As we wrote last Tuesday, the Investment Company Institute recently published its "2026 Investment Company Fact Book," an annual compilation of statistics and commentary on the mutual fund industry. We reviewed much of the money fund content in our April 28 News, "ICI Publishes 2026 Fact Book, Reviews US, Worldwide Money Funds in '25." But below we focus on the numerous "Data Tables" involving "Money Market Mutual Funds." ICI lists annual statistics on shareholder accounts, the number of funds, net assets, net new cash flows, paid and reinvested dividends, composition of prime and government funds, and net assets of institutional investors by type of institution. (Note: Register soon for our Money Fund Symposium show, which will be held June 24-26, 2026 in Jersey City, NJ!)
ICI's annual statistics show that there's been a steady decline in the number of money market mutual funds over the last 18 years. (See Table 35 in the Data Tables.) In 2025, according to the Fact Book, there were a total of 265 money funds, up from 258 in 2024, down from 275 in 2023, 291 in 2022, 305 in 2021, 340 in 2020, 364 in 2019, 802 in 2007, and down from 1,014 in 2001. The number of share classes stood at 955 in 2024 down from 1,009 in 2023, 1,044 in 2022, 1,060 in 2021, 1,108 in 2020, 1,126 in 2018 and 1,998 in 2008.
Table 36, "Money Market Funds: Total Net Assets by Type of Fund," shows that total net assets in taxable U.S. money market funds increased $893.9 billion to a record $7.746 trillion in 2025. At year-end 2025, $4.663 trillion (60.2%) was in institutional money market funds, while $3.084 trillion (39.8%) was in retail money market funds. Breaking the numbers down by fund type, $1.220 trillion (15.8%) was in prime funds, $6.375 trillion (82.3%) was in government money market funds, and $150.9 billion (1.9%) was in tax-exempt accounts.
Also, Table 37, "Money Market Funds: Net New Cash Flow by Type of Fund," shows that there was a 672.0 billion in net new cash flow into money market funds last year. A closer look at the data shows $445.0 billion in net cash inflows into institutional funds and a $227.0 billion cash inflow into retail funds. There were also $558.1 billion in net inflows from Government funds, versus $102.4 billion in net inflows from Prime funds.
Table 39, "Money Market Funds: Paid and Reinvested Dividends by Type of Fund," shows dividends paid by money funds were a new record, $304.4 billion, $228.8 billion of which was reinvested (75.2%). Dividends previous record was as high as $297.2 billion in 2024 (when rates were over 5%), and as low as $5.2 billion in 2011 (when rates were 0.05%). Reinvestment rates were 64.4% in 2007 and 62.3% in 2011, so they've remained relatively stable over the past decade.
ICI's Tables 40 and 41, "Taxable Government Money Market Funds: Asset Composition as a Percentage of Total Net Assets" and "Taxable Prime Money Market Funds: Asset Composition," show that of the $6.375 trillion in taxable government money market funds, 14.6% were in U.S. government agency issues, 36.0% were in Repurchase agreements, 39.7% were in U.S. Treasury bills, 11.6% were in Other Treasury securities, and -2.1% was in "Other" assets. The average maturity was 41 days, up 3 days from the end of 2024.
The second table shows that of the $1.220 trillion in Prime funds at year-end 2025, 19.6% was in Certificates of deposit, 24.2% was in Commercial paper, 45.3% was in Repurchase agreements, 0.2% was in US government agency issues, 3.1% was in Other Treasury securities, 1.0% was in Corporate notes, 0.3% percent was in Bank notes, 4.0% was in US Treasury bills, 0.0% was in Eurodollar CDs, and 2.5% was in Other assets (which includes Banker's acceptances, municipal securities and cash reserves).
Table 60, "Total Net Assets of Mutual Funds Held in Individual and Institutional Accounts," shows that there was $2.447 trillion of assets in money funds with Institutional investors, and $5.299 trillion in MMF assets in Individual accounts in 2025.
Finally, Table 62, "Taxable Money Market Funds: Total Net Assets of Institutional Investors by Type of Institution," shows of the total of $2.438 trillion in Total Institutional assets, $1.096 trillion were held by business corporations (44.9%), $1.029 trillion were held by financial institutions (42.2%), $210.3 billion were held by nonprofit organizations (8.6%), and $103.4 billion were held by Other (4.2%).
