Division of Investment Management

Analytics Office

Money Market Fund Statistics

Form N-MFP Data, period ending July 2020

Filings Received through August 17, 2020

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the

U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the

analysis, findings, or conclusions contained herein.

Information presented in this report reflects staff’s compilation and analysis of data reported to

the Commission on Form N-MFP for the reference period. The presented information does not

reflect any filings or amended filings submitted after August 17, 2020. Staff works with

information reported on Form N-MFP and with filers to correct possible reporting errors and may

update reported information to correct what appear to be clear filer errors. Corrected data from

amended filings may be published in a corrected report or in the next regular report, as

determined by staff.

If you have any questions or comments about this report, please contact Viktoria Baklanova

(baklanovav@sec.gov), Isaac Kuznits (kuznitsi@sec.gov), or Trevor Tatum (tatumt@sec.gov) in

the Division of Investment Management’s Analytics Office with the subject line “Money Market

Fund Statistics.”
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table 1: Number of Money Market Funds Reporting

Fund totals do not include feeder funds. See Figure 1 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime

Subtotal 79 - 79

Institutional 50 - 50

Retail 29 - 29

Tax Exempt

Subtotal 80 - 80

Retail 66 - 66

Institutional 14 - 14

Government & Treasury

Subtotal 200 - 200

Government 144 - 144

Treasury 56 - 56

Total Total 359 - 359

Table 2: Money Market Fund Net Assets ($ Billions)1

See Figure 2 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime

Subtotal 1,145.5 ↓16.4 1,161.9

Institutional 701.6 ↓5.3 706.9

Retail 443.9 ↓11.1 455.0

Tax Exempt

Subtotal 129.2 ↓7.4 136.6

Retail 110.7 ↓6.7 117.4

Institutional 18.5 ↓0.7 19.2

Government & Treasury

Subtotal 3,762.9 ↓42.6 3,805.5

Government 2,522.6 ↓38.9 2,561.5

Treasury 1,240.3 ↓3.7 1,244.0

Total Total 5,037.6 ↓66.4 5,104.0

1Some calculations in the change column in the tables in this report may not total as expected due to rounding. Terms

used in this report are defined in Appendix II, Key Definitions.

Page 1 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table 3: Asset-Weighted Seven-Day Gross Yield (Percent)

See Figure 3 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 0.27 ↓0.06 0.33

Retail 0.31 ↓0.11 0.42

Tax Exempt Institutional 0.23 ↑0.02 0.21

Retail 0.33 ↑0.00 0.33

Government & Treasury Government 0.23 ↓0.03 0.26

Treasury 0.24 ↓0.02 0.26

Table 4: Asset-Weighted Seven-Day Net Yield (Percent)

See Figure 4 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 0.19 ↓0.07 0.26

Retail 0.09 ↓0.10 0.19

Tax Exempt Institutional 0.11 ↑0.02 0.09

Retail 0.10 ↑0.00 0.10

Government & Treasury Government 0.06 ↓0.01 0.07

Treasury 0.06 ↓0.01 0.07

Table 5: Weighted Average Life (Days)

See Figure 5 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 62.5 ↑4.9 57.6

Retail 67.8 ↑5.8 62.0

Tax Exempt Institutional 16.8 ↓0.9 17.7

Retail 33.4 ↑0.5 32.9

Government & Treasury Government 101.7 ↓1.2 102.9

Treasury 96.9 ↓0.2 97.1

Page 2 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table 6: Weighted Average Maturity (Days)

See Figure 6 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 42.4 ↑2.0 40.4

Retail 48.3 ↑2.3 46.1

Tax Exempt Institutional 16.0 ↓1.2 17.2

Retail 31.2 ↑0.6 30.7

Government & Treasury Government 41.2 ↓0.1 41.3

Treasury 46.0 ↑0.2 45.8

Table 7: Ratio of Daily Liquid Assets to Total Assets

(Percent)

See Figure 7 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 49.6 ↓0.7 50.3

Retail 41.7 ↓1.9 43.6

Government & Treasury Government 61.8 ↓0.1 61.9

Treasury 96.5 ↓0.6 97.1

Table 8: Ratio of Weekly Liquid Assets to Total Assets

(Percent)

See Figure 8 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 61.0 ↓1.6 62.6

Retail 51.4 ↓0.2 51.6

Tax Exempt Institutional 87.4 ↑0.9 86.5

Retail 73.0 ↓0.2 73.2

Government & Treasury Government 77.8 ↑1.7 76.1

Treasury 99.5 ↑0.0 99.5

Page 3 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table 9: Prime Holdings of Bank-Related Securities

by Country ($ Billions)

See Figure 9 for more details.

Country 2020-07 Change 2020-06

Canada 121.9 ↓18.9 140.8

Japan 98.7 ↑2.9 95.8

France 87.5 ↑2.7 84.8

US 72.9 ↓6.8 79.7

Germany 45.4 ↑9.6 35.8

UK 43.3 ↓2.0 45.3

Netherlands 33.9 ↑3.7 30.2

Aust/NZ 22.6 ↓4.0 26.6

Switzerland 17.3 ↓1.6 18.9

Table 10: Prime Holdings of Bank-Related Securities

by Region ($ Billions)

See Figure 10 for more details.

Country 2020-07 Change 2020-06

Americas 195.4 ↓25.8 221.2

Eurozone 175.1 ↑18.2 156.9

Asia-Pacific 138.9 ↓2.7 141.6

Europe (non-Euro) 99.5 ↓5.7 105.2

Table 11: Prime Money Market Fund Aggregate Product

Exposures ($ Billions)

See Figure 11 for more details.

Asset Type 2020-07 Change 2020-06

Gov. and Treas. 513.4 ↓20.6 534.0

CDs and Time Deposits 257.3 ↑4.6 252.7

Financial Co. CP 163.8 ↓10.2 174.0

Non-Financial Co. CP and Other 156.3 ↑7.3 149.0

Asset-Backed 59.4 ↓3.2 62.6

Total 1,150.2 ↓22.1 1,172.3

Page 4 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table 12: Government & Treasury Funds Bank Repo

Counterparties by Country ($ Billions)

See Figure 12 for more details.

Month 2020-07 Change 2020-06

US 168.3 ↓3.8 172.1

Canada 129.4 ↓2.0 131.4

France 189.1 ↑43.0 146.1

UK 76.7 ↑9.1 67.6

Germany 27.5 ↑5.1 22.4

Japan 118.6 ↑0.1 118.5

Other 44.1 ↑7.6 36.5

Total 753.7 ↑59.1 694.6

Table 13: Money Market Fund Repurchase Agreements

with the Federal Reserve ($ Billions)

See Figure 13 for more details.

2020-07 Change 2020-06

Total 0.2 ↓0.8 1.0

Table 14: Securities with more than 179 Days to Maturity

(Percent)

See Figure 14 for more details.

Category Fund Type 2020-07 Change 2020-06

Prime Institutional 8.2 ↑1.3 6.9

Retail 6.7 ↑1.6 5.1

Tax Exempt Institutional 2.7 ↑0.3 2.4

Retail 7.0 ↑1.1 5.9

Government & Treasury Government 16.5 ↑0.4 16.1

Treasury 15.0 ↑0.5 14.5

Page 5 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 1: Number of Money Market Funds2

See Table A1 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

50

100

150

200

250

Number of Money Market Funds

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

2Beginning in October 2016, Form N-MFP required prime and tax exempt money market funds to identify themselves

as institutional or retail funds; up to that date, Funds reported without making this distinction.

Page 6 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 2: Money Market Fund Net Assets ($ Billions)

See Table A2 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

500

1,000

1,500

2,000

2,500

3,000

Net Assets ($Billions)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 7 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 3: Weighted 7-Day Gross Yields

See Table A3 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Asset-Weighted Seven-Day Gross Yield (%)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 8 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 4: Weighted 7-Day Net Yields

See Table A4 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Asset-Weighted Seven-Day Net Yield (%)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 9 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 5: Weighted Average Life (Days)

See Table A5 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

120

Weighted Average Life (Days)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 10 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 6: Weighted Average Maturity (Days)

See Table A6 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

10

20

30

40

50

Weighted Average Maturity (Days)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 11 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 7: Daily Liquid Assets to Total Assets (Percent)

See Table A7 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

Ratio of Daily Liquid Assets

 to Total Assets (%)

Prime (Pre-Oct. 2016)

Prime Institutional

Prime Retail

Government

Treasury

Page 12 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 8: Weekly Liquid Assets to Total Assets (Percent)

See Table A8 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

Ratio of Weekly Liquid Assets

 to Total Assets (%)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 13 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 9: Prime Holdings of Bank-Related Securities

by Country

See Table A9 for more details.

2016-072016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

Percent of Total Prime Holdings in Bank-Related Securities (%) - Left

Canada

Japan

France

US

Germany

UK

Netherlands

Aust/NZ

Switzerland

0

100

200

300

400

500

600

700

800

Total Prime Holdings in Bank-Related Securities ($Billions) - Right

Total

Page 14 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 10: Prime Holdings of Bank-Related Securities

by Region

See Table A10 for more details.

2016-072016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

Percent of Total Prime Holdings in Bank-Related Securities (%) - Left

Americas

Eurozone

Asia-Pacific

Europe (non-Euro)

0

200

400

600

800

1,000

Total Prime Holdings in Bank-Related Securities ($Billions) - Right

Total

Page 15 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 11: Prime Money Market Fund Aggregate Product

Exposures

See Table A11 for more details.

2016-072016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

Percent of Total Aggregate Product Exposure (%) - Left

Gov. and Treas.

CDs and Time Deposits

Financial Co. CP

Non-Financial Co. CP and Other

Asset-Backed

0

200

400

600

800

1,000

1,200

1,400

Total Aggregate Product Exposure ($Billions) - Right

Total

Page 16 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 12: Government & Treasury Funds Bank Repo

Counterparties by Country

See Table A12 for more details.

2016-072016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

20

40

60

80

100

Percent of Total Aggregate Government and Treasury Bank Repo (%) - Left

US

Canada

France

UK

Germany

Japan

Other

0

200

400

600

800

1,000

Total Aggregate Government and Treasury Bank Repo ($Billions) - Right

Total

Page 17 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 13: Money Market Fund Repurchase Agreements

with the Federal Reserve ($ Billions)

See Table A13 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

50

100

150

200

250

300

350

400

450

Repurchase Agreements with

 the Federal Reserve$

Page 18 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Figure 14: Securities with more than 179 Days to Maturity

(Percent)

See Table A14 for more details.

2016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-07

0

5

10

15

20

Securities with more than 179 Days

 to Maturity (%)

Prime 

(Pre-Oct. 2016)

Tax Exempt 

(Pre-Oct. 2016)

Prime Inst.

Tax Exempt Inst.

Prime Retail

Tax Exempt Retail

Government

Treasury

Page 19 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

I Supporting Data

Table A1: Number of Money Market Funds Reporting

Fund totals do not include feeder funds.

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury Total

2016-07 140 - - 119 - - 132 62 453

2016-08 132 - - 112 - - 137 62 443

2016-09 115 - - 109 - - 148 61 433

2016-10 - 68 29 - 17 87 159 60 420

2016-11 - 57 37 - 11 91 159 60 415

2016-12 - 56 37 - 11 91 159 59 413

2017-01 - 56 37 - 11 90 158 59 411

2017-02 - 56 37 - 11 90 158 59 411

2017-03 - 56 37 - 11 89 159 59 411

2017-04 - 57 37 - 11 89 159 59 412

2017-05 - 56 37 - 11 89 159 59 411

2017-06 - 56 36 - 11 89 159 59 410

2017-07 - 56 36 - 11 85 159 59 406

2017-08 - 56 36 - 11 85 159 59 406

2017-09 - 56 36 - 11 85 159 59 406

2017-10 - 56 36 - 11 80 157 59 399

2017-11 - 48 36 - 11 72 156 59 382

2017-12 - 46 36 - 11 72 154 60 379

2018-01 - 46 36 - 12 72 154 60 380

2018-02 - 46 36 - 11 72 154 60 379

2018-03 - 46 35 - 12 72 154 60 379

2018-04 - 46 35 - 12 72 154 62 381

2018-05 - 46 35 - 12 72 154 62 381

2018-06 - 46 34 - 12 72 155 62 381

2018-07 - 46 34 - 12 72 156 62 382

2018-08 - 46 34 - 12 72 157 62 383

2018-09 - 47 34 - 12 72 156 62 383

2018-10 - 46 34 - 14 70 155 62 381

2018-11 - 46 33 - 14 70 154 62 379

2018-12 - 45 33 - 14 67 151 60 370

2019-01 - 45 33 - 14 67 151 59 369

2019-02 - 46 33 - 14 67 151 59 370

2019-03 - 46 33 - 14 67 151 59 370

2019-04 - 46 34 - 14 67 150 59 370

2019-05 - 47 33 - 14 67 150 59 370

2019-06 - 47 33 - 14 67 150 59 370

2019-07 - 47 33 - 14 67 150 59 370

2019-08 - 47 33 - 14 67 150 59 370

2019-09 - 47 33 - 14 67 149 59 369

2019-10 - 47 33 - 14 67 152 59 372

2019-11 - 47 33 - 14 66 148 57 365

2019-12 - 48 33 - 14 66 148 57 366

2020-01 - 50 32 - 14 66 148 57 367

2020-02 - 50 32 - 14 66 148 57 367

2020-03 - 50 30 - 14 66 146 56 362

2020-04 - 50 30 - 14 66 145 56 361

2020-05 - 50 29 - 14 66 145 56 360

2020-06 - 50 29 - 14 66 144 56 359

2020-07 - 50 29 - 14 66 144 56 359

Page 20 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A2: Money Market Fund Net Assets ($ Billions)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury Total

2016-07 1,234.4 - - 190.3 - - 1,005.5 583.6 3,013.8

2016-08 1,033.1 - - 159.1 - - 1,192.8 608.3 2,993.3

2016-09 739.9 - - 135.6 - - 1,424.3 645.1 2,944.9

2016-10 - 327.6 234.8 - 11.7 123.2 1,572.8 644.6 2,914.7

2016-11 - 315.5 250.4 - 9.9 125.4 1,627.6 646.1 2,974.9

2016-12 - 299.3 251.1 - 8.5 126.0 1,622.3 651.2 2,958.4

2017-01 - 313.0 249.1 - 10.1 125.3 1,587.7 632.1 2,917.3

2017-02 - 337.1 249.9 - 9.3 125.5 1,583.7 625.9 2,931.4

2017-03 - 345.6 253.5 - 10.2 125.1 1,565.1 630.0 2,929.5

2017-04 - 359.1 249.9 - 10.3 122.6 1,552.3 622.9 2,917.1

2017-05 - 362.3 249.0 - 10.4 123.4 1,542.7 632.8 2,920.6

2017-06 - 365.4 250.0 - 10.3 122.8 1,522.2 626.5 2,897.2

2017-07 - 373.6 251.3 - 11.1 124.3 1,518.8 638.0 2,917.1

2017-08 - 385.1 256.6 - 10.5 122.5 1,553.2 660.3 2,988.2

2017-09 - 404.6 259.9 - 10.4 121.6 1,574.3 663.7 3,034.5

2017-10 - 404.4 261.1 - 10.8 121.9 1,570.5 656.3 3,025.0

2017-11 - 415.8 264.0 - 9.8 123.1 1,594.7 672.9 3,080.3

2017-12 - 398.9 267.3 - 8.5 126.0 1,623.8 701.1 3,125.6

2018-01 - 409.1 260.2 - 11.0 130.6 1,576.6 693.6 3,081.1

2018-02 - 405.1 261.5 - 11.0 129.2 1,611.1 704.0 3,121.9

2018-03 - 403.2 259.9 - 10.6 126.5 1,579.3 694.1 3,073.6

2018-04 - 426.6 258.7 - 11.2 124.7 1,600.2 683.2 3,104.6

2018-05 - 424.7 261.3 - 11.5 131.3 1,634.1 687.4 3,150.3

2018-06 - 407.4 269.7 - 11.3 127.8 1,586.8 695.4 3,098.4

2018-07 - 418.8 282.6 - 11.5 123.0 1,586.5 691.2 3,113.6

2018-08 - 435.0 297.6 - 11.7 123.4 1,581.3 694.6 3,143.6

2018-09 - 442.8 303.6 - 12.1 123.1 1,572.2 701.9 3,155.7

2018-10 - 433.8 309.5 - 12.0 126.1 1,578.5 703.9 3,163.8

2018-11 - 449.3 322.4 - 12.6 130.6 1,602.3 735.9 3,253.1

2018-12 - 420.9 343.2 - 12.4 137.2 1,634.0 750.0 3,297.7

2019-01 - 458.0 356.9 - 14.6 131.2 1,636.2 732.3 3,329.2

2019-02 - 501.9 371.0 - 15.0 128.7 1,659.3 730.3 3,406.2

2019-03 - 591.4 380.7 - 15.7 129.3 1,637.9 739.0 3,494.0

2019-04 - 616.7 383.2 - 13.9 124.7 1,629.0 727.2 3,494.7

2019-05 - 616.1 392.7 - 13.6 127.1 1,671.2 752.2 3,572.9

2019-06 - 616.4 402.0 - 14.6 126.5 1,689.4 765.8 3,614.7

2019-07 - 626.6 414.1 - 15.0 125.9 1,723.4 785.3 3,690.3

2019-08 - 630.0 421.4 - 15.8 125.0 1,776.1 798.4 3,766.7

2019-09 - 631.3 431.8 - 14.7 124.3 1,818.4 829.0 3,849.5

2019-10 - 656.0 445.5 - 15.4 127.2 1,858.5 835.5 3,938.1

2019-11 - 666.1 455.5 - 16.6 127.2 1,868.2 850.0 3,983.6

2019-12 - 634.5 460.6 - 15.2 127.6 1,913.1 869.9 4,020.9

2020-01 - 655.1 468.1 - 16.0 125.8 1,891.8 859.8 4,016.6

2020-02 - 635.6 473.7 - 15.7 125.3 1,930.1 853.5 4,033.9

2020-03 - 558.9 425.9 - 15.3 116.7 2,425.2 1,196.7 4,738.7

2020-04 - 651.2 438.8 - 17.5 123.6 2,651.7 1,317.5 5,200.3

2020-05 - 686.8 453.8 - 19.5 120.6 2,655.7 1,294.9 5,231.3

2020-06 - 706.9 455.0 - 19.2 117.4 2,561.5 1,244.0 5,104.0

2020-07 - 701.6 443.9 - 18.5 110.7 2,522.6 1,240.3 5,037.6

Page 21 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A3: Asset-Weighted Seven-Day Gross Yield (Percent)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 0.55 - - 0.47 - - 0.43 0.38

2016-08 0.57 - - 0.60 - - 0.43 0.38

2016-09 0.63 - - 0.81 - - 0.44 0.37

2016-10 - 0.63 0.80 - 0.63 0.70 0.44 0.39

2016-11 - 0.63 0.81 - 0.59 0.62 0.44 0.42

2016-12 - 0.79 0.93 - 0.76 0.77 0.58 0.53

2017-01 - 0.84 0.98 - 0.69 0.72 0.61 0.56

2017-02 - 0.84 0.99 - 0.67 0.71 0.62 0.58

2017-03 - 0.98 1.08 - 0.86 0.87 0.76 0.74

2017-04 - 1.02 1.14 - 0.92 0.94 0.80 0.78

2017-05 - 1.03 1.15 - 0.81 0.84 0.85 0.84

2017-06 - 1.20 1.26 - 0.91 0.93 1.01 1.00

2017-07 - 1.24 1.30 - 0.84 0.89 1.05 1.07

2017-08 - 1.25 1.31 - 0.83 0.86 1.07 1.05

2017-09 - 1.25 1.31 - 0.94 0.96 1.08 1.07

2017-10 - 1.26 1.33 - 0.95 0.97 1.10 1.10

2017-11 - 1.29 1.36 - 0.98 1.00 1.14 1.15

2017-12 - 1.48 1.56 - 1.61 1.59 1.33 1.32

2018-01 - 1.55 1.61 - 1.14 1.18 1.38 1.37

2018-02 - 1.60 1.68 - 1.14 1.16 1.44 1.47

2018-03 - 1.83 1.89 - 1.48 1.46 1.69 1.69

2018-04 - 1.92 2.01 - 1.72 1.71 1.75 1.74

2018-05 - 1.97 2.08 - 1.16 1.24 1.80 1.80

2018-06 - 2.11 2.21 - 1.53 1.53 1.95 1.92

2018-07 - 2.14 2.22 - 1.08 1.10 1.97 1.95

2018-08 - 2.15 2.24 - 1.57 1.59 2.01 2.01

2018-09 - 2.23 2.30 - 1.59 1.59 2.11 2.12

2018-10 - 2.35 2.39 - 1.64 1.66 2.22 2.23

2018-11 - 2.39 2.48 - 1.74 1.74 2.28 2.29

2018-12 - 2.58 2.62 - 1.75 1.76 2.45 2.44

2019-01 - 2.61 2.67 - 1.41 1.45 2.45 2.44

2019-02 - 2.62 2.66 - 1.76 1.78 2.47 2.45

2019-03 - 2.59 2.65 - 1.53 1.59 2.49 2.49

2019-04 - 2.58 2.63 - 2.23 2.20 2.49 2.48

2019-05 - 2.54 2.58 - 1.58 1.52 2.45 2.43

2019-06 - 2.50 2.55 - 1.88 1.88 2.43 2.37

2019-07 - 2.44 2.47 - 1.47 1.48 2.39 2.30

2019-08 - 2.26 2.30 - 1.42 1.42 2.18 2.14

2019-09 - 2.13 2.18 - 1.58 1.56 2.03 2.03

2019-10 - 1.99 2.06 - 1.22 1.26 1.89 1.86

2019-11 - 1.83 1.91 - 1.14 1.17 1.71 1.71

2019-12 - 1.80 1.88 - 1.58 1.54 1.67 1.66

2020-01 - 1.83 1.83 - 0.97 1.00 1.64 1.63

2020-02 - 1.73 1.79 - 1.17 1.20 1.64 1.63

2020-03 - 0.94 1.15 - 3.36 3.35 0.55 0.57

2020-04 - 0.59 0.85 - 0.30 0.51 0.39 0.37

2020-05 - 0.40 0.53 - 0.21 0.42 0.29 0.28

2020-06 - 0.33 0.42 - 0.21 0.33 0.26 0.26

2020-07 - 0.27 0.31 - 0.23 0.33 0.23 0.24

Page 22 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A4: Asset-Weighted Seven-Day Net Yield (Percent)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 0.34 - - 0.13 - - 0.17 0.16

2016-08 0.35 - - 0.23 - - 0.18 0.16

2016-09 0.40 - - 0.43 - - 0.21 0.16

2016-10 - 0.52 0.44 - 0.53 0.31 0.21 0.17

2016-11 - 0.56 0.43 - 0.49 0.24 0.21 0.20

2016-12 - 0.71 0.54 - 0.65 0.37 0.32 0.29

2017-01 - 0.76 0.58 - 0.58 0.33 0.35 0.32

2017-02 - 0.76 0.60 - 0.56 0.31 0.35 0.33

2017-03 - 0.91 0.69 - 0.76 0.49 0.51 0.49

2017-04 - 0.95 0.76 - 0.82 0.55 0.53 0.53

2017-05 - 0.96 0.77 - 0.70 0.46 0.57 0.59

2017-06 - 1.13 0.88 - 0.80 0.56 0.73 0.75

2017-07 - 1.16 0.93 - 0.73 0.52 0.77 0.82

2017-08 - 1.17 0.94 - 0.71 0.49 0.79 0.81

2017-09 - 1.17 0.94 - 0.83 0.58 0.81 0.82

2017-10 - 1.18 0.97 - 0.82 0.62 0.82 0.85

2017-11 - 1.21 1.01 - 0.87 0.66 0.86 0.91

2017-12 - 1.40 1.20 - 1.45 1.23 1.05 1.08

2018-01 - 1.46 1.27 - 1.01 0.85 1.10 1.13

2018-02 - 1.51 1.34 - 1.01 0.82 1.15 1.23

2018-03 - 1.75 1.57 - 1.35 1.12 1.40 1.45

2018-04 - 1.85 1.70 - 1.58 1.39 1.46 1.50

2018-05 - 1.89 1.78 - 1.03 0.93 1.52 1.56

2018-06 - 2.03 1.91 - 1.39 1.22 1.67 1.69

2018-07 - 2.05 1.93 - 0.94 0.79 1.69 1.72

2018-08 - 2.06 1.95 - 1.44 1.28 1.72 1.78

2018-09 - 2.14 2.02 - 1.45 1.28 1.83 1.89

2018-10 - 2.25 2.12 - 1.51 1.36 1.94 2.00

2018-11 - 2.30 2.20 - 1.62 1.44 1.99 2.05

2018-12 - 2.49 2.35 - 1.63 1.46 2.16 2.21

2019-01 - 2.52 2.40 - 1.29 1.16 2.17 2.21

2019-02 - 2.52 2.39 - 1.63 1.49 2.18 2.23

2019-03 - 2.52 2.39 - 1.41 1.31 2.21 2.26

2019-04 - 2.50 2.37 - 2.10 1.92 2.21 2.25

2019-05 - 2.46 2.32 - 1.45 1.24 2.17 2.21

2019-06 - 2.42 2.28 - 1.75 1.60 2.15 2.15

2019-07 - 2.36 2.21 - 1.34 1.21 2.10 2.07

2019-08 - 2.18 2.05 - 1.30 1.14 1.91 1.91

2019-09 - 2.05 1.92 - 1.45 1.28 1.76 1.80

2019-10 - 1.90 1.80 - 1.10 0.98 1.62 1.64

2019-11 - 1.75 1.65 - 1.01 0.90 1.44 1.48

2019-12 - 1.72 1.64 - 1.44 1.26 1.40 1.43

2020-01 - 1.74 1.58 - 0.84 0.73 1.38 1.41

2020-02 - 1.65 1.54 - 1.05 0.93 1.38 1.40

2020-03 - 0.87 0.89 - 3.21 3.07 0.32 0.35

2020-04 - 0.53 0.58 - 0.16 0.25 0.17 0.17

2020-05 - 0.33 0.28 - 0.08 0.16 0.09 0.09

2020-06 - 0.26 0.19 - 0.09 0.10 0.07 0.07

2020-07 - 0.19 0.09 - 0.11 0.10 0.06 0.06

Page 23 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A5: Weighted Average Life (Days)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 39.8 - - 26.7 - - 98.7 98.9

2016-08 36.5 - - 29.0 - - 97.4 99.7

2016-09 42.9 - - 27.5 - - 93.4 97.3

2016-10 - 52.8 67.0 - 14.1 27.0 93.1 98.0

2016-11 - 55.0 71.5 - 15.6 28.1 93.8 96.8

2016-12 - 54.1 70.2 - 16.9 29.3 95.1 98.6

2017-01 - 53.8 68.6 - 15.2 27.9 94.6 100.1

2017-02 - 50.7 69.2 - 15.2 26.8 91.3 98.2

2017-03 - 53.4 68.1 - 14.3 24.5 88.7 95.5

2017-04 - 53.7 66.0 - 12.4 22.9 84.8 89.5

2017-05 - 52.8 70.8 - 10.9 20.3 82.0 87.1

2017-06 - 57.1 76.0 - 11.1 24.1 84.4 94.6

2017-07 - 57.7 76.1 - 10.0 24.7 86.1 89.6

2017-08 - 56.5 75.3 - 12.7 30.5 85.2 90.2

2017-09 - 55.3 72.1 - 14.1 29.4 84.0 90.6

2017-10 - 57.2 70.2 - 14.3 27.1 80.3 86.5

2017-11 - 58.2 74.3 - 14.6 28.1 86.2 82.8

2017-12 - 57.8 69.9 - 17.2 30.8 89.6 86.7

2018-01 - 56.7 65.8 - 13.3 27.1 91.4 88.9

2018-02 - 53.0 69.0 - 13.1 26.2 90.4 89.3

2018-03 - 55.2 72.5 - 13.4 26.6 90.2 93.3

2018-04 - 51.3 65.7 - 10.4 24.0 86.3 90.8

2018-05 - 49.8 65.1 - 11.2 23.9 82.1 92.1

2018-06 - 53.0 66.6 - 10.5 25.1 84.9 94.0

2018-07 - 54.8 62.5 - 10.7 24.0 83.3 90.5

2018-08 - 57.1 64.2 - 9.8 25.6 84.2 93.5

2018-09 - 59.0 66.8 - 11.7 32.1 86.8 93.5

2018-10 - 56.0 65.0 - 13.3 32.6 87.8 91.9

2018-11 - 59.3 73.5 - 14.3 31.2 86.0 89.2

2018-12 - 58.1 62.9 - 13.9 29.2 87.2 90.9

2019-01 - 58.4 62.0 - 12.9 29.6 85.7 93.1

2019-02 - 59.0 64.0 - 14.0 27.9 88.2 92.4

2019-03 - 56.9 67.0 - 14.6 27.6 93.0 92.5

2019-04 - 56.4 62.5 - 12.9 25.1 90.9 92.8

2019-05 - 60.1 63.1 - 14.1 25.0 93.3 91.2

2019-06 - 58.2 62.8 - 14.1 32.5 95.5 91.1

2019-07 - 58.8 62.9 - 12.8 31.4 94.7 93.7

2019-08 - 61.5 66.9 - 14.0 37.2 97.0 97.0

2019-09 - 62.1 72.8 - 16.2 38.5 98.1 95.2

2019-10 - 65.7 76.7 - 19.5 41.7 97.7 98.7

2019-11 - 64.7 78.2 - 19.2 40.5 97.6 99.6

2019-12 - 62.1 70.2 - 18.8 36.6 96.1 97.7

2020-01 - 63.4 64.1 - 16.3 34.7 93.0 95.0

2020-02 - 64.4 63.0 - 15.7 33.8 91.9 97.4

2020-03 - 57.9 59.8 - 14.2 34.2 98.3 92.4

2020-04 - 58.0 60.6 - 13.4 31.2 100.1 96.4

2020-05 - 57.2 60.0 - 15.9 30.6 102.3 98.0

2020-06 - 57.6 62.0 - 17.7 32.9 102.9 97.1

2020-07 - 62.5 67.8 - 16.8 33.4 101.7 96.9

Page 24 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A6: Weighted Average Maturity (Days)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 24.8 - - 24.9 - - 39.5 42.3

2016-08 21.8 - - 26.6 - - 39.1 45.3

2016-09 25.8 - - 24.9 - - 40.4 46.2

2016-10 - 28.3 44.8 - 13.6 24.6 41.8 46.5

2016-11 - 27.1 44.0 - 14.8 25.7 42.2 46.0

2016-12 - 24.4 39.6 - 15.9 27.1 45.0 47.0

2017-01 - 24.8 38.3 - 14.3 25.3 42.3 46.6

2017-02 - 22.9 37.9 - 14.5 23.8 40.0 43.1

2017-03 - 23.0 33.4 - 13.7 21.9 38.1 40.2

2017-04 - 24.8 33.6 - 11.7 20.2 34.8 36.3

2017-05 - 22.3 38.2 - 10.5 17.3 31.2 33.3

2017-06 - 23.8 40.2 - 10.4 21.3 32.0 37.7

2017-07 - 25.7 39.3 - 9.4 21.8 31.2 34.8

2017-08 - 25.7 37.8 - 12.1 27.4 29.7 35.8

2017-09 - 23.7 34.0 - 13.4 26.8 30.3 36.5

2017-10 - 22.3 33.8 - 13.6 24.5 28.8 33.1

2017-11 - 23.3 35.3 - 14.1 25.7 30.1 31.3

2017-12 - 25.0 35.7 - 16.5 28.7 31.8 34.9

2018-01 - 24.0 31.6 - 12.8 24.9 29.5 34.6

2018-02 - 23.0 31.8 - 12.7 24.0 28.9 36.9

2018-03 - 26.4 35.2 - 12.8 24.5 32.2 37.1

2018-04 - 24.5 30.9 - 9.8 21.0 28.5 34.6

2018-05 - 22.2 32.3 - 10.9 21.2 27.0 34.0

2018-06 - 25.4 34.5 - 10.2 22.1 29.3 36.1

2018-07 - 27.6 33.5 - 9.8 20.2 27.6 31.8

2018-08 - 27.9 36.1 - 9.2 22.3 28.6 32.5

2018-09 - 28.0 34.3 - 11.4 28.8 33.3 33.6

2018-10 - 25.7 29.9 - 12.9 30.0 32.2 32.2

2018-11 - 27.7 35.4 - 14.1 29.0 31.0 29.6

2018-12 - 25.8 32.3 - 13.5 27.2 30.3 31.4

2019-01 - 27.6 34.1 - 12.5 27.5 27.0 32.5

2019-02 - 29.0 34.8 - 13.5 25.4 26.8 31.6

2019-03 - 33.3 39.4 - 14.2 25.3 29.7 32.4

2019-04 - 32.9 34.2 - 12.6 22.7 28.0 31.8

2019-05 - 33.6 32.7 - 13.8 22.6 27.6 32.5

2019-06 - 32.4 32.9 - 13.7 30.6 27.6 31.7

2019-07 - 32.2 32.9 - 12.4 28.9 26.8 33.4

2019-08 - 32.6 36.7 - 13.8 34.7 27.6 36.1

2019-09 - 31.0 40.7 - 15.9 35.9 29.8 36.9

2019-10 - 34.1 43.5 - 19.1 39.2 31.8 40.9

2019-11 - 33.8 43.7 - 19.0 38.1 34.4 44.1

2019-12 - 30.4 36.5 - 18.5 34.6 35.5 42.6

2020-01 - 30.6 32.3 - 15.9 32.4 30.1 38.1

2020-02 - 31.1 33.3 - 15.1 31.5 29.4 38.2

2020-03 - 31.3 34.5 - 13.9 31.8 34.4 41.6

2020-04 - 40.8 42.6 - 12.9 28.9 36.0 46.3

2020-05 - 43.2 47.6 - 15.4 28.4 40.3 47.1

2020-06 - 40.4 46.1 - 17.2 30.7 41.3 45.8

2020-07 - 42.4 48.3 - 16.0 31.2 41.2 46.0

Page 25 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A7: Ratio of Daily Liquid Assets to Total Assets

(Percent)

Prime Prime Prime

Month (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 34.8 - - 32.6 90.1

2016-08 38.9 - - 40.0 92.9

2016-09 43.0 - - 46.7 93.3

2016-10 - 41.4 30.3 47.3 93.5

2016-11 - 37.8 25.9 46.4 93.1

2016-12 - 41.0 30.3 49.3 94.4

2017-01 - 38.5 28.4 43.6 93.5

2017-02 - 37.8 25.8 44.2 93.0

2017-03 - 41.4 28.6 47.3 94.5

2017-04 - 33.7 23.2 44.0 89.7

2017-05 - 39.7 27.8 45.1 91.1

2017-06 - 41.9 27.9 44.8 93.2

2017-07 - 36.6 26.6 41.2 91.4

2017-08 - 35.7 26.5 42.4 90.2

2017-09 - 40.1 29.2 42.4 91.8

2017-10 - 37.9 27.1 43.8 90.7

2017-11 - 37.7 25.0 42.6 91.2

2017-12 - 38.5 29.8 45.9 93.4

2018-01 - 31.7 22.4 40.9 91.4

2018-02 - 33.9 26.1 44.3 91.1

2018-03 - 35.1 26.7 47.0 92.4

2018-04 - 37.2 25.2 46.3 91.6

2018-05 - 34.9 20.8 46.8 91.0

2018-06 - 36.7 21.2 44.8 91.0

2018-07 - 36.4 23.9 44.5 90.8

2018-08 - 40.1 27.8 47.1 92.3

2018-09 - 37.0 23.1 46.8 91.7

2018-10 - 39.3 22.4 46.7 92.1

2018-11 - 37.8 25.7 46.2 91.6

2018-12 - 37.9 30.6 48.7 93.5

2019-01 - 40.2 27.0 47.4 92.5

2019-02 - 40.0 27.5 46.8 92.0

2019-03 - 41.2 27.6 43.9 92.2

2019-04 - 39.9 26.0 42.9 91.5

2019-05 - 37.6 23.6 42.3 90.7

2019-06 - 37.8 21.5 43.1 90.2

2019-07 - 38.4 22.2 45.1 90.3

2019-08 - 39.3 24.7 47.6 91.0

2019-09 - 37.6 25.5 46.6 91.3

2019-10 - 37.7 25.1 47.0 91.9

2019-11 - 35.4 23.9 45.5 90.7

2019-12 - 37.0 24.3 45.6 91.6

2020-01 - 37.0 24.6 47.1 90.5

2020-02 - 37.3 25.7 46.8 89.6

2020-03 - 42.5 33.9 46.9 94.3

2020-04 - 47.6 37.9 54.0 96.0

2020-05 - 50.0 42.1 58.3 95.6

2020-06 - 50.3 43.6 61.9 97.1

2020-07 - 49.6 41.7 61.8 96.5

Page 26 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A8: Ratio of Weekly Liquid Assets to Total Assets

(Percent)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 53.7 - - 77.2 - - 58.2 96.0

2016-08 62.3 - - 79.8 - - 63.8 98.6

2016-09 62.5 - - 78.6 - - 67.6 98.6

2016-10 - 58.0 45.2 - 93.1 79.1 69.5 98.4

2016-11 - 57.5 43.6 - 90.4 79.0 68.8 98.5

2016-12 - 58.8 42.9 - 90.5 77.3 68.3 98.4

2017-01 - 56.0 43.0 - 91.3 76.5 67.3 98.6

2017-02 - 56.2 42.8 - 89.1 76.8 68.8 98.7

2017-03 - 56.1 43.3 - 88.2 79.2 68.6 99.0

2017-04 - 54.3 41.6 - 85.5 75.8 69.2 96.1

2017-05 - 54.7 42.7 - 90.0 80.2 69.7 98.3

2017-06 - 56.5 41.9 - 92.9 80.6 68.4 99.2

2017-07 - 55.7 41.3 - 90.3 79.5 67.5 98.9

2017-08 - 54.7 41.5 - 91.1 77.7 66.8 98.3

2017-09 - 56.0 45.2 - 83.6 66.0 67.7 98.2

2017-10 - 55.8 44.1 - 88.3 78.4 70.8 97.8

2017-11 - 55.4 44.0 - 89.5 79.3 69.8 99.0

2017-12 - 55.1 44.7 - 85.4 76.3 69.9 98.4

2018-01 - 53.6 44.4 - 87.4 78.0 70.5 98.0

2018-02 - 54.7 44.9 - 87.1 77.7 70.7 97.8

2018-03 - 54.0 41.6 - 84.3 74.3 69.7 97.7

2018-04 - 55.6 41.7 - 89.8 75.4 70.5 98.4

2018-05 - 54.8 41.2 - 88.7 76.7 71.3 98.5

2018-06 - 54.4 41.0 - 90.3 77.4 69.9 98.6

2018-07 - 55.1 41.9 - 85.4 78.3 70.9 98.0

2018-08 - 55.5 42.0 - 91.6 79.4 72.4 98.8

2018-09 - 54.3 42.7 - 86.4 76.2 70.4 98.3

2018-10 - 55.1 42.8 - 89.1 76.4 70.8 98.2

2018-11 - 54.0 40.1 - 88.9 77.4 71.8 99.0

2018-12 - 54.0 43.3 - 87.5 76.7 71.6 98.8

2019-01 - 54.6 41.6 - 89.6 74.4 70.6 98.2

2019-02 - 54.3 42.4 - 88.8 76.4 70.7 98.1

2019-03 - 55.8 41.2 - 87.5 75.5 69.3 98.2

2019-04 - 54.2 41.2 - 84.9 74.8 69.2 98.2

2019-05 - 52.6 41.5 - 87.2 76.2 69.3 98.6

2019-06 - 53.7 40.6 - 86.2 74.6 69.8 97.7

2019-07 - 53.1 40.6 - 86.0 76.1 69.8 97.9

2019-08 - 54.5 42.5 - 86.6 75.1 71.8 97.6

2019-09 - 53.8 41.9 - 84.8 74.3 71.9 98.2

2019-10 - 52.5 39.2 - 87.5 73.2 70.5 98.6

2019-11 - 52.0 38.8 - 86.5 72.1 69.3 97.5

2019-12 - 53.3 39.4 - 84.6 72.1 70.3 98.4

2020-01 - 53.1 40.6 - 86.9 73.1 72.0 98.1

2020-02 - 51.3 41.1 - 83.5 70.7 70.3 97.6

2020-03 - 55.2 45.3 - 85.5 70.8 68.0 99.0

2020-04 - 60.0 48.5 - 87.2 70.3 71.5 99.4

2020-05 - 62.2 50.5 - 87.5 71.0 73.8 98.8

2020-06 - 62.6 51.6 - 86.5 73.2 76.1 99.5

2020-07 - 61.0 51.4 - 87.4 73.0 77.8 99.5

Page 27 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A9: Prime Holdings of Bank-Related Securities

by Country ($ Billions)

Month Canada Japan France US Germany UK Netherlands Aust/NZ Switzerland

2016-07 112.5 128.9 157.2 127.7 48.9 52.6 35.7 60.8 34.0

2016-08 99.6 87.6 145.4 100.7 39.5 40.6 28.0 50.3 24.6

2016-09 76.8 50.4 55.4 77.2 28.7 30.2 23.8 37.4 13.2

2016-10 56.3 47.9 53.1 55.4 23.7 25.7 20.3 28.3 12.3

2016-11 60.3 43.8 57.6 52.9 22.7 21.8 21.8 29.0 10.5

2016-12 70.6 44.8 41.6 58.6 19.9 13.6 12.3 34.5 11.3

2017-01 64.2 43.6 55.0 58.1 25.3 24.1 16.8 33.0 11.8

2017-02 66.5 44.9 62.0 54.0 26.5 20.5 16.4 35.3 12.0

2017-03 81.1 47.5 47.3 56.3 26.1 18.2 16.4 38.8 10.9

2017-04 68.8 48.3 59.4 61.2 25.0 25.9 19.9 39.1 14.8

2017-05 69.1 47.7 63.0 57.4 25.6 26.2 21.4 37.4 16.2

2017-06 80.4 49.4 45.2 59.5 18.8 23.1 16.2 38.2 15.5

2017-07 79.4 48.3 56.3 61.2 27.0 25.7 24.2 36.5 12.9

2017-08 76.9 48.5 64.7 61.6 28.4 26.0 31.5 38.7 14.7

2017-09 84.7 51.6 54.2 56.0 29.8 29.7 21.3 41.3 15.0

2017-10 78.5 50.1 63.3 61.0 28.2 31.3 34.7 40.9 16.7

2017-11 93.1 54.1 65.6 65.1 33.1 32.9 29.2 42.4 15.8

2017-12 101.9 51.9 39.1 67.4 24.5 30.5 14.5 47.1 16.4

2018-01 88.7 50.2 62.1 72.4 28.7 32.5 36.6 42.4 20.9

2018-02 89.3 55.2 63.5 63.8 27.2 35.5 33.1 39.2 24.0

2018-03 90.3 53.1 50.3 67.9 30.2 37.8 29.0 39.9 18.1

2018-04 84.9 57.7 61.3 66.2 31.3 38.8 28.1 36.7 30.5

2018-05 89.5 64.4 56.7 68.4 34.6 41.6 29.2 32.5 25.3

2018-06 91.8 59.6 48.0 66.4 32.6 31.9 19.0 35.7 17.8

2018-07 86.0 65.7 60.5 66.2 35.0 41.4 36.3 28.9 19.9

2018-08 90.4 66.4 59.7 71.8 34.3 44.6 32.1 30.6 19.0

2018-09 105.0 71.2 60.9 71.2 35.4 38.3 29.6 31.4 10.7

2018-10 98.5 69.0 78.2 77.4 40.3 46.2 26.9 33.8 20.4

2018-11 103.3 71.1 68.3 83.0 39.6 49.4 23.8 39.1 21.2

2018-12 123.3 83.0 53.8 92.4 23.1 35.4 15.6 40.2 23.9

2019-01 105.7 103.9 75.6 95.3 31.0 42.3 32.8 35.9 24.0

2019-02 112.4 89.0 79.8 94.8 31.4 44.5 25.0 36.0 29.5

2019-03 118.7 86.9 65.4 104.6 40.1 44.5 32.5 36.0 21.6

2019-04 124.3 99.7 86.1 117.8 41.3 40.3 31.6 33.8 28.4

2019-05 129.5 99.9 86.5 118.1 43.6 42.6 31.7 36.1 26.0

2019-06 147.8 96.8 72.1 121.7 42.9 48.7 28.8 38.2 21.9

2019-07 150.6 102.1 96.1 125.6 51.4 52.2 38.2 39.9 26.1

2019-08 144.8 104.3 90.5 126.5 53.5 45.8 35.3 43.5 24.2

2019-09 158.4 105.1 75.2 132.8 56.0 38.8 37.4 44.7 21.4

2019-10 148.6 113.4 85.0 124.6 52.8 54.5 47.2 50.0 23.1

2019-11 160.3 111.6 93.3 108.2 51.3 49.3 42.6 52.0 31.2

2019-12 168.8 117.3 76.7 106.9 35.8 35.8 34.0 54.6 28.1

2020-01 149.6 115.7 108.2 119.1 54.5 44.7 42.8 54.8 32.9

2020-02 164.1 107.3 101.1 113.1 56.1 50.1 44.6 46.5 26.6

2020-03 139.3 87.0 71.1 80.0 43.7 40.6 36.4 41.2 20.0

2020-04 132.5 97.2 88.4 87.7 40.3 45.6 37.2 32.8 20.1

2020-05 135.6 89.7 93.8 78.9 41.5 45.6 37.0 31.1 18.9

2020-06 140.8 95.8 84.8 79.7 35.8 45.3 30.2 26.6 18.9

2020-07 121.9 98.7 87.5 72.9 45.4 43.3 33.9 22.6 17.3

Page 28 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A10: Prime Holdings of Bank-Related Securities

by Region ($ Billions)

Month Americas Eurozone Asia-Pacific Europe (non-Euro)

2016-07 241.7 256.2 219.5 221.9

2016-08 201.4 227.7 161.9 186.9

2016-09 154.5 110.4 98.6 108.2

2016-10 112.3 102.5 84.3 86.9

2016-11 113.8 108.0 80.6 81.3

2016-12 129.8 78.4 88.8 53.8

2017-01 122.9 107.5 86.2 84.3

2017-02 121.3 115.9 90.3 88.2

2017-03 138.4 95.2 97.1 91.0

2017-04 130.6 117.1 98.5 99.1

2017-05 127.1 122.7 95.3 99.4

2017-06 140.4 86.6 102.0 92.0

2017-07 141.1 120.2 98.4 90.4

2017-08 139.2 137.3 100.5 98.6

2017-09 141.2 112.3 107.7 107.4

2017-10 140.1 141.1 103.3 106.4

2017-11 158.8 141.6 109.9 101.8

2017-12 170.1 86.7 114.2 85.4

2018-01 161.7 140.6 104.4 104.2

2018-02 153.7 135.4 107.3 111.0

2018-03 158.8 115.3 106.8 98.3

2018-04 151.6 130.6 108.5 124.3

2018-05 158.6 127.9 109.8 115.5

2018-06 158.8 106.8 110.0 107.2

2018-07 152.8 140.1 110.0 115.7

2018-08 162.9 135.0 111.8 117.8

2018-09 177.2 133.7 119.7 101.2

2018-10 176.6 158.0 118.5 118.9

2018-11 186.8 146.2 124.8 122.6

2018-12 216.5 103.4 138.1 99.3

2019-01 201.6 155.8 153.6 119.7

2019-02 207.7 151.1 139.5 139.0

2019-03 223.9 146.0 141.5 130.1

2019-04 242.7 168.8 152.9 124.5

2019-05 248.3 168.6 159.1 118.6

2019-06 270.2 152.0 161.3 125.5

2019-07 277.0 195.3 166.1 121.4

2019-08 272.0 189.7 172.3 119.4

2019-09 291.8 178.4 175.8 109.3

2019-10 273.7 197.1 189.9 129.8

2019-11 269.0 199.3 188.0 135.7

2019-12 276.0 156.3 196.4 105.2

2020-01 269.1 222.8 194.3 137.9

2020-02 277.7 218.9 174.1 133.6

2020-03 219.6 162.1 144.1 108.2

2020-04 220.8 179.5 144.0 111.9

2020-05 215.0 182.7 137.2 104.8

2020-06 221.2 156.9 141.6 105.2

2020-07 195.4 175.1 138.9 99.5

Page 29 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A11: Prime Money Market Fund Aggregate Product

Exposures ($ Billions)

CDs and Time Non-Financial Co.

Month Gov. and Treas. Deposits Financial Co. CP CP and Other Asset-Backed Total

2016-07 276.8 528.7 179.3 177.2 70.8 1,232.8

2016-08 220.1 458.6 141.5 159.0 50.5 1,029.7

2016-09 222.9 260.3 86.1 129.1 32.2 730.6

2016-10 125.9 212.5 86.7 106.5 31.2 562.8

2016-11 125.2 211.1 86.1 112.7 32.6 567.7

2016-12 138.1 191.5 78.7 104.5 32.5 545.3

2017-01 105.9 232.3 86.9 104.0 31.3 560.4

2017-02 109.1 244.0 94.7 104.0 31.9 583.7

2017-03 122.9 245.7 100.7 93.2 31.5 594.0

2017-04 105.5 259.2 103.0 101.8 34.3 603.8

2017-05 120.1 257.7 103.1 94.6 34.9 610.4

2017-06 154.7 231.7 101.6 83.5 38.0 609.5

2017-07 136.5 255.8 103.9 88.5 37.7 622.4

2017-08 117.6 271.3 118.8 92.3 41.2 641.2

2017-09 150.2 263.1 115.3 93.9 38.1 660.6

2017-10 137.3 279.1 119.3 95.2 38.9 669.8

2017-11 132.1 283.6 126.7 95.7 40.2 678.3

2017-12 162.5 229.6 125.7 98.8 41.4 658.0

2018-01 120.8 265.8 141.6 97.7 42.0 667.9

2018-02 123.7 256.6 143.6 104.0 40.2 668.1

2018-03 161.9 222.9 132.0 99.0 39.9 655.7

2018-04 163.5 242.6 142.4 97.6 38.0 684.1

2018-05 161.9 227.3 146.7 104.6 41.7 682.2

2018-06 158.9 230.1 143.2 95.3 41.9 669.4

2018-07 156.4 244.0 153.1 109.1 44.4 707.0

2018-08 189.3 240.4 150.5 104.4 45.8 730.4

2018-09 186.7 246.2 153.7 109.6 47.5 743.7

2018-10 172.4 262.8 156.7 107.4 46.8 746.1

2018-11 190.3 263.0 156.4 106.6 51.9 768.2

2018-12 212.8 245.8 149.1 99.9 55.2 762.8

2019-01 216.2 289.4 160.7 99.4 58.3 824.0

2019-02 244.6 298.0 167.8 109.3 59.1 878.8

2019-03 313.3 282.8 186.9 130.1 58.0 971.1

2019-04 310.3 298.7 192.1 140.9 59.5 1,001.5

2019-05 301.0 302.6 197.0 145.4 62.0 1,008.0

2019-06 281.6 321.8 205.1 147.7 62.7 1,018.9

2019-07 290.7 320.3 216.6 149.0 63.9 1,040.5

2019-08 310.1 333.0 213.5 140.2 63.8 1,060.6

2019-09 326.3 316.0 226.7 142.0 63.5 1,074.5

2019-10 322.1 332.7 236.4 150.0 62.9 1,104.1

2019-11 314.8 346.1 236.5 158.0 64.0 1,119.4

2019-12 359.3 307.9 214.0 146.7 62.3 1,090.2

2020-01 311.0 369.1 226.9 153.9 60.3 1,121.2

2020-02 308.4 360.8 209.9 162.9 64.4 1,106.4

2020-03 303.6 281.8 190.3 152.1 53.6 981.4

2020-04 420.0 290.0 180.4 149.4 55.7 1,095.5

2020-05 489.3 275.5 171.6 157.7 62.1 1,156.2

2020-06 534.0 252.7 174.0 149.0 62.6 1,172.3

2020-07 513.4 257.3 163.8 156.3 59.4 1,150.2

Page 30 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A12: Government & Treasury Funds Bank Repo

Counterparties by Country ($ Billions)

Month US Canada France UK Germany Japan Other

2016-07 93.6 63.3 148.4 37.4 15.5 34.7 32.0

2016-08 106.0 75.8 173.6 41.9 20.0 37.8 38.4

2016-09 112.6 75.1 99.4 53.1 15.2 54.0 20.0

2016-10 132.1 67.7 180.9 49.2 35.7 66.1 40.7

2016-11 128.8 90.4 167.1 44.5 27.9 75.9 38.1

2016-12 104.2 92.4 77.7 26.1 10.2 66.7 16.4

2017-01 130.5 87.7 184.0 50.6 23.4 77.6 38.5

2017-02 131.6 97.7 187.1 47.2 22.6 81.0 29.3

2017-03 116.9 103.2 115.0 34.4 13.6 82.7 22.3

2017-04 137.3 107.5 193.5 62.1 19.4 94.7 39.7

2017-05 133.5 116.0 189.5 73.4 20.1 98.9 37.8

2017-06 114.1 113.3 125.4 63.5 15.2 97.7 28.1

2017-07 130.4 103.3 200.0 74.5 21.8 103.2 41.1

2017-08 137.8 113.7 219.8 75.5 17.6 112.4 50.1

2017-09 118.2 119.6 165.4 55.8 18.9 99.5 36.6

2017-10 127.6 115.1 242.0 81.7 21.2 105.8 51.1

2017-11 135.6 125.5 245.9 84.1 28.5 109.1 56.5

2017-12 127.8 148.8 111.7 76.2 26.7 115.0 28.4

2018-01 145.4 128.3 219.6 95.4 36.9 115.4 55.2

2018-02 143.1 124.8 222.2 101.8 24.8 120.5 54.4

2018-03 126.1 130.7 181.2 100.6 15.3 104.2 35.8

2018-04 156.3 118.5 236.5 108.9 17.1 120.4 45.3

2018-05 154.6 127.4 255.8 104.0 20.5 115.8 48.1

2018-06 153.8 144.2 193.3 86.1 10.8 126.2 33.7

2018-07 152.2 126.4 244.6 95.9 26.0 136.4 52.9

2018-08 143.5 124.6 230.8 104.7 23.2 139.0 50.5

2018-09 149.2 140.2 185.4 93.1 18.3 135.1 36.7

2018-10 142.8 122.6 223.5 97.2 24.3 136.1 50.1

2018-11 141.9 147.9 208.9 96.9 25.2 134.7 44.6

2018-12 172.2 165.8 133.1 89.4 15.3 135.1 38.1

2019-01 174.7 145.0 224.6 102.1 20.8 141.2 44.5

2019-02 174.5 154.9 218.9 98.8 19.7 134.0 44.4

2019-03 191.6 165.7 172.3 89.4 23.1 123.8 29.4

2019-04 194.5 140.4 217.5 99.9 18.2 134.7 41.8

2019-05 202.4 145.6 223.6 100.9 19.6 139.0 37.9

2019-06 209.5 164.0 180.0 98.3 18.7 130.7 32.2

2019-07 221.8 130.2 232.5 115.4 19.3 138.2 37.9

2019-08 218.1 162.5 239.3 116.5 20.9 144.0 35.8

2019-09 237.3 167.0 196.7 88.5 22.2 136.4 36.6

2019-10 183.1 146.4 235.7 73.4 20.3 149.3 41.0

2019-11 181.3 170.3 202.1 82.2 21.5 159.8 36.1

2019-12 165.6 196.2 125.6 75.4 11.8 138.6 33.9

2020-01 191.3 168.7 197.6 102.3 23.3 153.1 40.7

2020-02 210.7 166.5 213.7 121.2 24.5 151.7 41.6

2020-03 200.3 186.1 181.1 96.2 25.4 147.0 45.5

2020-04 201.4 153.9 217.1 117.5 31.4 159.8 42.9

2020-05 177.4 139.7 190.6 78.2 29.8 142.3 40.0

2020-06 172.1 131.4 146.1 67.6 22.4 118.5 36.5

2020-07 168.3 129.4 189.1 76.7 27.5 118.6 44.1

Page 31 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A13: Money Market Fund Repurchase Agreements

with the Federal Reserve ($ Billions)

Month Total

2016-07 85.000

2016-08 149.900

2016-09 384.300

2016-10 198.100

2016-11 177.300

2016-12 403.400

2017-01 165.200

2017-02 194.000

2017-03 328.800

2017-04 174.300

2017-05 244.100

2017-06 365.100

2017-07 189.700

2017-08 204.100

2017-09 298.500

2017-10 164.400

2017-11 96.200

2017-12 288.100

2018-01 55.100

2018-02 30.900

2018-03 22.600

2018-04 13.700

2018-05 21.500

2018-06 88.800

2018-07 9.000

2018-08 0.400

2018-09 44.900

2018-10 4.800

2018-11 2.500

2018-12 39.600

2019-01 1.000

2019-02 3.400

2019-03 0.700

2019-04 0.000

2019-05 0.900

2019-06 43.600

2019-07 7.400

2019-08 12.100

2019-09 7.100

2019-10 2.800

2019-11 0.500

2019-12 47.400

2020-01 4.500

2020-02 2.200

2020-03 284.900

2020-04 1.800

2020-05 1.300

2020-06 1.000

2020-07 0.200

Page 32 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Table A14: Securities with more than 179 Days to Maturity

(Percent)

Prime Prime Prime Tax Exempt Tax Exempt Tax Exempt

Month (Pre-Oct. 2016) Institutional Retail (Pre-Oct. 2016) Institutional Retail Government Treasury

2016-07 3.5 - - 5.5 - - 19.6 17.8

2016-08 3.0 - - 6.4 - - 18.6 16.5

2016-09 3.6 - - 6.0 - - 17.2 17.4

2016-10 - 6.3 6.2 - 3.2 6.0 17.1 18.6

2016-11 - 5.7 6.8 - 3.9 6.5 17.5 16.5

2016-12 - 6.8 6.9 - 3.4 6.0 18.2 18.0

2017-01 - 7.2 6.5 - 1.7 3.9 19.0 18.9

2017-02 - 6.9 7.1 - 1.9 3.4 18.0 17.2

2017-03 - 9.2 8.3 - 1.6 3.3 17.9 17.7

2017-04 - 8.6 7.7 - 1.5 2.9 16.7 17.8

2017-05 - 9.0 8.1 - 1.0 2.6 16.3 14.7

2017-06 - 9.2 8.3 - 1.2 3.6 16.5 15.8

2017-07 - 10.2 10.5 - 1.1 4.1 15.7 15.9

2017-08 - 9.1 11.5 - 1.5 5.6 15.0 13.3

2017-09 - 9.1 9.7 - 1.7 5.5 13.8 15.1

2017-10 - 10.1 9.1 - 1.8 5.3 13.7 15.2

2017-11 - 10.3 10.6 - 2.4 6.1 15.6 13.1

2017-12 - 8.7 8.3 - 3.1 5.8 15.9 13.7

2018-01 - 8.3 9.2 - 2.0 4.4 16.6 15.3

2018-02 - 7.2 10.1 - 2.0 4.1 16.2 12.8

2018-03 - 6.9 8.7 - 0.9 2.9 15.8 14.1

2018-04 - 6.4 7.9 - 0.6 2.8 15.0 14.3

2018-05 - 6.5 5.4 - 0.5 3.0 14.1 13.9

2018-06 - 7.4 7.8 - 0.4 3.4 15.3 15.1

2018-07 - 8.2 6.5 - 0.7 4.0 15.7 15.7

2018-08 - 9.2 6.0 - 0.6 4.7 15.5 15.0

2018-09 - 9.0 7.2 - 1.1 6.6 14.3 14.6

2018-10 - 8.1 8.0 - 2.0 7.2 15.2 15.9

2018-11 - 8.4 8.3 - 2.1 7.1 15.2 14.4

2018-12 - 7.9 6.2 - 1.9 5.0 15.5 15.3

2019-01 - 9.0 6.3 - 1.9 5.0 15.5 16.9

2019-02 - 8.1 7.7 - 1.9 4.8 15.3 14.5

2019-03 - 7.3 7.8 - 0.7 2.9 16.0 15.2

2019-04 - 8.2 7.6 - 0.8 2.8 16.6 17.7

2019-05 - 9.0 6.0 - 1.0 3.1 17.8 14.7

2019-06 - 8.6 6.8 - 0.9 5.3 18.0 16.1

2019-07 - 9.5 8.4 - 0.9 6.1 18.0 17.9

2019-08 - 9.8 9.9 - 1.5 7.9 17.9 15.5

2019-09 - 9.5 9.2 - 2.2 8.7 17.7 15.8

2019-10 - 11.0 11.3 - 3.4 10.0 18.8 17.6

2019-11 - 10.0 10.9 - 2.9 9.7 17.5 14.5

2019-12 - 9.8 10.8 - 2.4 7.0 17.7 17.3

2020-01 - 10.1 8.8 - 2.2 6.0 18.4 18.6

2020-02 - 10.3 7.7 - 2.3 5.9 18.1 17.2

2020-03 - 9.1 5.7 - 0.6 4.9 18.9 15.8

2020-04 - 6.9 4.8 - 0.9 4.1 17.6 14.9

2020-05 - 6.1 3.1 - 1.4 4.2 16.4 13.7

2020-06 - 6.9 5.1 - 2.4 5.9 16.1 14.5

2020-07 - 8.2 6.7 - 2.7 7.0 16.5 15.0

Page 33 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

II Key Definitions

Included by reference are all definitions included in the definitions section of

Form N-MFP and definitions set forth in Rule 2a-7 (17 CFR 270.2a-7).

Bank-related securities For purposes of this report, includes certificates of deposit, time deposits, sponsored ABCP, and repurchase agreements where the bank is

the counterparty.

Daily liquid assets Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)

Securities that will mature (as determined without reference to the exceptions in paragraph (i) of 29 CFR 270.2a-7 regarding interest rate

readjustments), or are subject to a demand feature that is exercisable

and payable, within one business day; or (iv) Amounts receivable and

due unconditionally within one business day on pending sales of portfolio

securities.

Form N-MFP Used by Money Market Funds to file reports with the Commission pursuant to rule 30b1-7 under the Act (17 CFR 270.30b1-7). The form is

available here.

Fund Category A category on Item A.10 of Form N-MFP. Form N-MFP requests filers to

identify each Fund from among the following categories: Treasury, Government Agency, Exempt Government, Prime, Single State and Other

Tax Exempt, and further asks the filer to identify whether the Fund is

an exempt Retail money market fund.

Government money market fund A money market fund that invests 99.5 percent or more of its total assets

in cash, government securities, and/or repurchase agreements that are

collateralized fully.

Institutional money market fund A Fund reported on Form N-MFP that is not identified as a Retail

money market fund. Government and Treasury money market funds

are not required to make this distinction.

Money Market Fund (or Fund) A registered open-end management investment company, or series

thereof, that is regulated as a money market fund pursuant to rule 2a–7

(17 CFR 270.2a–7) under the Investment Company Act of 1940.

Page 34 of 35
U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through August 17, 2020

Prime money market fund Any Fund reported on Form N-MFP as a Prime money market fund.

Prime money market funds generally hold a variety of taxable shortterm obligations issued by corporations and banks, as well as repurchase

agreements and assetbacked commercial paper.3

Retail money market fund A money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. Government and Treasury money market funds are not required to make

this distinction.

Tax exempt fund A money market fund that holds itself out as distributing income exempt

from regular federal income tax.

Treasury money market fund A government money market fund that limits its holdings to only U.S.

Treasury obligations or repurchase agreements collateralized by U.S.

Treasury securities.4

Weekly liquid assets Means: (i) Cash; (ii) Direct obligations of the U.S. Government; (iii)

Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the

United States pursuant to authority granted by the Congress of the

United States that: (A) Are issued at a discount to the principal amount

to be repaid at maturity without provision for the payment of interest;

and (B) Have a remaining maturity date of 60 days or less. (iv) Securities

that will mature (as determined without reference to the exceptions in

paragraph (i) of 29 CFR 270.2a-7 regarding interest rate readjustments),

or are subject to a demand feature that is exercisable and payable, within

five business days; or (v) Amounts receivable and due unconditionally

within five business days on pending sales of portfolio securities.

3See Money Market Fund Reform; Amendments to Form PF, Investment Company Act Release No. 31166 (July 23,

2014), available here.

4

Id.

Page 35 of 35