Rated U.S. MMFs finished the first quarter of 2021 with sizable positive flows. Government funds remained the driving force behind this trend, highlighting their growing favor among investors. For the first quarter, government MMF assets increased nearly 9%, reaching levels akin to the peak of 2020, and prime fund assets remained consistent with the previous quarter-end. Overall, for the first quarter, U.S. domestic PSFR assets increased to $3.2 trillion, from $2.98 trillion.