The Wall Street Journal-20080117-Money-Fund Assets Rose in Latest Week
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Money-Fund Assets Rose in Latest Week
Investors to money-market funds added $15.96 billion in the week ended Tuesday, bringing total net assets to $3.165 trillion, according to the Money Fund Report, published by iMoneyNet Inc.
Institutional investors contributed $5.72 billion, while individual, or "retail," investors added $10.24 billion.
Assets in taxable money funds rose by $13.49 billion to $2.682 trillion.
The average seven-day simple yield for taxable funds fell to 3.96% from 3.99%. The average seven-day compound yield, which assumes reinvestment of dividends, declined to 4.04% from 4.07%. Thirty-day simple yields slipped to 3.98% from 4.01%, while 30-day compound yields fell to 4.06% from 4.09%.
The fund with the highest seven-day compound yield among retail taxable general-purpose money funds was Thrivent MMF/Cl A at 4.78%, followed by Fidelity Cash Reserves at 4.77% and Fidelity Money Market Fund at 4.69%.
About $2.47 billion was contributed to tax-free funds, putting total tax-free assets at $482.90 billion.
The average seven-day simple yield for nontaxable funds fell to 2.58% from 2.69%. The average seven-day compound yield, which assumes reinvestment of dividends, declined to 2.61% from 2.72%. The average 30-day simple yield decreased to 2.70% from 2.74%, and the average 30- day compound yield dropped to 2.74% from 2.78%.
The fund with the highest seven-day compound yield among retail tax- free money-market funds was Alpine Municipal MMF/Investor at 3.15%, followed by Vanguard Tax-Exempt MMF at 3.13%, and Vanguard OH Tax- Exempt MMF and Vanguard PA Tax-Exempt MMF, at 3.08%.
