Money 

Market Fund 

Statistics

Data as of 

May 31, 2018

Issued July 10, 2018 

U.S. Securities and 

Exchange Commission

Division of Investment 

Management 

Analytics Office

This is a report of the Staff of the Division of Investment Management of the U.S. Securities 

and Exchange Commission. The Commission has expressed no view regarding this report or

the information contained in it. 
Page | 2

Table of Contents

TOPIC 5/31/2018 Change 4/30/2018 Page

Number of Money Market Funds Reporting (Not Including Feeder Funds) 381 - 381 3

Assets (in billions) Total Money Market Funds $3,150.3 $45.6 $3,104.7 4

Prime Funds $686.0 $0.7 $685.3

Government & Treasury Funds $2,321.6 $38.1 $2,283.5

Tax Exempt Funds $142.8 $6.8 $136.0

7-Day Yields Gross Prime Funds 2.02% 0.06% 1.96% 5

Government & Treasury Funds 1.80% 0.06% 1.74%

Tax Exempt Funds 1.24% -0.47% 1.71%

7-Day Yields Prime Funds Gross 2.02% 0.06% 1.96% 6

Net 1.84% 0.05% 1.79%

Expense Ratio 0.18% - 0.18%

Weighted Average Life (WAL), 

Weighted by Fund Assets Prime Funds 55.6 days -1.1 days 56.7 days 7

Government & Treasury Funds 85.0 days -2.6 days 87.6 days

Tax Exempt Funds 22.9 days - 22.9 days

Weighted Average Maturity (WAM), 

Weighted by Fund Assets Prime Funds 26.1 days -0.8 days 26.9 days 8

Government & Treasury Funds 29.1 days -1.3 days 30.4 days

Tax Exempt Funds 20.4 days 0.3 days 20.1 days

Liquidity of Prime Funds, As a 

Percent of Total Amortized Cost Daily Liquidity 29.2% -3.1% 32.3% 9

Weekly Liquidity 49.6% -0.6% 50.2%

Prime Funds' Bank Holdings Holdings by Country 10

Change in Holdings by Country 11

Holdings by Major Region 12

Prime Funds' Portfolio Composition 

(in billions) Certificates of Deposit $227.3 (33.3%) -$15.3 $242.6 (35.5%) 13

Non-Financial Co. Commercial Paper (CP) 

& Other Short Term Instruments $104.6 (15.3%) $7.0 $97.6 (14.3%)

Government & Treasury (Direct and Repo) $161.9 (23.7%) -$1.6 $163.5 (23.9%)

Financial Co. Commercial Paper (CP) $146.7 (21.5%) $4.3 $142.4 (20.8%)

Asset Backed Commercial Paper (ABCP) $41.7 (6.1%) $3.7 $38.0 (5.6%)

Non-Government Securities All Taxable Funds 17.5% -0.2% 17.7% 14

MMF Repo with the Fed (in billions) $21.5 $7.8 $13.7 15

Longer-Maturity Securities 60 Days and Over 33.9% -1.2% 35.1% 16

180 Days and Over 6.1% -0.9% 7.0%

Information presented in this report is based upon data reported by filers for the period ending May 31, 2018, except where specifically 

noted that a chart incorporates staff judgments. The presented information does reflect data from amended filings submitted after the 

required reporting deadline. Some calculations in the change column in the above table of contents and in the tables below may not 

appear to total as expected due to rounding. If staff identify data in this report that requires correction, an amended report will be 

published with the corrected information. 
Page | 3

Number of 

Funds

5/31/2016 466

6/30/2016 464

7/31/2016 453

8/31/2016 443

9/30/2016 433

10/31/2016 420

11/30/2016 415

12/31/2016 413

1/31/2017 411

2/28/2017 411

3/31/2017 411

4/30/2017 412

5/31/2017 411

6/30/2017 410

7/31/2017 406

8/31/2017 406

9/30/2017 406

10/31/2017 399

11/30/2017 382

12/31/2017 379

1/31/2018 380

2/28/2018 379

3/31/2018 379

4/30/2018 381

5/31/2018 381

 300

 320

 340

 360

 380

 400

 420

 440

 460

 480

Trend in Number of Money Market Funds

Does not include feeder funds
Page | 4

(Millions)

Prime Govt & Treas Tax Exempt Total 

5/31/2016 $1,403,324 $1,391,993 $217,892 $3,013,209 

6/30/2016 $1,278,835 $1,512,031 $201,606 $2,992,473 

7/31/2016 $1,234,360 $1,589,074 $190,302 $3,013,735 

8/31/2016 $1,033,094 $1,801,109 $159,116 $2,993,318 

9/30/2016 $739,867 $2,069,321 $135,611 $2,944,800 

10/31/2016 $562,381 $2,217,459 $134,973 $2,914,812 

11/30/2016 $565,854 $2,273,710 $135,301 $2,974,864 

12/31/2016 $550,357 $2,273,496 $134,470 $2,958,323 

1/31/2017 $562,085 $2,219,739 $135,356 $2,917,180 

2/28/2017 $586,970 $2,209,607 $134,789 $2,931,366 

3/31/2017 $599,142 $2,195,143 $135,376 $2,929,662 

4/30/2017 $608,918 $2,175,191 $132,925 $2,917,033 

5/31/2017 $611,372 $2,175,570 $133,872 $2,920,815 

6/30/2017 $615,355 $2,148,708 $133,083 $2,897,146 

7/31/2017 $624,925 $2,156,749 $135,353 $2,917,026 

8/31/2017 $641,734 $2,213,514 $132,996 $2,988,245 

9/30/2017 $664,471 $2,237,950 $132,027 $3,034,448 

10/31/2017 $665,484 $2,226,755 $132,691 $3,024,931 

11/30/2017 $679,795 $2,267,558 $132,898 $3,080,251 

12/31/2017 $666,173 $2,324,868 $134,427 $3,125,468 

1/31/2018 $669,379 $2,270,227 $141,612 $3,081,218 

2/28/2018 $666,613 $2,315,094 $140,201 $3,121,907 

3/31/2018 $663,172 $2,273,435 $137,118 $3,073,725 

4/30/2018 $685,308 $2,283,454 $135,953 $3,104,714 

5/31/2018 $686,014 $2,321,558 $142,765 $3,150,337 

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Millions

Trend in Money Market Fund Assets, by Type of Fund

Prime Govt & Treas Tax Exempt
Page | 5

Wtd Avg Gross Prime Wtd Avg Gross Govt & Treas Wtd Avg Gross Tax Exempt

5/31/2016 0.56% 0.39% 0.42%

6/30/2016 0.57% 0.43% 0.46%

7/31/2016 0.55% 0.41% 0.47%

8/31/2016 0.57% 0.41% 0.60%

9/30/2016 0.63% 0.42% 0.81%

10/31/2016 0.71% 0.42% 0.69%

11/30/2016 0.73% 0.44% 0.62%

12/31/2016 0.87% 0.56% 0.77%

1/31/2017 0.91% 0.60% 0.72%

2/28/2017 0.91% 0.61% 0.70%

3/31/2017 1.03% 0.76% 0.87%

4/30/2017 1.08% 0.80% 0.94%

5/31/2017 1.09% 0.84% 0.84%

6/30/2017 1.23% 1.00% 0.93%

7/31/2017 1.27% 1.06% 0.88%

8/31/2017 1.28% 1.07% 0.86%

9/30/2017 1.28% 1.08% 0.96%

10/31/2017 1.29% 1.10% 0.96%

11/30/2017 1.32% 1.14% 1.00%

12/31/2017 1.52% 1.33% 1.59%

1/31/2018 1.58% 1.38% 1.18%

2/28/2018 1.63% 1.45% 1.16%

3/31/2018 1.86% 1.69% 1.46%

4/30/2018 1.96% 1.74% 1.71%

5/31/2018 2.02% 1.80% 1.24%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

7-Day Gross Yield, Annualized

Trend in Weighted Average 7-Day Gross Yield, by Type of Fund

Wtd Avg Gross Prime Wtd Avg Gross Govt & Treas Wtd Avg Gross Tax Exempt
Page | 6

Wtd Avg Gross Prime Wtd Avg Prime Expense Ratio Wtd Avg Net Prime

5/31/2016 0.56% 0.22% 0.34%

6/30/2016 0.57% 0.22% 0.36%

7/31/2016 0.55% 0.21% 0.34%

8/31/2016 0.57% 0.22% 0.35%

9/30/2016 0.63% 0.23% 0.40%

10/31/2016 0.71% 0.24% 0.48%

11/30/2016 0.73% 0.23% 0.49%

12/31/2016 0.87% 0.25% 0.62%

1/31/2017 0.91% 0.24% 0.67%

2/28/2017 0.91% 0.23% 0.68%

3/31/2017 1.03% 0.23% 0.80%

4/30/2017 1.08% 0.22% 0.86%

5/31/2017 1.09% 0.22% 0.87%

6/30/2017 1.23% 0.22% 1.01%

7/31/2017 1.27% 0.22% 1.05%

8/31/2017 1.28% 0.22% 1.06%

9/30/2017 1.28% 0.21% 1.07%

10/31/2017 1.29% 0.20% 1.09%

11/30/2017 1.32% 0.20% 1.12%

12/31/2017 1.52% 0.21% 1.31%

1/31/2018 1.58% 0.20% 1.38%

2/28/2018 1.63% 0.20% 1.44%

3/31/2018 1.86% 0.19% 1.67%

4/30/2018 1.96% 0.18% 1.79%

5/31/2018 2.02% 0.18% 1.84%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

7-Day Yield, Annualized

Trend in Prime MMF Weighted Average 7-Day Gross and Net Yield, 

and Expense Ratio

Wtd Avg Gross Prime Wtd Avg Prime Expense Ratio Wtd Avg Net Prime
Page | 7

(Days)

Prime Funds Govt & Treas Funds Tax Exempt Funds

5/31/2016 46.8 95.0 21.1

6/30/2016 45.1 99.2 25.3

7/31/2016 39.8 98.8 26.7

8/31/2016 36.5 98.2 29.0

9/30/2016 42.9 94.6 27.5

10/31/2016 58.7 94.5 25.9

11/30/2016 62.3 94.6 27.2

12/31/2016 61.5 96.1 28.5

1/31/2017 60.4 96.2 26.9

2/28/2017 58.6 93.3 26.0

3/31/2017 59.6 90.7 23.7

4/30/2017 58.7 86.2 22.1

5/31/2017 60.1 83.5 19.6

6/30/2017 64.8 87.4 23.1

7/31/2017 65.1 87.1 23.5

8/31/2017 64.0 86.7 29.1

9/30/2017 61.9 85.9 28.2

10/31/2017 62.3 82.1 26.1

11/30/2017 64.5 85.1 27.1

12/31/2017 62.7 88.7 30.0

1/31/2018 60.2 90.6 26.0

2/28/2018 59.3 90.1 25.2

3/31/2018 62.0 91.1 25.6

4/30/2018 56.7 87.6 22.9

5/31/2018 55.6 85.0 22.9

0

20

40

60

80

100

120

Days

Trend in WAL, Weighted by Fund Assets, by Type of Fund

Prime Funds Govt & Treas Funds Tax Exempt Funds
Page | 8

(Days)

Prime Funds Govt & Treas Funds Tax Exempt Funds

5/31/2016 30.5 39.0 18.4

6/30/2016 29.0 40.7 23.3

7/31/2016 24.8 40.5 24.9

8/31/2016 21.8 41.2 26.6

9/30/2016 25.8 42.2 24.9

10/31/2016 35.2 43.1 23.7

11/30/2016 34.6 43.3 24.9

12/31/2016 31.3 45.6 26.4

1/31/2017 30.8 43.5 24.5

2/28/2017 29.3 40.9 23.1

3/31/2017 27.4 38.7 21.3

4/30/2017 28.4 35.2 19.5

5/31/2017 28.8 31.8 16.8

6/30/2017 30.4 33.6 20.5

7/31/2017 31.2 32.3 20.7

8/31/2017 30.6 31.5 26.2

9/30/2017 27.7 32.1 25.7

10/31/2017 26.8 30.1 23.6

11/30/2017 28.0 30.5 24.8

12/31/2017 29.3 32.7 27.9

1/31/2018 27.0 31.1 24.0

2/28/2018 26.5 31.3 23.1

3/31/2018 29.8 33.7 23.6

4/30/2018 26.9 30.4 20.1

5/31/2018 26.1 29.1 20.4

0

5

10

15

20

25

30

35

40

45

50

Days

Trend in WAM, Weighted by Fund Assets, by Type of Fund

Govt & Treas Funds Prime Funds Tax Exempt Funds
Page | 9

Total Daily 

Liquidity

Total Weekly

Liquidity

5/31/2016 32.5% 47.9%

6/30/2016 30.5% 48.8%

7/31/2016 34.6% 53.6%

8/31/2016 38.6% 62.2%

9/30/2016 43.0% 63.0%

10/31/2016 36.4% 52.5%

11/30/2016 32.1% 51.1%

12/31/2016 35.6% 51.2%

1/31/2017 33.6% 50.0%

2/28/2017 32.3% 50.2%

3/31/2017 35.4% 50.3%

4/30/2017 28.9% 48.9%

5/31/2017 34.4% 49.5%

6/30/2017 35.5% 50.1%

7/31/2017 32.1% 49.6%

8/31/2017 31.5% 49.1%

9/30/2017 35.4% 51.5%

10/31/2017 33.2% 50.9%

11/30/2017 32.3% 50.7%

12/31/2017 34.3% 50.4%

1/31/2018 27.7% 49.8%

2/28/2018 30.5% 50.6%

3/31/2018 31.5% 49.1%

4/30/2018 32.3% 50.2%

5/31/2018 29.2% 49.6%

15%

25%

35%

45%

55%

65%

75%

Percent Total Prime Security Value

Trend in Daily and Weekly Liquidity of Prime Money Market Funds

Total Weekly Liquidity Total Daily Liquidity
Page | 10

Country Prime MMF (Millions)

Canada $89,502

US $68,132

Japan $63,903

France $56,565

UK $41,532

Sweden $38,983

Germany $34,419

Aust/NZ $32,420

Netherlands $29,080

Switzerland $25,283

Norway $7,066

Singapore $6,571

Other $5,486

China $5,450

Belgium $4,545

Spain $1,335

Grand Total $510,274

SEC staff had to make judgments in some limited cases as to whether certain securities held in prime money market funds were 

issued by a specific bank. The banks were then grouped by country based on location of their global headquarters. In general, the 

calculations include asset-backed CP sponsored by a bank and all repos with that bank as counterparty. If identifiable with a specific 

bank, money market tranches of ABS are included in the calculation. Securities guaranteed, but not issued by, bank-related entities

are not included.

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

Millions

Prime MMF Holdings of Bank-Related Securities, by Country, May 2018
Page | 11

Country Change (Millions)

Japan $6,166 

Canada $4,646 

Germany $3,153 

UK $2,770 

US $2,093 

China $1,253 

Netherlands $986 

Spain $642 

Singapore -$762 

Norway -$1,430 

Other -$1,699 

Belgium -$3,259 

Aust/NZ -$4,290 

France -$4,779 

Sweden -$4,862 

Switzerland -$5,245 

SEC staff had to make judgments in some limited cases as to whether certain securities held in prime money market funds were 

issued by a specific bank. The banks were then grouped by country based on location of their global headquarters. In general, the

calculations include asset-backed CP sponsored by a bank and all repos with that bank as counterparty. If identifiable with a specific 

bank, money market tranches of ABS are included in the calculation. Securities guaranteed, but not issued by, bank-related entities

are not included.

 -$6,000

 -$4,000

 -$2,000

 $-

 $2,000

 $4,000

 $6,000

 $8,000

Millions

Change in Prime MMF Bank-Related Securities, by Country, 

April 2018 to May 2018 
Page | 12

(Millions)

Europe Eurozone Americas Asia Pacific 

5/31/2016 $545,708 $281,622 $292,675 $250,898

6/30/2016 $391,986 $202,039 $282,750 $241,802

7/31/2016 $478,183 $256,238 $241,745 $219,437

8/31/2016 $414,665 $227,798 $201,539 $161,803

9/30/2016 $218,682 $110,519 $154,358 $98,569

10/31/2016 $189,513 $102,615 $112,169 $84,255

11/30/2016 $189,359 $108,089 $113,736 $80,532

12/31/2016 $132,221 $78,415 $129,780 $88,706

1/31/2017 $191,920 $107,601 $122,864 $86,155

2/28/2017 $204,219 $115,993 $121,228 $90,184

3/31/2017 $186,298 $95,304 $138,311 $97,002

4/30/2017 $216,358 $117,210 $130,493 $98,401

5/31/2017 $222,292 $122,851 $126,919 $95,203

6/30/2017 $178,741 $86,779 $140,245 $101,940

7/31/2017 $210,819 $120,468 $140,817 $98,346

8/31/2017 $236,187 $137,561 $138,973 $100,476

9/30/2017 $219,908 $112,538 $140,983 $107,721

10/31/2017 $247,709 $141,263 $140,003 $103,269

11/30/2017 $243,457 $141,678 $158,724 $109,930

12/31/2017 $172,127 $86,732 $170,109 $114,197

1/31/2018 $244,751 $140,569 $161,705 $104,374

2/28/2018 $246,462 $135,413 $153,706 $107,348

3/31/2018 $213,557 $115,255 $158,769 $106,762

4/30/2018 $254,940 $130,595 $151,439 $108,511

5/31/2018 $242,794 $127,436 $158,355 $109,124

Eurozone is a subset of Europe and Eurozone values are also included in totals for Europe.

SEC staff had to make judgments in some limited cases as to whether certain securities held in prime money market funds were 

issued by a specific bank. The banks were then grouped by country based on location of their global headquarters. In general, the 

calculations include asset-backed CP sponsored by a bank and all repos with that bank as counterparty. If identifiable with a specific 

bank, money market tranches of ABS are included in the calculation. Securities guaranteed, but not issued by, bank-related entities

are not included.

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

Millions

Trend in Prime MMF Holdings of Bank-Related Securities by Major Region

Europe Eurozone Americas Asia_Pacific
Page | 13

(Millions) 

CD 

Non-Financial CP 

and Other Short 

Term Securities

Govt 

(Direct & 

Repo) 

Financial Co. 

CP ABCP 

Total 

Market Value 

5/31/2016 $610,881 $211,359 $283,012 $219,174 $88,388 $1,412,814 

6/30/2016 $493,649 $188,373 $315,884 $191,981 $82,300 $1,272,187 

7/31/2016 $528,712 $177,183 $276,786 $179,301 $70,826 $1,232,809 

8/31/2016 $458,565 $159,002 $220,096 $141,475 $50,509 $1,029,647 

9/30/2016 $260,280 $129,102 $222,935 $86,118 $32,234 $730,669 

10/31/2016 $212,463 $106,548 $125,909 $86,686 $31,214 $562,821 

11/30/2016 $211,101 $112,738 $125,233 $86,079 $32,613 $567,763 

12/31/2016 $191,495 $104,516 $138,081 $78,677 $32,515 $545,285 

1/31/2017 $232,349 $104,006 $105,944 $86,938 $31,280 $560,516 

2/28/2017 $243,982 $104,009 $109,092 $94,693 $31,882 $583,658 

3/31/2017 $245,654 $93,170 $122,938 $100,704 $31,470 $593,935 

4/30/2017 $259,185 $101,768 $105,465 $102,998 $34,261 $603,677 

5/31/2017 $257,741 $94,616 $120,056 $103,142 $34,915 $610,470 

6/30/2017 $231,652 $83,467 $154,742 $101,583 $38,005 $609,450 

7/31/2017 $255,799 $88,453 $136,482 $103,858 $37,676 $622,268 

8/31/2017 $271,275 $92,259 $117,587 $118,815 $41,166 $641,102 

9/30/2017 $263,070 $93,851 $150,153 $115,276 $38,080 $660,429 

10/31/2017 $279,090 $95,196 $137,314 $119,279 $38,932 $669,811 

11/30/2017 $283,618 $95,698 $132,108 $126,694 $40,230 $678,348 

12/31/2017 $229,575 $98,792 $162,539 $125,719 $41,367 $657,992 

1/31/2018 $265,761 $97,725 $120,823 $141,637 $41,962 $667,907 

2/28/2018 $256,631 $104,043 $123,698 $143,571 $40,185 $668,128 

3/31/2018 $222,924 $98,970 $161,875 $132,047 $39,885 $655,702 

4/30/2018 $242,621 $97,577 $163,528 $142,426 $38,018 $684,169 

5/31/2018 $227,305 $104,610 $161,883 $146,700 $41,658 $682,156 

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Millions

Trend in Prime MMF Portfolio Composition

CD Non-Financial CP and Other Short Term Securities

Govt (Direct & Repo) Financial Co. CP

ABCP
Page | 14

Proportion of Non-Government Securities in 

all Taxable Funds, Security Value 

5/31/2016 40.5%

6/30/2016 34.9%

7/31/2016 34.6%

8/31/2016 28.5%

9/30/2016 18.7%

10/31/2016 16.2%

11/30/2016 15.8%

12/31/2016 15.0%

1/31/2017 16.8%

2/28/2017 17.4%

3/31/2017 17.4%

4/30/2017 18.5%

5/31/2017 18.0%

6/30/2017 16.8%

7/31/2017 17.5%

8/31/2017 18.5%

9/30/2017 17.9%

10/31/2017 18.2%

11/30/2017 18.7%

12/31/2017 16.9%

1/31/2018 18.7%

2/28/2018 18.2%

3/31/2018 17.0%

4/30/2018 17.7%

5/31/2018 17.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Proportion of Non-Government Securities in all Taxable Funds, Security Value
Page | 15

All MMF Total 

Federal Reserve 

Repo (Billions)

5/31/2016 $90.9 

6/30/2016 $242.8 

7/31/2016 $84.8 

8/31/2016 $149.9 

9/30/2016 $384.3 

10/31/2016 $198.1 

11/30/2016 $177.3 

12/31/2016 $403.4 

1/31/2017 $165.2 

2/28/2017 $194.0 

3/31/2017 $328.8 

4/30/2017 $174.3 

5/31/2017 $244.1 

6/30/2017 $365.1 

7/31/2017 $189.7 

8/31/2017 $204.1 

9/30/2017 $298.5 

10/31/2017 $164.4 

11/30/2017 $96.2 

12/31/2017 $288.1 

1/31/2018 $55.1 

2/28/2018 $30.9 

3/31/2018 $22.6 

4/30/2018 $13.7 

5/31/2018 $21.5 

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

Billions

All MMF Repo with Federal Reserve
Page | 16

Maturities 60 days and over Maturities 180 days and over

5/31/2016 28.8% 3.5%

6/30/2016 26.0% 3.6%

7/31/2016 21.1% 3.5%

8/31/2016 20.9% 3.0%

9/30/2016 24.9% 3.6%

10/31/2016 38.3% 6.2%

11/30/2016 38.2% 6.2%

12/31/2016 37.4% 6.9%

1/31/2017 38.1% 6.9%

2/28/2017 36.0% 7.0%

3/31/2017 35.3% 8.8%

4/30/2017 33.1% 8.2%

5/31/2017 35.0% 8.6%

6/30/2017 39.7% 8.8%

7/31/2017 38.3% 10.3%

8/31/2017 38.6% 10.1%

9/30/2017 36.1% 9.3%

10/31/2017 37.1% 9.7%

11/30/2017 39.1% 10.4%

12/31/2017 37.4% 8.6%

1/31/2018 35.1% 8.6%

2/28/2018 36.2% 8.3%

3/31/2018 40.7% 7.6%

4/30/2018 35.1% 7.0%

5/31/2018 33.9% 6.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Percent of Total Security Value

Trend in Longer-Maturity Securities in Prime MMFs

Maturities 60 days and over Maturities 180 days and over
Page | 17

If you have any questions or comments about Money 

Market Fund Statistics, please contact Sharon Pichler and 

Isaac Kuznits, in the Division of Investment Management, 

Analytics Office, at Form-NMFP@sec.gov.