The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday and its latest monthly "Trends in Mutual Fund Investing - July 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former shows money fund assets rising $17.2 billion to a record $7.207 trillion. MMFs rose $3.8 billion last week, $33.3 billion the week before and $76.2 billion 3 weeks ago. MMF assets are up by $944 billion, or 15.1%, over the past 52 weeks (through 8/27/25), with Institutional MMFs up $534 billion, or 14.3% and Retail MMFs up $410 billion, or 16.2%. Year-to-date, MMF assets are up by $356 billion, or 5.2%, with Institutional MMFs up $146 billion, or 3.5% and Retail MMFs up $210 billion, or 7.7%. (Note: Register soon for our European Money Fund Symposium, which takes place Sept. 22-23 in Dublin, Ireland!)
ICI's weekly release says, "Total money market fund assets increased by $17.19 billion to $7.21 trillion for the week ended Wednesday, August 27.... Among taxable money market funds, government funds increased by $12.67 billion and prime funds increased by $4.76 billion. Tax-exempt money market funds decreased by $240 million." ICI's stats show Institutional MMFs increasing $20.5 billion and Retail MMFs decreasing $3.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.870 trillion (81.4% of all money funds), while Total Prime MMFs were $1.200 trillion (16.7%). Tax Exempt MMFs totaled $136.4 billion (1.9%).
It explains, "Assets of retail money market funds decreased by $3.34 billion to $2.95 trillion. Among retail funds, government money market fund assets decreased by $4.56 billion to $1.85 trillion, prime money market fund assets increased by $1.13 billion to $970.91 billion, and tax-exempt fund assets increased by $93 million to $123.86 billion." Retail assets account for 40.9% 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 $20.53 billion to $4.26 trillion. Among institutional funds, government money market fund assets increased by $17.24 billion to $4.02 trillion, prime money market fund assets increased by $3.63 billion to $229.52 billion, and tax-exempt fund assets decreased by $333 million to $12.58 billion." Institutional assets accounted for 59.1% of all MMF assets, with Government Institutional assets making up 94.3% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $112.5 billion in August (through 8/27/25) to $7.583 trillion. Assets broke above $7.5 trillion for the first time on August 4 and hit a record high of $7.591 trillion on August 26. But they inched lower on 8/27. Assets increased by $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 trillion in November, $97.5 billion in October, $149.8 billion in September and $109.7 billion last 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 $69.0 billion, or 1.0%, in July to $7.093 trillion. MMFs have increased by $954.4 billion, or 15.5%, over the past 12 months (through 7/31/25). Money funds' July asset increase follows an increase of $29.3 billion in June, $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 $31.9 billion to $5.254 trillion, and bond ETF assets increased to $2.00 trillion in July 2025.
The monthly release states, "The combined assets of the nation's mutual funds decreased by $47.05 billion, or 0.2 percent, to $29.66 trillion in July, 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 $36.82 billion in July, compared with an inflow of $14.22 billion in June.... Money market funds had an inflow of $52.95 billion in July, compared with an inflow of $14.96 billion in June. In July funds offered primarily to institutions had an inflow of $44.34 billion and funds offered primarily to individuals had an inflow of $8.61 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 $70.5 billion in July to $6.956 trillion. Tax-Exempt MMFs decreased $1.5 billion to $136.7 billion. Taxable MMF assets increased year-over-year by $946.3 billion (15.7%), and Tax-Exempt funds rose by $8.1 billion over the past year (6.3%). Bond fund assets increased by $31.9 billion (after increasing by $85.8 billion in June) to $5.254 trillion; they've increased by $281.1 billion (5.7%) over the past year.
Money funds represent 23.9% of all mutual fund assets (up 0.3% from the previous month), while bond funds account for 17.7%, according to ICI. The total number of money market funds was 262, unchanged from the prior month and down from 275 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 drop in Repo and a jump in Treasuries last month. Repurchase Agreements became the largest composition segment three months ago, but this past month they fell $95.7 billion, or -3.3%, to $2.803 trillion, or 40.3% of holdings. Repo holdings have increased $395.9 billion, or 16.4%, over the past year. (See our August 12 News, "August Money Fund Portfolio Holdings: Repo Plummets, T-Bills Surge.")
Treasury holdings, the second largest composition segment in Taxable MMFs, increased $99.8 billion, or 4.0%, to $2.582 trillion, or 37.1% of holdings. Treasury securities have increased by $265.3 billion, or 11.5%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they decreased $12.5 billion, or -1.4%, to $899.2 billion, or 12.9% of holdings. Agency holdings have increased by $188.0 billion, or 26.4%, over the past 12 months.
Certificates of Deposit (CDs) were in fourth place, up $19.8 billion, or 6.7%, to $316.3 billion (4.5% of assets). CDs decreased $35.4 billion, or -10.1%, over one year. Commercial Paper was in fifth place; they increased by $9.8 billion, or 3.4%, to $302.3 billion (4.3% of assets). CP held by money funds rose by $42.3 billion, or 16.3%, over 12 months. Other holdings decreased to $20.4 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $32.9 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 80.762 million, while the Number of Funds was unchanged at 221. Over the past 12 months, the number of accounts rose by 10.187 million and the number of funds decreased by 9. The Average Maturity of Portfolios was 39 days, up 3 days from June. Over the past 12 months, WAMs of Taxable money are up 6 days.
