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Money Market Funds Fall $7.19B in W/E April 2

Assets of total money market mutual funds fell by $7.19 billion to $3.498 trillion for the week ending April 2, according to the Investment Company Institute.

Assets of retail money market mutual funds for the nation rose by $5.9 billion to $1.268 trillion.

Taxable money market fund assets in the retail category rose by $2.33 billion to $966.52 billion, while tax-exempt fund assets rose by $3.57 billion to $301.22 billion.

Institutional money market fund assets fell by $13.09 billion to $2.231 trillion; taxable money market fund assets fell by $15.89 billion to $2.042 trillion; and assets of tax-exempt funds rose by $2.81 billion to $188.54 billion.

For the week ending April 1, the seven-day average yield on money market mutual funds rose from 2.17% to 2.22%, according to the Money Fund Report, a service of iMoneyNet Inc. The 30-day average yield fell from 2.59% to 2.46%.

The seven-day compounded yield rose from 2.19% to 2.24%, while the 30-day compounded yield fell from 2.63% to 2.49%.

The average maturity of portfolios held by mutual funds remained unchanged at 42 days. Equity closed-end fund were in negative territory for the fifth month in a row, while fixed income funds ended their losing streak.

Domestic equity funds came in at -1.12%; world equity funds were at -3.16%; and mixed-equity funds were at -4.12%, according to research from Lipper. Muni bond funds were up 4.56% in the macro-group, while taxable bond funds struggled.

California Insured Municipal Debt funds rose to the top of closed-end funds, gaining 5.68%. The median discount for all closed-end funds in March widened 190 basis points to 7.95%.

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