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Money market fund assets fell to $2.696 trillion

Published on NewsOK Modified: January 24, 2013 at 5:52 pm •  Published: January 24, 2013

NEW YORK (AP) — Total U.S. money market mutual fund assets fell $4.89 billion to $2.696 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets of the nation's retail money market mutual funds fell $7.60 billion to $924.13 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $5.32 billion to $722.42 billion. Tax-exempt retail fund assets fell $2.29 billion to $201.71 billion.

Meanwhile assets of institutional money market funds rose $2.72 billion to $1.772 trillion. Among institutional funds, taxable money market fund assets rose $4.04 billion to $1.688 trillion. Assets of tax-exempt funds fell $1.32 billion to $83.72 billion.

The seven-day average yield on money market mutual funds was unchanged from the previous week at 0.02 percent in the week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.

The 30-day average yield was flat at 0.02 percent from last week. The seven-day compounded was unchanged at 0.02 percent. The 30-day compounded yield was also flat at 0.02 percent, Money Fund Report said.

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