Money Market Fund Assets Rise $7.45 Billion

NEW YORK (AP) -

Total U.S. money market mutual fund assets rose $7.45 billion, to $2.71 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation’s retail money market mutual funds rose $2.17 billion, to $921.66 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $2.07 billion, to $728.9 billion. Tax-exempt retail fund assets rose $100 million, to $192.76 billion.

Assets in institutional money market funds rose $5.28 billion, to $1.788 trillion. Among institutional funds, taxable money market fund assets rose $4.84 billion, to $1.714 trillion. Assets of tax-exempt funds rose $450 million, to $74.12 billion.

The seven-day average yield on money market mutual funds was unchanged, at 0.01 percent, from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The seven-day compounded yield was flat, at 0.01 percent.

The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 percent, Money Fund Report said Wednesday.

The average maturity of portfolios held by money market mutual funds rose to 49 days, from 48 days the prior week.

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 unchanged at 0.12 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts remained steady, at 0.05 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged at 0.14 percent, unchanged at 0.22 percent for one-year CDs and flat at 0.36 percent on two-year CDs. The five-year yield fell to 0.78 percen,t from 0.79 percent.