Money 

Market Fund 

Statistics

Data as of 

October 31, 2018

Issued November 21, 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 10/31/2018 Change 9/30/2018 Page

Number of Money Market Funds Reporting (Not Including Feeder Funds) 381 -2 383 3

Assets (in billions) Total Money Market Funds $3,163.9 $8.2 $3,155.7 4

Prime Funds $743.3 -$3.1 $746.4

Government & Treasury Funds $2,282.4 $8.3 $2,274.1

Tax Exempt Funds $138.1 $2.9 $135.2

7-Day Yields Gross Prime Funds 2.37% 0.11% 2.26% 5

Government & Treasury Funds 2.23% 0.11% 2.12%

Tax Exempt Funds 1.66% 0.07% 1.59%

7-Day Yields Prime Funds Gross 2.37% 0.11% 2.26% 6

Net 2.19% 0.10% 2.09%

Expense Ratio 0.18% - 0.18%

Weighted Average Life (WAL), 

Weighted by Fund Assets Prime Funds 59.7 days -2.5 days 62.2 days 7

Government & Treasury Funds 89.1 days 0.2 days 88.9 days

Tax Exempt Funds 30.9 days 0.6 days 30.3 days

Weighted Average Maturity (WAM), 

Weighted by Fund Assets Prime Funds 27.5 days -3.0 days 30.5 days 8

Government & Treasury Funds 32.2 days -1.2 days 33.4 days

Tax Exempt Funds 28.5 days 1.2 days 27.3 days

Liquidity of Prime Funds, As a 

Percent of Total Amortized Cost Daily Liquidity 31.9% 0.7% 31.2% 9

Weekly Liquidity 49.8% 0.2% 49.6%

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 $262.8 (35.2%) $16.6 $246.2 (33.1%) 13

Non-Financial Co. Commercial Paper (CP) 

& Other Short Term Instruments $107.4 (14.4%) -$1.1 $108.5 (14.6%)

Government & Treasury (Direct and Repo) $172.4 (23.1%) -$14.3 $186.7 (25.1%)

Financial Co. Commercial Paper (CP) $156.7 (21.0%) $2.0 $154.7 (20.8%)

Asset Backed Commercial Paper (ABCP) $46.8 (6.3%) -$0.7 $47.5 (6.4%)

Non-Government Securities All Taxable Funds 18.9% 0.2% 18.7% 14

MMF Repo with the Fed (in billions) $4.8 -$40.1 $44.9 15

Longer-Maturity Securities 60 Days and Over 36.2% 1.0% 35.2% 16

180 Days and Over 8.0% -0.3% 8.3%

Information presented in this report is based upon data reported by filers for the period ending October 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

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

6/30/2018 381

7/31/2018 382

8/31/2018 383

9/30/2018 383

10/31/2018 381

 300

 320

 340

 360

 380

 400

 420

 440

Trend in Number of Money Market Funds

Does not include feeder funds
Page | 4

(Millions)

Prime Govt & Treas Tax Exempt Total 

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 

6/30/2018 $677,138 $2,282,219 $139,103 $3,098,461 

7/31/2018 $701,413 $2,277,786 $134,491 $3,113,690 

8/31/2018 $732,552 $2,275,969 $135,093 $3,143,613 

9/30/2018 $746,446 $2,274,076 $135,169 $3,155,690 

10/31/2018 $743,331 $2,282,414 $138,142 $3,163,887 

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

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%

6/30/2018 2.16% 1.94% 1.53%

7/31/2018 2.18% 1.96% 1.10%

8/31/2018 2.19% 2.01% 1.59%

9/30/2018 2.26% 2.12% 1.59%

10/31/2018 2.37% 2.23% 1.66%

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

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%

6/30/2018 2.16% 0.18% 1.98%

7/31/2018 2.18% 0.18% 2.00%

8/31/2018 2.19% 0.18% 2.01%

9/30/2018 2.26% 0.18% 2.09%

10/31/2018 2.37% 0.18% 2.19%

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

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

6/30/2018 58.4 87.7 23.9

7/31/2018 57.9 85.5 22.8

8/31/2018 60.0 87.0 24.3

9/30/2018 62.2 88.9 30.3

10/31/2018 59.7 89.1 30.9

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

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

6/30/2018 29.1 31.4 21.1

7/31/2018 30.0 28.9 19.3

8/31/2018 31.2 29.8 21.1

9/30/2018 30.5 33.4 27.3

10/31/2018 27.5 32.2 28.5

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

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%

6/30/2018 29.8% 48.7%

7/31/2018 30.9% 49.5%

8/31/2018 34.8% 49.8%

9/30/2018 31.2% 49.6%

10/31/2018 31.9% 49.8%

15%

20%

25%

30%

35%

40%

45%

50%

55%

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 $98,542

France $78,202

US $76,953

Japan $68,986

UK $46,233

Sweden $42,953

Germany $40,330

Aust/NZ $33,813

Netherlands $26,881

Switzerland $20,441

Norway $8,442

Singapore $8,225

Belgium $7,903

China $5,497

Other $5,121

Spain $3,057

Grand Total $571,581

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

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Millions

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

Country Change (Millions)

France $17,304 

Switzerland $9,763 

UK $7,926 

US $5,943 

Germany $4,938 

Belgium $4,526 

Aust/NZ $2,370 

Sweden $2,042 

Spain $174 

Singapore -$394 

China -$645 

Norway -$957 

Other -$1,618 

Japan -$2,214 

Netherlands -$2,686 

Canada -$6,478 

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.

 -$10,000

 -$5,000

 $-

 $5,000

 $10,000

 $15,000

 $20,000

Millions

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

September 2018 to October 2018 
Page | 12

(Millions)

Europe Eurozone Americas Asia Pacific 

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 $90,201 

3/31/2017 $186,298 $95,304 $138,311 $97,042 

4/30/2017 $216,358 $117,210 $130,493 $98,436 

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 $243,385 $127,890 $158,453 $109,848 

6/30/2018 $213,975 $106,821 $158,771 $110,025 

7/31/2018 $255,767 $140,067 $152,578 $109,968 

8/31/2018 $252,776 $134,998 $162,799 $111,847 

9/30/2018 $234,910 $133,740 $176,959 $119,718 

10/31/2018 $276,946 $158,020 $176,179 $118,456 

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

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

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 

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 $104,614 $161,880 $146,700 $41,658 $682,156 

6/30/2018 $230,096 $94,588 $158,911 $143,914 $41,932 $669,442 

7/31/2018 $243,998 $108,395 $156,450 $153,859 $44,428 $707,130 

8/31/2018 $240,445 $103,676 $189,323 $151,236 $45,757 $730,438 

9/30/2018 $246,243 $108,546 $186,679 $154,676 $47,464 $743,608 

10/31/2018 $262,769 $107,399 $172,413 $156,687 $46,840 $746,109 

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

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 

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%

6/30/2018 17.5%

7/31/2018 18.3%

8/31/2018 18.2%

9/30/2018 18.7%

10/31/2018 18.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

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

All MMF Total 

Federal Reserve 

Repo (Billions)

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 

6/30/2018 $88.8 

7/31/2018 $9.0 

8/31/2018 $0.4 

9/30/2018 $44.9 

10/31/2018 $4.8 

$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

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%

6/30/2018 37.4% 7.6%

7/31/2018 34.7% 7.5%

8/31/2018 35.8% 7.9%

9/30/2018 35.2% 8.3%

10/31/2018 36.2% 8.0%

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.