Money 

Market 

Fund 

Statistics

Data as of 

January 31, 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. 

* Issued March 11, 2015; Amended March 26, 2015 and June 2, 2015
Page | 2

Table of Contents

Information presented in this report is based upon data reported by filers for the period ending January 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. An amendment to the data as initially posted exists on page 14. The table on page 5 has been updated 

to reflect corrected data that correlates to the graph on page 5.

TOPIC 1/31/2015 Change 12/31/2014 Page

Number of Money Market Funds Reporting (Not Including Feeder Funds) 544 -2 546 3

Assets (in billions) Total Money Market Funds $3,057 -$24 $3,081 4

Prime Funds $1,769 -$3 $1,772

Government (Govt) & Treasury Funds $1,019 -$19 $1,038

Tax Exempt Funds $268 -$2 $270

7-Day Yields (Gross/Net) Prime Funds 0.21% (0.05%) - 0.20% (0.05%) 5-6

Government & Treasury Funds 0.08% (0.01%) - 0.08% (0.01%)

Tax Exempt Funds 0.06% (0.01%) -0.01% 0.07% (0.01%)

Weighted Average Life (WAL), 

Weighted by Size of Fund Prime Funds 77.8 days 1.2 days 76.6 days 7

Government & Treasury Funds 79.7 days 4.8 days 74.9 days

Tax Exempt Funds 34.0 days -3.2 days 37.2 days

Weighted Average Maturity (WAM), 

Weighted by Size of Fund Prime Funds 43.5 days 0.7 days 42.8 days 8

Government & Treasury Funds 43.7 days 0.2 days 43.5 days

Tax Exempt Funds 33.0 days -3.3 days 36.2 days

Liquidity of Prime Funds, As a 

Percent of Total Net Assets Daily Liquidity 25.7% 3.2% 22.5% 9

Weekly Liquidity 40.6% -0.8% 41.3%

Prime Funds' Bank Holdings Holdings by Country 10-12

Change in Holdings by Country

Holdings by Major Region

Prime Funds' Portfolio Composition 

(in billions) Certificates of Deposit $611.3 (34.5%) $31.2 $580.1 (33.0%) 13

Non-Financial Co. Commercial Paper (CP) & 

Other Short Term Instruments $425.1 (24.0%) $84.7 $340.5 (19.3%)

Government & Treasury (Direct and Repo) $371.9 (21.0%) -$131.9 $503.7 (28.6%)

Financial Co. Commercial Paper (CP) $264.1 (14.9%) $25.8 $238.2 (13.5%)

Asset-Backed Commercial Paper (ABCP) $98.2 (5.5%) $1.0 $97.2 (5.5%)

Non-Government Securities All Taxable Funds 50.5% 5.6% 44.8% 14

MMF Repo with the Fed (in billions) $173.2 -$197.9 $371.1 15

Longer-Maturity Securities 60 Days and Over 42.4% 0.8% 41.6% 16

180 Days and Over 11.6% -0.4% 12.0%
Page | 3

Number of Funds

1/31/2013 588

2/28/2013 586

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
Page | 4

Prime Govt & Treas Tax Exempt Total

1/31/2013 $1,772,469 $942,486 $292,145 $3,007,099

2/28/2013 $1,763,314 $929,331 $289,418 $2,981,763

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

(Millions)
Page | 5

∗

 ∗ The data in this table has been updated to reflect corrected data that correlates to the graph above it.

Prime Govt & Treas Tax Exempt

2/28/2013 0.25% 0.14% 0.16%

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%
Page | 6

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

2/28/2013 0.25% 0.07% 0.18%

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%
Page | 7

Prime Funds Govt & Treas Funds Tax Exempt Funds

1/31/2013 72.3 65.3 32.1

2/28/2013 73.7 67.6 31.2

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

(Days)
Page | 8

Prime Funds Govt & Treas Funds Tax Exempt Funds

1/31/2013 46.3 49.3 30.9

2/28/2013 47.0 51.2 30.0

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

(Days)
Page | 9

Total Daily 

Liquidity

Total Weekly

 Liquidity

1/31/2013 26.1% 40.6%

2/28/2013 26.4% 40.5%

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%
Page | 10

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.

Country Prime MMF (Millions)

US $203,541

Canada $200,807

France $184,676

Japan $171,712

Sweden $116,044

UK $101,848

Aust/NZ $100,508

Netherlands $60,846

Switzerland $50,943

Germany $49,010

Singapore $26,000

Norway $24,223

Belgium $16,618

Other $6,833

Spain $2,876

China $2,590

Grand Total $1,319,075
Page | 11

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.

Country Change (Millions)

France $54,245

UK $30,163

Sweden $26,513

Belgium $12,291

Germany $11,611

Norway $6,529

Netherlands $2,665

Switzerland $2,357

Singapore $1,371

Other $1,088

Aust/NZ $808

Spain -$523 

China -$3,366 

Japan -$5,190 

US -$6,267 

Canada -$8,396 
Page | 12

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.

Europe Euro-zone Americas Asia and Pacific

2/28/2013 $627,920 $321,459 $393,933 $287,392

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

(Millions)
Page | 13

 CD 

 Non-Financial CP 

and Other Short 

Term Securities 

 Govt 

(Direct & Repo) Financial Co. CP ABCP 

 Total 

Amortized Cost 

1/31/2013 $544,711 $370,882 $482,461 $260,986 $125,600 $1,784,640

2/28/2013 $528,413 $379,368 $484,440 $259,231 $122,433 $1,773,885

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

 (Millions) 
Page | 14

∗

 ∗ The 1/31/2015 data point for this chart and table was initially reported as 49.5%, but has since been amended to 50.5%.

 Proportion of Non-Government Securities 

in all Taxable Funds, Amortized Cost 

1/31/2013 52.4%

2/28/2013 52.4%

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%
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
Page | 16

Maturities 60 days and over Maturities 180 days and over

1/31/2013 41.7% 10.3%

2/28/2013 41.6% 10.9%

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%
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.