The Investment Company Institute released its latest monthly "Trends in Mutual Fund Investing" late Thursday, which confirmed that total money fund assets had their worst month in an already bad year in April, decreasing $80.0 billion, or 3.0%, to $2.565 trillion. Money market funds have now posted 4 straight months of asset declines through April 2015, but that losing streak is about to come to an end in May. ICI's weekly "Money Market Mutual Fund Assets" reports (see Friday's "Link of the Day" show money fund assets have increased for the 2nd straight week and for 3 out of the last 4 weeks. We review ICI's latest weekly and monthly asset figures, as well as its latest Portfolio Composition figures, which verify the previously reported plunge in Fed Repo in April, below.

Money fund assets are up about $32 billion month-to-date (from 4/29) through May 27, according to our analysis of ICI's weekly data. Institutional assets have risen by $28 billion while Retail assets are up just $4 billion. Crane Data's Money Fund Intelligence Daily finds that money fund assets are up $57 billion through May 28 with Institutional assets gaining $52 billion (Prime Inst accounted for $37 billion of this) and retail gaining just $2 billion. Year-to-date through May 27, total money market fund assets are still down $119 billion, or 4.4%, according to ICI data.

ICI's "Trends in Mutual Fund Investing April 2015" shows that total money fund assets decreased by $80.0 billion, or 3.0%, to $2.565 trillion in April. It was the worst month of the year for money funds and the fourth straight month of declines. Assets dropped by $32.9 billion in March, $13.9 billion in February, and $33.4 billion in January; through 4/30, MMFs declined by $160.2 billion, or 5.8%.

The report says, "The combined assets of the nation's mutual funds increased by $43.78 billion, or 0.3 percent, to $16.18 trillion in April, according to the Investment Company Institute's official survey of the mutual fund industry.... Bond funds had an inflow of $6.84 billion in April, compared with an inflow of $6.32 billion in March.... Money market funds had an outflow of $81.33 billion in April, compared with an outflow of $32.52 billion in March. In April funds offered primarily to institutions had an outflow of $56.88 billion and funds offered primarily to individuals had an outflow of $24.44 billion."

The total number of money market funds stood at 526 (361 Taxable, 162 Tax-Exempt), down 3 from the previous month. MMFs represent 15.8% of all mutual fund assets, while bond funds represent 21.9%, according to ICI's statistics.

ICI's latest "Month-End Portfolio Holdings of Taxable Money Funds" shows sizable decreases in Repo and Treasuries, and increases in CDs and CP in April. (See Crane Data's May 12 "News," "May MF Portfolio Holdings Show Plunge in Fed Repo, Jump in TDs, CP.") ICI's series shows that CDs moved ahead of Repo as the largest composition segment. Holdings of CDs increased by $73.4 billion, or 13.6%, in April to $614.0 billion, after decreasing $107.5B in March. CDs represent 26.4% of assets. Note that we include ICI's Eurodollar CD totals of $30.5 billion in its overall CD totals.

Repo decreased $121.8 billion, or 19.2%, in April (after increasing $100.5 billion in March) to $513.5 billion as the quarter-end surge in Fed RRP abated. Repos represent 22.1% of taxable MMF holdings. Treasury Bills & Securities remained in third place despite decreasing by $40.2 billion, or 9.1%, in April to $400.9 billion (17.3% of assets). Of that total, $199.2 billion in comprised of Treasury Bills, while $201.7 billion is made up of Other Treasury Securities.

Commercial Paper was fourth, increasing $13.0B, or 3.7%, to $359.9 billion (15.5% of assets). U.S. Government Agency Securities stayed in fifth, dropping $6.8 billion, or 2.1%, to $321.4 billion (13.8% of assets). Notes (including Corporate and Bank) dropped by $2.9 billion, or 4.3%, to $65.6 billion (2.8% of assets), and Other holdings (including Cash Reserves) jumped by $8.5 billion to $46.6 billion.

The Number of Accounts Outstanding in ICI's series for taxable money funds increased by 351.9 thousand to 23.659 million, while the Number of Funds dropped by 2 to 361. Over the past 12 months, the number of accounts fell by 184.6 thousand and the number of funds declined by 18. The Average Maturity of Portfolios was 41 days in April, down 2 from the previous month. Over the past 12 months, WAMs of Taxable money funds have declined by 4 days.

Note: Crane Data update its May MFI XLS last week to reflect our final 4/30/15 composition data and maturity breakouts for our entire fund universe. (Visit our Content Center and the latest Money Fund Portfolio Holdings download page to access our May Money Fund Portfolio Holdings.)

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