Mutual Fund Assets Are Lower
Jan. 31, 2002
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NEW YORK (AP) _ Assets of the nation's retail money market mutual funds fell by $4.74 billion in the latest week to $1.089 trillion, the Investment Company Institute said Thursday.
Assets of taxable money market funds in the retail category fell by $3.16 billion to $896.30 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $1.57 billion to $192.26 billion.
Assets of institutional money market funds fell by $25.66 billion to $1.251 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $24.29 billion to $1.166 trillion; assets of tax-exempt funds fell by $1.37 billion to $84.49 billion.
Total money market assets stood at $2.339 trillion for the week.
Assets for the previous week were revised to $2.370 trillion to reflect reporting errors and a change in the number of funds reporting.
The seven-day average yield on money market mutual funds was unchanged in the week ended Tuesday at 1.46 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 1.49 percent from 1.52 percent, according to Money Fund Report.
The seven-day compounded yield was unchanged at 1.47 percent, and the 30-day compounded yield fell to 1.50 percent from 1.54 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was unchanged at 55 days, said Money Fund Report.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts fell to 1.11 percent as of Wednesday from 1.13 percent a week earlier.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts rose to 0.47 percent from 0.46 percent.
Bankrate.com said the annual percentage yield was 1.80 percent on six-month certificates of deposit, up from 1.79 percent the previous week. Yields were 2.10 percent on 1-year CDs, up from 2.07 percent; 2.92 percent on 2 1/2-year CDs, unchanged; and 4.18 percent on 5-year CDs, up from 4.14 percent.