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Money Market Funds Gain Another $49.39B
Majority Comes From Taxable Assets
October 9, 2008
Investors are continuing to add money to money market funds, adding $49.39 billion during the week ending Oct. 7, according to the Money Fund Report, published by iMoneyNet Inc. Total assets are now at $3.388 trillion.
Institutional investors make up the bulk of the gain, with contributions of $36.80 billion, and individual or retail investors added $12.59 billion. Taxable money fund assets rose by $44.49 billion to $2.903 trillion.
The seven-day average simple yield for taxable funds dropped from 1.62% to 1.47%, the seven-day compound yield fell from 1.63% to 1.49%, 30-day simple yields fell from 1.82% to 1.72% and 30-day compound yields fell form 1.84% to 1.74%.
Investors added $4.90 billion to tax-free funds, bringing the total to $484.74 billion.
For nontaxable funds, the average seven-day simple yield dropped from 5.02% to 4.33%, the seven-day compound yield fell from 5.14% to 4.42%, 30-day simple yields rose from 2.72% to 3.44% and 30-day compound yields climbed from 2.76% to 3.50%.
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