The Investment Company Institute published its weekly "Money Market Fund Assets" and its monthly "Trends in Mutual Fund Investing - January 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former report shows money fund assets increasing by $5.7 billion to $7.797 trillion, after rising by $17.1 billion the previous week. Seven weeks ago, assets hit a record $7.804 trillion. Assets have risen in 18 of the last 23 weeks and 26 of the past 32 weeks. MMF assets are up by $822 billion, or 11.8%, over the past 52 weeks (through 2/25/26), with Institutional MMFs up $561 billion, or 13.5% and Retail MMFs up $262 billion, or 9.3%. Year-to-date in 2026, MMF assets are up by $63 billion, or 0.8%, with Institutional MMFs up $69 billion, or 1.5% and Retail MMFs down $6 billion, or -0.2%.
ICI's weekly release says, "Total money market fund assets increased by $5.71 billion to $7.80 trillion for the week ended Wednesday, February 25, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $6.59 billion and prime funds decreased by $965 million. Tax-exempt money market funds increased by $86 million." ICI's stats show Institutional MMFs increasing $16.0 billion and Retail MMFs decreasing $10.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.412 trillion (82.2% of all money funds), while Total Prime MMFs were $1.241 trillion (15.9%). Tax Exempt MMFs totaled $144.2 billion (1.8%).
It explains, "Assets of retail money market funds decreased by $10.33 billion to $3.07 trillion. Among retail funds, government money market fund assets decreased by $8.32 billion to $1.94 trillion, prime money market fund assets decreased by $1.95 billion to $998.73 billion, and tax-exempt fund assets decreased by $66 million to $130.59 billion." Retail assets account for 39.4% 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 $16.04 billion to $4.72 trillion. Among institutional funds, government money market fund assets increased by $14.90 billion to $4.47 trillion, prime money market fund assets increased by $981 million to $242.07 billion, and tax-exempt fund assets increased by $152 million to $13.57 billion." Institutional assets accounted for 60.6% of all MMF assets, with Government Institutional assets making up 94.6% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $93.1 billion to a record high $8.235 trillion month-to-date in February (as of 2/25). (Our asset series previous record high, $8.225 trillion, was set on 2/19/26.) Assets increased by $32.9 in January, $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 and $94.2 billion last February. 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 decreasing $17.3 billion, or -0.2%, in January to $7.729 trillion. MMFs increased by $844.7 billion, or 12.3%, over the past 12 months (through 1/31/26). Money funds' January asset decrease follows an increase of $170.2 billion in December, $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 and $31.9 billion last January. Bond fund assets increased $65.3 billion to $5.580 trillion, and bond ETF assets increased $62.3 billion to $2.301 trillion in January 2026.
The monthly release states, "The combined assets of the nation's mutual funds increased by $414.00 billion, or 1.3 percent, to $31.80 trillion in January, 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 $40.80 billion in January, compared with an inflow of $15.10 billion in December.... Money market funds had an outflow of $33.88 billion in January, compared with an inflow of $156.81 billion in December. In January funds offered primarily to institutions had an outflow of $5.13 billion and funds offered primarily to individuals had an outflow of $28.75 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both lower from last month. Taxable MMFs decreased by $8.0 billion in January to $7.587 trillion. Tax-Exempt MMFs decreased $9.2 billion to $141.7 billion. Taxable MMF assets increased year-over-year by $836.5 billion (12.4%), and Tax-Exempt funds rose by $8.2 billion over the past year (6.1%). Bond fund assets increased by $65.3 billion (after increasing by $13.8 billion in December) to $5.580 trillion; they've increased by $464.3 billion (9.1%) over the past year.
Money funds represent 24.3% of all mutual fund assets (down 0.4% from the previous month), while bond funds account for 17.5%, 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 drop in Repo and Treasuries last month. Treasury holdings remain the largest composition segment. In January, they decreased $155.5 billion, or -4.6%, to $3.198 trillion, or 42.2% of holdings. Treasury securities have increased by $278.2 billion, or 9.5%, over the past 12 months. (See our February 11 News, "Feb. Portfolio Holdings: Assets Dip; Agencies Jump, Treasuries Plummet.")
Repurchase Agreements, the second largest composition segment, fell $59.4 billion, or -2.1%, to $2.786 trillion, or 36.7% of holdings. Repo holdings have increased $400.8 billion, or 16.8%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $48.7 billion, or 5.2%, to $981.3 billion, or 12.9% of holdings. Agency holdings have increased by $137.7 billion, or 16.3%, over the past 12 months.
Commercial Paper was in fourth place; CP holdings increased by $9.2 billion, or 3.1%, to $304.4 billion (4.0% of assets). CP held by money funds rose by $12.3 billion, or 4.2%, over 12 months. Certificates of Deposit (CDs) were in fifth place, up $39.2 billion, or 16.4%, to $278.5 billion (3.7% of assets). CDs decreased $22.1 billion, or -7.3%, over one year. Other holdings decreased to $25.7 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $34.5 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 85.789 million, while the Number of Funds was unchanged at 224. Over the past 12 months, the number of accounts rose by 9.327 million and the number of funds increased by 7. The Average Maturity of Portfolios was 42 days, up 2 days from December. Over the past 12 months, WAMs of Taxable money are up 4 days.
