MMF Assets Down Slightly
ICI's latest "Money Market Mutual Fund Assets" report shows assets decreasing slightly in the latest week. It says, "Total money market fund assets decreased by $1.35 billion to $2.63 trillion for the week ended Wednesday, July 15, the Investment Company Institute reported today. Among taxable money market funds, Treasury funds (including agency and repo) decreased by $1.97 billion and prime funds increased by $1.96 billion. Tax-exempt money market funds decreased by $1.34 billion. Assets of institutional money market funds decreased by $1.03 billion to $1.76 trillion. Among institutional funds, Treasury money market fund assets decreased by $2.06 billion to $776.99 billion, prime money market fund assets increased by $1.46 billion to $915.39 billion, and tax-exempt fund assets decreased by $430 million to $68.33 billion." Year-to-date, money fund assets are down about $100 billion or 3.6%. It was the first time in 5 weeks that MMF assets have declined, according to ICI. In other news, Plan Sponsor wrote, "'Safe' Investments Get More Participant Transfers in June." It says, "June was another light month of trading activity in defined contribution plans, according to the Aon Hewitt 401(k) Index.... However, for the month, the most popular asset classes for inflows were money market ($63 million), small U.S. equity ($56 million), and GIC/stable value funds ($41 million). The most common classes for outflows were company stock ($87 million), bond ($75 million), and specialty/sector ($28 million)." Specifically, according to the AON Index, 30% of the inflows were into money market funds -- the highest percentage of all asset classes.
