Money Fund Assets Fell To $3.404T In Latest Week

NEW YORK (AP) — Total money market mutual fund assets fell by $42.24 billion to $3.404 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell by $6.71 billion in the latest week to $1.115 trillion.

Assets of taxable money market funds in the retail category fell by $5.29 billion to $872.74 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $1.42 billion to $242.69 billion.

Assets of institutional money market funds fell by $35.53 billion to $2.288 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $33.78 billion to $2.115 trillion; assets of institutional tax-exempt funds fell by $1.75 billion to $173.54 billion.

The seven-day average yield on money market mutual funds was unchanged in the week ended Tuesday from the previous week at 0.05 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was flat at 0.05 percent, according to Money Fund Report.