The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday and its latest monthly "Trends in Mutual Fund Investing - June 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Wednesday. The former shows money fund assets rising $1.5 billion to a near-record $7.076 trillion, after rising $9.2 billion the week prior and falling $6.8 billion two weeks prior. Assets rose $55.6 billion to a record $7.078 trillion four weeks ago (the week ended July 2). MMF assets are up by $942 billion, or 15.4%, over the past 52 weeks (through 7/30/25), with Institutional MMFs up $520 billion, or 14.3% and Retail MMFs up $422 billion, or 16.9%. Year-to-date, MMF assets are up by $226 billion, or 3.3%, with Institutional MMFs up $47 billion, or 1.1% and Retail MMFs up $179 billion, or 6.5%.
ICI's weekly release says, "Total money market fund assets increased by $1.52 billion to $7.08 trillion for the week ended Wednesday, July 30, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $1.45 billion and prime funds decreased by $906 million. Tax-exempt money market funds increased by $973 million." ICI's stats show Institutional MMFs increasing $1.7 billion and Retail MMFs decreasing $0.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.758 trillion (81.4% of all money funds), while Total Prime MMFs were $1.181 trillion (16.7%). Tax Exempt MMFs totaled $136.8 billion (1.9%).
It explains, "Assets of retail money market funds decreased by $193 million to $2.91 trillion. Among retail funds, government money market fund assets decreased by $1.69 billion to $1.83 trillion, prime money market fund assets increased by $755 million to $959.15 billion, and tax-exempt fund assets increased by $745 million to $124.01 billion." Retail assets account for 41.2% of the total, and Government Retail assets make up 62.8% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $1.71 billion to $4.16 trillion. Among institutional funds, government money market fund assets increased by $3.14 billion to $3.93 trillion, prime money market fund assets decreased by $1.66 billion to $222.02 billion, and tax-exempt fund assets increased by $228 million to $12.82 billion." Institutional assets accounted for 58.8% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $61.6 billion in July (through 7/30/25) to $7.468 trillion. Assets hit a record high of $7.472 trillion on July 29 but have since inched lower. Assets increased by $6.7 billion in June and jumped by $100.9 billion in May. They fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September and $109.7 billion in August. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
ICI's monthly Trends shows money fund totals increasing $29.3 billion, or 0.4%, in June to $7.025 trillion. MMFs have increased by $933.0 billion, or 15.3%, over the past 12 months (through 6/30/25). Money funds' June asset increase follows an increase of $84.7 billion in May, a decrease of $63.8 billion in April, $10.9 billion in March, an increase of $99.0 billion in February, $31.9 billion in January and $139.3 billion in December. They rose $171.5 billion in November, $117.4 billion in October and $158.6 billion in September. Bond fund assets increased $85.8 billion to $5.223 trillion, and bond ETF assets increased to $1.98 trillion in June 2025.
The monthly release states, "The combined assets of the nation’s mutual funds increased by $805.92 billion, or 2.8 percent, to $29.72 trillion in June, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI.... Bond funds had an inflow of $14.20 billion in June, compared with an inflow of $21.19 billion in May.... Money market funds had an inflow of $14.96 billion in June, compared with an inflow of $69.26 billion in May. In June funds offered primarily to institutions had an outflow of $7.29 billion and funds offered primarily to individuals had an inflow of $22.25 billion."
The Institute's latest statistics show that Taxable MMFs were higher while Tax Exempt MMFs were lower from last month. Taxable MMFs increased by $31.9 billion in June to $6.887 trillion. Tax-Exempt MMFs decreased $2.6 billion to $138.2 billion. Taxable MMF assets increased year-over-year by $924.1 billion (15.5%), and Tax-Exempt funds rose by $8.9 billion over the past year (6.9%). Bond fund assets increased by $85.8 billion (after increasing by $10.9 billion in May) to $5.223 trillion; they've increased by $352.9 billion (7.2%) over the past year.
Money funds represent 23.6% of all mutual fund assets (down 0.6% from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 262, down 1 from the prior month and down from 276 a year ago. Taxable money funds numbered 221 funds, and tax-exempt money funds numbered 41 funds.
ICI's "Month-End Portfolio Holdings" confirms a jump in Repo and a drop in Treasuries last month. Repurchase Agreements once again became the largest composition segment three months prior, this past month increasing $187.2 billion, or 6.9%, to $2.900 trillion, or 42.1% of holdings. Repo holdings have increased $468.4 billion, or 19.3%, over the past year. (See our July 11 News, "July Money Fund Portfolio Holdings: Repo Jumps to 42%, T-Bills Plunge.”)
Treasury holdings in Taxable money funds fell down to the second largest composition segment three months prior; this past month they decreased $56.0 billion, or -2.2%, to $2.482 trillion, or 36.0% of holdings. Treasury securities have increased by $206.3 billion, or 9.1%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they increased $4.4 billion, or 0.5%, to $912.0 billion, or 13.2% of holdings. Agency holdings have increased by $224.1 billion, or 32.6%, over the past 12 months.
Certificates of Deposit (CDs) were in fourth place, down $18.8 billion, or -5.9%, to $296.5 billion (4.3% of assets). CDs decreased $2.3 billion, or -0.8%, over one year. Commercial Paper was in fifth place; they decreased by $7.8 billion, or -2.6%, to $292.4 billion (4.2% of assets). CP held by money funds rose by $39.4 billion, or 15.6%, over 12 months. Other holdings decreased to $20.8 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $38.0 billion (0.6% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 79.563 million, while the Number of Funds was down 1 at 221. Over the past 12 months, the number of accounts rose by 9.826 million and the number of funds decreased by 10. The Average Maturity of Portfolios was 36 days, down 2 days from May. Over the past 12 months, WAMs of Taxable money are up 2 days.
