Interest earned on a money market mutual fund without the compounding interest. This yield is the dividend and interest earned by the fund, and paid out during the seven-day period, minus any management fees incurred during those seven days. Also referred to as the seven-day annualized return.
 

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For example, let's say one share of the fund was $18 in the beginning of a seven-day period, and $18.05 at the end of that same seven-day period. Fees for that week were 3 cents.
Seven-Day Annualized Yield=((18.05 - 18.00 - 0.03)/18.00) x 365/7=0.0579 or 5.79%