Money market fund assets decrease $1.06 billion

Published on NewsOK Modified: February 6, 2014 at 4:03 pm •  Published: February 6, 2014
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NEW YORK (AP) — Total U.S. money market mutual fund assets fell $1.06 billion to $2.705 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation's retail money market mutual funds rose $4.93 billion to $922.72 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $3.96 billion to $726.93 billion. Tax-exempt retail fund assets rose $970 million to $195.8 billion.

Assets in institutional money market funds fell $5.98 billion to $1.782 trillion. Among institutional funds, taxable money market fund assets decreased $7.41 billion to $1.71 trillion. Assets of tax-exempt funds rose $1.42 billion to $75.56 billion.

The seven-day average yield on money market mutual funds was unchanged at 0.01 percent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The seven-day compounded yield was flat at 0.01 percent.

The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 percent, Money Fund Report said Wednesday.