The Investment Company Institute's published its latest weekly "Money Market Fund Assets" and its monthly "Trends in Mutual Fund Investing - December 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former report shows money fund assets rebounding by $13.0 billion to $7.712 trillion, after decreasing by $30.8 billion the previous week. Three weeks prior assets were a record $7.804 trillion. Assets have risen in 15 of the last 19 weeks and 23 of the past 28 weeks. MMF assets are up by $839 billion, or 12.2%, over the past 52 weeks (through 1/28/26), with Institutional MMFs up $530 billion, or 12.9% and Retail MMFs up $309 billion, or 11.2%. Year-to-date in 2026, MMF assets are down by $22 billion, or -0.3%, with Institutional MMFs down $10 billion, or -0.2% and Retail MMFs down $12 billion, or -0.4%.
ICI's weekly release says, "Total money market fund assets increased by $13.06 billion to $7.71 trillion for the week ended Wednesday, January 28, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $11.37 billion and prime funds increased by $4.66 billion. Tax-exempt money market funds decreased by $2.97 billion." ICI's stats show Institutional MMFs increasing $22.1 billion and Retail MMFs decreasing $9.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.330 trillion (82.1% of all money funds), while Total Prime MMFs were $1.240 trillion (16.1%). Tax Exempt MMFs totaled $142.3 billion (1.8%).
It explains, "Assets of retail money market funds decreased by $9.07 billion to $3.07 trillion. Among retail funds, government money market fund assets decreased by $6.32 billion to $1.94 trillion, prime money market fund assets decreased by $319 million to $999.68 billion, and tax-exempt fund assets decreased by $2.43 billion to $129.06 billion." Retail assets account for 39.8% of the total, and Government Retail assets make up 63.2% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $22.13 billion to $4.65 trillion. Among institutional funds, government money market fund assets increased by $17.69 billion to $4.39 trillion, prime money market fund assets increased by $4.98 billion to $240.11 billion, and tax-exempt fund assets decreased by $539 million to $13.20 billion." Institutional assets accounted for 60.2% 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 $18.7 billion to $8.128 trillion month-to-date in January (as of 1/28); they hit a record high of $8.165 trillion on 1/6. Assets increased by $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion last January. 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 $170.2 billion, or 2.2%, in December to a record $7.746 trillion. MMFs increased by $893.8 billion, or 13.0%, in 2025 (through 12/31/25). Money funds' December asset increase follows an increase of $107.7 billion in November, $146.8 billion in October, $104.5 billion in September, $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 they increased $99.0 billion in February, $31.9 billion in January and $139.3 billion last December. Bond fund assets increased $13.8 billion to $5.515 trillion, and bond ETF assets increased $19.6 billion to $2.239 trillion in December 2025.
The monthly release states, "The combined assets of the nation's mutual funds increased by $79.86 billion, or 0.3 percent, to $31.38 trillion in December, 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 $15.10 billion in December, compared with an inflow of $7.64 billion in November.... Money market funds had an inflow of $156.81 billion in December, compared with an inflow of $93.16 billion in November. In December funds offered primarily to institutions had an inflow of $118.96 billion and funds offered primarily to individuals had an inflow of $37.85 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $164.3 billion in December to $7.595 trillion. Tax-Exempt MMFs increased $5.9 billion to $150.9 billion. Taxable MMF assets increased year-over-year by $878.8 billion (13.1%), and Tax-Exempt funds rose by $15.0 billion over the past year (11.0%). Bond fund assets increased by $13.8 billion (after increasing by $32.4 billion in November) to $5.515 trillion; they've increased by $444.2 billion (8.8%) over the past year.
Money funds represent 24.7% of all mutual fund assets (up 0.5% from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 265, unchanged from the prior month and up from 258 a year ago. Taxable money funds numbered 224 funds, and tax-exempt money funds numbered 41 funds.
ICI's "Portfolio Holdings" confirms a jump in Repo and an increase in Treasuries last month. Treasury holdings remain the largest composition segment. In December, they increased $69.4 billion, or 2.1%, to $3.354 trillion, or 44.2% of holdings. Treasury securities have increased by $501.3 billion, or 17.6%, over the past 12 months. (See our January 13 News, "Jan. Money Fund Portfolio Holdings: Assets Jump; FICC, Fed Repo Surge.")
Repurchase Agreements, the second largest composition segment, rose $175.6 billion, or 6.6%, to $2.845 trillion, or 37.5% of holdings. Repo holdings have increased $380.0 billion, or 15.4%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $28.3 billion, or 3.1%, to $932.6 billion, or 12.3% of holdings. Agency holdings have increased by $100.3 billion, or 12.1%, over the past 12 months.
Commercial Paper was in fourth place; CP holdings increased by $7.9 billion, or 2.8%, to $295.2 billion (3.9% of assets). CP held by money funds rose by $14.9 billion, or 5.3%, over 12 months. Certificates of Deposit (CDs) were in fifth place, up $4.2 billion, or 1.8%, to $239.4 billion (3.2% of assets). CDs decreased $21.3 billion, or -8.2%, over one year. Other holdings increased to $28.0 billion (0.4% of assets), while Notes (including Corporate and Bank) increased to $35.4 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 85.059 million, while the Number of Funds was unchanged at 224. Over the past 12 months, the number of accounts rose by 9.817 million and the number of funds increased by 7. The Average Maturity of Portfolios was 40 days, up 1 day from November. Over the past 12 months, WAMs of Taxable money are up 3 days.
