Money Fund Assets Rise During Week

The Investment Company Institute said total money market mutual fund assets rose for the week ending March 12 by $6.46 billion to $3.454 trillion.Retail money market mutual fund assets rose by $5.55 billion to $1.246 trillion, taxable money market fund assets in the retail category rose by $3.17 billion to $951.36 billion, and tax-exempt fund assets rose by $2.37 billion to $294.66 billion.Institutional money market fund assets rose by $913 million to $2.208 trillion, taxable money market fund assets fell by $1.98 billion to $2.027 trillion, and tax-exempt fund assets rose by $2.89 billion to $180.99 billion.Money Fund Report, a service of iMoneyNet Inc., said the seven-day average yield on money market mutual funds fell from 2.78% on March 4 to 2.73% on March 11. The 30-day average yield fell from 2.96% to 2.88% during the same period.The seven-day compounded yield fell from 2.82% to 2.77%, while the 30-day compounded yield fell from 3.01% to 2.92%. The average maturity of portfolios held by money funds was 42 days, up from 41 days, Money Fund said.