Money 

Market 

Fund 

Statistics

Data as of 

March 31, 2015

Issued April 23, 2015 

U.S. Securities and 

Exchange Commission

Division of Investment 

Management 

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

Information presented in this report is based upon data reported by filers for the period ending March 31, 2015, except where 

specifically noted that a chart incorporates staff judgments. The presented information does not reflect data from amended filings 

submitted after the required reporting deadline. Some calculations in the change column in the above table of contents may not appear 

to total as expected due to rounding. If staff identifies data in this report that requires corrections, an amended report will be published 

with the corrected information. 

TOPIC 3/31/2015 Change 2/28/2015 Page

Number of Money Market Funds Reporting (Not Including Feeder Funds) 542 -1 543 3

Assets (in billions) Total Money Market Funds $3,009.4 -$38.8 $3,048.2 4

Prime Funds $1,746.2 -$34.1 $1,780.3

Government (Govt) & Treasury Funds $996.2 -$3.6 $999.8

Tax Exempt Funds $266.9 -$1.3 $268.2

7-Day Yields Gross Prime Funds 0.21% - 0.21% 5

Government & Treasury Funds 0.10% 0.02% 0.08%

Tax Exempt Funds 0.06% - 0.06%

7-Day Yields Prime Funds Gross 0.21% - 0.21% 6

Net 0.06% - 0.06%

Expense Ratio 0.16% 0.01% 0.15%

Weighted Average Life (WAL), 

Weighted by Size of Fund Prime Funds 77.5 days - 77.5 days 7

Government & Treasury Funds 81.9 days 1.8 days 80.1 days

Tax Exempt Funds 32.1 days -0.1 days 32.2 days

Weighted Average Maturity (WAM), 

Weighted by Size of Fund Prime Funds 41.6 days -1.8 days 43.4 days 8

Government & Treasury Funds 44.2 days 1.3 days 42.9 days

Tax Exempt Funds 30.6 days -0.3 days 30.9 days

Liquidity of Prime Funds, As a 

Percent of Total Amortized Cost Daily Liquidity 25.1% -0.9% 26.0% 9

Weekly Liquidity 38.8% -1.1% 39.9%

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 $565.6 (32.6%) -$44.4 $610.0 (34.4%) 13

Non-Financial Co. Commercial Paper (CP) & 

Other Short Term Instruments $338.3 (19.5%) -$107.2 $445.5 (25.1%)

Government & Treasury (Direct and Repo) $495.6 (28.5%) $139.2 $356.4 (20.1%)

Financial Co. Commercial Paper (CP) $241.2 (13.9%) -$28.6 $269.8 (15.2%)

Asset-Backed Commercial Paper (ABCP) $96.5 (5.6%) $3.3 $93.2 (5.3%)

Non-Government Securities All Taxable Funds 45.3% -6.2% 51.5% 14

MMF Repo with the Fed (in billions) $366.7 $165.8 $200.9 15

Longer-Maturity Securities 60 Days and Over 44.0% - 44.0% 16

180 Days and Over 11.4% -0.2% 11.6%
Page | 3

Number of Funds

3/31/2013 583

4/30/2013 578

5/31/2013 578

6/30/2013 576

7/31/2013 573

8/31/2013 572

9/30/2013 572

10/31/2013 569

11/30/2013 565

12/31/2013 561

1/31/2014 559

2/28/2014 559

3/31/2014 559

4/30/2014 558

5/31/2014 557

6/30/2014 556

7/31/2014 553

8/31/2014 560

9/30/2014 558

10/31/2014 553

11/30/2014 551

12/31/2014 546

1/31/2015 544

2/28/2015 543

3/31/2015 542

520

530

540

550

560

570

580

590

Number

Trend in Number of Money Market Funds

Does not include feeder funds
Page | 4

(Millions)

Prime Govt & Treas Tax Exempt Total 

3/31/2013 $1,740,603 $909,664 $281,475 $2,931,742 

4/30/2013 $1,750,391 $906,748 $268,076 $2,925,214 

5/31/2013 $1,734,623 $930,716 $266,658 $2,932,007 

6/30/2013 $1,714,463 $923,200 $270,951 $2,908,614 

7/31/2013 $1,728,373 $937,785 $273,934 $2,940,092 

8/31/2013 $1,751,198 $937,421 $276,689 $2,965,308 

9/30/2013 $1,762,577 $974,092 $275,112 $3,013,190 

10/31/2013 $1,783,747 $946,823 $273,058 $3,003,628 

11/30/2013 $1,783,333 $951,551 $273,155 $3,008,039 

12/31/2013 $1,792,224 $980,874 $281,230 $3,054,328 

1/31/2014 $1,794,287 $973,672 $279,055 $3,047,014 

2/28/2014 $1,779,870 $958,662 $278,843 $3,017,375 

3/31/2014 $1,777,905 $946,123 $280,232 $3,004,260 

4/30/2014 $1,743,255 $929,843 $267,440 $2,940,539 

5/31/2014 $1,738,151 $940,705 $266,923 $2,945,779 

6/30/2014 $1,718,330 $945,611 $263,904 $2,927,845 

7/31/2014 $1,710,127 $926,990 $266,213 $2,903,331 

8/31/2014 $1,732,955 $948,940 $266,421 $2,948,316 

9/30/2014 $1,726,386 $984,569 $264,469 $2,975,415 

10/31/2014 $1,751,547 $984,404 $261,534 $2,997,485 

11/30/2014 $1,763,437 $992,092 $261,737 $3,017,266 

12/31/2014 $1,772,398 $1,038,089 $270,199 $3,080,686 

1/31/2015 $1,768,941 $1,019,407 $268,414 $3,056,762 

2/28/2015 $1,780,289 $999,774 $268,181 $3,048,244 

3/31/2015 $1,746,228 $996,224 $266,924 $3,009,376 

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Millions

Trend in Money Market Fund Assets, by Type of Fund

Prime Govt & Treas Tax Exempt
Page | 5

Prime Govt & Treas Tax Exempt

3/31/2013 0.24% 0.14% 0.17%

4/30/2013 0.23% 0.12% 0.24%

5/31/2013 0.22% 0.10% 0.18%

6/30/2013 0.21% 0.09% 0.12%

7/31/2013 0.20% 0.08% 0.11%

8/31/2013 0.20% 0.08% 0.11%

9/30/2013 0.19% 0.07% 0.12%

10/31/2013 0.19% 0.08% 0.14%

11/30/2013 0.19% 0.09% 0.11%

12/31/2013 0.19% 0.08% 0.10%

1/31/2014 0.19% 0.08% 0.10%

2/28/2014 0.19% 0.08% 0.09%

3/31/2014 0.19% 0.08% 0.11%

4/30/2014 0.19% 0.08% 0.15%

5/31/2014 0.19% 0.07% 0.11%

6/30/2014 0.19% 0.08% 0.10%

7/31/2014 0.19% 0.08% 0.10%

8/31/2014 0.19% 0.07% 0.08%

9/30/2014 0.19% 0.06% 0.08%

10/31/2014 0.19% 0.07% 0.08%

11/30/2014 0.19% 0.08% 0.08%

12/31/2014 0.20% 0.08% 0.07%

1/31/2015 0.21% 0.08% 0.06%

2/28/2015 0.21% 0.08% 0.06%

3/31/2015 0.21% 0.10% 0.06%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

7-Day Gross Yield, Annualized

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

Prime Tax Exempt Govt & Treas
Page | 6

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

3/31/2013 0.24% 0.07% 0.17%

4/30/2013 0.23% 0.06% 0.17%

5/31/2013 0.22% 0.05% 0.17%

6/30/2013 0.21% 0.05% 0.16%

7/31/2013 0.20% 0.05% 0.15%

8/31/2013 0.20% 0.04% 0.16%

9/30/2013 0.19% 0.04% 0.15%

10/31/2013 0.19% 0.04% 0.15%

11/30/2013 0.19% 0.04% 0.15%

12/31/2013 0.19% 0.04% 0.15%

1/31/2014 0.19% 0.04% 0.15%

2/28/2014 0.19% 0.04% 0.15%

3/31/2014 0.19% 0.04% 0.15%

4/30/2014 0.19% 0.04% 0.15%

5/31/2014 0.19% 0.04% 0.15%

6/30/2014 0.19% 0.04% 0.15%

7/31/2014 0.19% 0.04% 0.15%

8/31/2014 0.19% 0.04% 0.15%

9/30/2014 0.19% 0.04% 0.14%

10/31/2014 0.19% 0.04% 0.15%

11/30/2014 0.19% 0.05% 0.15%

12/31/2014 0.20% 0.05% 0.15%

1/31/2015 0.21% 0.05% 0.15%

2/28/2015 0.21% 0.06% 0.15%

3/31/2015 0.21% 0.06% 0.16%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

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

3/31/2013 76.6 67.1 30.3

4/30/2013 74.8 66.4 27.8

5/31/2013 75.7 67.1 28.6

6/30/2013 79.1 67.6 34.0

7/31/2013 79.6 65.8 35.3

8/31/2013 78.8 66.7 43.4

9/30/2013 79.8 63.3 42.6

10/31/2013 81.3 67.2 41.9

11/30/2013 82.4 67.9 40.1

12/31/2013 79.6 65.7 36.4

1/31/2014 79.6 67.2 33.4

2/28/2014 79.8 68.4 31.1

3/31/2014 79.9 69.7 31.2

4/30/2014 78.3 71.5 30.4

5/31/2014 78.1 71.3 28.8

6/30/2014 77.8 71.8 34.2

7/31/2014 76.1 74.9 33.8

8/31/2014 76.2 73.6 38.5

9/30/2014 76.3 72.8 41.6

10/31/2014 78.3 78.2 40.5

11/30/2014 79.1 77.0 39.4

12/31/2014 76.6 74.9 37.2

1/31/2015 77.8 79.7 34.0

2/28/2015 77.5 80.1 32.2

3/31/2015 77.5 81.9 32.1

0

10

20

30

40

50

60

70

80

90

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

3/31/2013 48.3 51.0 29.1

4/30/2013 47.4 49.9 26.3

5/31/2013 47.2 50.4 27.3

6/30/2013 49.1 50.7 32.7

7/31/2013 47.9 48.9 32.8

8/31/2013 47.6 49.8 40.7

9/30/2013 47.2 47.7 40.1

10/31/2013 47.4 50.5 39.5

11/30/2013 48.1 50.3 38.5

12/31/2013 46.0 48.3 35.3

1/31/2014 46.7 48.8 32.2

2/28/2014 46.8 47.8 29.8

3/31/2014 46.3 45.3 29.5

4/30/2014 44.7 44.6 29.0

5/31/2014 44.6 42.5 27.4

6/30/2014 44.1 42.7 32.9

7/31/2014 43.7 45.5 33.8

8/31/2014 45.5 44.0 37.3

9/30/2014 46.0 44.5 40.2

10/31/2014 46.8 48.3 39.3

11/30/2014 45.8 46.4 38.4

12/31/2014 42.8 43.5 36.2

1/31/2015 43.5 43.7 33.0

2/28/2015 43.4 42.9 30.9

3/31/2015 41.6 44.2 30.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

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

3/31/2013 24.8% 41.8%

4/30/2013 26.2% 40.4%

5/31/2013 23.3% 39.7%

6/30/2013 22.6% 39.5%

7/31/2013 23.8% 39.5%

8/31/2013 27.0% 41.8%

9/30/2013 25.3% 38.4%

10/31/2013 25.8% 40.2%

11/30/2013 25.4% 39.2%

12/31/2013 23.9% 37.3%

1/31/2014 23.9% 38.9%

2/28/2014 25.1% 40.4%

3/31/2014 27.8% 37.8%

4/30/2014 25.2% 38.7%

5/31/2014 23.5% 39.4%

6/30/2014 24.7% 38.4%

7/31/2014 24.2% 39.3%

8/31/2014 26.3% 40.9%

9/30/2014 25.3% 38.3%

10/31/2014 26.8% 40.1%

11/30/2014 26.6% 40.0%

12/31/2014 22.5% 41.3%

1/31/2015 25.7% 40.6%

2/28/2015 26.0% 39.9%

3/31/2015 25.1% 38.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Percent Total Prime Amortized Cost

Trend in Daily and Weekly Liquidity of Prime Money Market Funds

Total Weekly Liquidity Total Daily Liquidity
Page | 10

Country Prime MMF (Millions)

Canada $210,350

US $192,386

Japan $179,548

France $122,559

Aust/NZ $97,077

Sweden $84,397

UK $67,946

Netherlands $63,286

Switzerland $51,446

Germany $51,141

Singapore $19,817

Norway $15,521

Other $7,264

Belgium $6,977

China $2,934

Spain $2,742

Grand Total $1,175,390

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

Millions

Prime MMF Holdings of Bank Related Securities, by Country Mar 2015
Page | 11

Country Change (Millions)

Canada $3,924 

Germany $2,260 

Switzerland $625 

China $396 

Other $357 

Spain $209 

Netherlands -$180 

Japan -$2,423 

Aust/NZ -$3,124 

US -$3,158 

Singapore -$5,173 

Belgium -$7,685 

Norway -$26,382 

Sweden -$30,303 

UK -$35,862 

France -$61,510 

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.

 -$70,000

 -$60,000

 -$50,000

 -$40,000

 -$30,000

 -$20,000

 -$10,000

 $-

 $10,000

Millions

Change in Prime MMF Bank Related Securities, by 

Country Feb 2015 to Mar 2015 
Page | 12

(Millions)

Europe Euro-zone Americas Asia and Pacific 

3/31/2013 $562,706 $273,336 $410,706 $295,666 

4/30/2013 $598,745 $293,278 $395,798 $290,298 

5/31/2013 $609,506 $301,674 $382,342 $296,533 

6/30/2013 $544,700 $273,546 $407,959 $294,152 

7/31/2013 $584,217 $301,577 $387,593 $292,214 

8/31/2013 $602,626 $304,426 $389,114 $288,112 

9/30/2013 $580,115 $307,046 $404,408 $290,281 

10/31/2013 $628,367 $345,367 $390,174 $301,212 

11/30/2013 $633,537 $351,754 $389,328 $307,322 

12/31/2013 $526,996 $230,508 $407,362 $316,051 

1/31/2014 $653,259 $353,591 $397,161 $311,499 

2/28/2014 $651,067 $356,054 $391,278 $296,627 

3/31/2014 $556,687 $312,662 $390,235 $287,552 

4/30/2014 $650,425 $344,265 $383,688 $287,422 

5/31/2014 $641,476 $341,803 $396,681 $283,745 

6/30/2014 $503,316 $278,043 $403,805 $292,188 

7/31/2014 $606,555 $313,697 $400,146 $292,301 

8/31/2014 $615,562 $315,775 $414,472 $339,186 

9/30/2014 $492,060 $247,267 $408,751 $304,004 

10/31/2014 $609,541 $283,664 $422,338 $309,488 

11/30/2014 $603,310 $287,797 $428,774 $310,709 

12/31/2014 $462,666 $235,169 $421,684 $308,909 

1/31/2015 $626,172 $315,420 $407,069 $303,528 

2/28/2015 $626,600 $315,368 $404,668 $312,152 

3/31/2015 $468,020 $248,685 $405,404 $301,992 

Euro-zone is a subset of Europe and Euro-zone 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

$700,000

Millions

Trend in Prime MMF Holdings of Bank Related 

Securities by Major Region

Europe Euro-zone Americas Asia and Pacific
Page | 13

(Millions) 

CD 

Non-Financial CP 

and Other Short 

Term Securities 

Govt 

(Direct & Repo) Financial Co. CP ABCP 

Total 

Amortized Cost 

3/31/2013 $532,078 $377,744 $465,895 $249,250 $116,782 $1,741,749 

4/30/2013 $511,671 $393,569 $475,517 $261,854 $111,458 $1,754,069 

5/31/2013 $525,532 $418,814 $418,143 $270,660 $105,646 $1,738,795 

6/30/2013 $524,032 $416,613 $404,968 $254,699 $104,886 $1,705,198 

7/31/2013 $538,382 $405,431 $424,751 $265,100 $103,865 $1,737,529 

8/31/2013 $556,143 $406,070 $422,825 $265,618 $105,799 $1,756,455 

9/30/2013 $571,614 $407,313 $431,523 $245,208 $103,468 $1,759,126 

10/31/2013 $559,750 $425,230 $439,521 $260,862 $105,114 $1,790,477 

11/30/2013 $579,823 $417,884 $406,561 $268,153 $106,480 $1,778,901 

12/31/2013 $585,029 $359,549 $474,571 $250,080 $105,208 $1,774,437 

1/31/2014 $629,217 $399,619 $402,094 $268,876 $102,207 $1,802,013 

2/28/2014 $613,990 $400,995 $404,519 $267,782 $99,178 $1,786,464 

3/31/2014 $590,928 $351,416 $472,169 $251,317 $100,120 $1,765,950 

4/30/2014 $615,826 $398,568 $366,015 $266,701 $100,270 $1,747,380 

5/31/2014 $623,169 $311,391 $354,182 $267,912 $98,960 $1,655,614 

6/30/2014 $597,853 $319,228 $441,524 $243,227 $97,085 $1,698,917 

7/31/2014 $616,131 $380,021 $372,010 $254,551 $94,948 $1,717,661 

8/31/2014 $617,783 $405,833 $358,055 $253,916 $95,372 $1,730,959 

9/30/2014 $589,180 $354,600 $415,860 $239,719 $96,214 $1,695,573 

10/31/2014 $602,875 $460,517 $339,950 $257,814 $92,388 $1,753,544 

11/30/2014 $615,412 $441,974 $345,926 $260,014 $94,115 $1,757,442 

12/31/2014 $580,077 $340,485 $503,726 $238,248 $97,206 $1,759,741 

1/31/2015 $611,275 $425,141 $371,869 $264,084 $98,207 $1,770,575 

2/28/2015 $610,002 $445,535 $356,354 $269,810 $93,218 $1,774,919 

3/31/2015 $565,628 $338,350 $495,632 $241,224 $96,541 $1,737,374 

$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 Co. CP and

Other Short Term Securities

Govt (Direct & Repo) Financial Co. CP ABCP
Page | 14

Proportion of Non-Government Securities in 

all Taxable Funds, Amortized Cost 

3/31/2013 51.7%

4/30/2013 53.1%

5/31/2013 50.6%

6/30/2013 50.1%

7/31/2013 51.2%

8/31/2013 49.6%

9/30/2013 48.5%

10/31/2013 49.5%

11/30/2013 51.4%

12/31/2013 45.7%

1/31/2014 50.7%

2/28/2014 50.5%

3/31/2014 47.8%

4/30/2014 49.9%

5/31/2014 52.0%

6/30/2014 47.7%

7/31/2014 51.0%

8/31/2014 51.7%

9/30/2014 47.8%

10/31/2014 52.0%

11/30/2014 51.7%

12/31/2014 44.8%

1/31/2015 50.5%

2/28/2015 51.5%

3/31/2015 45.3%

40%

45%

50%

55%

60%

Proportion of Non-Government Securities in all Taxable Funds, Amortized Cost
Page | 15

All MMF Total 

Federal Reserve 

Repo (Billions)

9/30/2013 $50.7 

10/31/2013 $11.8 

11/30/2013 $15.2 

12/31/2013 $154.6 

1/31/2014 $85.7 

2/28/2014 $98.5 

3/31/2014 $184.1 

4/30/2014 $152.2 

5/31/2014 $143.4 

6/30/2014 $295.2 

7/31/2014 $123.3 

8/31/2014 $150.4 

9/30/2014 $294.4 

10/31/2014 $169.6 

11/30/2014 $165.5 

12/31/2014 $371.1 

1/31/2015 $173.2 

2/28/2015 $200.9 

3/31/2015 $366.7 

$0

$50

$100

$150

$200

$250

$300

$350

$400

Billions

All MMF Repo with Federal Reserve
Page | 16

Maturities 60 days and over Maturities 180 days and over

3/31/2013 42.2% 10.4%

4/30/2013 42.3% 10.8%

5/31/2013 43.3% 10.5%

6/30/2013 44.3% 11.2%

7/31/2013 43.2% 11.6%

8/31/2013 43.0% 11.2%

9/30/2013 44.2% 11.3%

10/31/2013 45.3% 11.7%

11/30/2013 46.5% 12.0%

12/31/2013 43.6% 11.2%

1/31/2014 42.8% 12.0%

2/28/2014 44.4% 12.7%

3/31/2014 44.6% 12.3%

4/30/2014 43.1% 12.2%

5/31/2014 44.9% 11.6%

6/30/2014 44.8% 12.0%

7/31/2014 42.3% 12.1%

8/31/2014 41.6% 11.4%

9/30/2014 43.5% 11.1%

10/31/2014 45.5% 11.8%

11/30/2014 45.8% 11.8%

12/31/2014 41.6% 12.0%

1/31/2015 42.4% 11.6%

2/28/2015 44.0% 11.6%

3/31/2015 44.0% 11.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Percent of Total Amortized Cost

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 Risk and Examinations Office 

(REO) of the Division of Investment Management, at 

Form-NMFP@sec.gov.