The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, which shows that total money fund assets fell by $17.0 billion in April 2025 to $7.374 trillion, after hitting a record $7.391 trillion the previous month. The SEC shows Prime MMFs increased $2.4 billion in April to $1.258 trillion, Govt & Treasury funds decreased $24.7 billion to $5.969 trillion and Tax Exempt funds increased $5.3 billion to $147.0 billion. Taxable yields continued to decline in April after previous decreases in March, February and January. 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 falling $15.5 billion in April 2025, after a record $7.333 trillion in March. In May month-to-date through 5/21, total money fund assets have increased by $56.3 billion to $7.356 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
April's asset decrease follows a rise of $2.8 billion in March, $101.8 billion in February, $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 last April. Over the 12 months through 4/30/25, total MMF assets have increased by $935.0 billion, or 14.5%, according to the SEC's series.
The SEC's stats show that of the $7.374 trillion in assets, $1.258 trillion was in Prime funds, up $2.4 billion in April. Prime assets were up $22.1 billion in March, $15.4 billion in February, $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 last April. Prime funds represented 17.1% of total assets at the end of April. They've decreased by $126.3 billion, or -9.1%, 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 $5.969 trillion, or 80.9% of assets. They decreased $24.7 billion in April, $21.8 billion in March, 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, and $9.3 billion last April. Govt & Treasury MMFs are up $1.046 trillion over 12 months, or 21.2%. Tax Exempt Funds increased $5.3 billion to $147.0 billion, or 2.0% of all assets. The number of money funds was 277 in April, unchanged from the previous month and down 11 funds from a year earlier.
Yields for Taxable MMFs continued to decline in April, while Tax Exempt MMFs yields rose. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on April 30 was 4.47%, down 1 bp from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.49%, down 1 bp from the previous month. Gross yields were 4.38% for Government Funds, down 2 bps from last month. Gross yields for Treasury Funds were down 1 bp at 4.36%. Gross Yields for Tax Exempt Institutional MMFs were up 11 basis points to 3.31% in April. Gross Yields for Tax Exempt Retail funds were up 31 bps to 3.35%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.37%, down 1 bp from the previous month and down 100 bps from 4/30/24. The Average Net Yield for Prime Retail Funds was 4.22%, down 2 bps from the previous month and down 100 bps since 4/30/24. Net yields were 4.16% for Government Funds, down 2 bps from last month. Net yields for Treasury Funds were down 1 bp from the previous month at 4.14%. Net Yields for Tax Exempt Institutional MMFs were up 11 bps from March to 3.20%. Net Yields for Tax Exempt Retail funds were up 32 bps at 3.12% in April. (Note: These averages are asset-weighted.)
WALs and WAMs were mostly down in April. The average Weighted Average Life, or WAL, was 51.9 days (up 0.5 days) for Prime Institutional funds, and 45.3 days for Prime Retail funds (down 0.4 days). Government fund WALs averaged 89.4 days (up 0.8 days) while Treasury fund WALs averaged 92.6 days (up 1.1 days). Tax Exempt Institutional fund WALs were 4.0 days (unchanged), and Tax Exempt Retail MMF WALs averaged 26.5 days (down 1.6 days).
The Weighted Average Maturity, or WAM, was 25.1 days (down 0.2 days from the previous month) for Prime Institutional funds, 22.7 days (down 2.2 days from the previous month) for Prime Retail funds, 33.5 days (down 0.4 days from previous month) for Government funds, and 39.0 days (down 1.2 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were unchanged at 4.0 days, while Tax Exempt Retail WAMs were down 1.8 days from previous month at 25.6 days.
Total Daily Liquid Assets for Prime Institutional funds were 55.4% in April (up 1.3% from the previous month), and DLA for Prime Retail funds was 47.9% (up 0.6% from previous month) as a percent of total assets. The average DLA was 63.8% for Govt MMFs and 94.8% for Treasury MMFs. Total Weekly Liquid Assets was 66.7% (up 1.8% from the previous month) for Prime Institutional MMFs, and 62.0% (up 2.0% from the previous month) for Prime Retail funds. Average WLA was 76.4% for Govt MMFs and 99.0% for Treasury MMFs.
Note that the SEC made a number of changes to their monthly release several months ago, so we're no longer publishing a number of tables. A press release titled, "SEC Publishes New Data and Analysis About Registered Investment Companies and Money Market Funds," states, "The Securities and Exchange Commission ... published new data and analysis in a pair of reports that provide the investing public with updated key information about registered investment companies and money market funds. 'It is important that the Commission publicly shares the information it collects in a clear and transparent way,' says Acting Chairman Mark Uyeda. 'These two reports will provide the public with key information about the approximately $41.5 trillion investors trust to funds and the approximately $7.39 trillion invested in money market funds.'"
The SEC says, "Money Market Fund Statistics is an enhanced version of the money market funds report generated by the Division of Investment Management. This report contains additional statistical analysis and enhancements, as well as certain metrics based on Form N-MFP data. The modifications to the report are designed to further facilitate the public's ability to efficiently review, digest, and use aggregate information about the money market fund industry by including summaries of more money market fund data, including information about internal affiliated funds, portfolio investments, flows, and industry concentration. The report extends the downloadable historical statistical series of data back to 2010."
Tim Husson, who leads the SEC's Division of Investment Management's Analytics Office, adds, "Forms N-MFP and N-CEN provide insights into key areas of the investment company industry. The reports reflect our continued dedication to enhance the public's use of important information about the industry."
