ICI published its latest monthly "Trends in Mutual Fund Investing" for March 2025 and its monthly "Month-End Portfolio Holdings of Taxable Money Funds" Tuesday. ICI's monthly Trends shows money fund totals declining $10.9 billion, or -0.2%, in March to $6.975 trillion. MMFs have increased by $991.1 billion, or 16.6%, over the past 12 months (through 3/31/25). Money funds' March asset decrease follows 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 decreased $33.3 billion to $5.170 trillion, and bond ETF assets increased to $1.89 trillion in March 2025.
The monthly release states, "The combined assets of the nation's mutual funds decreased by $883.34 billion, or 3.0 percent, to $28.15 trillion in March, 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 $15.91 billion in March, compared with an inflow of $14.20 billion in February.... Money market funds had an outflow of $19.94 billion in March, compared with an inflow of $85.04 billion in February. In March funds offered primarily to institutions had an outflow of $68.82 billion and funds offered primarily to individuals had an inflow of $48.88 billion."
The Institute's latest statistics show that Taxable MMFs were lower from last month while Tax Exempt MMFs were higher. Taxable MMFs decreased by $10.9 billion in March to $6.839 trillion. Tax-Exempt MMFs increased $2.5 billion to $136.0 billion. Taxable MMF assets increased year-over-year by $976.4 billion (16.7%), and Tax-Exempt funds rose by $14.7 billion over the past year (12.1%). Bond fund assets decreased by $33.3 billion (after increasing by $93.3 billion in February) to $5.170 trillion; they've increased by $324.4 billion (6.7%) over the past year.
Money funds represent 24.8% of all mutual fund assets (up 1.1% from the previous month), while bond funds account for 18.4%, according to ICI. The total number of money market funds was 264, up 6 from the prior month and down from 275 a year ago. Taxable money funds numbered 223 funds, and tax-exempt money funds numbered 41 funds.
ICI's "Month-End Portfolio Holdings" confirms a jump in Repo and a drop in Treasuries last month. Treasury holdings in Taxable money funds remained the largest composition segment last month, they decreased $130.1 billion, or -4.6%, to $2.723 trillion, or 39.8% of holdings. Treasury securities have increased by $339.3 billion, or 14.2%, over the past 12 months. (See our April 10 News, "April Money Fund Portfolio Holdings: Repo Surges, Treasuries Plummet.”)
Repurchase Agreements were the second largest composition segment this past month, increasing $76.2 billion, or 3.0%, to $2.647 trillion, or 38.7% of holdings. Repo holdings have increased $401.4 billion, or 17.9%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $18.7 billion, or 2.3%, to $847.2 billion, or 12.4% of holdings. Agency holdings have increased by $171.0 billion, or 25.3%, over the past 12 months.
Certificates of Deposit (CDs) were in fourth place, up $13.1 billion, or 4.3%, to $314.1 billion (4.6% of assets). CDs decreased $2.0 billion, or -0.6%, over one year. Commercial Paper was in fifth place; they increased by $6.9 billion, or 2.4%, to $300.8 billion (4.4% of assets). CP held by money funds rose by $44.4 billion, or 17.3%, over 12 months. Other holdings decreased to $21.4 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $34.9 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 77.563 million, while the Number of Funds was up 6 at 223. Over the past 12 months, the number of accounts rose by 11.118 million and the number of funds decreased by 7. The Average Maturity of Portfolios was 34 days, down 2 days from February. Over the past 12 months, WAMs of Taxable money are down 5 days.
