Money market funds
What no-load money market mutual fund pays 9-9 1/2 percent? J. C. Since this inquiry was recieved, yields on an annualized basis have increased for money-market mutual funds -- up to as high as 13 percent for some, according to Donoghue's Money Fund Report (Box 540, Holliston, Mass. 01746). Another source of information on yields is "Fund Watch" a regular feature of Money Magazine. About 70 money market funds are now in operation.
For more information on features such as free check writing, minimum initial deposits, etc., write No-Load Mutual Fund Association Inc., Valley Forge, Pa. 19481.
A few of the major money market funds are: Rowe Price Prime Reserve Fund Inc. , 1-800-638-1527; Delaware Cash Reserves, 1-800-523-4640; Capital Preservation Fund, 1-800-227-8380; Dreyfus Liquid Assets, 1-800-223-5525; Fidelity Daily Income Trust, 1-800-225-6190, Scudder Managed Reserves, 1-800-225-2470, and Oppenheimer Monetary Bridge, 1-800-221- 5348.
The simplest way to get information on these funds is to dial the toll-free numbers listed and ask for a prospectus and application. Depending on where you live one or more of these numbers may not be available to in-state callers. Since these are no-loads funds, you must take the initiative no file the application and send your cash directly to the custodian bank noted on the application.
The funds noted represent only a sample; watch for advertisements in this newspaper and in the Wall Street Journal for others.