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Money market fund assets fell to $2.562 trillion

Associated Press Modified: October 11, 2012 at 6:00 pm •  Published: October 11, 2012

NEW YORK (AP) — Total U.S. money market mutual fund assets fell $1.38 billion to $2.562 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets of the nation's retail money market mutual funds fell $2.90 billion to $886.96 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $2.03 billion to $698.11 billion. Tax-exempt retail fund assets fell $860 million to $188.84 billion.

Meanwhile, assets of institutional money market funds rose $1.52 billion to $1.675 trillion. Among institutional funds, taxable money market fund assets rose $2.79 billion to $1.595 trillion. Assets of tax-exempt funds fell $1.27 billion to $80.78 billion.

The seven-day average yield on money market mutual funds was unchanged from the previous week at 0.03 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 also unchanged from last week at 0.03 percent. The seven-day compounded was flat at 0.03 percent. The 30-day compounded yield was also unchanged at 0.03 percent, Money Fund Report said.

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