Money Funds Rose in Latest Week

Assets of the nation's retail money market mutual funds rose by $11.14 billion in the latest week to $1.058 trillion.

Assets of taxable money market funds in the retail category rose by $8 billion to $807.09 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $3.14 billion to $250.7 billion.

Assets of institutional money market funds rose by $38.13 billion to $1.599 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $37.01 billion to $1.442 trillion; assets of tax-exempt funds rose by $1.12 billion to $157.38 billion.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 4.73 percent from 4.74 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield rose to 4.72 percent from 4.71 percent, according to Money Fund Report.

The seven-day compounded yield fell to 4.84 percent from 4.85 percent the previous week, and the 30-day compounded yield rose to 4.84 percent from 4.82 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 40 days, down from 41 days, 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 0.88 percent as of Wednesday from 0.85 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 at 0.27 percent.

Bankrate.com said the annual percentage yield was 3.54 percent on six-month certificates of deposit, down from 3.55 percent the previous week. Yields were 3.76 percent on one-year CDs, down from 3.77 percent; 3.77 percent on 2 1/2-year CDs, down from 3.79 percent; and 4.02 percent on five-year CDs, down from 4.03 percent.