The ICI published its monthly "Trends in Mutual Fund Investing - May 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" on Monday. The latest "Trends" shows money fund totals increasing $157.2 billion, or 2.1%, in May to $7.825 trillion. MMFs increased by $828.7 billion, or 11.8%, over the past 12 months (through 5/31/26). Money funds' May asset increase follows a decrease of $100.5 billion in April, $16.9 billion in March, an increase of $59.9 billion in February, 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, and $29.3 billion in June. Assets increased $84.7 billion last May. Bond fund assets increased $66.9 billion to $5.688 trillion, and bond ETF assets increased $66.1 billion to $2.501 trillion in May 2026.
The monthly release states, "The combined assets of the nation's mutual funds increased by $905.50 billion, or 2.8 percent, to $33.15 trillion in May, 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 $42.79 billion in May, compared with an inflow of $12.56 billion in April.... Money market funds had an inflow of $143.66 billion in May, compared with an outflow of $118.17 billion in April. In May funds offered primarily to institutions had an inflow of $133.89 billion and funds offered primarily to individuals had an inflow of $9.77 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $155.9 billion in May to $7.678 trillion. Tax-Exempt MMFs increased $1.4 billion to $146.5 billion. Taxable MMF assets increased year-over-year by $823.1 billion (12.0%), and Tax-Exempt funds rose by $5.7 billion over the past year (4.0%). Bond fund assets increased by $66.9 billion (after increasing by $44.0 billion in April) to $5.688 trillion; they've increased by $550.8 billion (10.7%) over the past year.
Money funds represent 23.6% of all mutual fund assets (down 0.2% from the previous month), while bond funds account for 17.2%, according to ICI. The total number of money market funds was 269, up 3 from the prior month and up from 263 a year ago. Taxable money funds numbered 228 funds, and tax-exempt money funds numbered 41 funds.
ICI's "Portfolio Holdings" confirms a jump in Treasuries and a decrease in Repo last month. Treasury holdings remain the largest composition segment. In May, they increased $183.5 billion, or 6.2%, to $3.142 trillion, or 40.9% of holdings. Treasury securities have increased by $603.6 billion, or 23.8%, over the past 12 months. (See our June 10 News, "June MF Portfolio Holdings: Assets Jump; Treasuries Surge, Repo Up.")
Repurchase Agreements, the second largest composition segment, decreased $11.2 billion, or -0.4%, to $2.820 trillion, or 36.7% of holdings. Repo holdings have increased $107.8 billion, or 4.0%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $5.4 billion, or 0.5%, to $1.091 trillion, or 14.2% of holdings. Agency holdings have increased by $183.4 billion, or 20.2%, over the past 12 months.
Certificates of Deposit (CDs) were in fourth place, up $7.1 billion, or 2.4%, to $297.8 billion (3.9% of assets). CDs decreased $17.4 billion, or -5.5%, over one year. Commercial Paper holdings were in fifth place; CP holdings increased by $12.1 billion, or 4.5%, to $280.3 billion (3.7% of assets). CP held by money funds fell by $19.9 billion, or -6.6%, over 12 months. Other holdings decreased to $24.7 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $40.6 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 88.676 million, while the Number of Funds was up 3 to 228. Over the past 12 months, the number of accounts rose by 9.353 million and the number of funds increased by 6. The Average Maturity of Portfolios was 43 days, unchanged from April. Over the past 12 months, WAMs of Taxable money are up 5 days.
In related news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of June 26) includes Holdings information from 75 money funds (up 17 from a week ago), or $4.784 trillion (up from $4.103 trillion) of the $8.326 trillion in total money fund assets (or 57.5%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our June 10 News, "June MF Portfolio Holdings: Assets Jump; Treasuries Surge, Repo Up.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.079 trillion (up from $1.844 trillion a week ago), or 43.5%; Repurchase Agreements (Repo) totaling $1.759 trillion (up from $1.479 trillion a week ago), or 36.8%, and Government Agency securities totaling $519.3 billion (up from $444.9 billion a week ago), or 10.9%. Commercial Paper (CP) totaled $179.8 billion (up from $150.0 billion a week ago), or 3.8%. Certificates of Deposit (CDs) totaled $99.7 billion (up from $79.9 billion a week ago), or 2.1%. The Other category accounted for $87.1 billion or 1.8%, while VRDNs accounted for $59.8 billion or 1.3%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.079 trillion, Fixed Income Clearing Corp with $646.2B, the Federal Home Loan Bank with $315.3B, JP Morgan with $188.0B, RBC with $126.4B, Federal Farm Credit Bank with $118.7B, Citi with $110.5B, BNP Paribas with $109.2B, Wells Fargo with $107.4B and Credit Agricole with $62.4B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($334.8B), JPMorgan US Govt MM ($330.5B), Fidelity Inv MM: Govt Port ($283.7B), Goldman Sachs FS Govt ($272.6B), Morgan Stanley Inst Liq Govt ($214.4B), State Street Inst US Govt ($205.6B), BlackRock Lq FedFund ($191.8B), BlackRock Lq Treas Tr ($189.6B), Federated Hermes Govt ObI ($188.5B) and Dreyfus Govt Cash Mgmt ($166.6B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
