Release: Trends in Mutual Fund Investing, October 2025

Trends in Mutual Fund Investing
October 2025

Washington, DC; November 28, 2025—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. 

Total Net Assets of Mutual Funds*
 Billions of dollars

* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.

Note: Components may not add to the total because of rounding.

Net New Cash Flow of Mutual Funds*
Millions of dollars

* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.

Note: Components may not add to the total because of rounding.

Highlights: Long-term funds—equity, hybrid, and bond funds—had a net outflow of $104.05 billion in October, versus an outflow of $70.98 billion in September.

Equity funds posted an outflow of $116.57 billion in October, compared with an outflow of $93.67 billion in September. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $12.36 billion in October, versus an outflow of $14.86 billion in September. Funds that invest primarily in the United States had an outflow of $104.21 billion in October, versus an outflow of $78.81 billion in September. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 1.5 percent in October, unchanged from September.

Hybrid funds posted an outflow of $7.50 billion in October, compared with an outflow of $5.70 billion in September. 

Bond funds had an inflow of $20.02 billion in October, compared with an inflow of $28.38 billion in September. Taxable bond funds had an inflow of $20.50 billion in October, versus an inflow of $23.51 billion in September. Municipal bond funds had an outflow of $483 million in October, compared with an inflow of $4.87 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.

Number of Mutual Funds

* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.

About ICI’s Data

Data for prior dates reflect revisions due to data adjustments, reclassifications, and changes in the number of funds reporting. For more information about ICI data and classifications, please visit our FAQs. 

If you have any questions or would like to request additional comments on this or data on another topic, please contact a member of ICI’s Media Relations team at media@ici.org.

ICI Members: For information about data, call 202-326-5800 and ask for Statistical Services. To obtain data electronically, contact webmaster@ici.org. To subscribe to this report, contact Member Services at icimemberservices@ici.org.