The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary this month, after a previous 2-month publication delay due to the government shutdown the month prior. The report shows that total money fund assets rose by $125.1 billion in November 2025 to a record high $8.055 trillion, after hitting $7.930 trillion the month prior. The SEC shows Prime MMFs increased $3.1 billion in November to $1.341 trillion, Govt & Treasury funds increased $115.4 billion to $6.563 trillion and Tax Exempt funds increased $6.5 billion to $151.3 billion. Taxable yields were lower in November after being flat to slightly lower in October. 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 $132.8 billion in November 2025 to a record of $7.992 trillion. In December month-to-date through 12/17, total money fund assets have increased by $50.3 billion to $8.033 trillion, previously hitting a record high of $8.066 trillion (12/11), according to Crane Data's separate, and slightly smaller, MFI Daily series.) (Note: Thanks to those who attended our Money Fund University in Pittsburgh this week! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
November's asset increase follows an increase of $153.2 billion in October, $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 and $198.1 billion last November. Over the 12 months through 11/30/25, total MMF assets have increased by $929.8 billion, or 13.0%, according to the SEC's series.
The SEC's stats show that of the $8.055 trillion in assets, $1.341 trillion was in Prime funds, up $3.1 billion in November. Prime assets were up $9.1 billion in October, $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 and $4.0 billion in December and $13.0 billion last November. Prime funds represented 16.6% of total assets at the end of November. They've increased by $154.1 billion, or 13.0%, 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 $6.563 trillion, or 81.5% of assets. They increased $115.4 billion in November, 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 and $23.2 billion in January, $109.4 billion in December and $181.7 billion last November. Govt & Treasury MMFs are up $765.6 billion over 12 months, or 13.2%. Tax Exempt Funds increased $6.5 billion to $151.3 billion, or 1.9% of all assets. The number of money funds was 281 in November, up 1 from the previous month and up 6 funds from a year earlier.
Yields for Taxable and Tax Exempt MMFs were both lower in November. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on November 30 was 4.11%, down 17 bps from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 4.13%, down 16 bps from the previous month. Gross yields were 4.03% for Government Funds, down 14 bps from last month. Gross yields for Treasury Funds were down 9 bps at 4.00%. Gross Yields for Tax Exempt Institutional MMFs were down 35 basis points to 2.89% in November. Gross Yields for Tax Exempt Retail funds were down 20 bps to 2.80%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 4.01%, down 17 bps from the previous month and down 66 bps from 11/30/24. The Average Net Yield for Prime Retail Funds was 3.87%, down 16 bps from the previous month and down 65 bps since 11/30/24. Net yields were 3.81% for Government Funds, down 14 bps from last month. Net yields for Treasury Funds were down 9 bps from the previous month at 3.79%. Net Yields for Tax Exempt Institutional MMFs were down 35 bps from October to 2.78%. Net Yields for Tax Exempt Retail funds were down 19 bps at 2.58% in November. (Note: These averages are asset-weighted.)
WALs and WAMs were mixed in November. The average Weighted Average Life, or WAL, was 53.2 days (up 1.5 days) for Prime Institutional funds, and 50.2 days for Prime Retail funds (up 0.4 days). Government fund WALs averaged 89.1 days (down 0.8 days) while Treasury fund WALs averaged 94.8 days (down 1.2 days). Tax Exempt Institutional fund WALs were 5.0 days (down 0.3 days), and Tax Exempt Retail MMF WALs averaged 32.2 days (up 0.1 days).
The Weighted Average Maturity, or WAM, was 28.3 days (up 0.3 days from the previous month) for Prime Institutional funds, 31.5 days (unchanged from the previous month) for Prime Retail funds, 38.1 days (down 1.5 days from previous month) for Government funds, and 44.9 days (down 1.9 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were down 0.3 days at 5.0 days, while Tax Exempt Retail WAMs were up 0.3 days from previous month at 31.4 days.
Total Daily Liquid Assets for Prime Institutional funds were 55.3% in November (up 0.9% from the previous month), and DLA for Prime Retail funds was 49.5% (up 1.2% from previous month) as a percent of total assets. The average DLA was 65.3% for Govt MMFs and 94.7% for Treasury MMFs. Total Weekly Liquid Assets was 66.7% (up 0.2% from the previous month) for Prime Institutional MMFs, and 61.7% (up 0.4% from the previous month) for Prime Retail funds. Average WLA was 79.3% for Govt MMFs and 99.2% 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."
