Investors contributed $13.6 billion to money market funds last week, bringing total net assets to $2.93 trillion, according to Money Fund Report data, Dow Jones reports.
Institutional investors contributed $11.0 billion, individual investors added $2.65 billion and taxable money fund assets increased by $12.3 billion to $2.49 trillion.
The seven-day simple yield for taxable funds remained at an average of 4.42%, while the average compound yield fell to 4.51% from 4.52%. Thirty-day simple yields declined from 4.48% to 4.46%, while 30-day compound yields dropped from 4.58% to 4.56%.
The seven-day simple yield for nontaxable funds fell from an average of 3.00% to 2.96% and the average compound yield decreased from 3.04% to 3.00%. The 30-day simple yield fell from 3.11% to 3.04%, and the 30-day compound yield dropped from 3.16%to 3.09%.
TIAA-CREF Institutional MMF/Retail was the fund with the highest seven-day compound yield among retail taxable general-purpose money funds at 4.95%, followed by Fidelity Money Market Fund at 4.94% and Fidelity Cash Reserves at 4.93%.
Tax-free funds added $1.4 billion, putting total tax-free assets at $442 billion.
Alpine Municipal MMF/Investor was the fund with the highest seven-day compound yield among retail tax-free money-market funds at 3.45%, followed by Vanguard OH Tax-Exempt MMF at 3.43% and Vanguard Tax-Exempt MMF at 3.42%.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.