Money market fund assets increase nearly $4.4 billion

NEW YORK -- Total money market mutual fund assets rose by $4.39 billion to $3.122 trillion for the latest week, the Investment Company Institute said.

Assets of the nation's retail money market mutual funds rose by $1.53 billion in the week ended Wednesday to $1.142 trillion, the Washington-based mutual fund trade group said Thursday.

Assets of taxable money market funds in the retail category rose by $243 million to $867.79 billion for the week, the group said. Tax-exempt fund assets rose by $1.28 billion to $274.11 billion.

Assets of institutional money market funds rose by $2.87 billion to $1.981 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $1.45 billion to $1.791 trillion; assets of tax-exempt funds rose by $4.31 billion to $189.40 billion.

The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 4.16 percent from 4.10 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 4.17 percent from 4.19 percent, according to Money Fund Report.

The seven-day compounded yield rose to 4.24 percent from 4.18 percent the previous week, and the 30-day compounded yield fell to 4.26 percent from 4.27 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was flat at 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 0.91 percent as of Wednesday from 0.90 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 0.28 percent, unchanged from last week.

Bankrate.com said the annual percentage yield was 3.29 percent on six-month certificates of deposit, up from 3.25 percent the previous week. Yields were 3.48 percent on 1-year CDs, up from 3.43 percent; 3.44 percent on 21/2-year CDs, up from 3.40 percent; and 3.75 percent on 5-year CDs, up from 3.71 percent.