Mutual Fund Assets Are Higher
NEW YORK (AP) _ Assets of the nation’s retail money market mutual funds rose by $3.06 billion in the latest week to $997.34 billion, the Investment Company Institute said Thursday.
Assets of taxable money market funds in the retail category rose by $557.9 million to $826.63 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $2.50 billion to $170.71 billion.
Assets of institutional money market funds rose by $8.35 billion to $762.01 billion for the same period. Among institutional funds, taxable money market fund assets rose by $5.77 billion to $705.28 billion; assets of tax-exempt funds rose by $2.57 billion to $56.73 billion.
Total money market assets stood at $1.759 trillion for the week.
Assets for the previous week were revised to $1.748 trillion to reflect reporting errors and a change in the number of funds reporting.
The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 6.00 percent from 5.99 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield remained unchanged at 6.00 percent, according to Money Fund Report.
The seven-day compounded yield rose to 6.18 percent from 6.17 percent the previous week, and the 30-day compounded yield remained unchanged at 6.18 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was 50 days, down from 51 days, Money Fund Report said.
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 2.11 percent as of Wednesday, unchanged from a week earlier.
The North Palm Beach, Fla.-based unit of Intelligent Life Corp. said the annual percentage yield available on interest-bearing checking accounts held steady at 0.81 percent.
Bankrate.com said the annual percentage yield was 5.27 percent on six-month certificates of deposit, unchanged from the previous week. Yields were 5.64 percent on 1-year CDs, down from 5.65 percent; 5.71 percent on 2 1/2-year CDs, down from 5.73 percent; and 6.02 percent on 5-year CDs, down from 6.03 percent.