The Investment Company Institute published its monthly "Trends in Mutual Fund Investing - February 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" on Tuesday. The latest "Trends" shows money fund totals increasing $59.9 billion, or 0.8%, in February to $7.789 trillion. MMFs increased by $805.6 billion, or 11.5%, over the past 12 months (through 2/28/26). Money funds' February asset increase follows a decrease of $17.3 billion in January, an increase of $170.2 billion in December, $107.7 billion in November, $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 last February. Bond fund assets increased $103.8 billion to $5.684 trillion, and bond ETF assets increased $91.6 billion to $2.393 trillion in February 2026.
The monthly release states, "The combined assets of the nation’s mutual funds increased by $273.35 billion, or 0.9 percent, to $32.07 trillion in February, 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 $33.78 billion in February, compared with an inflow of $41.53 billion in January.... Money market funds had an inflow of $45.65 billion in February, compared with an outflow of $33.88 billion in January. In February funds offered primarily to institutions had an inflow of $46.66 billion and funds offered primarily to individuals had an outflow of $1.01 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $59.0 billion in February to $7.646 trillion. Tax-Exempt MMFs increased $0.9 billion to $142.6 billion. Taxable MMF assets increased year-over-year by $796.5 billion (11.6%), and Tax-Exempt funds rose by $9.1 billion over the past year (6.8%). Bond fund assets increased by $103.8 billion (after increasing by $65.3 billion in January) to $5.684 trillion; they've increased by $474.5 billion (9.1%) over the past year.
Money funds represent 24.3% of all mutual fund assets (unchanged from the previous month), while bond funds account for 17.7%, according to ICI. The total number of money market funds was 265, unchanged from the prior month and up from 258 a year ago. Taxable money funds numbered 224 funds, and tax-exempt money funds numbered 41 funds.
ICI's "Portfolio Holdings" confirms a jump in Repo and a drop Treasuries last month. Treasury holdings remain the largest composition segment. In February, they decreased $21.7 billion, or -0.7%, to $3.177 trillion, or 41.5% of holdings. Treasury securities have increased by $370.9 billion, or 13.2%, over the past 12 months. (See our March 11 News, "March MF Portfolio Holdings: Assets, Treasuries, Repo & Agencies All Up.")
Repurchase Agreements, the second largest composition segment, rose $36.7 billion, or 1.3%, to $2.822 trillion, or 36.9% of holdings. Repo holdings have increased $251.6 billion, or 9.8%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $28.8 billion, or 2.9%, to $1.010 trillion, or 13.2% of holdings. Agency holdings have increased by $181.6 billion, or 21.9%, over the past 12 months.
Commercial Paper was in fourth place; CP holdings decreased by $6.6 billion, or -2.2%, to $297.8 billion (3.9% of assets). CP held by money funds rose by $3.9 billion, or 1.3%, over 12 months. Certificates of Deposit (CDs) were in fifth place, up $8.3 billion, or 3.0%, to $286.8 billion (3.8% of assets). CDs decreased $9.9 billion, or -3.3%, over one year. Other holdings increased to $27.4 billion (0.4% of assets), while Notes (including Corporate and Bank) increased to $40.2 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 86.264 million, while the Number of Funds was unchanged at 224. Over the past 12 months, the number of accounts rose by 8.824 million and the number of funds increased by 7. The Average Maturity of Portfolios was 41 days, down 1 day from January. Over the past 12 months, WAMs of Taxable money are up 5 days.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have decreased by $32.9 billion to $8.208 trillion month-to-date in March (as of 3/27). (Our asset series record high, $8.280 trillion, was set on 3/18/26.) Assets increased by $99.5 billion in February, $32.9 in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion last March. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
