The Investment Company Institute, the trade group representing the mutual fund industry, released its latest weekly "Money Market Fund Assets," its latest monthly "Trends in Mutual Fund Investing," and its latest monthly "Month-End Portfolio Holdings of Taxable Money Funds" reports yesterday. The first shows that MMF assets rose for the sixth week in a row, increasing by $105.5 billion, or 3.5%, since April 17, while the second release show money fund assets dipping lower in April. Money fund assets have increased by $101 billion, or 3.3%, year-to-date, according to ICI's weekly series, rising to MMFs' highest level since February 2010. Over the past 52 weeks, ICI's money fund asset series has increased by $308 billion, or 10.9%, with Retail MMFs rising by $191 billion (18.6%) and Inst MMFs rising by $118 billion (6.5%).

They write, "Total money market fund assets increased by $17.96 billion to $3.15 trillion for the week ended Wednesday, May 29, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $17.89 billion and prime funds increased by $1.92 billion. Tax-exempt money market funds decreased by $1.84 billion." ICI's weekly series shows Institutional MMFs rising $17.1 billion and Retail MMFs rising $0.9 billion. Total Government MMF assets, including Treasury funds, stood at $2.350 trillion (74.7% of all money funds), while Total Prime MMFs rose to $661.2 billion (21.0%). Tax Exempt MMFs totaled $136.9 billion, or 4.3%.

ICI states, "Assets of retail money market funds increased by $899 million to $1.22 trillion. Among retail funds, government money market fund assets decreased by $94 million to $693.66 billion, prime money market fund assets increased by $2.40 billion to $395.14 billion, and tax-exempt fund assets decreased by $1.41 billion to $127.24 billion." Retail assets account for over a third of total assets, or 38.6%, and Government Retail assets make up 57.0% of all Retail MMFs.

The release adds, "Assets of institutional money market funds increased by $17.07 billion to $1.93 trillion. Among institutional funds, government money market fund assets increased by $17.98 billion to $1.66 trillion, prime money market fund assets decreased by $483 million to $266.01 billion, and tax-exempt fund assets decreased by $434 million to $9.65 billion." Institutional assets accounted for 61.4% of all MMF assets, with Government Institutional assets making up 85.7% of all Institutional MMF totals.

ICI's "Trends: April 2019" report shows that MMF assets fell last month for the second month in a row after rising for the previous three months. Assets decreased by `$8.8 billion in April to $3.071 trillion. This follows a decrease of $11.5 billion in March, and increases of $45.5 billion in February and $8.2 billion in January. In the 12 months through April 30, 2019, money fund assets have increased by $277.9 billion, or 10.0%.

It states, "The combined assets of the nation's mutual funds increased by $393.43 billion, or 2.0 percent, to $19.65 trillion in April, 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."

The monthly update explains, "Bond funds had an inflow of $34.32 billion in April, compared with an inflow of $28.90 billion in March.... Money market funds had an outflow of $12.78 billion in April, compared with an outflow of $14.89 billion in March. In April funds offered primarily to institutions had an inflow of $3.28 billion and funds offered primarily to individuals had an outflow of $16.06 billion."

The latest statistics show that Taxable and Tax Exempt MMFs lost assets last month. Taxable MMFs decreased by $3.6 billion in April to $2.937 trillion. Tax-Exempt MMFs decreased $5.2 billion in April to $133.3 billion. Taxable MMF assets increased year-over-year by $276.6 (10.4%) while Tax-Exempt funds rose by just $1.3 billion over the past year (1.0%). Bond fund assets increased by $49.2 billion in April (1.2%) to $4.319 trillion; they've risen by $237.2 billion (5.8%) over the past year.

Money funds represent 15.6% of all mutual fund assets (down from 16.0% the previous month), while bond funds account for 22.0%, according to ICI. The total number of money market funds was 367, the same number as in March but down from 383 a year ago. Taxable money funds numbered 286 funds, and tax-exempt money funds remained at 81 funds.

The "Month-End Portfolio Holdings" update confirmed a plunge in Treasuries and a jump in Repo. Repurchase Agreements remained in first place among composition segments; they increased by $70.3 billion, or 7.2%, to $1,050.4 trillion, or 35.8% of holdings. Repo holdings have risen by $175.1 billion, or 20.0%, over the past year.

Treasury holdings in Taxable money funds dropped by $133.2 billion, or -15.1%, to $747.2 billion, or 25.4% of holdings. Treasury securities have decreased by $25.6 billion, or -3.3%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they increased $21.5 billion, or 3.3%, to $677.1 billion, or 23.1% of holdings. Agency holdings have risen by $20.5 billion, or 3.1%, over the past 12 months.

Certificates of Deposit (CDs) stood in fourth place; they increased by $14.4 billion, or 6.4%, to $240.8 billion (8.2% of assets). CDs held by money funds have grown by $56.7 billion, or 30.8%, over 12 months. Commercial Paper remained in fifth place, down $668 million, or -0.3%, to $210.6 billion (7.2% of assets). CP has increased by $52.1 billion, or 32.8%, over one year. Notes (including Corporate and Bank) were up by $612 million, or 7.8%, to $8.5 billion (0.3% of assets), while Other holdings increased to $11.6 billion.

The Number of Accounts Outstanding in ICI's series for taxable money funds increased by 424.4 thousand to 34.734 million, while the Number of Funds remained at 286. Over the past 12 months, the number of accounts rose by 2.553 million and the number of funds decreased by 13. The Average Maturity of Portfolios was 31 days, down 1 day from March. Over the past 12 months, WAMs of Taxable money funds have lengthened by 1 day.

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