Research

Money Market Fund Holdings
March 2021

Washington, DC, April 16, 2021— The Investment Company Institute (ICI) reports that, as of the final Friday in March, prime money market funds held 30.8 percent of their portfolios in daily liquid assets and 45.9 percent in weekly liquid assets, while government money market funds held 77.1 percent of their portfolios in daily liquid assets and 87.2 percent in weekly liquid assets.

At the end of March, prime funds had a weighted average maturity (WAM) of 45 days and a weighted average life (WAL) of 62 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 44 days and a WAL of 93 days.

Prime and Government Money Market Funds’ Liquid Assets as of the Final Friday of the Month, Weighted Average Maturities and Weighted Average Lives
Prime money market funds

Liquid assets

February 2021

March 2021

Regulatory minimum

Percentage of total assets

Daily liquid assets

30.3%

30.8%

10%

­Weekly liquid assets

46.9%

45.9%

30%

Weighted average maturity and
Weighted average life

February 2021

March 2021

Regulatory maximum

Number of days

Weighted average maturity

47

45

60

Weighted average life

64

62

120

Government money market funds

Liquid assets

February 2021

March 2021

Regulatory minimum

Percentage of total assets

Daily liquid assets

75.5%

77.1%

10%

Weekly liquid assets

86.1%

87.2%

30%

Weighted average maturity and
Weighted average life

February 2021

March 2021

Regulatory maximum

Number of days

Weighted average maturity

47

44

60

Weighted average life

98

93

120

Holdings by Region of Issuer

Prime money market funds’ holdings attributable to the Americas declined from $198.97 billion in February to $193.85 billion in March. Government money market funds’ holdings attributable to the Americas rose from $3,256.90 billion in February to $3,490.51 billion in March.

Prime and Government Money Market Funds’ Holdings, by Region of Issuer*
Millions of dollars and as a percentage of portfolio securities

Prime money market funds

Region

2/28/2021

3/31/2021

Americas

$198,967

38.0%

$193,845

38.1%

Asia and Pacific

87,648

              16.7

93,528

                 18.4

Europe

232,294

              44.4

213,598

                 42.0

Supranational

83

                0.1

182

                   0.1

Other

4,629

                0.9

7,316

                   1.4

Total

$523,620

100.0%

$508,470

100.0%

Government money market funds 

Region

2/28/2021

3/31/2021

Americas

$3,256,897

86.8%

$3,490,508

88.5%

Asia and Pacific

134,695

               3.6

133,412

                3.4

Europe

340,931

             9.1

303,110

              7.7

Supranational

0

0.0

0

0.0

Other

18,087

               0.5

18,886

                0.5

Total

$3,750,610

100.0%

$3,945,915

100.0%

*The region of the issuer is defined by location of the parent firm headquarters. Percentages are calculated by adding up the value of all securities of the indicated type by the region of the security’s issuer and dividing that amount by the total value of all securities of the indicated type. The other category consists of unclassified securities and countries with less than 0.25 percent of asset exposure.

More Information About the Data

Each month, ICI reports numbers based on the Securities and Exchange Commission’s Form N-MFP data. The report includes all money market funds registered under the Securities Act of 1933 and the Investment Company Act of 1940, that are publicly offered. All master funds are excluded, but feeders are apportioned from the corresponding master and included in the report.

More detailed data are available in the report, and historical reports are also available.