[11518]
January 4, 2000
TO: ACCOUNTING/TREASURERS MEMBERS No. 1-00
MONEY MARKET FUNDS ADVISORY COMMITTEE No. 1-00
SEC RULES MEMBERS No. 1-00
RE: CALCULATION OF MONEY MARKET FUND YIELDS IN A LEAP YEAR
______________________________________________________________________________
In response to several member inquiries regarding the calculation of money market fund yields
in a leap year, attached is a 1984 letter from the SEC to the ICI, which states that the multiplier funds
should use is 365/7, not 366/7. We have confirmed with SEC staff that the letter reflects their current
position.
Amy B.R. Lancellotta
Senior Counsel
Attachment
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ICI Library at (202) 326-8304, and ask for attachment number 11518. ICI Members may retrieve this Memo and its
attachment from ICINet (http://members.ici.org).