The Investment Company Institute released its latest monthly "Trends in Mutual Fund Investing - August 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Monday. ICI's monthly Trends shows money fund totals increasing $123.4 billion, or 1.7%, in August to $7.216 trillion. MMFs have increased by $950.3 billion, or 15.2%, over the past 12 months (through 8/31/25). Money funds' August asset increase follows an increase of $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 increased 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 $73.1 billion to $5.327 trillion, and bond ETF assets increased to $2.06 trillion in August 2025.
The monthly release states, "The combined assets of the nation's mutual funds increased by $529.83 billion, or 1.8 percent, to $30.20 trillion in August, 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 $16.40 billion in August, compared with an inflow of $36.82 billion in July.... Money market funds had an inflow of $108.02 billion in August, compared with an inflow of $52.95 billion in July. In August funds offered primarily to institutions had an inflow of $88.68 billion and funds offered primarily to individuals had an inflow of $19.33 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 $123.8 billion in August to $7.080 trillion. Tax-Exempt MMFs decreased $0.4 billion to $136.3 billion. Taxable MMF assets increased year-over-year by $942.9 billion (15.4%), and Tax-Exempt funds rose by $7.4 billion over the past year (5.7%). Bond fund assets increased by $73.1 billion (after increasing by $31.9 billion in July) to $5.327 trillion; they've increased by $293.1 billion (5.8%) over the past year.
Money funds represent 23.9% of all mutual fund assets (unchanged from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 262, unchanged from the prior month and down from 268 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. Treasury holdings, became the largest composition segment this past month, overtaking Repo, after increasing $395.0 billion, or 15.3%, to $2.977 trillion, or 42.0% of holdings. Treasury securities have increased by $568.3 billion, or 23.6%, over the past 12 months. (See our September 11 News, "Sept. Money Fund Portfolio Holdings: Repo Plummets, Treasuries Surge.")
Repurchase Agreements became the second largest composition segment this past month, they fell $227.7 billion, or -8.1%, to $2.576 trillion, or 36.4% of holdings. Repo holdings have increased $203.3 billion, or 8.6%, over the past year. U.S. Government Agency securities were the third largest segment; they decreased $10.5 billion, or -1.2%, to $888.7 billion, or 12.6% of holdings. Agency holdings have increased by $166.6 billion, or 23.1%, over the past 12 months.
Commercial Paper was in fourth place; they increased by $7.9 billion, or 2.6%, to $310.2 billion (4.4% of assets). CP held by money funds rose by $38.8 billion, or 14.3%, over 12 months. Certificates of Deposit (CDs) were in fifth place, down $8.7 billion, or -2.8%, to $307.6 billion (4.3% of assets). CDs decreased $39.3 billion, or -11.3%, over one year. Other holdings increased to $20.6 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $38.9 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 81.385 million, while the Number of Funds was unchanged at 221. Over the past 12 months, the number of accounts rose by 10.020 million and the number of funds decreased by 2. The Average Maturity of Portfolios was 41 days, up 2 days from July. Over the past 12 months, WAMs of Taxable money are up 8 days.
