The Investment Company Institute's released its latest weekly "Money Market Fund Assets" report and its latest monthly "Trends in Mutual Fund Investing - September 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former shows money fund assets increasing by $20.6 billion to a new record high of $7.418 trillion. Assets have risen in 5 of the last 6 weeks, and 13 of the past 15 weeks. MMFs rose $30.4 billion the prior week, after falling $17.8 billion two weeks prior. MMF assets are up by $912 billion, or 14.0%, over the past 52 weeks (through 10/29/25), with Institutional MMFs up $535 billion, or 13.8% and Retail MMFs up $377 billion, or 14.4%. Year-to-date, MMF assets are up by $568 billion, or 8.3%, with Institutional MMFs up $299 billion, or 7.3% and Retail MMFs up $269 billion, or 9.8%.
ICI's weekly release says, "Total money market fund assets increased by $20.60 billion to $7.42 trillion for the week ended Wednesday, October 29, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $23.50 billion and prime funds decreased by $2.54 billion. Tax-exempt money market funds decreased by $356 million." ICI's stats show Institutional MMFs increasing $13.3 billion and Retail MMFs increasing $7.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.067 trillion (81.8% of all money funds), while Total Prime MMFs were $1.212 trillion (16.3%). Tax Exempt MMFs totaled $138.9 billion (1.9%).
It explains, "Assets of retail money market funds increased by $12.16 billion to $3.00 trillion. Among retail funds, government money market fund assets increased by $9.25 billion to $1.89 trillion, prime money market fund assets increased by $4.44 billion to $983.74 billion, and tax-exempt fund assets decreased by $1.52 billion to $126.86 billion." Retail assets account for 40.5% of the total, and Government Retail assets make up 63.0% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $13.34 billion to $4.41 trillion. Among institutional funds, government money market fund assets increased by $15.96 billion to $4.17 trillion, prime money market fund assets decreased by $2.09 billion to $229.14 billion, and tax-exempt fund assets decreased by $530 million to $11.91 billion." Institutional assets accounted for 59.5% of all MMF assets, with Government Institutional assets making up 94.5% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $105.8 billion to $7.813 trillion month-to-date in October (as of 10/29). They hit a record high of $7.821 trillion on October 28, but dipped on Wednesday. Assets increased by $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June and $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 billion in November, and $97.5 billion last October. 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 $104.5 billion, or 1.4%, in September to $7.321 trillion. MMFs have increased by $896.4 billion, or 14.0%, over the past 12 months (through 9/30/25). Money funds' September asset increase follows an increase of $123.4 billion in August, $69.0 billion in July, $29.3 billion in June and $84.7 billion in May. Assets decreased $63.8 billion in April and $10.9 billion in March, but increased of $99.0 billion in February, $31.9 billion in January and $139.3 billion in December. They rose $171.5 billion in November and $117.4 billion in October. Bond fund assets increased $84.2 billion to $5.412 trillion, and bond ETF assets increased to $2.11 trillion in September 2025.
The monthly release states, "The combined assets of the nation's mutual funds increased by $590.25 billion, or 2.0 percent, to $30.79 trillion in September, 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 $26.97 billion in September, compared with an inflow of $16.40 billion in August.... Money market funds had an inflow of $87.45 billion in September, compared with an inflow of $108.02 billion in August. In September funds offered primarily to institutions had an inflow of $74.58 billion and funds offered primarily to individuals had an inflow of $12.87 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $102.8 billion in September to $7.183 trillion. Tax-Exempt MMFs increased $1.7 billion to $138.0 billion. Taxable MMF assets increased year-over-year by $888.1 billion (14.1%), and Tax-Exempt funds rose by $8.3 billion over the past year (6.4%). Bond fund assets increased by $84.2 billion (after increasing by $73.1 billion in August) to $5.412 trillion; they've increased by $299.8 billion (5.9%) over the past year.
Money funds represent 23.8% of all mutual fund assets (down 0.1% from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 261, down 1 from the prior month and down from 263 a year ago. Taxable money funds numbered 220 funds, and tax-exempt money funds numbered 41 funds.
ICI's "Month-End Portfolio Holdings" confirms a jump in Treasuries and an increase in Repo last month. Treasury holdings, became the largest composition segment two months ago after overtaking Repo, In September they increased $86.0 billion, or 2.9%, to $3.063 trillion, or 42.6% of holdings. Treasury securities have increased by $553.5 billion, or 22.1%, over the past 12 months. (See our October 10 News, "Oct. Money Fund Portfolio Holdings: T-Bills Jump Again, Repo Rebounds.")
Repurchase Agreements became the second largest composition segment two months prior after falling in August, they rose $19.9 billion, or 0.8%, to $2.595 trillion, or 36.1% of holdings. Repo holdings have increased $94.6 billion, or 3.8%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $28.6 billion, or 3.2%, to $917.2 billion, or 12.8% of holdings. Agency holdings have increased by $172.8 billion, or 23.2%, over the past 12 months.
Commercial Paper was in fourth place; they decreased by $17.9 billion, or -5.8%, to $292.4 billion (4.1% of assets). CP held by money funds rose by $19.6 billion, or 7.2%, over 12 months. Certificates of Deposit (CDs) were in fifth place, down $53.6 billion, or -17.4%, to $254.0 billion (3.5% of assets). CDs decreased $57.3 billion, or -18.4%, over one year. Other holdings increased to $22.8 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $37.2 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 82.278 million, while the Number of Funds was down 1 at 220. Over the past 12 months, the number of accounts rose by 9.626 million and the number of funds increased by 3. The Average Maturity of Portfolios was 41 days, unchanged from August. Over the past 12 months, WAMs of Taxable money are up 11 days.
