The Securities and Exchange Commission has published two new reports that provide data and analysis about the $41.5 trillion registered investment company industry and the $7.39 trillion money market fund segment. These releases mark a continued effort by the SEC to make critical fund-level data available in a structured, accessible format for investors, academics, and policy professionals.
The reports, titled Annual Registered Investment Company Update and Money Market Fund Statistics, draw from the SEC’s Form N-CEN and Form N-MFP filings, respectively. They present statistics and summary observations based on annual and monthly submissions from registered investment companies and money market funds.
$7.39 trillion invested in money market funds
“It is important that the Commission publicly shares the information it collects in a clear and transparent way,” said 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.”
Investment Company Update Highlights Asset Growth and Activities
The Annual Registered Investment Company Update offers an overview of industry trends, operational practices, and fund-level statistics drawn from Form N-CEN filings. These include data on service providers, asset allocation, fund structure, securities lending activity, and the use of derivatives.
The report is intended to improve public understanding of the registered fund ecosystem, including mutual funds and exchange-traded funds (ETFs). It enables users to examine aggregate trends across the industry, including fund sizes, fee structures, and distribution practices.
Natasha Vij Greiner, Director of the SEC’s Division of Investment Management, said, “The statistics and staff analysis in the reports will help investors, economists, academics, and other interested members of the public better engage with the staff and the Commission. This is critical information given the important role of funds in financial markets and the portfolios of millions of investors.”
Money Market Fund Report Reflects Regulatory Reforms and Market Behavior
The companion Money Market Fund Statistics report, prepared by the SEC’s Analytics Office within the Division of Investment Management, is based on Form N-MFP data submitted by money market funds for the twelve-month period ending March 2025. The dataset includes detailed statistics on fund structure, asset composition, liquidity, yields, and net flows.
The number of reporting money market funds (excluding feeder funds) reached 277 in March 2025, with government and Treasury funds accounting for 199 of those. Prime funds accounted for 37, and tax-exempt funds totaled 41. Net assets across all money market funds stood at $7.39 trillion at the end of March, a slight increase from the prior month.
The report reveals an upward trend in Treasury-focused feeder funds and a shift in institutional prime fund assets. Retail prime money market funds grew steadily over the past quarter, while institutional prime assets declined from $336.3 billion in January to $329.6 billion in March.
Total net assets of government money market funds rose to $4.01 trillion in March 2025, up from $3.98 trillion in January. Treasury money market funds also remained steady, holding $1.98 trillion in March. The report also notes an expansion in cash management funds used by affiliated investment vehicles, totaling $445 billion in net assets across 27 funds as of March 2025.
Expanded Historical Data and Methodological Transparency
The Money Market Fund Statistics report includes enhanced metrics on affiliated cash management strategies, industry concentration, and liquidity characteristics. The SEC’s Analytics Office also expanded the downloadable historical dataset to include information dating back to 2010, offering researchers a longer time series for trend analysis.
Tim Husson, who leads the SEC’s Analytics Office, stated, “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.”
The March 2025 edition presents detailed analysis on share class structures, pricing methodologies, repurchase agreement exposures, and the use of external and affiliated sub-advisors. Funds seeking to maintain a stable $1.00 net asset value represented the vast majority of total money market assets, with government and retail tax-exempt funds continuing to operate under stable NAV policies.
Market Concentration and Institutional Trends
The report includes new data on the concentration of assets across the largest money market funds and their investment advisers. As of March 2025, the top ten money market funds collectively accounted for 36.9 percent of all net assets, while the top fifty funds held over 83 percent of industry assets. Among government funds, the top five advisers managed more than half of all assets.
The SEC’s review of money market fund adviser data shows that the largest adviser alone oversaw more than 16 percent of net assets in March. Across all money market fund categories, government funds continued to dominate in both number and size, comprising over 81 percent of industry net assets.
Implications for Market Oversight and Public Analysis
The SEC emphasized that the publication of these reports serves both transparency and policy objectives. By making fund-level data available in a structured and consistent format, the Commission enables independent analysis of trends that affect retail and institutional investors.
“These reports reflect the important work of the Division of Investment Management staff analyzing and collecting data from registered funds and money market funds,” Greiner added.
The reports also serve as a resource for evaluating the impact of regulatory reforms, including recent amendments to Rule 2a-7 and updates to Form N-MFP that took effect in June 2024. These updates changed how funds report classifications and portfolio characteristics, improving comparability across categories and institutions.