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 $101.8 billion in February 2025 to a record $7.388 trillion. Assets increased $47.9 billion in January, $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 $15.4 billion in February to $1.234 trillion, Govt & Treasury funds increased $85.6 billion to $6.015 trillion and Tax Exempt funds increased $0.8 billion to $139.2 billion. Taxable yields continued to decline in February after previous decreases in January and 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 $97.9 billion in February 2025 to a record $7.332 trillion. In March month-to-date through 3/19, total money fund assets have increased by $18.1 billion to $7.339 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.) (Note: Many of the Powerpoints for next week's Bond Fund Symposium, which is March 27-28 in Newport Beach, Calif., are now available to registered attendees and Crane Data subscribers via the Bond Fund Symposium 2025 Download Center. The recordings will be posted after the show.)
February's asset increase follows a rise of $47.9 billion in January, $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. Over the 12 months through 2/28/25, total MMF assets have increased by $1.019 trillion, or 16.0%, according to the SEC's series.
The SEC's stats show that of the $7.388 trillion in assets, $1.234 trillion was in Prime funds, up $15.4 billion in February. Prime assets were up $27.4 billion in January, $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, and up $8.1 billion last March. Prime funds represented 16.7% of total assets at the end of February. They've decreased by $139.2 billion, or -10.1%, 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 $6.015 trillion, or 81.4% of assets. They increased $85.6 billion in February, $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, $9.3 billion in April, but they decreased $78.8 billion last March. Govt & Treasury MMFs are up $1.158 trillion over 12 months, or 23.8%. Tax Exempt Funds increased $0.8 billion to $139.2 billion, or 1.9% of all assets. The number of money funds was 277 in February, up 2 from the previous month and down 14 funds from a year earlier.
Yields for both Taxable and Tax Exempt MMFs continued to decline in February. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on Feb. 28 was 4.50%, down 3 bps from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.52%, down 3 bps from the previous month. Gross yields were 4.41% for Government Funds, down 3 bps from last month. Gross yields for Treasury Funds were down 2 bps at 4.39%. Gross Yields for Tax Exempt Institutional MMFs were down 28 basis points to 1.94% in February. Gross Yields for Tax Exempt Retail funds were down 21 bps to 2.37%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.39%, down 4 bps from the previous month and down 94 bps from 2/29/24. The Average Net Yield for Prime Retail Funds was 4.25%, down 3 bps from the previous month and down 95 bps since 2/29/24. Net yields were 4.19% for Government Funds, down 3 bps from last month. Net yields for Treasury Funds were down 3 bps from the previous month at 4.17%. Net Yields for Tax Exempt Institutional MMFs were down 27 bps from January to 1.83%. Net Yields for Tax Exempt Retail funds were down 20 bps at 2.14% in February. (Note: These averages are asset-weighted.)
WALs and WAMs were mixed in February. The average Weighted Average Life, or WAL, was 52.8 days (up 2.9 days) for Prime Institutional funds, and 46.2 days for Prime Retail funds (up 0.4 days). Government fund WALs averaged 88.4 days (down 3.2 days) while Treasury fund WALs averaged 90.6 days (down 0.3 days). Tax Exempt Institutional fund WALs were 5.1 days (unchanged), and Tax Exempt Retail MMF WALs averaged 29.2 days (up 1.1 days).
The Weighted Average Maturity, or WAM, was 28.7 days (up 1.0 days from the previous month) for Prime Institutional funds, 29.1 days (up 0.7 days from the previous month) for Prime Retail funds, 33.8 days (down 2.6 days from previous month) for Government funds, and 42.1 days (down 2.8 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were unchanged at 5.1 days, while Tax Exempt Retail WAMs were up 0.4 days from previous month at 28.0 days.
Total Daily Liquid Assets for Prime Institutional funds were 52.8% in February (down 1.0% from the previous month), and DLA for Prime Retail funds was 46.1% (up 0.6% from previous month) as a percent of total assets. The average DLA was 65.0% for Govt MMFs and 93.6% for Treasury MMFs. Total Weekly Liquid Assets was 65.5% (down 1.2% from the previous month) for Prime Institutional MMFs, and 61.1% (up 0.7% from the previous month) for Prime Retail funds. Average WLA was 78.3% for Govt MMFs and 98.8% for Treasury MMFs.
In the SEC's "Prime Holdings of Bank-Related Securities by Country table for February 2025," the largest entries included: the U.S. with $205.2B, Canada with $166.3 billion, Japan with $125.3 billion, France with $97.1 billion, the U.K. with $48.6B, Aust/NZ with $43.0B, the Netherlands with $42.1B, Germany with $26.5B and Switzerland with $2.8B. The gainers among the "Prime MMF Holdings by Country" included: Canada (down $29.0B), the U.S. (up $12.0B), Germany (up $8.1B), and Netherlands (up $25.0B). Decreases were shown by: the U.K. (down $14.4B), Japan (down $4.4B), Aust/NZ (down $4.2B), France (down $1.6B), and Switzerland (down $0.6B).
The SEC's "Prime Holdings of Bank-Related Securities by Region" table shows The Americas had $371.5 billion (up $9.0B), while Eurozone had $191.1B (up $4.4B). Asia Pacific subset had $197.1B (down $5.6B), while Europe (non-Eurozone) had $98.4B (down $20.0B from last month).
The "Prime MMF Aggregate Product Exposures" chart shows that of the $1.218 trillion in Prime MMF Portfolios as of February 28, $477.9B (39.2%) was in Government & Treasury securities (direct and repo) (up from $473.0B), $306.6B (25.2%) was in CDs and Time Deposits (down from $306.8B), $193.6B (15.9%) was in Financial Company CP (down from $196.0B), $153.5B (12.6%) was held in Non-Financial CP and Other securities (up from $152.2B), and $86.4B (7.1%) was in ABCP (up from $80.7B).
The SEC's "Government and Treasury Funds Bank Repo Counterparties by Country" table shows the U.S. with $572.4 billion, Canada with $213.2 billion, France with $220.7 billion, the U.K. with $110.0 billion, Germany with $27.8 billion, Japan with $147.5 billion and Other with $44.4 billion. All MMF Repo with the Federal Reserve was up $53.3 billion in February to $201.4 billion.
Finally, a "Percent of Securities with Greater than 179 Days to Maturity" table shows Prime Inst MMFs 10.6%, Prime Retail MMFs with 6.2%, Tax Exempt Inst MMFs with 0.0%, Tax Exempt Retail MMFs with 3.7%, Govt MMFs with 14.7% and Treasury MMFs with 13.9%.
