The Investment Company Institute's latest monthly "Trends in Mutual Fund Investing - November 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" show money fund totals increasing $107.7 billion, or 1.4%, in November to a record $7.575 trillion. MMFs have increased by $862.0 billion, or 12.8%, over the past 12 months (through 11/30/25). Money funds' November asset increase follows an increase of $146.8 billion in October, $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 they increased $99.0 billion in February, $31.9 billion in January and $139.3 billion in December. They rose $171.5 billion last November. Bond fund assets increased $32.4 billion to $5.501 trillion, and bond ETF assets increased to $2.22 trillion in November 2025.
The monthly release states, "The combined assets of the nation's mutual funds increased by $135.30 billion, or 0.4 percent, to $31.30 trillion in November, 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 $7.64 billion in November, compared with an inflow of $20.02 billion in October.... Money market funds had an inflow of $92.95 billion in November, compared with an inflow of $133.13 billion in October. In November funds offered primarily to institutions had an inflow of $67.61 billion and funds offered primarily to individuals had an inflow of $25.34 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $102.0 billion in November to $7.430 trillion. Tax-Exempt MMFs increased $5.8 billion to $145.0 billion. Taxable MMF assets increased year-over-year by $852.8 billion (13.0%), and Tax-Exempt funds rose by $9.2 billion over the past year (6.8%). Bond fund assets increased by $32.4 billion (after increasing by $55.4 billion in October) to $5.501 trillion; they've increased by $375.6 billion (7.3%) over the past year.
Money funds represent 24.2% of all mutual fund assets (up 0.2% from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 264, unchanged from the prior month and up from 259 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 Treasuries and an increase in Repo last month. Treasury holdings remain the largest composition segment. In November, they increased $52.3 billion, or 1.6%, to $3.285 trillion, or 44.2% of holdings. Treasury securities have increased by $385.5 billion, or 13.3%, over the past 12 months. (See our December 10 News, "Dec. Money Fund Portfolio Holdings: Assets, Treasuries and Repo Surge.")
Repurchase Agreements, the second largest composition segment, rose $64.0 billion, or 2.5%, to $2.669 trillion, or 35.9% of holdings. Repo holdings have increased $434.1 billion, or 19.4%, over the past year. U.S. Government Agency securities were the third largest segment; they decreased $4.8 billion, or -0.5%, to $904.1 billion, or 12.2% of holdings. Agency holdings have increased by $103.8 billion, or 13.0%, over the past 12 months.
Commercial Paper was in fourth place; CP holdings decreased by $2.9 billion, or -1.0%, to $287.3 billion (3.9% of assets). CP held by money funds fell by $276 million, or -0.1%, over 12 months. Certificates of Deposit (CDs) were in fifth place, up $2.0 billion, or 0.9%, to $235.2 billion (3.2% of assets). CDs decreased $109.8 billion, or -31.8%, over one year. Other holdings increased to $24.3 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $34.2 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 83.857 million, while the Number of Funds was unchanged at 223. Over the past 12 months, the number of accounts rose by 9.681 million and the number of funds increased by 7. The Average Maturity of Portfolios was 39 days, down 1 from October. Over the past 12 months, WAMs of Taxable money are up 2 days.
