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Money market fund assets fall to $2.567 trillion

Associated Press Modified: May 3, 2012 at 5:45 pm •  Published: May 3, 2012

NEW YORK (AP) — Total U.S. money market mutual fund assets fell by $14.78 billion to $2.567 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $1.86 billion to $890.79 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $1.85 billion to $703.24 billion. Tax-exempt retail fund assets fell $10 million to $187.55 billion.

Meanwhile, assets of institutional money market funds fell $12.92 billion to $1.677 trillion. Among institutional funds, taxable money market fund assets fell $14.05 billion to $1.589 trillion; assets of tax-exempt funds rose $1.14 billion to $88.04 billion.

The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.

The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.

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