Money fund assets fell to $3.515 trillion

Assets of the nation's retail money market mutual funds fell by $4.88 billion in the latest week to $1.222 trillion.

Assets of taxable money market funds in the retail category fell by $3.43 billion to $916.82 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $1.44 billion to $305.08 billion.

Assets of institutional money market funds fell by $630 million to $2.293 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $426 million to $2.092 trillion; assets of tax-exempt funds fell by $204 million to $201.02 billion.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 1.87 percent from 1.94 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 1.92 percent from 1.93 percent, according to Money Fund Report.

The seven-day compounded yield fell to 1.89 percent from 1.96 percent the previous week, and the 30-day compounded yield fell to 1.94 percent from 1.95 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 45 days, up from 44 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 was unchanged from last week at 0.73 percent as of Wednesday.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts rose to 0.25 percent from 0.24 percent.

Bankrate.com said the annual percentage yield was 1.87 percent on six-month certificates of deposit, up from 1.86 percent the previous week. Yields were 2.15 percent on 1-year CDs, down from 2.18 percent; 2.32 percent on 2 1/2-year CDs, up from 2.26 percent; and 3.16 percent on 5-year CDs, up from 3.10 percent.