The Investment Company Institute released its latest monthly statistics, "Trends in Mutual Fund Investing: August 2011," as well as its latest weekly "Money Market Mutual Fund" series. They also released their monthly subscribers-only "Month-End Portfolio Holdings of Taxable Money Market Funds statistics. Money fund assets rose by $13.21 billion to $2.634 trillion in the latest week (ended 9/29) after rising by $72.7 billion in August, and ICI's August composition statistics showed a shift from CDs into Treasury securities.
ICI's weekly money fund release says, "Total money market mutual fund assets increased by $13.21 billion to $2.634 trillion for the week ended Wednesday, September 28, the Investment Company Institute reported today. Taxable government funds increased by $16.67 billion, taxable non-government funds increased by $230 million, and tax-exempt funds decreased by $3.69 billion." (Month-to-date in September (through 9/29), Crane Data's Money Fund Intelligence Daily shows that assets have decreased by $5.1 billion.)
ICI continues, "Assets of retail money market funds decreased by $2.71 billion to $936.28 billion. Taxable government money market fund assets in the retail category increased by $1.10 billion to $194.90 billion, taxable non-government money market fund assets decreased by $2.00 billion to $550.09 billion, and tax-exempt fund assets decreased by $1.82 billion to $191.29 billion. Assets of institutional money market funds increased by $15.92 billion to $1.698 trillion. Among institutional funds, taxable government money market fund assets increased by $15.57 billion to $686.55 billion, taxable non-government money market fund assets increased by $2.23 billion to $915.22 billion, and tax-exempt fund assets decreased by $1.87 billion to $96.34 billion."
ICI's monthly report says, "The combined assets of the nation's mutual funds decreased by $398.0 billion, or 3.3 percent, to $11.621 trillion in August, 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. Money market funds had an inflow of $71.76 billion in August, compared with an outflow of $118.90 billion in July. Funds offered primarily to institutions had an inflow of $50.18 billion. Funds offered primarily to individuals had an inflow of $21.58 billion."
The statistics show total money fund assets at $2.641 trillion as of August 31, which represents 22.7% of all mutual fund assets. ICI's "Net New Cash Flow" figures show money fund assets with an inflow of $71.8 billion in August vs. an outflow of $118.9 billion in July. ICI's flows show outflows of $172.4 billion YTD 2011 vs. an outflow of $496.4 billion YTD in 2010 through August. ICI's survey tracks 433 taxable and 209 tax-free money funds (642 total) vs. 449 taxable and 219 tax-free money funds a year earlier (668 total).
ICI's separate "Month-End Portfolio Holdings of Taxable Money Market Funds" shows that Certificates of Deposits continued to decline in August (down $29.7 billion, or 5.6%), dropping them to the second largest money fund allocation spot with $498.4 billion, or 21.3%. (Eurodollar CDs, which we include in the above total, represent $96.1 billion, or 19.3% of all CDs, and they accounted for $9.1 billion of the drop in July.)
Repurchase Agreements (Repo), now the largest holdings of taxable money funds, increased by $44.3 billion to $511.3 billion, or 21.8%, and U.S. Government Agency Securities became the third-largest segment at 16.0% of holdings, or $376.0 billion <b:>`_, with an increase of $29.8 billion, or 8.6%, in August. Commercial Paper (CP) holdings, which fell to fourth place, increased by $15.5 billion, or 4.4%, to $368.2 billion. ICI showed Average Maturities shortening to 39 days in August and the number of accounts outstanding rose to 27.15 million.
