ICI published its latest monthly "Trends in Mutual Fund Investing - May 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Friday. ICI's monthly Trends shows money fund totals increasing $84.7 billion, or 1.2%, in May to $6.996 trillion. MMFs have increased by $916.7 billion, or 15.1%, over the past 12 months (through 5/31/25). Money funds' May asset increase follows 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 $10.9 billion to $5.137 trillion, and bond ETF assets increased to $1.92 trillion in May 2025. (Note: Thanks once more to those who attended our Money Fund Symposium in Boston last week! Attendees and Crane Data Subscribers may access the recordings and MFS Conference Materials here.)
The monthly release states, "The combined assets of the nation's mutual funds increased by $934.77 billion, or 3.3 percent, to $28.91 trillion in May, 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 $21.19 billion in May, compared with an outflow of $65.64 billion in April.... Money market funds had an inflow of $69.26 billion in May, compared with an outflow of $79.14 billion in April. In May funds offered primarily to institutions had an inflow of $61.77 billion and funds offered primarily to individuals had an inflow of $7.49 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $84.6 billion in May to $6.855 trillion. Tax-Exempt MMFs increased $0.1 billion to $140.8 billion. Taxable MMF assets increased year-over-year by $905.4 billion (15.2%), and Tax-Exempt funds rose by $11.3 billion over the past year (8.7%). Bond fund assets increased by $10.9 billion (after decreasing by $58.3 billion in April) to $5.137 trillion; they've increased by $305.2 billion (6.3%) over the past year.
Money funds represent 24.2% of all mutual fund assets (down 0.5% from the previous month), while bond funds account for 17.8%, according to ICI. The total number of money market funds was 263, unchanged from the prior month and down from 276 a year ago. Taxable money funds numbered 222 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. Repurchase Agreements once again became the largest composition segment two months prior, this past month increasing $53.4 billion, or 2.0%, to $2.713 trillion, or 39.6% of holdings. Repo holdings have increased $366.8 billion, or 15.6%, over the past year. (See our June 11 News, "June Money Fund Portfolio Holdings: Repo Jumps to 40%, T-Bills Flat.”)
Treasury holdings in Taxable money funds fell down to the second largest composition segment two months prior; this past month they decreased $8.8 billion, or -0.3%, to $2.538 trillion, or 37.0% of holdings. Treasury securities have increased by $254.5 billion, or 11.1%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they increased $387 million, or 0.0%, to $907.6 billion, or 13.2% of holdings. Agency holdings have increased by $205.8 billion, or 29.3%, over the past 12 months.
Certificates of Deposit (CDs) were in fourth place, up $6.8 billion, or 2.2%, to $315.3 billion (4.6% of assets). CDs decreased $45.4 billion, or -12.6%, over one year. Commercial Paper was in fifth place; they increased by $9.1 billion, or 3.1%, to $300.3 billion (4.4% of assets). CP held by money funds rose by $50.6 billion, or 20.3%, over 12 months. Other holdings increased to $21.1 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $28.8 billion (0.4% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 79.323 million, while the Number of Funds was unchanged at 222. Over the past 12 months, the number of accounts rose by 10.259 million and the number of funds decreased by 9. The Average Maturity of Portfolios was 38 days, up 4 days from April. Over the past 12 months, WAMs of Taxable money are up 2 days.
