The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary late last week, which shows that total money fund assets rose by $94.4 billion in May 2025 to a record high $7.468 trillion, after hitting the previous record $7.391 trillion two months prior. The SEC shows Prime MMFs increased $11.7 billion in May to $1.270 trillion, Govt & Treasury funds increased $82.3 billion to $6.051 trillion and Tax Exempt funds increased $0.3 billion to $147.3 billion. Taxable yields continued to decline in May after previous decreases in April, 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 jumping $96.6 billion in May 2025, to a new record of $7.414 trillion. In June month-to-date through 6/18, total money fund assets have decreased by $33.0 billion to $7.367 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.) (Note: Thanks to those attending our Money Fund Symposium in Boston! We hope you're enjoying the show.... Attendees and Crane Data Subscribers may access the MFS Conference Materials here.)
May's asset increase follows a decrease of $17.0 billion in April, 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 last May. Over the 12 months through 5/31/25, total MMF assets have increased by $939.5 billion, or 14.4%, according to the SEC's series.
The SEC's stats show that of the $7.468 trillion in assets, $1.270 trillion was in Prime funds, up $11.7 billion in May. Prime assets were up $2.4 billion in April, $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 last May. Prime funds represented 17.0% of total assets at the end of May. They've decreased by $134.4 billion, or -9.6%, 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 $6.051 trillion, or 81.0% of assets. They increased $82.3 billion in May, 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, and $65.5 billion last May. Govt & Treasury MMFs are up $1.062 trillion over 12 months, or 21.3%. Tax Exempt Funds increased $0.3 billion to $147.3 billion, or 2.0% of all assets. The number of money funds was 276 in May, down 1 from the previous month and down 13 funds from a year earlier.
Yields for Taxable MMFs continued to decline in May, while Tax Exempt MMFs yields also fell. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on May 31 was 4.46%, down 1 bp from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.47%, down 2 bps from the previous month. Gross yields were 4.36% for Government Funds, down 2 bps from last month. Gross yields for Treasury Funds were down 2 bps at 4.34%. Gross Yields for Tax Exempt Institutional MMFs were down 93 basis points to 2.38% in May. Gross Yields for Tax Exempt Retail funds were down 84 bps to 2.51%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.36%, down 1 bp from the previous month and down 101 bps from 5/31/24. The Average Net Yield for Prime Retail Funds was 4.20%, down 2 bps from the previous month and down 102 bps since 5/31/24. Net yields were 4.15% for Government Funds, down 1 bp from last month. Net yields for Treasury Funds were down 1 bp from the previous month at 4.13%. Net Yields for Tax Exempt Institutional MMFs were down 92 bps from April to 2.28%. Net Yields for Tax Exempt Retail funds were down 84 bps at 2.28% in May. (Note: These averages are asset-weighted.)
WALs and WAMs were higher in May. The average Weighted Average Life, or WAL, was 53.9 days (up 2.0 days) for Prime Institutional funds, and 46.7 days for Prime Retail funds (up 1.4 days). Government fund WALs averaged 91.1 days (up 1.7 days) while Treasury fund WALs averaged 97.6 days (up 5.0 days). Tax Exempt Institutional fund WALs were 5.0 days (up 1.0 days), and Tax Exempt Retail MMF WALs averaged 28.2 days (up 1.7 days).
The Weighted Average Maturity, or WAM, was 28.7 days (up 3.6 days from the previous month) for Prime Institutional funds, 25.2 days (up 2.5 days from the previous month) for Prime Retail funds, 38.8 days (up 5.3 days from previous month) for Government funds, and 44.6 days (up 5.6 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were up 1.0 days at 5.0 days, while Tax Exempt Retail WAMs were up 1.7 days from previous month at 27.3 days.
Total Daily Liquid Assets for Prime Institutional funds were 53.0% in May (down 1.4% from the previous month), and DLA for Prime Retail funds was 45.1% (down 2.8% from previous month) as a percent of total assets. The average DLA was 62.8% for Govt MMFs and 93.8% for Treasury MMFs. Total Weekly Liquid Assets was 65.2% (down 1.5% from the previous month) for Prime Institutional MMFs, and 61.4% (down 0.6% from the previous month) for Prime Retail funds. Average WLA was 76.5% for Govt MMFs and 99.3% 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."
