Money Market Funds
A Money market fund invests in a low risk, low return investment such as certificates of deposit (CD), short term U.S. treasury securities (T-Bills), and corporate commercial paper. Money market fund shares are always worth $1.00. The only change is the interest rate or yield. This money market fund may come with limited check-writing priveleges.Investing in a money market fund has risk. This money market fund is not insured or guaranteed by Federal Deposit Insurance Corporation or any other government agency. The investing risks include interest rate risk, economic downturn risk, political risk, market risk, regulatory risk, etc. Historically, money market funds have been exceptionally safe investments. They are regulated under the Investment Company Act of 1940.
Whether you should invest in these money market funds, please check the fund review below. I also provide the 24 largest money market funds for you. Whether you want to invest for short term or retirement, you need to find out the fund details.
Top money market mutual funds are:
- Fidelity Cash Reserves (FDRXX)
- Vanguard Prime Money Market Investor (VMMXX)
- Schwab Cash Reserves (SWSXX)
- Schwab Advisor Cash Reserves Premier (SWZXX)
- Schwab Money Market (SWMXX)
- Dreyfus General Money Market B (GMBXX)
- Federated Capital Reserves (FRFXX)
- Edward Jones Money Market Investor (JNSXX)
- Fidelity Prime Capital Reserves (FPRXX)
- Fidelity Prime Daily Money (FDAXX)
- Morgan Stanley Liquid Asset (DWLXX)
- Schwab Value Advantage Money Investor (SWVXX)
- Northern Money Market (NORXX)
- T Rowe Price Prime Reserve (PRRXX)
- RBC Prime Money Market Reserve (TRMXX)
- Morgan Stanley Active Assets Money Trust (AAMXX)
- UBS RMA Money (RMAXX)
- Schwab Advisor Cash Reserves Sweep (SWQXX)
- T. Rowe Price Summit Cash Reserves (TSCXX)
- JPMorgan Liquid Assets Money Market E*Tr (JLEXX)
- BIF Money Fund (CMEXX)
- USAA Money Market (USAXX)
- Fidelity Select Money Market (FSLXX)
- SSgA Money Market (SSMXX)
Fidelity Cash Reserves Fund
As one of the largest money market fund, Fidelity Cash Reserves Fund (FDRXX) was incepted in May 1979. The main objective is to seek as high a level of current income as is consistent with the preservation of capital and liquidity. It has total net assets of $116.9 billion. The annual expense ratio is 0.28%. The current 7 day yield is 0.01%.This money market fund has 54 days of average maturity and 98 days of average life. The top composition by instrument as of December 2013 is Certificates of Deposit (45.14%).
Vanguard Prime Money Market Fund
Vanguard Prime Money Market Investor (VMMXX) is categorized in the Taxable Money Market category. It has low annual expense ratio of 0.17%. The total net assets are $130.9 billion. The benchmark is Money Market Funds Average. The current yield is 0.01%.This best money market fund has a total of 454 holdings. It has average maturity of 52 days. The top portfolio compositions as of January 2014 are Yankee/Foreign (44.4%) and U.S. Treasury Bills (20.8%).
Schwab Cash Reserves Fund
This Schwab Cash Reserves (SWSXX) Fund is designed for income, stability and convenient access to the investors’ own money. It has $38.7 billion of total net assets. The annual expense ratio is 0.23%. The dividend is distributed on monthly basis to the investors. There is no minimum initial investment and the minimum subsequent investment is $1.This top money market mutual fund is managed by Linda Klingman, Mike Neitzke, Michael Lin and Jonathan Roman. The top portfolio composition by security type is Certificate of Deposit (47.6%).
Best Mutual funds
Dreyfus General Money Market Fund
The minimum initial investment for investing in Dreyfus General Money Market B (GMBXX) is $2,500. The funds’ total net assets are $14.7 billion. It also has 0.19% annual expense ratio.Federated Capital Reserves (FRFXX)
The total net assets of Federated Capital Reserves (FRFXX) are $12.3 billion. The annual expense ratio is 0.32%. The money market rate is 0.00%.Other Top Funds
| No | Fund Name | Ticker | Price | Assets |
|---|---|---|---|---|
| 1 | Fidelity Cash Reserves | FDRXX | $1.00 | $117,761,000,000 |
| 2 | Vanguard Prime Money Market Inv | VMMXX | $1.00 | $102,937,000,000 |
| 3 | Schwab Cash Reserves | SWSXX | $1.00 | $38,879,700,000 |
| 4 | Schwab Advisor Cash Reserves Premier | SWZXX | $1.00 | $17,343,800,000 |
| 5 | Schwab Money Market | SWMXX | $1.00 | $14,904,700,000 |
| 6 | Dreyfus General Money Market B | GMBXX | $1.00 | $12,762,500,000 |
| 7 | Federated Capital Reserves | FRFXX | $1.00 | $12,358,300,000 |
| 8 | Edward Jones Money Market Inv | JNSXX | $1.00 | $11,444,800,000 |
| 9 | Fidelity Prime Capital Reserves | FPRXX | $1.00 | $10,036,400,000 |
| 10 | Fidelity Prime Daily Money | FDAXX | $1.00 | $9,105,000,000 |
| 11 | Morgan Stanley Liquid Asset | DWLXX | $1.00 | $8,346,800,000 |
| 12 | Schwab Value Advantage Money Inv | SWVXX | $1.00 | $8,291,300,000 |
| 13 | Northern Money Mkt | NORXX | $1.00 | $8,137,500,000 |
| 14 | T Rowe Price Prime Reserve | PRRXX | $1.00 | $6,333,700,000 |
| 15 | RBC Prime Money Market Reserve | TRMXX | $1.00 | $6,289,900,000 |
| 16 | Morgan Stanley Active Assets Money Tr | AAMXX | $1.00 | $6,200,300,000 |
| 17 | UBS RMA Money | RMAXX | $1.00 | $6,183,900,000 |
| 18 | Schwab Advisor Cash Reserves Sweep | SWQXX | $1.00 | $5,995,400,000 |
| 19 | T. Rowe Price Summit Cash Reserves | TSCXX | $1.00 | $5,888,800,000 |
| 20 | JPMorgan Liquid Assets Money Market E*Tr | JLEXX | $1.00 | $5,654,000,000 |
| 21 | BIF Money Fund | CMEXX | $1.00 | $5,531,900,000 |
| 22 | USAA Money Market | USAXX | $1.00 | $5,253,900,000 |
| 23 | Fidelity Select Money Market | FSLXX | $1.00 | $4,744,600,000 |
| 24 | SSgA Money Market | SSMXX | $1.00 | $3,761,700,000 |
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