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AP News

Money market fund assets rose to $2.578 trillion

NEW YORK (AP) — Total U.S. money market mutual fund assets rose $31.24 billion to $2.578 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets of the nation's retail money market mutual funds rose $2.97 billion to $888.09 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $980 million to $699.49 billion. Tax-exempt retail fund assets rose $1.99 billion to $188.59 billion.

Meanwhile, assets of institutional money market funds rose $28.27 billion to $1.690 trillion. Among institutional funds, taxable money market fund assets rose $26.97 billion to $1.609 trillion. Assets of tax-exempt funds rose $1.30 billion to $80.35 billion.

The seven-day average yield on money market mutual funds rose to 0.03 percent from 0.02 percent in the previous week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.

The 30-day average yield was unchanged from last week at 0.03 percent. The seven-day compounded rose to 0.03 percent from 0.02 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.

The average maturity of portfolios held by money market mutual funds fell to 49 days from 50 days.

The online service 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 unchanged from the week before at 0.11 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat from the week before at 0.05 percent. said the annual percentage yield on six-month certificates of deposit was unchanged at 0.18 percent. It was flat at 0.29 percent on one-year CDs. It fell to 0.45 percent from 0.46 percent on two-year CDs. It was unchanged at 0.45 percent on two-and-a-half-year CDs. It fell to 0.94 percent from 0.95 percent on five-year CDs.

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