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Mutual Funds Rise

Mutual Funds Rise - Total money market mutual fund assets increased $15.36 billion to $2.813 trillion for the week, the Investment Company Institute said Wednesday.

Assets of the nation's retail money market mutual funds rose $2.86 billion to $942.23 billion. Assets of taxable money market funds in the retail category rose $2.51 billion to $739.56 billion for the week ended Tuesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets rose $350 million to $202.66 billion.

Assets of institutional money market funds increased $12.49 billion to $1.871 trillion for the same period. Among institutional funds, taxable money market fund assets rose $13.56 billion to $1.749 trillion; assets of institutional tax-exempt funds decreased $1.06 billion to $122.05 billion.

The seven-day average yield on taxable money market mutual funds in the week ended Tuesday was unchanged from the previous week at 0.03 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield remained flat at 0.03 percent, according to Money Fund Report.

The seven-day compounded yield also remained at 0.03 percent, while the 30-day compounded yield stayed at 0.03 percent, Money Fund Report said. The average maturity of the portfolios held by money funds remained at 49 days.

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 again unchanged from the previous week at 0.19 percent.

Mutual Funds Rise
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