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The Canadian Press - ONLINE EDITION

Money market fund assets rise $13.09 billion to $2.57 trillion for the week

Total U.S. money market mutual fund assets rose $13.09 billion to $2.57 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation's retail money market mutual funds rose $280 million to $892.86 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $710 million to $706.96 billion. Tax-exempt retail fund assets rose $980 million to $185.89 billion.

Assets in institutional money market funds rose $12.81 billion to $1.68 trillion. Among institutional funds, taxable money market fund assets rose $10.28 billion to $1.6 trillion. Assets of tax-exempt funds rose $2.53 billion to $73.04 billion.

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

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

The average maturity of portfolios held by money market mutual funds rose to 44 days from 43 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 unchanged from the week before at 0.11 per cent.

The North Palm Beach, Florida-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 per cent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from a week earlier at 0.15 per cent. One-year CD yields were unchanged at 0.23 per cent, two-year CD yields were flat at 0.36 per cent and the five-year yield was unchanged at 0.79 per cent.

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