World's Biggest Mutual Fund: Fidelity Cash Reserves Breaks $100 Billion. The largest money market mutual fund, Fidelity Cash Reserves (FDRXX), broke above the $100 billion mark this week for the first time ever. We consider Fidelity Cash Reserves to be the largest mutual fund in the world, and the only one, at least for now, bigger than $100 billion, though others will argue with this contention. JPMorgan Prime Money Market briefly broke above the $100 billion mark earlier this year, but one had to add up all of its nine share classes to get there. FDRXX, which yields 4.98% currently, stands alone -- the first true "fund" to break $100 billion. JPM Prime MM ranks 2nd in total portfolio size, holding almost $93 billion. Vanguard Prime Money Fund would rank 2nd if one were counting only single share classes as "funds". VMMXX yields 5.14% and now totals over $80 billion ($90 billion counting its Institutional class too). It's becoming increasingly clear that 5% yields are cash magnets, drawing assets away from lower-yielding banks and brokerages.

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