In this Sept. 12, 2012, photo, Andrew Neitlich poses in front of one his investment homes in Venice, Fla. Neitlich once worked as a financial analyst picking stocks for a mutual fund. During the dot-com crash 12 years ago, Neitlich didn't sell his stocks, but like many others he is selling now. An analysis by The Associated Press finds that individual investors have pulled at least $380 billion from U.S. stock funds since they started selling in April 2007. (AP Photo/Chris O'Meara)
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In this Sept. 12, 2012, photo, Andrew Neitlich poses in front of one his investment homes in Venice, Fla. Neitlich once worked as a financial analyst picking stocks for a mutual fund. During the dot-com crash 12 years ago, Neitlich didn't sell his stocks, but like many others he is selling now. An analysis by The Associated Press finds that individual investors have pulled at least $380 billion from U.S. stock funds since they started selling in April 2007. (AP Photo/Chris O'Meara)
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This undated handout photo provided by Vanguard shows George “Gus” Sauter, chief investment officer of Vanguard. Sauter, 58, is retiring at year-end after 25 years with Vanguard, the largest mutual fund company. While founder Jack Bogle became the public face of Vanguard, Sauter helped turn Bogle’s vision into business success, expanding the company’s lineup of low-cost index mutual funds and continually minimizing investors’ costs. (AP Photo/Vanguard)
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This undated photo shows portfolio managers Samantha McLemore, left, and Bill Miller, right, of the Legg Mason Capital Management Opportunity Fund. Legg Mason Capital Management Opportunity was the top-performing U.S. diversified stock mutual fund of 2012, with a return of 39.6 percent. That’s more than double the 16 percent return of the Standard & Poor’s 500 index. (AP Photo/Legg Mason Capital Management)
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This undated photo provided by Ann Mullholland shows Mark Mulholland, a portfolio manager of the Matthew 25 mutual fund. Mulholland’s fund posted an investment return of 31.6 percent in 2012. That’s nearly double the return of the Standard & Poor’s 500 index. The Matthew 25 Fund was the top-performing mutual fund in the large-growth stock category in 2012, according to Morningstar. (AP Photo/The Matthew 25 Fund, Ann Mullholland)
Money market fund assets fall to $2.657 trillion
NEW YORK (
AP) — Total U.S. money market mutual fund assets fell $23.82 billion to $2.657 trillion for the week that ended Wednesday, according to the
Investment Company Institute.
Assets of the nation's retail money market mutual funds rose $540 million to $912.43 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $810 million to $714.83 billion. Tax-exempt retail fund assets fell $270 million to $197.61 billion.
Meanwhile assets of institutional money market funds fell $24.36 billion to $1.745 trillion. Among institutional funds, taxable money market fund assets fell $25.29 billion to $1.662 trillion. Assets of tax-exempt funds rose $940 million to $82.50 billion.
The 7-day average yield on money market mutual funds was unchanged from the previous week at 0.02 percent in the week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 7-day compounded yield, the 30-day yield and the 30-day compounded yield also all remained at 0.02 percent, Money Fund Report said Wednesday.
The average maturity of portfolios held by money market mutual funds remained at 48 days.
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 the week before at 0.12 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.05 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was flat at 0.17 percent. It dropped to 0.26 percent from 0.27 percent on one-year CDs. The yield was unchanged at 0.42 percent on two-year CDs and dropped to 0.85 percent from 0.86 percent on five-year CDs.
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