The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets fell $43.3 billion to $7.901 trillion. Assets increased $21.5 billion the previous week and decreased $40.5 billion the week before this. Assets saw a record high of $7.979 trillion eight weeks ago. MMF assets are up by $483 billion, or 6.5%, over the past 52 weeks (through 10/28/26), with Institutional MMFs up $381 billion, or 8.6% and Retail MMFs up $112 billion, or 3.7%. Year-to-date in 2026, MMF assets are up by $168 billion, or 2.2%, with Institutional MMFs up $138 billion, or 3.0% and Retail MMFs up $39 billion, or 1.3%.
ICI's weekly release says, "Total money market fund assets decreased by $43.29 billion to $7.90 trillion for the week ended Wednesday, October 28, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $37.23 billion and prime funds decreased by $3.07 billion. Tax-exempt money market funds decreased by $2.99 billion." ICI's stats show Institutional MMFs decreasing $33.7 billion and Retail MMFs decreasing $9.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.505 trillion (82.3% of all money funds), while Total Prime MMFs were $1.236 trillion (15.6%). Tax Exempt MMFs totaled $161.1 billion (2.0%).
It explains, "Assets of retail money market funds decreased by $9.63 billion to $3.11 trillion. Among retail funds, government money market fund assets decreased by $4.61 billion to $1.98 trillion, prime money market fund assets decreased by $2.46 billion to $984.61 billion, and tax-exempt fund assets decreased by $2.56 billion to $145.21 billion." Retail assets account for 39.4% of the total, and Government Retail assets make up 63.6% of all Retail MMFs.
They add, "Assets of institutional money market funds decreased by $33.66 billion to $4.79 trillion. Among institutional funds, government money market fund assets decreased by $32.62 billion to $4.53 trillion, prime money market fund assets decreased by $611 million to $251.02 billion, and tax-exempt fund assets decreased by $426 million to $15.85 billion." Institutional assets accounted for 60.7% 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 $52.0 billion to $8.346 trillion month-to-date in October (as of 10/28), assets reached an all-time high of $8.404 trillion on July 6. Assets decreased $48.0 billion in September, increased $52.8 billion in August, decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November and $142.1 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 latest monthly "Trends in Mutual Fund Investing - September 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" show money fund totals decreasing $34.7 billion, or -0.4%, in September to $7.893 trillion. MMFs increased by $572.6 billion, or 7.8%, over the past 12 months (through 9/30/26). Money funds' September asset decrease follows an increase of $71.3 billion in August, a decrease of $43.7 billion in July, an increase of $75.9 billion in June and $157.2 billion in May, a decrease of $100.5 billion in April and $16.9 billion in March, and an increase of $59.9 billion in February. Bond fund assets decreased $170.3 billion to $5.547 trillion in September 2026.
The monthly release states, "The combined assets of the nation's mutual funds decreased by $596.66 billion, or 1.8 percent, to $32.70 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 outflow of $26.88 billion in September, compared with an inflow of $17.61 billion in August.... Money market funds had an outflow of $48.97 billion in September, compared with an inflow of $50.90 billion in August. In September, funds offered primarily to institutions had an outflow of $43.51 billion and funds offered primarily to individuals had an outflow of $5.46 billion."
The Institute's latest statistics show that Taxable MMFs were lower while Tax Exempt MMFs were higher from last month. Taxable MMFs decreased by $41.4 billion in September to $7.737 trillion. Tax-Exempt MMFs increased $6.9 billion to $156.3 billion. Taxable MMF assets increased year-over-year by $554.4 billion (7.7%), and Tax-Exempt funds rose by $18.3 billion over the past year (13.3%). Bond fund assets decreased by $170.3 billion (after increasing by $35.0 billion in August) to $5.547 trillion; they've increased by $133.6 billion (2.5%) over the past year.
Money funds represent 24.1% of all mutual fund assets (up 0.3% from the previous month), while bond funds account for 17.0%, according to ICI. The total number of money market funds was 271, up 3 from the prior month and up from 259 a year ago. Taxable money funds numbered 232 funds, and tax-exempt money funds numbered 39 funds.
ICI's "Portfolio Holdings" confirms a drop in Treasuries and an increase in Repo last month. Treasury holdings remain the largest composition segment. In September, they decreased $164.4 billion, or -4.7%, to $3.314 trillion, or 42.8% of holdings. Treasury securities have increased by $251.2 billion, or 8.2%, over the past 12 months. (See our October 13 News, "Oct. MF Portfolio Holdings: Assets Drop; Treasuries Plunge, Repo Rises.")
Repurchase Agreements, the second largest composition segment, increased $12.7 billion, or 0.5%, to $2.681 trillion, or 34.6% of holdings. Repo holdings have increased $85.3 billion, or 3.3%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $20.9 billion, or 1.9%, to $1.097 trillion, or 14.2% of holdings. Agency holdings have increased by $179.9 billion, or 19.6%, over the past 12 months.
Commercial Paper holdings were in fourth place; CP holdings increased by $4.8 billion, or 1.6%, to $307.1 billion (4.0% of assets). CP held by money funds rose by $14.7 billion, or 5.0%, over 12 months. Certificates of Deposit (CDs) were in fifth place, up $16.7 billion, or 6.1%, to $291.3 billion (3.8% of assets). CDs increased $37.4 billion, or 14.7%, over one year. Other holdings increased to $26.4 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $39.5 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 91.060 million, while the Number of Funds was up 3 to 232. Over the past 12 months, the number of accounts rose by 8.781 million and the number of funds increased by 12. The Average Maturity of Portfolios was 37 days, down 1 day from August. Over the past 12 months, WAMs of Taxable money funds are down 4 days.
