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Money Funds Fall in Latest Week

April 25, 2002

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NEW YORK (AP) _ Assets of the nation’s retail money market mutual funds fell by $11.17 billion in the latest week to $1.054 trillion, the Investment Company Institute said Thursday.

Assets of taxable money market funds in the retail category fell by $6.19 billion to $866.53 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $4.97 billion to $187.85 billion.

Assets of institutional money market funds rose by $11.27 billion to $1.242 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $11.92 billion to $1.168 trillion; assets of tax-exempt funds fell by $651.7 million to $73.33 billion.

Total money market assets stood at $2.296 trillion for the week.

Assets for the previous week were revised to $2.296 trillion to reflect reporting errors and a change in the number of funds reporting.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 1.35 percent from 1.38 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was unchanged at 1.37 percent.

The seven-day compounded yield fell to 1.36 percent from 1.39 percent the previous week, and the 30-day compounded yield was unchanged at 1.38 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 56 days, up from 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 was at 1.07 percent as of Wednesday, unchanged from a week earlier.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts held at 0.45 percent.

Bankrate.com said the annual percentage yield was 1.83 percent on six-month certificates of deposit, down from 1.84 percent the previous week. Yields were 2.27 percent on 1-year CDs, unchanged from a week ago; 3.16 percent on 2 1/2-year CDs, down from 3.17 percent; and 4.46 percent on 5-year CDs, unchanged.

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