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Money Market Funds Fall by $1.45B
Tax-Exempt Retail Assets Rose $1.49B
August 24, 2008
Total assets in money market mutual funds fell by $1.45 billion to $3.573 trillion for the week ending Aug. 20, according to the Investment Company Institute. Assets of retail money market mutual funds fell by $1.35 billion to $1.239 trillion.
Taxable money market fund assets in the retail category fell $2.85 billion to $931.24 billion, while tax-exempt fund assets rose $1.49 billion to $307.45 billion.
Institutional money market fund assets fell $98 million to $2.334 trillion, while taxable money market fund assets rose $2.02 billion to $2.126 trillion and tax-exempt fund assets fell $2.12 billion to $208.12 billion.
The seven-day average yield rose from 1.84% to 1.87% for the week ending Aug. 19, and the 30-day average yield rose from 1.85% to 1.86% during the same period, according to iMoneyNet Inc.'s Money Fund Report.
The seven-day compounded yield increased from 1.86% to 1.89%, and the 30-day compounded yield rose from 1.87% to 1.88%. The average maturity of money fund portfolios was at 46 days, up from 45 days.
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