The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, later than usual this month and after a 2-month publication delay due to the government shutdown. The report shows that total money fund assets rose by $153.2 billion in October 2025 to a record high $7.930 trillion, after hitting $7.777 trillion the month prior. The SEC shows Prime MMFs increased $9.1 billion in October to $1.338 trillion, Govt & Treasury funds increased $142.1 billion to $6.447 trillion and Tax Exempt funds increased $2.0 billion to $144.8 billion. Taxable yields were mixed in October after previous decreases in September, August, July, June and May. 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 increasing $141.4 billion in October 2025 to a record of $7.859 trillion. In November month-to-date through 11/25, total money fund assets have increased by $108.6 billion to a record $7.958 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
October's asset increase follows an increase of $106.0 billion in September, $138.0 billion in August, $60.2 billion in July, $4.3 billion in June, $94.9 billion in May, a decrease of $17.5 billion in April, a rise of $2.8 billion in March, $101.8 billion in February, $47.9 billion in January, $113.1 billion in December, $198.1 billion in November and $93.2 billion last October. Over the 12 months through 10/31/25, total MMF assets have increased by $1.003 trillion, or 14.5%, according to the SEC's series.
The SEC's stats show that of the $7.930 trillion in assets, $1.338 trillion was in Prime funds, up $9.1 billion in October. Prime assets were up $6.2 billion in September, $20.2 billion in August, $22.7 billion in July, $9.8 billion in June, $11.8 billion in May, $2.3 billion in April, $22.1 billion in March, $15.5 billion in February, $27.3 billion in January, $4.0 billion in December, $13.0 billion in November and $16.4 billion last October. Prime funds represented 16.9% of total assets at the end of October. They've increased by $164.0 billion, or 14.0%, 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 $6.447 trillion, or 81.3% of assets. They increased $142.1 billion in October, increased $97.8 billion in September, increased $118.1 billion in August, increased $39.0 billion in July, decreased $0.7 billion in June, increased $82.7 billion in May, decreased $25.1 billion in April, $21.8 billion in March, increased $85.5 billion in February, $23.2 billion in January, $109.4 billion in December, $181.7 billion in November and $73.1 billion last October. Govt & Treasury MMFs are up $831.9 billion over 12 months, or 14.8%. Tax Exempt Funds increased $2.0 billion to $144.8 billion, or 1.8% of all assets. The number of money funds was 280 in October, up 1 from the previous month and up 5 funds from a year earlier.
Yields for Taxable MMFs were flat to slightly lower in October, while Tax Exempt MMFs yields were higher. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on October 31 was 4.28%, down 1 bp from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.29%, down 1 bp from the previous month. Gross yields were 4.17% for Government Funds, down 3 bps from last month. Gross yields for Treasury Funds were down 8 bps at 4.09%. Gross Yields for Tax Exempt Institutional MMFs were up 8 basis points to 3.24% in October. Gross Yields for Tax Exempt Retail funds were up 5 bps to 3.00%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.18%, down 1 bp from the previous month and down 71 bps from 10/31/24. The Average Net Yield for Prime Retail Funds was 4.03%, down 1 bp from the previous month and down 70 bps since 10/31/24. Net yields were 3.95% for Government Funds, down 3 bps from last month. Net yields for Treasury Funds were down 8 bps from the previous month at 3.88%. Net Yields for Tax Exempt Institutional MMFs were up 9 bps from September to 3.13%. Net Yields for Tax Exempt Retail funds were up 5 bps at 2.77% in October. (Note: These averages are asset-weighted.)
WALs and WAMs were mostly higher in October. The average Weighted Average Life, or WAL, was 51.7 days (up 2.1 days) for Prime Institutional funds, and 49.8 days for Prime Retail funds (up 3.6 days). Government fund WALs averaged 89.9 days (up 0.3 days) while Treasury fund WALs averaged 96.0 days (down 1.2 days). Tax Exempt Institutional fund WALs were 5.3 days (up 1.2 days), and Tax Exempt Retail MMF WALs averaged 32.1 days (up 1.8 days).
The Weighted Average Maturity, or WAM, was 28.0 days (up 0.7 days from the previous month) for Prime Institutional funds, 31.5 days (up 3.4 days from the previous month) for Prime Retail funds, 39.6 days (down 0.8 days from previous month) for Government funds, and 46.8 days (down 0.2 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were up 0.8 days at 5.3 days, while Tax Exempt Retail WAMs were up 1.7 days from previous month at 31.1 days.
Total Daily Liquid Assets for Prime Institutional funds were 54.4% in October (down 0.5% from the previous month), and DLA for Prime Retail funds was 48.3% (down 1.1% from previous month) as a percent of total assets. The average DLA was 64.1% for Govt MMFs and 94.6% for Treasury MMFs. Total Weekly Liquid Assets was 66.5% (up 1.0% from the previous month) for Prime Institutional MMFs, and 61.3% (down 1.0% from the previous month) for Prime Retail funds. Average WLA was 78.6% for Govt MMFs and 98.9% for Treasury MMFs.
Note that the SEC made a number of changes to their monthly release in April 2025, 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."
