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Money fund assets fell to $3.339T in latest week

NEW YORK (AP) - Total money market mutual fund assets fell by $31.26 billion to $3.339 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds rose by $703 million in the latest week to $1.097 trillion.

Assets of taxable money market funds in the retail category rose by $170 million to $856.76 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets rose by $530 million to $240.18 billion.

Assets of institutional money market funds fell by $31.97 billion to $2.242 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $32.21 billion to $2.071 trillion; assets of institutional tax-exempt funds rose by $250 million to $170.53 billion.

The seven-day average yield on money market mutual funds was unchanged in the week ended Tuesday at 0.04 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was flat at 0.05 percent, according to Money Fund Report.

The seven-day compounded yield was 0.04 percent, unchanged from the previous week, and the 30-day compounded yield was flat at 0.05 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was unchanged at 53 days, said Money Fund.

The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from the previous week at 0.32 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.12 percent.

Bankrate.com said the annual percentage yield was 0.57 percent on six-month certificates of deposit, down from 0.58 percent the previous week. Yields were 0.91 percent on 1-year CDs, down from 0.92 percent; 1.34 percent on 2 1/2-year CDs, down from 1.35 percent; and 2.2 percent on 5-year CDs, up from 2.19 percent.

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