Money Market Fund Assets Show Drop of $3.81 Billion

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NEW YORK (AP) _ Assets of the nation's 670 retail money market mutual funds fell by $3.81 billion in the latest week to $421.69 billion, the Investment Company Institute said Thursday.

Assets of the 419 taxable money market funds in the retail category fell by $3.24 billion to $328.78 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 251 tax-exempt fund assets fell by $570 million to $92.91 billion.

Assets of the 286 institutional money market funds fell by $5.47 billion to $169.55 billion for the same period. Among institutional funds, the 231 taxable money market fund assets fell by $5.16 billion to $147.91 billion; assets of the 55 tax-exempt funds fell by $311.2 million to $21.64 billion.

Total money market assets stood at $591.24 billion for the week.

The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 3.47 percent from 3.31 percent the previous week, said Money Fund Report, a trade journal published in Ashland, Mass., by IBC-Donoghue. The 30-day average yield rose to 3.29 percent from 3.20 percent, IBC-Donoghue said. …