Money fund assets rise to $3.472 trillion

Total money market mutual fund assets rose by $54.01 billion to $3.472 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds rose by $5.99 billion in the latest week to $1.238 trillion.

Assets of taxable money market funds in the retail category rose by $544 million to $941.19 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $5.45 billion to $297.01 billion.

Assets of institutional money market funds rose by $48.02 billion to $2.234 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $34.38 billion to $2.037 trillion; assets of tax-exempt funds rose by $13.64 billion to $197.46 billion.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 1.95 percent from 2.01 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 2.05 percent from 2.12 percent, according to Money Fund Report.

The seven-day compounded yield fell to 1.97 percent from 2.03 percent the previous week, and the 30-day compounded yield fell to 2.08 percent from 2.14 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 46 days, unchanged from last week, said Money Fund.

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 rose to 0.66 percent as of Wednesday from 0.64 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 was unchanged from last week at 0.21 percent.

Bankrate.com said the annual percentage yield was 1.85 percent on six-month certificates of deposit, up from 1.84 percent the previous week. Yields were 2.00 percent on one-year CDs, up from 1.99 percent; 2.13 percent on 2 1/2-year CDs, up from 2.11 percent; and 2.83 percent on five-year CDs, up from 2.79 percent.

(This version CORRECTS figures in 4th graf with updated numbers from Investment Company Institute.)