The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, which shows that total money fund assets rose by $47.9 billion in January 2025 to a record $7.286 trillion. Assets jumped $113.2 billion in December, $197.8 billion in November, $93.3 billion in October and $166.6 billion in September 2024. The SEC shows Prime MMFs increased $27.4 billion in January to $1.218 trillion, Govt & Treasury funds increased $23.1 billion to $5.930 trillion and Tax Exempt funds decreased $2.6 billion to $138.4 billion. Taxable yields inched lower in January after plunging in December. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets rising $51.1 billion in January 2025 to a record $7.234 trillion. In February month-to-date through 2/21, total money fund assets have increased by $40.1 billion to $7.267 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
January's asset jump follows an increase of $113.2 billion in December, $197.8 billion in November, $93.3 billion in October, $166.6 billion in September, $97.8 billion in August, $19.5 billion in July, $21.3 billion in June, and $89.7 billion in May. Assets decreased $17.7 billion in April and $68.5 billion in March. But they increased $65.9 billion last February. Over the 12 months through 1/31/25, total MMF assets have increased by $827.0 billion, or 12.8%, according to the SEC's series.
The SEC's stats show that of the $7.286 trillion in assets, $1.218 trillion was in Prime funds, up $27.4 billion in January. Prime assets were up $4.0 billion in December, $12.9 billion in November, $16.4 billion in October, but down $5.6 billion in September and $25.1 billion in August. They fell $11.5 billion in July and $204.6 billion in June. But assets rose $19.7 billion in May. Assets were down $30.0 billion in April, up $8.1 billion in March and $33.5 billion last February. Prime funds represented 16.7% of total assets at the end of January. They've decreased by $154.6 billion, or -11.3%, over the past 12 months. (Note that the SEC's series includes a number of internal money funds not tracked by ICI, though Crane Data includes most of these assets in its collections.)
Government & Treasury funds totaled $5.930 trillion, or 81.4% of assets. They increased $23.1 billion in January, $109.5 billion in December, $181.5 billion in November, $73.2 billion in October, $171.2 billion in September, $121.9 billion in August, $31.3 billion in July, $229.2 billion in June, $65.5 billion in May and $9.3 billion in April. They decreased $78.8 billion in March, but increased $33.1 billion last February. Govt & Treasury MMFs are up $970.0 billion over 12 months, or 19.6%. Tax Exempt Funds decreased $2.6 billion to $138.4 billion, or 1.9% of all assets. The number of money funds was 275 in January, down 1 from the previous month and down 15 funds from a year earlier.
Yields for both Taxable and Tax Exempt MMFs were lower in January. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on Jan. 31 was 4.53%, down 5 bps from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.55%, down 7 bps from the previous month. Gross yields were 4.44% for Government Funds, down 11 bps from last month. Gross yields for Treasury Funds were down 11 bps at 4.41%. Gross Yields for Tax Exempt Institutional MMFs were down 161 basis points to 2.22% in January. Gross Yields for Tax Exempt Retail funds were down 100 bps to 2.58%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.43%, down 5 bps from the previous month and down 100 bps from 1/31/24. The Average Net Yield for Prime Retail Funds was 4.28%, down 7 bps from the previous month, and down 101 bps since 1/31/24. Net yields were 4.22% for Government Funds, down 10 bps from last month. Net yields for Treasury Funds were down 10 bps from the previous month at 4.20%. Net Yields for Tax Exempt Institutional MMFs were down 161 bps from December to 2.10%. Net Yields for Tax Exempt Retail funds were down 100 bps at 2.34% in January. (Note: These averages are asset-weighted.)
WALs and WAMs were mixed in January. The average Weighted Average Life, or WAL, was 49.9 days (up 0.6 days) for Prime Institutional funds, and 45.8 days for Prime Retail funds (down 0.4 days). Government fund WALs averaged 91.6 days (up 1.8 days) while Treasury fund WALs averaged 90.9 days (up 1.6 days). Tax Exempt Institutional fund WALs were 5.1 days (up 0.1 days), and Tax Exempt Retail MMF WALs averaged 28.1 days (down 1.1 days).
The Weighted Average Maturity, or WAM, was 27.7 days (down 1.5 days from the previous month) for Prime Institutional funds, 28.4 days (up 2.2 days from the previous month) for Prime Retail funds, 36.4 days (up 1.8 days from previous month) for Government funds, and 44.9 days (up 0.1 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were up 0.1 days to 5.1 days, while Tax Exempt Retail WAMs were down 1.0 days from previous month at 27.6 days.
Total Daily Liquid Assets for Prime Institutional funds were 53.8% in January (up 0.4% from the previous month), and DLA for Prime Retail funds was 45.5% (down 0.2% from previous month) as a percent of total assets. The average DLA was 65.8% for Govt MMFs and 93.8% for Treasury MMFs. Total Weekly Liquid Assets was 66.7% (up 1.1% from the previous month) for Prime Institutional MMFs, and 60.4% (up 1.8% from the previous month) for Prime Retail funds. Average WLA was 78.4% for Govt MMFs and 98.9% for Treasury MMFs.
In the SEC's "Prime Holdings of Bank-Related Securities by Country table for January 2025," the largest entries included: the U.S. with $201.3B, Canada with $161.2 billion, Japan with $129.7 billion, France with $98.7 billion, the U.K. with $63.0B, Aust/NZ with $47.2B, the Netherlands with $40.3B, Germany with $24.3B and Switzerland with $3.4B. The gainers among the "Prime MMF Holdings by Country" included: Netherlands (up $25.0B), the U.K. (up $23.6B), France (up $18.1B), the U.S. (up $12.0B), Germany (up $8.1B), and Switzerland (up $0.0B). Decreases were shown by: Canada (down $29.0B), Japan (down $9.6B) and Aust/NZ (down $1.7B).
The SEC's "Prime Holdings of Bank-Related Securities by Region" table shows The Americas had $362.5 billion (down $17.0B), while Eurozone had $186.7B (up $60.8B). Asia Pacific subset had $202.7B (down $9.4B), while Europe (non-Eurozone) had $118.4B (up $42.8B from last month).
The "Prime MMF Aggregate Product Exposures" chart shows that of the $1.209 trillion in Prime MMF Portfolios as of January 31, $468.8B (38.8%) was in Government & Treasury securities (direct and repo) (down from $487.6B), $306.8B (25.4%) was in CDs and Time Deposits (up from $267.7B), $196.0B (16.2%) was in Financial Company CP (down from $196.8B), $156.5B (13.0%) was held in Non-Financial CP and Other securities (up from $146.1B), and $80.7B (6.7%) was in ABCP (up from $76.0B).
The SEC's "Government and Treasury Funds Bank Repo Counterparties by Country" table shows the U.S. with $481.0 billion, Canada with $156.4 billion, France with $206.1 billion, the U.K. with $111.3 billion, Germany with $26.7 billion, Japan with $131.1 billion and Other with $43.4 billion. All MMF Repo with the Federal Reserve was down $234.3 billion in January to $148.1 billion.
Finally, a "Percent of Securities with Greater than 179 Days to Maturity" table shows Prime Inst MMFs 9.2%, Prime Retail MMFs with 5.7%, Tax Exempt Inst MMFs with 0.0%, Tax Exempt Retail MMFs with 3.9%, Govt MMFs with 14.8% and Treasury MMFs with 14.2%.
