The Investment Company Institute's released its latest monthly "Trends in Mutual Fund Investing - October 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Friday. ICI's monthly Trends shows money fund totals increasing $146.8 billion, or 2.0%, in October to $7.468 trillion. MMFs have increased by $925.8 billion, or 14.2%, over the past 12 months (through 10/31/25). Money funds' October asset increase follows an increase of $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 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 and $117.4 billion last October. Bond fund assets increased $55.4 billion to $5.468 trillion, and bond ETF assets increased to $2.17 trillion in October 2025.
The monthly release states, "The combined assets of the nation's mutual funds increased by $369.85 billion, or 1.2 percent, to $31.16 trillion in October, 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 $20.02 billion in October, compared with an inflow of $28.38 billion in September.... Money market funds had an inflow of $133.13 billion in October, compared with an inflow of $87.45 billion in September. In October funds offered primarily to institutions had an inflow of $106.23 billion and funds offered primarily to individuals had an inflow of $26.90 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $145.6 billion in October to $7.328 trillion. Tax-Exempt MMFs increased $1.2 billion to $139.2 billion. Taxable MMF assets increased year-over-year by $920.3 billion (14.4%), and Tax-Exempt funds rose by $5.5 billion over the past year (4.1%). Bond fund assets increased by $55.4 billion (after increasing by $84.2 billion in September) to $5.468 trillion; they've increased by $412.2 billion (8.2%) over the past year.
Money funds represent 24.0% of all mutual fund assets (up 0.2% from the previous month), while bond funds account for 17.5%, according to ICI. The total number of money market funds was 263, up 2 from the prior month and up from 260 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 Treasuries and an increase in Repo last month. Treasury holdings, became the largest composition segment three months ago after overtaking Repo, In October they increased $169.7 billion, or 5.5%, to $3.232 trillion, or 44.1% of holdings. Treasury securities have increased by $510.9 billion, or 18.8%, over the past 12 months. (See our November 13 News, "Nov. Money Fund Portfolio Holdings: Treasuries Jump; Repo Inches Down.")
Repurchase Agreements became the second largest composition segment three months prior after falling in August, they rose $9.9 billion, or 0.4%, to $2.605 trillion, or 35.6% of holdings. Repo holdings have increased $328.6 billion, or 14.4%, over the past year. U.S. Government Agency securities were the third largest segment; they decreased $8.3 billion, or -0.9%, to $908.9 billion, or 12.4% of holdings. Agency holdings have increased by $100.9 billion, or 12.5%, over the past 12 months.
Commercial Paper was in fourth place; they decreased by $2.1 billion, or -0.7%, to $290.2 billion (4.0% of assets). CP held by money funds rose by $7.0 billion, or 2.5%, over 12 months. Certificates of Deposit (CDs) were in fifth place, down $20.8 billion, or -8.2%, to $233.2 billion (3.2% of assets). CDs decreased $83.7 billion, or -26.4%, over one year. Other holdings increased to $23.5 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $34.9 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 83.001 million, while the Number of Funds was up 2 at 222. Over the past 12 months, the number of accounts rose by 9.489 million and the number of funds increased by 5. The Average Maturity of Portfolios was 40 days, down 1 from September. Over the past 12 months, WAMs of Taxable money are up 4 days.
