4.41
4.42
4.43
4.32
4.39
4.46
4.51
4.54
4.58
4.59
2.69
2.81
3.01
3.09
3.13
3.17
3.31
4
Beginning June 2024, month-end gross and net yields are determined by utilizing the reported yield for each MMF on
the last business day of the month.
19
March 2025
4.2
Analytics Ofce
Net Yields
Table 4.3: Asset-Weighted Seven Day Net Yield (Percent), by MMF
Category
This table relies on net yields (Form N-MFP Item B.8) and net assets reported (Item B.4).
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Mar
2024
5.15
5.15
5.39
5.24
3.61
3.38
Apr
2024
5.14
5.15
5.37
5.22
3.50
3.45
May
2024
5.15
5.16
5.37
5.22
3.38
3.27
Jun
2024
5.16
5.16
5.36
5.21
4.03
3.75
Jul
2024
5.16
5.15
5.36
5.22
3.63
3.43
Aug
2024
5.14
5.11
5.35
5.20
3.01
2.98
Sep
2024
4.78
4.81
4.94
4.79
3.26
3.06
Oct
2024
4.68
4.65
4.89
4.73
3.40
3.20
Nov
2024
4.47
4.47
4.67
4.52
2.85
2.81
Dec
2024
4.32
4.30
4.48
4.35
3.71
3.34
Jan
2025
4.22
4.20
4.43
4.28
2.10
2.34
Feb
2025
4.19
4.17
4.39
4.25
1.83
2.14
Mar
2025
4.18
4.15
4.38
4.24
3.09
2.80
Table 4.4: Distribution of Seven Day Net Yields (Percent), by MMF
Category
This table relies on net yields reported (Form N-MFP Item B.8).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
4.03
4.42
4.81
5.04
5.19
5.24
5.28
4.21
4.57
4.99
5.21
5.34
5.38
5.41
2.43
2.67
3.01
3.23
3.38
3.55
3.60
Apr
2024
4.22
4.49
4.82
5.04
5.18
5.23
5.27
4.24
4.50
4.96
5.18
5.33
5.37
5.39
2.59
2.83
3.12
3.33
3.47
3.55
3.59
May
2024
3.91
4.42
4.81
5.05
5.19
5.23
5.26
4.27
4.63
4.99
5.18
5.31
5.36
5.39
2.42
2.57
2.97
3.16
3.29
3.37
3.42
Jun
2024
4.03
4.42
4.81
5.04
5.18
5.23
5.27
4.33
4.64
4.96
5.17
5.30
5.34
5.36
2.97
3.11
3.44
3.63
3.80
3.93
4.01
Jul
2024
4.32
4.50
4.83
5.05
5.19
5.23
5.27
4.29
4.50
4.95
5.15
5.31
5.34
5.38
2.66
2.78
3.14
3.32
3.47
3.57
3.61
20
Aug
2024
4.27
4.45
4.79
5.01
5.15
5.21
5.25
0.00
0.00
4.77
5.07
5.27
5.32
5.35
2.12
2.36
2.67
2.86
3.00
3.08
3.14
Sep
2024
3.81
4.08
4.44
4.66
4.82
4.89
4.93
0.00
3.79
4.43
4.70
4.90
4.98
5.11
2.28
2.40
2.69
2.94
3.13
3.19
3.24
Oct
2024
3.82
4.02
4.35
4.56
4.70
4.77
4.80
3.67
3.97
4.43
4.66
4.84
4.89
4.91
2.34
2.52
2.82
3.07
3.27
3.37
3.41
Nov
2024
3.49
3.80
4.14
4.35
4.51
4.56
4.59
3.43
3.78
4.22
4.42
4.62
4.66
4.72
1.98
2.23
2.45
2.68
2.84
2.90
2.95
Dec
2024
3.42
3.67
4.00
4.21
4.36
4.40
4.44
3.29
3.61
4.05
4.27
4.44
4.48
4.51
2.36
2.64
2.95
3.18
3.37
3.53
3.62
Jan
2025
3.38
3.59
3.91
4.10
4.25
4.30
4.33
3.21
3.55
3.96
4.18
4.37
4.42
4.44
1.61
1.82
2.04
2.21
2.39
2.50
2.54
Feb
2025
3.31
3.56
3.86
4.08
4.22
4.27
4.30
3.18
3.52
3.95
4.16
4.34
4.38
4.42
1.40
1.58
1.80
2.00
2.18
2.32
2.43
Mar
2025
3.25
3.54
3.86
4.06
4.20
4.26
4.29
3.01
3.50
3.91
4.14
4.32
4.38
4.39
1.98
2.14
2.46
2.70
2.86
2.94
2.97
March 2025
Analytics Ofce
5
Maturity
5.1
Weighted Average Maturity (WAM)
Table 5.1: Asset-Weighted WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on weighted average maturity (Item
A.11) and net assets (Item A.16) reported.
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Mar
2024
37.7
43.8
32.7
35.7
7.5
24.7
Apr
2024
34.5
40.4
27.5
31.7
6.6
24.3
May
2024
34.8
41.4
28.6
31.8
7.0
24.6
Jun
2024
33.6
38.9
24.9
29.5
6.4
30.1
Jul
2024
32.3
40.0
26.6
27.1
4.4
28.8
Aug
2024
31.3
39.2
27.7
26.2
5.7
29.8
Sep
2024
28.6
36.5
25.1
20.9
4.4
30.6
Oct
2024
36.1
42.3
30.1
26.6
4.7
31.9
Nov
2024
35.6
43.4
31.3
29.5
5.2
30.5
Dec
2024
34.6
44.8
29.2
26.2
5.0
28.6
Jan
2025
36.4
44.9
27.7
28.4
5.1
27.6
Feb
2025
33.8
42.1
28.7
29.1
5.1
28.0
Mar
2025
33.9
40.2
25.3
24.9
4.0
27.4
Table 5.2: Distribution of WAM, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on WAM reported (Item A.11).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
15.2
19.3
29.0
38.0
46.0
50.0
51.0
8.0
15.8
22.0
31.0
40.0
45.8
49.4
5.0
6.0
11.0
23.0
33.0
40.2
48.2
Apr
2024
10.2
16.6
27.8
37.0
43.0
47.0
49.8
3.8
11.0
15.0
30.0
36.0
40.0
42.2
4.2
5.0
11.0
22.0
33.0
41.6
44.4
May
2024
12.2
17.4
29.0
37.0
42.0
48.0
50.0
5.0
7.6
17.0
29.0
36.0
42.0
42.0
5.2
6.0
11.0
23.0
33.0
40.0
45.0
Jun
2024
11.0
15.0
28.0
35.0
43.0
48.4
51.0
3.0
4.0
13.5
26.0
35.0
41.6
43.6
5.0
5.3
11.8
29.0
37.2
41.7
45.6
Jul
2024
9.0
13.0
27.0
34.0
42.0
48.2
50.0
1.0
4.0
14.0
27.0
37.0
41.0
44.4
3.2
4.0
7.8
27.0
36.5
42.0
47.7
21
Aug
2024
10.0
14.0
26.0
33.0
38.0
45.0
48.0
4.0
4.4
14.0
28.0
37.0
40.0
45.2
4.0
5.0
7.0
28.0
38.0
47.2
50.8
Sep
2024
7.6
12.3
22.0
28.5
34.0
41.0
44.3
1.8
7.0
15.5
27.0
33.2
36.0
38.2
1.4
3.4
6.0
29.0
40.0
48.0
49.0
Oct
2024
7.0
14.0
24.0
34.0
41.0
47.0
51.0
6.0
7.0
16.0
29.0
36.0
45.0
49.2
3.1
5.0
10.2
32.0
39.8
45.0
46.9
Nov
2024
9.8
14.0
24.8
35.0
41.0
49.0
51.0
6.8
12.0
19.8
31.0
37.2
48.0
50.5
4.0
6.0
11.2
29.5
37.0
44.7
46.9
Dec
2024
10.8
14.0
23.0
35.0
42.0
49.0
52.2
4.0
8.5
17.0
26.0
34.8
46.5
47.0
4.0
6.0
10.0
30.0
36.0
42.0
45.0
Jan
2025
12.8
15.0
24.0
35.0
45.0
50.0
52.0
6.8
9.0
17.5
29.5
40.0
42.0
43.2
4.0
6.0
11.0
28.0
35.0
41.0
43.0
Feb
2025
10.0
13.7
22.2
33.0
42.0
50.0
52.0
9.0
10.2
19.0
31.0
36.0
41.6
45.2
4.0
6.0
12.0
29.0
34.0
41.0
45.0
Mar
2025
8.0
13.0
21.2
32.0
41.0
47.0
52.0
4.0
8.0
15.8
27.0
37.0
39.5
41.0
4.0
5.0
11.0
25.0
33.0
42.0
46.0
March 2025
5.2
Analytics Ofce
Weighted Average Life (WAL)
Table 5.3: Asset-Weighted WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on weighted average life (Item
A.12) and net assets (Item A.16) reported.
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Mar
2024
87.1
80.8
49.3
49.8
7.4
25.4
Apr
2024
85.0
78.7
44.7
48.0
6.6
24.9
May
2024
84.8
80.9
47.6
49.8
7.0
25.4
Jun
2024
82.9
80.2
41.4
48.1
6.4
30.8
Jul
2024
81.3
82.2
43.6
43.9
4.4
29.6
Aug
2024
81.1
81.8
44.8
44.4
5.7
30.6
Sep
2024
80.6
77.9
45.4
44.4
4.4
31.2
Oct
2024
91.0
85.8
50.6
51.5
4.7
32.5
Nov
2024
89.8
86.9
51.1
50.9
5.2
31.3
Dec
2024
89.8
89.3
49.3
46.2
5.0
29.2
Jan
2025
91.6
90.9
49.9
45.8
5.1
28.1
Feb
2025
88.4
90.6
52.8
46.2
5.1
29.2
Mar
2025
88.6
91.5
51.4
45.7
4.0
28.1
Table 5.4: Distribution of WAL, by MMF Category (Days)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on WAL reported (Item A.12).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
20.3
33.3
57.0
82.5
95.0
110.7
115.8
8.2
18.2
30.0
49.0
64.0
73.8
82.2
4.0
6.0
13.0
24.0
33.0
40.2
48.2
Apr
2024
19.2
29.3
60.0
81.5
92.0
105.0
111.0
3.8
14.2
23.0
43.0
58.0
73.8
76.0
4.2
5.0
11.0
22.0
33.0
41.6
44.4
May
2024
17.4
31.0
57.0
81.0
94.0
104.0
113.8
5.0
11.6
23.0
40.0
60.0
72.4
81.6
5.2
6.0
11.0
24.0
33.0
40.0
45.0
Jun
2024
17.3
29.6
54.5
81.0
93.5
106.4
110.0
3.0
4.0
18.5
38.0
57.0
72.6
81.0
5.0
5.3
11.8
29.0
38.0
41.7
45.6
Jul
2024
13.0
31.8
52.0
80.0
91.0
102.0
107.8
1.6
4.0
18.0
42.0
59.0
66.8
87.0
3.2
4.0
7.8
28.5
37.2
42.0
47.7
22
Aug
2024
14.0
27.0
56.0
79.0
92.0
101.0
109.1
4.0
4.4
23.0
45.0
58.0
70.4
88.2
4.0
5.0
7.0
28.5
39.2
47.2
50.8
Sep
2024
21.3
27.3
53.2
76.0
90.0
102.4
110.4
1.8
15.5
33.5
50.0
57.0
63.0
79.8
1.4
3.4
6.0
30.0
40.0
48.0
49.0
Oct
2024
17.8
27.0
57.0
85.5
98.0
109.0
113.2
6.8
19.0
34.0
54.5
65.8
73.5
79.8
3.1
5.0
10.2
33.5
40.8
45.0
46.9
Nov
2024
16.0
31.5
55.8
86.0
98.0
108.0
112.2
6.8
24.0
32.0
58.5
65.2
72.0
78.5
4.0
6.0
11.2
31.0
38.5
44.7
46.9
Dec
2024
15.8
32.0
56.0
87.0
103.0
111.0
113.2
4.0
20.5
29.8
52.0
62.5
74.0
80.0
4.0
6.0
11.0
30.0
36.0
42.0
46.0
Jan
2025
15.8
29.0
61.0
92.0
101.0
110.0
113.2
7.8
18.5
29.8
54.0
64.5
76.0
78.2
4.0
6.0
11.0
28.0
35.0
41.0
43.0
Feb
2025
21.6
36.7
55.0
88.5
101.8
106.0
110.0
9.0
20.8
31.0
58.0
68.0
78.4
83.0
4.0
6.0
12.0
29.0
35.0
41.0
45.0
Mar
2025
20.8
27.7
53.0
89.5
103.0
109.0
112.0
4.0
20.5
31.0
57.5
68.2
75.5
81.8
4.0
5.0
12.0
27.0
33.0
42.0
46.0
March 2025
Analytics Ofce
6
Liquidity
6.1
Daily Liquid Assets
Table 6.1: Aggregate MMF Daily Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on daily liquid assets reported
(Item A.13.a). For each fund type, we take the sum of daily liquid assets reported by all MMFs
attributable to the given fund type and divide by the aggregate total assets of those MMFs.
Category
Government
Prime
Fund Type
Government
Treasury
Institutional
Retail
Mar
2024
67.1
94.0
57.7
41.9
Apr
2024
67.1
94.4
61.7
45.8
May
2024
65.9
94.0
63.4
46.2
Jun
2024
66.8
92.8
55.0
45.3
Jul
2024
67.8
94.6
54.6
45.7
Aug
2024
67.3
94.0
56.4
46.0
Sep
2024
67.5
93.9
54.2
44.7
Oct
2024
65.7
93.9
53.3
44.6
Nov
2024
66.2
94.5
52.0
42.6
Dec
2024
67.4
95.0
53.6
45.7
Jan
2025
66.0
93.7
53.6
45.5
Feb
2025
65.3
93.7
52.7
46.1
Mar
2025
65.7
94.1
54.1
47.3
Table 6.2: Distribution of MMF Daily Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on daily liquid assets reported
(Item A.13.a).
Category
Government
Prime
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
44.1
52.6
64.5
81.8
94.9
99.9
99.9
30.4
31.3
33.6
46.7
57.8
82.2
99.6
Apr
2024
44.5
54.9
64.5
81.0
96.8
100.0
100.0
32.7
36.2
41.9
50.2
58.9
98.7
100.0
May
2024
45.3
52.2
63.2
80.8
94.9
99.9
100.0
31.8
33.6
40.3
50.7
63.6
99.7
100.0
Jun
2024
46.7
51.0
64.0
81.5
95.2
100.0
100.0
30.7
36.0
41.0
53.0
63.0
99.6
100.0
Jul
2024
48.0
53.0
66.0
81.0
98.5
100.0
100.0
31.6
35.2
40.0
49.0
66.0
99.0
100.0
23
Aug
2024
44.5
53.0
64.5
81.0
98.0
100.0
100.0
35.2
36.4
43.0
50.0
61.0
99.6
100.0
Sep
2024
45.0
51.0
62.0
81.0
99.0
100.0
100.0
29.8
30.0
37.5
46.0
61.5
91.0
99.1
Oct
2024
46.2
52.0
63.0
79.0
98.2
100.0
100.0
29.5
32.0
38.8
43.5
53.8
64.5
80.2
Nov
2024
42.0
51.0
62.0
82.0
96.5
100.0
100.0
29.8
30.0
36.0
42.0
52.0
61.0
84.8
Dec
2024
44.4
51.0
63.0
80.0
98.0
100.0
100.0
33.5
34.5
40.0
43.0
56.2
63.5
90.8
Jan
2025
42.4
48.0
62.0
81.0
98.0
100.0
100.0
28.0
29.0
36.8
45.0
55.0
63.5
86.2
Feb
2025
42.6
50.0
63.3
81.5
96.8
100.0
100.0
29.8
31.0
37.0
44.0
54.0
64.0
83.0
Mar
2025
45.8
52.0
62.5
82.0
97.0
100.0
100.0
30.5
33.0
40.0
46.0
55.5
60.5
92.2
March 2025
6.2
Analytics Ofce
Weekly Liquid Assets
Table 6.3: Aggregate MMF Weekly Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on weekly liquid assets reported
(Item A.13.b). For each fund type, we take the sum of weekly liquid assets reported by all MMFs
attributable to the given fund type and divide by the aggregate total assets of those MMFs.
Category
Government
Prime
Tax Exempt
Fund Type
Government
Treasury
Institutional
Retail
Institutional
Retail
Mar
2024
80.8
98.3
72.3
60.1
93.6
76.7
Apr
2024
80.9
99.2
74.4
60.2
94.2
74.3
May
2024
80.3
99.3
75.7
62.3
95.2
75.1
Jun
2024
78.6
98.7
69.1
61.1
96.0
74.4
Jul
2024
79.0
99.1
68.7
61.7
97.4
75.0
Aug
2024
78.9
98.9
68.4
63.1
99.7
76.8
Sep
2024
79.5
99.0
67.8
62.3
99.5
76.1
Oct
2024
77.5
99.2
65.7
60.4
99.5
74.4
Nov
2024
78.4
99.0
65.6
59.5
99.8
75.5
Dec
2024
79.2
99.1
65.8
58.6
99.7
75.3
Jan
2025
78.7
98.9
66.5
60.5
99.8
75.9
Feb
2025
78.6
99.1
65.4
61.1
99.6
75.2
Mar
2025
78.2
98.9
64.9
60.0
99.1
73.9
Table 6.4: Distribution of MMF Weekly Liquid Assets
(Percent of Total Assets)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on weekly liquid assets reported
(Item A.13.b).
Category
Government
Prime
Tax Exempt
Percentile
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
5th
10th
25th
50th
75th
90th
95th
Mar
2024
66.7
73.9
79.8
89.6
99.4
99.9
99.9
50.7
51.2
53.3
56.1
70.0
92.0
99.6
56.1
60.2
67.1
76.1
89.6
97.3
98.3
Apr
2024
71.0
75.8
80.5
87.4
99.6
100.0
100.0
52.3
53.5
55.8
61.3
70.7
98.7
100.0
58.6
60.1
66.0
74.8
92.6
98.8
99.6
May
2024
71.3
73.7
80.6
87.9
99.8
99.9
100.0
52.1
53.4
56.0
63.3
74.6
99.7
100.0
57.7
61.5
65.4
75.1
91.5
98.3
99.4
Jun
2024
69.0
71.0
78.8
87.0
100.0
100.0
100.0
52.0
53.4
56.0
61.0
79.5
99.6
100.0
57.1
60.3
66.8
78.0
92.3
99.0
100.0
Jul
2024
68.0
70.9
79.0
88.0
100.0
100.0
100.0
53.0
54.0
56.0
64.0
82.0
99.0
100.0
58.6
64.3
67.0
78.0
93.5
99.7
100.0
24
Aug
2024
67.0
70.0
79.0
88.0
100.0
100.0
100.0
52.2
53.4
56.0
62.0
79.0
100.0
100.0
59.7
65.0
69.0
79.5
96.5
100.0
100.0
Sep
2024
67.7
71.0
79.5
88.0
100.0
100.0
100.0
51.0
52.8
55.0
58.0
72.0
99.0
100.0
57.6
63.0
69.0
78.0
98.0
100.0
100.0
Oct
2024
66.0
69.0
77.0
86.0
100.0
100.0
100.0
51.0
51.5
53.8
56.0
64.2
75.5
99.0
60.0
61.2
67.3
75.0
92.5
99.0
100.0
Nov
2024
67.8
70.0
76.0
88.0
100.0
100.0
100.0
51.8
52.0
53.0
56.5
65.5
73.0
99.0
64.1
65.1
67.5
75.0
91.8
100.0
100.0
Dec
2024
65.8
70.0
79.0
88.0
100.0
100.0
100.0
52.0
52.0
54.8
57.5
66.0
77.5
99.0
62.0
64.0
67.0
76.0
92.0
100.0
100.0
Jan
2025
66.0
69.0
78.0
88.0
100.0
100.0
100.0
52.0
52.5
54.0
56.0
65.8
77.5
99.0
60.0
63.0
69.0
76.0
93.0
99.0
100.0
Feb
2025
66.6
69.7
78.0
87.0
100.0
100.0
100.0
51.0
51.0
53.0
56.0
66.0
81.0
99.0
57.0
64.0
69.0
75.0
91.0
100.0
100.0
Mar
2025
64.7
70.0
79.0
87.5
100.0
100.0
100.0
50.0
51.0
54.0
56.0
62.7
73.0
99.2
60.0
62.0
67.0
75.0
92.0
100.0
100.0
March 2025
Analytics Ofce
7
Portfolio Securities
7.1
All MMFs
Table 7.1: Aggregate Value of MMF Investments, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category defnitions.
Category
Treasury/Agency
Repo
Commercial Paper
CD/TD
Municipal
Other
Cash
Total
Investment Category
Treasury Debt
Agency Debt
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
CD
Non-Negotiable TD
Subtotal
VRDN
Tender Option Bond
Other Municipal
Subtotal
Other Instrument
Investment Company
Other ABS
Non-US Sovereign
Insurance CO FA
Subtotal
Cash
Total
Mar
2024
2,563.7
728.9
3,292.6
1,613.1
682.4
86.3
2,381.7
197.7
77.3
39.8
314.8
217.4
125.8
343.2
76.3
31.1
20.5
127.9
5.0
25.5
0.8
0.9
0.1
32.3
91.8
6,584.3
Apr
2024
2,415.2
733.5
3,148.7
1,721.3
659.3
91.3
2,472.0
179.1
71.7
32.8
283.6
215.2
143.0
358.2
77.6
30.5
23.2
131.3
5.2
25.2
0.7
0.9
0.1
32.1
110.0
6,535.9
May
2024
2,466.8
753.8
3,220.6
1,711.4
697.6
92.0
2,501.0
179.9
70.5
30.6
280.9
199.6
171.8
371.4
81.1
30.7
24.0
135.8
6.8
22.6
0.5
0.5
0.1
30.4
120.6
6,660.7
Jun
2024
2,450.0
741.3
3,191.3
1,823.7
695.8
95.4
2,614.9
178.7
73.0
29.4
281.1
193.7
116.1
309.8
78.0
32.4
21.7
132.1
6.0
21.6
0.4
0.6
0.1
28.7
118.5
6,676.4
Jul
2024
2,485.2
767.0
3,252.2
1,775.8
711.4
95.8
2,583.0
187.2
75.1
27.5
289.8
200.6
158.3
358.9
76.1
32.7
21.6
130.4
25.5
8.2
0.4
0.8
0.1
35.0
105.4
6,754.8
Aug
2024
2,567.7
775.3
3,342.9
1,733.6
711.3
94.5
2,539.4
192.8
74.6
25.9
293.2
186.6
166.4
353.1
78.8
32.5
19.7
131.0
24.7
9.3
0.3
2.0
0.1
36.4
114.5
6,810.6
Sep
2024
2,659.8
793.7
3,453.6
1,864.6
732.4
91.4
2,688.4
189.7
78.0
25.1
292.7
184.8
132.2
317.0
77.8
33.2
20.2
131.1
28.8
9.7
0.6
3.0
0.1
42.2
100.5
7,025.5
Oct
2024
2,877.6
855.4
3,733.0
1,613.2
723.7
96.5
2,433.4
200.2
77.5
26.0
303.6
186.9
135.9
322.8
80.5
34.0
21.7
136.2
28.7
10.2
0.6
2.4
0.1
41.9
133.9
7,104.9
Nov
2024
3,064.6
853.7
3,918.2
1,561.4
741.4
109.5
2,412.2
201.5
76.5
28.7
306.7
187.6
166.5
354.1
80.8
35.1
22.3
138.2
25.6
11.7
0.5
2.0
0.1
40.0
125.4
7,294.9
Dec
2024
2,994.9
886.4
3,881.2
1,782.5
731.7
106.0
2,620.2
196.8
75.5
26.6
298.9
192.4
75.3
267.7
81.7
35.3
21.5
138.5
31.9
12.4
0.5
1.9
0.1
46.8
119.5
7,372.9
Jan
2025
3,084.7
893.5
3,978.2
1,719.8
724.9
106.0
2,550.8
196.0
80.3
33.9
310.2
195.2
111.6
306.8
78.3
35.4
22.1
135.7
36.5
12.7
0.5
1.2
0.1
51.0
138.9
7,471.6
Table 7.2: Aggregate Value of MMF Investments, by Maturity Bucket
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Mar
2024
2,133.4
814.1
1,107.3
821.1
531.5
527.5
398.9
158.7
Apr
2024
2,096.2
932.0
1,012.7
783.3
495.9
537.3
396.5
172.0
May
2024
2,094.6
981.9
1,091.3
752.2
464.3
654.9
364.6
136.5
Jun
2024
2,366.2
856.5
1,035.5
683.8
509.7
591.9
354.4
160.0
Jul
2024
2,234.8
886.9
1,095.8
699.1
614.5
584.4
358.2
175.5
Aug
2024
2,338.0
896.3
1,023.6
898.5
441.5
625.9
333.0
139.4
25
Sep
2024
2,278.0
972.3
1,158.2
811.6
605.3
590.9
326.2
182.5
Oct
2024
1,911.2
1,057.7
1,122.3
1,026.6
637.6
620.5
363.5
231.7
Nov
2024
2,106.5
911.2
1,279.9
1,073.2
540.2
660.7
390.9
206.7
Dec
2024
2,195.9
914.1
1,300.3
887.7
679.7
589.8
444.6
241.4
Jan
2025
1,998.2
1,118.8
1,228.9
955.2
719.0
581.1
478.2
253.3
Feb
2025
2,124.4
1,145.0
1,137.9
1,087.5
601.2
582.8
486.8
222.6
Mar
2025
2,386.5
971.2
1,186.5
946.2
562.1
616.9
531.4
234.4
Feb
2025
2,967.1
885.8
3,852.8
1,802.5
819.2
106.9
2,728.6
193.6
85.9
35.7
315.2
189.9
116.7
306.6
77.5
36.2
21.8
135.5
34.1
14.0
0.6
0.7
0.1
49.5
125.4
7,513.6
Mar
2025
2,880.6
902.4
3,783.0
1,879.6
838.6
103.2
2,821.3
201.2
88.3
33.1
322.7
194.4
126.5
320.9
78.4
37.5
22.5
138.3
35.4
12.1
0.8
0.7
0.1
49.1
134.3
7,569.6
March 2025
Analytics Ofce
Table 7.3: MMF Weighted Average Life (Days), by Investment
Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Treasury/Agency
Repo
Commercial Paper
CD/TD
Municipal
Other
Investment Category
Treasury Debt
Agency Debt
Treasury Repo
Agency Repo
Other Repo
Financial Company
Asset-Backed
Non-Financial Company
CD
Non-Negotiable TD
VRDN
Tender Option Bond
Other Municipal
Other Instrument
Other ABS
Non-US Sovereign
Insurance CO FA
Mar
2024
71.6
147.6
0.8
4.7
19.3
54.1
40.8
21.5
68.8
0.7
3.1
5.4
64.7
120.1
198.0
43.8
96.6
Apr
2024
75.9
144.8
1.7
5.9
18.8
59.0
41.7
22.6
66.6
1.6
4.6
7.0
60.1
116.2
189.9
28.6
115.9
May
2024
75.7
137.4
1.9
6.8
20.0
66.8
44.2
25.6
68.6
1.5
4.6
6.8
58.6
80.2
179.8
34.6
95.0
Jun
2024
75.2
136.9
0.7
5.6
19.1
67.2
45.5
28.5
65.8
0.6
2.7
5.2
79.0
112.4
176.9
15.5
81.5
26
Jul
2024
76.7
136.8
1.9
6.2
19.6
65.3
44.4
32.0
64.3
1.7
4.4
6.7
78.4
28.1
190.1
72.6
82.3
Aug
2024
71.4
134.6
0.9
5.6
19.2
61.8
42.6
33.6
61.6
0.5
2.6
5.1
86.4
22.5
193.0
59.3
100.9
Sep
2024
70.6
142.9
1.9
6.4
22.3
67.7
46.6
38.1
67.3
1.8
4.4
6.7
91.9
25.5
229.9
57.8
96.4
Oct
2024
74.4
146.4
2.1
6.1
21.6
75.7
50.6
40.7
72.2
1.8
4.4
6.6
91.5
23.9
218.0
53.1
83.9
Nov
2024
71.8
145.5
1.3
5.4
20.0
76.0
48.8
34.9
72.8
0.8
3.3
5.3
85.3
21.8
210.4
54.0
94.3
Dec
2024
78.2
142.1
1.7
5.6
20.8
73.9
45.5
34.9
68.9
1.7
3.7
5.7
84.1
17.6
203.8
38.8
79.7
Jan
2025
77.9
145.2
2.1
6.7
21.6
68.3
49.6
28.5
72.5
2.1
4.4
6.5
75.8
15.7
201.7
32.8
139.6
Feb
2025
79.2
148.5
2.2
6.4
22.5
69.9
54.7
29.0
74.4
2.1
4.4
7.2
76.0
18.5
211.1
41.8
121.8
Mar
2025
82.3
149.1
2.0
5.7
24.3
72.6
56.3
29.6
76.4
1.9
4.4
7.2
73.1
17.3
219.9
35.8
115.1
March 2025
7.2
Analytics Ofce
Government MMFs
Table 7.4: Aggregate Value of Government MMF Investments, by
Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category defnitions.
Category
Treasury/Agency
Repo
Other
Municipal
CD/TD
Cash
Total
Investment Category
Treasury Debt
Agency Debt
Subtotal
Treasury Repo
Agency Repo
Other Repo
Subtotal
Other Instrument
Investment Company
Subtotal
VRDN
CD
Cash
Total
Mar
2024
2,322.1
680.2
3,002.3
1,388.2
561.1
5.7
1,955.1
0.4
3.4
3.8
0.7
0.0
64.4
5,026.2
Apr
2024
2,186.3
683.1
2,869.4
1,480.7
559.0
4.2
2,043.9
0.4
4.1
4.5
0.7
0.0
85.4
5,004.0
May
2024
2,231.2
704.6
2,935.8
1,479.1
586.0
4.8
2,070.0
1.9
4.6
6.4
0.7
0.0
94.9
5,107.9
Jun
2024
2,363.5
734.3
3,097.8
1,558.6
577.7
4.1
2,140.5
0.6
3.7
4.3
0.7
0.0
94.0
5,337.2
Jul
2024
2,425.7
760.4
3,186.1
1,528.0
592.4
3.8
2,124.1
15.8
3.3
19.1
0.7
0.0
82.4
5,412.4
Aug
2024
2,523.4
769.0
3,292.4
1,501.4
593.7
5.2
2,100.4
15.5
3.7
19.2
0.7
0.0
90.1
5,502.8
Sep
2024
2,639.7
788.5
3,428.1
1,585.3
606.9
3.9
2,196.0
18.0
4.0
22.0
0.7
0.0
77.4
5,724.3
Oct
2024
2,810.8
850.2
3,661.0
1,399.6
579.7
5.2
1,984.6
17.9
4.6
22.5
1.1
0.0
109.2
5,778.4
Nov
2024
3,007.4
849.0
3,856.4
1,367.6
607.2
5.7
1,980.5
15.4
5.1
20.5
1.1
0.0
101.7
5,960.1
Dec
2024
2,955.0
881.4
3,836.4
1,470.0
599.3
5.2
2,074.6
21.0
5.4
26.4
1.0
0.0
94.4
6,033.0
Jan
2025
3,026.0
888.4
3,914.4
1,448.9
586.3
5.2
2,040.5
23.9
6.3
30.2
1.0
0.0
111.7
6,097.8
Feb
2025
2,885.6
880.7
3,766.3
1,545.8
684.1
6.2
2,236.0
21.2
7.1
28.2
1.1
0.0
93.9
6,125.6
Table 7.5: Aggregate Value of Government MMF Investments, by
Maturity Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Mar
2024
1,607.5
540.0
851.2
636.5
412.1
393.3
366.2
155.1
Apr
2024
1,578.2
640.7
788.4
593.5
368.1
420.7
361.0
167.9
May
2024
1,560.6
689.1
853.0
580.8
339.8
520.7
335.9
133.0
Jun
2024
1,801.8
619.5
887.0
559.6
414.8
478.0
323.7
158.7
Jul
2024
1,698.5
607.3
953.6
585.2
513.8
470.9
326.5
174.2
Aug
2024
1,748.2
652.4
913.3
781.8
376.4
492.9
309.2
138.4
Sep
2024
1,747.5
690.1
1,048.5
719.8
504.8
454.5
299.9
181.7
Oct
2024
1,416.7
782.0
993.6
903.0
530.9
484.9
327.3
230.8
Nov
2024
1,574.0
656.0
1,178.0
923.6
444.3
522.0
354.4
206.1
Dec
2024
1,657.9
664.7
1,167.1
769.6
565.5
468.4
404.6
240.8
Jan
2025
1,465.8
843.8
1,087.1
829.6
605.0
460.6
441.8
252.5
Feb
2025
1,611.6
862.4
996.4
937.0
486.6
462.9
453.0
221.7
Mar
2025
1,821.8
718.0
1,040.1
812.5
463.1
474.9
493.3
233.5
Table 7.6: Government MMF Weighted Average Life (Days), by
Investment Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Treasury/Agency
Repo
Other
Municipal
CD/TD
Investment Category
Treasury Debt
Agency Debt
Treasury Repo
Agency Repo
Other Repo
Other Instrument
VRDN
CD
Mar
2024
74.2
155.0
0.9
5.5
0.1
3.5
3.2
0.0
Apr
2024
79.0
152.0
1.8
6.6
1.1
5.4
5.0
0.0
May
2024
79.0
143.2
1.9
7.7
1.3
5.1
5.0
0.0
Jun
2024
76.5
137.5
0.8
6.6
0.1
3.2
3.1
0.0
27
Jul
2024
77.3
137.3
2.0
7.1
1.3
6.1
5.0
0.0
Aug
2024
71.9
134.8
1.1
6.5
0.0
1.6
3.1
0.0
Sep
2024
70.6
143.2
2.1
7.3
1.0
2.1
5.0
1.0
Oct
2024
75.2
146.7
2.3
7.2
2.7
2.0
5.0
1.0
Nov
2024
72.4
145.7
1.5
6.4
4.2
1.0
4.1
0.0
Dec
2024
78.6
142.3
1.9
6.5
2.1
2.0
4.1
1.0
Jan
2025
78.6
145.4
2.3
8.0
2.5
3.1
5.0
1.0
Feb
2025
80.4
148.5
2.3
7.4
1.0
2.4
5.0
1.0
Mar
2025
83.5
149.0
2.2
6.5
5.4
2.0
5.0
1.0
Mar
2025
2,817.6
897.5
3,715.1
1,598.0
708.7
6.2
2,312.9
23.4
4.8
28.2
1.1
0.0
104.9
6,162.1
March 2025
7.3
Analytics Ofce
Prime MMFs
Table 7.7: Aggregate Value of Prime MMF Investments, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category defnitions.
Category
Repo
Commercial Paper
CD/TD
Treasury/Agency
Other
Municipal
Cash
Total
Investment Category
Treasury Repo
Agency Repo
Other Repo
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
CD
Non-Negotiable TD
Subtotal
Treasury Debt
Agency Debt
Subtotal
Other Instrument
Other ABS
Non-US Sovereign
Insurance CO FA
Investment Company
Subtotal
VRDN
Tender Option Bond
Other Municipal
Subtotal
Cash
Total
Mar
2024
224.8
121.3
80.6
426.7
197.7
77.3
32.6
307.5
217.4
125.8
343.2
241.6
48.7
290.2
4.7
0.8
0.9
0.1
17.5
23.9
9.2
1.8
0.5
11.5
27.3
1,430.3
Apr
2024
240.6
100.3
87.1
428.0
179.1
71.7
25.8
276.6
215.2
143.0
358.2
228.8
50.4
279.2
4.9
0.7
0.9
0.1
17.1
23.6
9.2
1.9
0.5
11.5
24.6
1,401.7
May
2024
232.2
111.6
87.2
431.0
179.9
70.5
22.8
273.1
199.6
171.8
371.4
235.6
49.2
284.8
4.9
0.5
0.5
0.1
13.3
19.2
9.3
1.8
0.4
11.5
25.7
1,416.6
Jun
2024
265.1
118.0
91.3
474.5
178.7
73.0
19.7
271.4
193.7
116.1
309.8
86.5
7.0
93.5
5.4
0.4
0.6
0.1
13.0
19.6
9.3
1.9
0.3
11.5
24.4
1,204.7
Jul
2024
247.8
119.0
92.1
458.9
187.2
75.1
17.6
279.9
200.6
158.3
358.9
59.5
6.6
66.1
9.7
0.4
0.8
0.1
0.0
11.0
9.5
1.9
0.3
11.8
22.9
1,209.5
Aug
2024
232.2
117.6
89.2
439.0
192.8
74.6
16.7
284.1
186.6
166.4
353.1
44.2
6.3
50.5
9.2
0.3
2.0
0.1
0.0
11.7
10.1
1.9
0.3
12.3
24.3
1,175.0
Sep
2024
279.3
125.6
87.5
492.4
189.7
78.0
15.5
283.2
184.8
132.2
317.0
20.2
5.3
25.4
10.7
0.6
3.0
0.1
0.0
14.5
10.3
1.7
0.3
12.3
23.1
1,167.8
Oct
2024
213.6
144.0
91.3
448.9
200.2
77.5
16.1
293.8
186.9
135.9
322.8
66.8
5.2
72.0
10.8
0.6
2.4
0.1
0.0
13.9
10.7
1.6
0.5
12.8
24.7
1,188.8
Nov
2024
193.7
134.2
103.8
431.7
201.5
76.5
18.3
296.3
187.6
166.5
354.1
57.2
4.7
61.9
10.2
0.5
2.0
0.1
0.0
12.9
10.8
2.0
0.5
13.3
23.5
1,193.7
Dec
2024
312.5
132.3
100.8
545.6
196.8
75.5
16.8
289.1
192.4
75.3
267.7
39.8
4.9
44.8
10.9
0.5
1.9
0.1
0.0
13.5
10.9
2.1
0.6
13.6
24.9
1,199.2
Jan
2025
270.9
138.6
100.8
510.3
196.0
80.3
24.2
300.5
195.2
111.6
306.8
58.4
5.1
63.5
12.6
0.5
1.2
0.1
0.0
14.4
10.8
1.7
0.7
13.2
27.2
1,236.0
Table 7.8: Aggregate Value of Prime MMF Investments, by Maturity
Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Mar
2024
500.2
197.1
248.3
176.5
115.6
130.0
31.7
3.6
Apr
2024
494.2
212.1
213.9
181.7
124.5
112.9
33.8
4.1
May
2024
507.6
211.6
225.5
164.7
121.3
130.1
26.7
3.4
Jun
2024
538.1
157.6
137.8
116.9
91.5
109.7
27.3
1.3
Jul
2024
511.5
199.5
130.5
107.8
98.4
109.7
27.8
1.3
Aug
2024
563.2
163.7
100.5
111.4
62.2
129.1
19.6
1.0
28
Sep
2024
506.3
200.4
101.3
84.5
98.0
131.9
21.6
0.8
Oct
2024
469.8
193.5
115.8
119.1
102.9
128.6
33.6
0.9
Nov
2024
505.1
170.9
91.7
143.4
93.6
130.8
34.1
0.6
Dec
2024
511.5
164.8
122.4
111.2
112.8
113.0
37.8
0.6
Jan
2025
507.0
191.7
129.7
123.0
110.0
111.8
34.7
0.8
Feb
2025
488.1
198.5
132.4
144.4
107.2
114.0
32.4
1.0
Mar
2025
539.0
170.5
137.4
122.7
93.0
137.0
36.5
0.9
Feb
2025
256.7
135.1
100.7
492.6
193.6
85.9
25.5
304.9
189.9
116.7
306.6
81.0
5.0
86.0
12.9
0.6
0.7
0.1
0.0
14.4
11.0
1.7
0.7
13.4
31.4
1,249.4
Mar
2025
281.6
129.9
96.9
508.4
201.2
88.3
22.9
312.4
194.4
126.5
320.9
63.0
4.9
67.9
12.0
0.8
0.7
0.1
0.0
13.6
11.3
1.8
0.7
13.7
29.4
1,266.4
March 2025
Analytics Ofce
Table 7.9: Prime MMF Weighted Average Life (Days), by Investment
Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Repo
Commercial Paper
CD/TD
Treasury/Agency
Other
Municipal
Investment Category
Treasury Repo
Agency Repo
Other Repo
Financial Company
Asset-Backed
Non-Financial Company
CD
Non-Negotiable TD
Treasury Debt
Agency Debt
Other Instrument
Other ABS
Non-US Sovereign
Insurance CO FA
VRDN
Tender Option Bond
Other Municipal
Mar
2024
0.3
0.9
20.7
54.1
40.8
20.5
68.8
0.7
46.8
43.1
129.7
198.0
43.8
96.6
4.2
19.0
20.1
Apr
2024
1.3
1.8
19.7
59.0
41.7
21.5
66.6
1.6
46.4
46.9
125.0
189.9
28.6
115.9
6.0
19.8
20.2
May
2024
1.3
2.0
21.0
66.8
44.2
23.7
68.6
1.5
44.2
53.6
108.4
179.8
34.6
95.0
5.9
19.3
22.5
Jun
2024
0.1
0.7
20.0
67.2
45.5
24.2
65.8
0.6
39.9
73.6
123.9
176.9
15.5
81.5
4.2
17.0
24.0
29
Jul
2024
1.2
1.8
20.3
65.3
44.4
31.5
64.3
1.7
53.0
78.0
63.8
190.1
72.6
82.3
6.0
18.2
21.2
Aug
2024
0.2
0.8
20.3
61.8
42.6
33.9
61.6
0.5
41.1
104.0
57.5
193.0
59.3
100.9
4.1
15.7
27.2
Sep
2024
1.3
2.0
23.2
67.7
46.6
40.5
67.3
1.8
71.9
96.2
65.0
229.9
57.8
96.4
5.9
16.9
33.0
Oct
2024
1.3
1.8
22.7
75.7
50.6
44.7
72.2
1.8
42.5
113.5
60.3
218.0
53.1
83.9
5.8
16.9
29.2
Nov
2024
0.3
0.8
20.9
76.0
48.8
38.0
72.8
0.8
39.4
112.2
53.5
210.4
54.0
94.3
4.8
12.6
15.7
Dec
2024
1.1
1.7
21.8
73.9
45.5
38.1
68.9
1.7
50.0
97.7
47.5
203.8
38.8
79.7
6.0
13.6
18.1
Jan
2025
1.3
1.3
22.6
68.3
49.6
27.3
72.5
2.1
43.7
104.6
39.7
201.7
32.8
139.6
5.9
17.7
33.4
Feb
2025
1.2
1.3
23.9
69.9
54.7
25.0
74.4
2.1
35.2
134.3
45.1
211.1
41.8
121.8
5.9
18.5
35.4
Mar
2025
1.2
1.3
25.5
72.6
56.3
25.4
76.4
1.9
29.3
158.7
47.0
219.9
35.8
115.1
5.9
18.5
25.5
March 2025
7.4
Analytics Ofce
Tax Exempt MMFs
Table 7.10: Aggregate Value of Tax Exempt MMF Investments, by
Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), including cash (Item A.14.a). See
Appendix 10.3 for investment category defnitions.
Category
Municipal
Commercial Paper
Other
Repo
Treasury/Agency
CD/TD
Cash
Total
Investment Category
VRDN
Tender Option Bond
Other Municipal
Subtotal
Non-Financial Company
Investment Company
Treasury Repo
Treasury Debt
CD
Cash
Total
Mar
2024
66.5
29.2
20.0
115.7
7.2
4.7
0.0
0.0
0.0
0.1
127.8
Apr
2024
67.7
28.7
22.7
119.1
7.0
4.0
0.0
0.0
0.0
0.0
130.2
May
2024
71.1
28.9
23.6
123.6
7.8
4.7
0.0
0.0
0.0
0.0
136.2
Jun
2024
68.0
30.5
21.4
119.9
9.7
4.8
0.0
0.0
0.0
0.1
134.5
Jul
2024
65.9
30.7
21.3
117.9
10.0
4.9
0.0
0.0
0.0
0.0
132.9
Aug
2024
68.1
30.5
19.5
118.1
9.2
5.5
0.0
0.0
0.0
0.1
132.8
Sep
2024
66.9
31.4
19.9
118.2
9.6
5.7
0.0
0.0
0.0
0.0
133.4
Oct
2024
68.7
32.3
21.2
122.2
9.9
5.6
0.0
0.0
0.0
0.0
137.8
Nov
2024
68.9
33.1
21.8
123.8
10.4
6.6
0.0
0.0
0.0
0.2
141.1
Dec
2024
69.8
33.2
20.9
123.9
9.8
6.9
0.0
0.0
0.0
0.1
140.7
Jan
2025
66.4
33.7
21.4
121.4
9.7
6.3
0.0
0.3
0.0
0.0
137.8
Feb
2025
65.5
34.5
21.0
120.9
10.3
6.9
0.0
0.5
0.0
0.0
138.6
Mar
2025
66.0
35.7
21.8
123.5
10.3
7.3
0.0
0.0
0.0
0.0
141.1
Table 7.11: Aggregate Value of Tax Exempt MMF Investments, by
Maturity Bucket ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) and the maturity date used to calculate WAL (Item C.12) for each investment. Investments are
assigned a maturity bucket based on their business days to maturity.
Days to Maturity
1 or Less
(1,7]
(7,30]
(30,60]
(60,90]
(90,180]
(180,365]
More than 365
Mar
2024
25.7
77.0
7.9
8.1
3.9
4.1
1.0
0.0
Apr
2024
23.8
79.2
10.4
8.2
3.4
3.7
1.7
0.0
May
2024
26.3
81.2
12.8
6.8
3.2
4.0
1.9
0.0
Jun
2024
26.3
79.3
10.7
7.3
3.3
4.2
3.4
0.0
Jul
2024
24.8
80.1
11.7
6.1
2.4
3.8
3.9
0.0
Aug
2024
26.5
80.2
9.8
5.4
2.9
3.8
4.2
0.0
Sep
2024
24.2
81.8
8.5
7.3
2.4
4.5
4.7
0.0
Oct
2024
24.7
82.1
12.9
4.5
3.8
7.0
2.7
0.0
Nov
2024
27.4
84.3
10.3
6.3
2.3
7.9
2.4
0.0
Dec
2024
26.5
84.6
10.8
6.8
1.4
8.4
2.2
0.0
Jan
2025
25.5
83.3
12.0
2.6
4.0
8.7
1.6
0.0
Feb
2025
24.7
84.1
9.1
6.0
7.4
5.9
1.4
0.0
Mar
2025
25.7
82.7
9.1
11.0
6.0
4.9
1.6
0.0
Table 7.12: Tax Exempt MMF Weighted Average Life (Days), by
Investment Category
This table excludes feeder funds and relies on the total value reported (Form N-MFP Item C.18) by
investment category (Item C.6), and the maturity date used to calculate WAL (Item C.12) for each
investment.
Category
Municipal
Commercial Paper
Repo
Treasury/Agency
CD/TD
Investment Category
VRDN
Tender Option Bond
Other Municipal
Non-Financial Company
Treasury Repo
Treasury Debt
CD
Mar
2024
3.0
4.5
65.8
25.9
0.0
0.0
3.0
Apr
2024
4.4
6.2
61.0
26.5
1.0
0.0
0.0
May
2024
4.4
6.0
59.2
30.9
1.0
0.0
0.0
Jun
2024
2.4
4.5
79.8
37.2
0.0
0.0
0.0
30
Jul
2024
4.1
6.0
79.3
32.8
1.0
0.0
0.0
Aug
2024
2.4
4.4
87.2
33.2
0.0
0.0
0.0
Sep
2024
4.1
6.1
92.7
34.2
1.0
1.0
0.0
Oct
2024
4.1
6.0
92.8
34.1
1.0
5.0
0.0
Nov
2024
3.0
4.9
86.8
29.5
0.0
3.0
0.0
Dec
2024
3.4
5.2
86.0
29.3
1.0
10.3
0.0
Jan
2025
4.1
5.9
77.2
31.4
1.0
7.8
0.0
Feb
2025
4.2
6.7
77.4
38.9
1.0
5.7
0.0
Mar
2025
4.1
6.7
74.5
38.8
1.0
3.4
0.0
March 2025
8
Analytics Ofce
Repurchase Agreements
Table 8.1: Aggregate Value of MMF Repurchase Agreements, by
Clearing Type ($Billions)
This tables excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (tem
C.18) by investment category (Item C.6), and whether the repo was centrally cleared (Item C.8.b).
Jun
2024
543.3
2,071.7
2,614.9
Clearing Type
Centrally Cleared
Non-Centrally Cleared
Total
Jul
2024
637.3
1,945.7
2,583.0
Aug
2024
645.5
1,893.9
2,539.4
Sep
2024
800.9
1,887.5
2,688.4
Oct
2024
781.4
1,652.0
2,433.4
Nov
2024
790.1
1,622.0
2,412.2
Dec
2024
867.4
1,752.8
2,620.2
Jan
2025
871.2
1,679.6
2,550.8
Feb
2025
891.1
1,837.5
2,728.6
Mar
2025
930.7
1,890.6
2,821.3
Table 8.2: Aggregate Value of MMF Repurchase Agreements with the
Federal Reserve, by Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value reported (Item
C.18) by investment category (Item C.6), and the name of the issuer (Item C.1).
Category
Government
Prime
Total
Fund Type
Government
Treasury
Subtotal
Institutional
Retail
Subtotal
Total
Mar
2024
297.2
133.7
430.9
84.1
22.7
106.9
537.8
Apr
2024
280.4
112.1
392.5
85.7
30.5
116.2
508.7
May
2024
233.1
94.8
327.9
87.4
0.5
87.9
415.8
Jun
2024
346.8
127.9
474.7
77.3
66.3
143.5
618.3
Jul
2024
209.7
65.4
275.1
74.1
33.3
107.4
382.5
Aug
2024
229.6
66.2
295.9
71.0
24.6
95.6
391.5
Sep
2024
229.4
65.6
295.0
76.3
58.5
134.8
429.8
Oct
2024
83.2
31.8
115.1
58.3
0.2
58.6
173.6
Nov
2024
114.3
34.2
148.6
21.0
0.1
21.2
169.7
Dec
2024
178.9
40.4
219.3
75.7
87.4
163.1
382.4
Jan
2025
84.8
25.0
109.8
34.2
4.0
38.3
148.1
Feb
2025
85.7
30.0
115.7
70.0
15.7
85.7
201.4
Mar
2025
176.6
57.3
233.9
77.7
37.1
114.8
348.7
Table 8.3: Aggregate Value of MMF Repurchase Agreements, by Days
to Maturity ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value of repos reported
(Item C.18), and the maturity date used to calculate WAL (Item C.12) for each investment.
Investments are assigned a maturity bucket based on their business days to maturity, and open repos
(Item C.8.a) are assigned to the “Overnight/Open” bucket.
Days to Maturity
Overnight/Open
(1,7]
(7,30]
(30,60]
(60,90]
More than 90
Total
Mar
2024
1,833.5
442.0
37.9
46.6
18.5
3.2
2,381.7
Apr
2024
1,901.1
469.0
32.2
35.7
29.4
4.7
2,472.0
May
2024
1,878.8
498.4
42.0
42.2
33.8
5.8
2,501.0
Jun
2024
2,091.3
404.2
50.2
42.1
20.8
6.5
2,614.9
Jul
2024
2,016.0
458.5
41.8
29.3
28.8
8.7
2,583.0
Aug
2024
1,974.8
436.4
42.8
64.9
12.0
8.4
2,539.4
31
Sep
2024
2,028.8
526.7
54.4
41.1
32.8
4.7
2,688.4
Oct
2024
1,753.7
558.9
44.6
53.3
16.1
6.8
2,433.4
Nov
2024
1,772.4
494.9
57.1
63.4
16.5
7.8
2,412.2
Dec
2024
2,023.0
466.6
58.8
31.6
35.2
5.0
2,620.2
Jan
2025
1,879.0
538.4
38.6
51.2
36.6
7.0
2,550.8
Feb
2025
2,012.2
572.5
43.5
56.9
38.7
4.9
2,728.6
Mar
2025
2,158.4
524.6
49.0
51.2
33.6
4.5
2,821.3
March 2025
Analytics Ofce
Table 8.4: Aggregate Value of MMF Repo Collateral, by Category
($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on total value of collateral
reported (Item C.8.j), by collateral category (Item C.8.k). See Appendix 10.4
for collateral category defnitions.
Collateral Type
US Treasuries
MBS - Agency
CMO - Agency
Corporate Debt
Equities
Agency Debenture
ABS
CMO - Private Label
Other
Money Market
Cash
Total
Mar
2024
1,775.4
499.6
57.0
34.4
9.8
16.5
11.0
8.1
13.2
2.8
0.0
2,427.6
Apr
2024
1,859.8
506.2
55.0
34.7
11.5
14.7
11.4
7.0
15.4
4.4
0.0
2,520.1
May
2024
1,855.5
538.8
57.3
35.6
13.2
15.2
9.4
9.2
14.8
3.4
0.0
2,552.3
Jun
2024
1,962.7
533.0
61.6
42.9
17.9
14.5
11.1
8.7
8.5
2.4
0.5
2,663.8
Jul
2024
1,906.5
560.0
66.9
39.1
16.8
15.7
8.9
9.2
9.4
3.6
0.6
2,636.8
Aug
2024
1,873.3
551.8
68.8
37.3
16.1
14.2
9.2
9.1
9.7
3.3
0.1
2,592.8
Sep
2024
2,007.8
566.3
66.1
41.5
15.7
16.0
9.8
7.9
8.5
2.6
0.7
2,743.1
Oct
2024
1,728.6
585.9
67.3
41.3
19.7
16.0
10.4
8.9
7.7
2.6
0.4
2,489.0
Nov
2024
1,731.3
547.8
69.8
47.2
24.0
13.7
12.0
9.4
7.6
4.2
0.4
2,467.4
Dec
2024
1,976.4
509.7
71.2
44.9
20.3
18.5
11.9
9.9
7.8
3.2
0.9
2,674.7
Jan
2025
1,859.2
557.9
74.5
47.1
21.5
18.7
11.0
8.2
7.6
3.2
0.3
2,609.0
Feb
2025
1,950.3
635.3
83.9
48.5
24.5
18.9
9.4
9.6
6.2
3.3
0.5
2,790.3
Mar
2025
2,047.2
638.5
79.0
48.0
22.1
17.6
9.5
8.3
7.7
2.3
0.6
2,880.8
4
Reporting of cash collateral in repurchase agreement transactions began with amendments to Form N-MFP efective
June 11, 2024.
32
March 2025
9
Analytics Ofce
Portfolio Dispositions5
Table 9.1: Aggregate Value of Prime MMF Portfolio Dispositions, by
Investment Category ($Billions)
This table excludes feeder funds (Form N-MFP Item A.7) and relies on the reported gross market value
of portfolio securities sold or disposed (Item D.1) by investment category. See
Appendix 10.3 for investment category defnitions.
Category
Repo
Commercial Paper
Treasury/Agency
CD/TD
Other
Municipal
Total
Investment Category
Other Repo
Treasury Repo
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
Treasury Debt
Agency Debt
Subtotal
CD
Other Instrument
Other ABS
Investment Company
Non-US Sovereign
Subtotal
VRDN
Tender Option Bond
Subtotal
Total
Jun
2024
0.5
0.0
0.5
0.9
0.5
0.2
1.6
4.4
0.0
4.4
0.7
0.1
0.0
0.9
0.0
0.9
0.2
0.0
0.2
8.3
Jul
2024
0.6
0.0
0.6
1.5
0.4
0.4
2.3
2.0
0.0
2.0
0.3
0.1
0.0
1.3
0.0
1.4
0.2
0.0
0.2
6.7
Aug
2024
0.2
0.0
0.2
4.1
0.8
0.2
5.1
9.4
0.0
9.4
0.1
0.1
0.0
0.0
0.0
0.1
0.2
0.0
0.2
15.2
Sep
2024
0.7
0.0
0.7
2.3
0.6
1.0
3.9
3.8
0.0
3.8
0.2
0.1
0.0
0.0
0.0
0.1
0.1
0.0
0.1
8.9
Oct
2024
0.7
0.0
0.7
1.1
0.9
0.5
2.4
2.1
0.1
2.2
1.4
0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
6.7
Nov
2024
3.8
0.0
3.8
1.3
0.7
1.4
3.5
2.4
0.0
2.5
1.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10.9
Dec
2024
4.6
0.2
4.9
2.6
0.8
0.5
3.9
3.4
0.0
3.4
0.0
0.5
0.0
0.0
0.2
0.7
0.4
0.0
0.4
13.3
Jan
2025
4.9
0.1
4.9
1.6
0.5
0.9
3.0
1.3
0.0
1.3
0.0
0.2
0.0
0.0
0.0
0.2
0.4
0.0
0.4
9.8
Feb
2025
4.8
0.0
4.8
0.3
0.8
0.3
1.4
2.4
0.0
2.4
0.1
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.2
8.8
Mar
2025
6.8
0.0
6.8
2.2
1.0
0.4
3.5
3.0
0.0
3.0
0.3
0.2
0.0
0.0
0.0
0.2
0.1
0.0
0.1
13.9
Table 9.2: Number of Prime MMFs with Portfolio Dispositions, by
Investment Category
This table excludes feeder funds and relies on the reported gross market value of portfolio
securities sold or disposed (Form N-MFP Item D.1) by investment category. See
Appendix 10.3 for investment category defnitions.
Category
Repo
Commercial Paper
Treasury/Agency
CD/TD
Other
Municipal
Total
Investment Category
Other Repo
Treasury Repo
Subtotal
Financial Company
Asset-Backed
Non-Financial Company
Subtotal
Treasury Debt
Agency Debt
Subtotal
CD
Other Instrument
Other ABS
Investment Company
Non-US Sovereign
Subtotal
VRDN
Tender Option Bond
Subtotal
Total
Jun
2024
4
0
4
11
8
3
14
16
4
20
8
2
1
2
0
5
13
2
14
37
Jul
2024
5
0
5
10
6
5
16
11
0
11
6
3
1
3
0
7
7
0
7
31
5
Aug
2024
1
0
1
11
5
5
11
8
0
8
2
3
1
1
1
5
7
1
8
20
Sep
2024
3
0
3
10
4
3
14
4
1
4
2
3
1
0
0
4
6
2
8
20
Oct
2024
1
0
1
8
7
3
12
3
2
3
9
2
1
0
0
3
3
0
3
17
Nov
2024
2
0
2
10
6
7
12
2
1
2
5
1
1
0
0
2
4
1
5
17
Dec
2024
3
1
3
10
5
5
11
9
1
9
2
4
1
0
1
5
8
0
8
19
Jan
2025
4
1
4
9
5
7
12
4
0
4
1
2
1
0
0
3
7
1
8
18
Feb
2025
1
0
1
3
6
4
10
5
0
5
2
0
1
0
0
1
3
1
5
18
Mar
2025
2
0
2
8
8
5
12
9
0
9
3
2
1
1
0
4
7
1
7
25
Only Prime MMFs must disclose in Item D of Form N-MFP the gross market value of securities they sold or disposed
of during the reporting period, by category of investment. Securities reported in Item D do not include those held until
maturity.
33
March 2025
Analytics Ofce
10
Appendices
10.1
Interval Notation
Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specifed by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.
10.2
Form N-MFP Changes
Below we include a brief summary of certain changes made to Form N-MFP since 2010 that may impact the
availability, or meaning of, historical information collected in certain data elements presented here in this
report.6
Release Number
IC-34959
Efective Date
June 11, 2024
Form N-MFP Amendments Refect
Amendments to Form N-MFP requiring: reporting indicating whether
the fund is established as a cash management vehicle for afliated funds
or other accounts and not available to other investors, reporting of the
gross market value of portfolio securities a prime Money Market Fund
sold or disposed of during the reporting period, reporting identifying
whether a repurchase agreement is centrally cleared, and whether it
was settled on the triparty platform, indication of whether the Money
Market Fund is a “Treasury” fund, and reporting of daily and weekly
liquid assets, yields, and shareholder fows at a daily frequency within
the monthly fling.
IC-31166
October 14, 2014
Amendments to Form N-MFP requiring identifcation of exempt retail
funds under 2a-7, revised investment categories for portfolio securities
and repurchase agreement collateral, and reporting of weekly reporting
of daily and weekly liquid assets within the monthly fling of the form.
IC-29132
May 5, 2010
Amendments requiring Money Market Funds to submit Form N-MFP
electronically to the Commisison within fve business days after the end
of each month. Changes to rule 2a-7 portfolio quality, maturity, and
liquidity requirements.
6
This summary only covers changes to Form N-MFP that could afect the data used in compiling this report. Therefore,
this summary is purposefully not a comprehensive list of all changes made to Form N-MFP over the time period shown.
In addition, item references refer to the version of Form N-MFP in efect as of the date of a particular rulemaking.
34
March 2025
10.3
Analytics Ofce
Investment Categories
Below we provide the mapping from reported investment categories on Form N-MFP, Item C.6 and Item D.1
to categories presented in this report.
Form N-MFP Investment Category
U.S. Government Agency Debt (if categorized as coupon-paying notes)
Report Category
Treasury/Agency
Report Investment Category
Agency Debt
U.S. Government Agency Debt (if categorized as no-coupon-paying notes)
Treasury/Agency
Agency Debt
U.S. Treasury Debt
Treasury/Agency
Treasury Debt
U.S. Government Agency Repurchase Agreement
Repo
Agency Repo
U.S. Treasury Repurchase Agreement
Repo
Treasury Repo
Other Repurchase Agreement
Repo
Other Repo
Asset Backed Commercial Paper
Commercial paper
Asset-Backed
Financial Company Commercial Paper
Commercial Paper
Financial Company
Non-Financial Company Commercial Paper
Commercial Paper
Non-Financial Company
Certifcate of Deposity
CD/TD
CD
Non-Negotiable Time Deposit
CD/TD
Non-Negotiable TD
Variable Rate Demand Note
Municipal
VRDN
Tender Option Bond
Municipal
Tender Option Bond
Other Municipal Security
Municipal
Other Municipal
Insurance Company Funding Agreement
Other
Insurance CO FA
Investment Company
Other
Investment Company
Non-U.S. Sovereign, Sub-Sovereign and Supra-National Debt
Other
Non-US Sovereign
Other Asset Backed Securities
Other
Other ABS
Other Instrument
Other
Other Instrument
35
March 2025
10.4
Analytics Ofce
Collateral Categories
Below we provide the mapping from reported collateral categories on Form N-MFP, Item C.8.k to categories
presented in this report.
Form N-MFP Collateral Category
Agency Collateralized Mortgage Obligations
Report Collateral Category
CMO - Agency
Agency Debentures and Agency Strips
Agency Debenture
Agency Mortgage-Backed Securities
MBS - Agency
Asset-Backed Securities
ABS
Cash
Cash
Corporate Debt Securities
Corporate Debt
Equities
Equities
Money Market
Money Market
Private Label Collateralized Mortgage Obligations
Other Instrument
CMO - Private Label
Other Instrument
U.S. Treasuries (including strips)
US Treasuries
36
March 2025
10.5
Analytics Ofce
Defnitions
Included by reference are all defnitions included in the defnitions section of
Form N-MFP and defnitions set forth in Rule 2a-7 (17 CFR 270.2a-7).
Daily Liquid Assets
Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)
Securities that will mature (as determined without reference to the exceptions in paragraph (i) of 17 CFR 270.2a-7 regarding interest rate
readjustments), or are subject to a demand feature that is exercisable
and payable, within one business day; or (iv) Amounts receivable and
due unconditionally within one business day on pending sales of portfolio securities.
Form N-MFP
Used by Money Market Funds to fle reports with the Commission pursuant to rule 30b1-7 under the Act (17 CFR 270.30b1-7). The form is
available here.
Fund Category
Fund category, as reported on Item A.10 of Form N-MFP. Form N-MFP
requires flers to identify each Fund from among the following categories:
Government, Prime, Single State and Other Tax Exempt, and further
asks the fler to identify whether the Fund is a Retail Money Market
Fund or Treasury Money Market Fund.
Government Money Market Fund
A Money Market Fund that invests 99.5 percent or more of its total
assets in cash, government securities, and/or repurchase agreements that
are collateralized fully.
Institutional Money Market Fund
A Fund reported on Form N-MFP which indicates in Item A.10.a. that
they are not a Retail Money Market Fund.
Money Market Fund (MMF)
A registered open-end management investment company, or series
thereof, that is regulated as a Money Market Fund pursuant to rule
2a–7 (17 CFR 270.2a–7) under the Investment Company Act of 1940.
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March 2025
Analytics Ofce
Prime Money Market Fund
Any Fund reported on Form N-MFP as a Prime Money Market Fund
on Form N-MFP Item A.10.
Retail Money Market Fund
A Money Market Fund that has policies and procedures reasonably designed to limit all benefcial owners of the Fund to natural persons.
Single State Fund
A Tax Exempt Money Market Fund that holds itself out as seeking to
maximize the amount of its distributed income that is exempt from the
income taxes or other taxes on investments of a particular state and,
where applicable, subdivisions thereof.
Tax Exempt Money Market Fund
A Money Market Fund that holds itself out as distributing income exempt from regular federal income tax.
Total Assets
For purposes of this report: the sum of fund level cash (Form N-MFP
Item A.14.a), the total value of portfolio securities (Form N-MFP Item
A.14.b), and the total value of other assets (Form N-MFP Item A.14.c).
Treasury Money Market Fund
A Government Money Market Fund which indicates in Item A.10.b. that
they typically invest at least 80% of the value of its assets in U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury obligations.
Weekly Liquid Assets
Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)
Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the
United States pursuant to authority granted by the Congress of the
United States that: (A) Are issued at a discount to the principal amount
to be repaid at maturity without provision for the payment of interest;
and (B) Have a remaining maturity date of 60 days or less; (iv) Securities
that will mature (as determined without reference to the exceptions in
paragraph (i) of 17 CFR 270.2a-7 regarding interest rate readjustments),
or are subject to a demand feature that is exercisable and payable, within
fve business days; or (v) Amounts receivable and due unconditionally
within fve business days on pending sales of portfolio securities.
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