Total assets in money market mutual funds fell for the third straight week, dropping $11.34 billion to $3.806 trillion for the week ending April 22, according to the Investment Company Institute.

Retail money funds saw the biggest drop, shedding $16.3 billion to end at $1.311 trillion. Among retail funds, taxable funds fell $11.9 billion to $1.03 trillion and tax-exempt funds fell $4.37 billion to $280.45 billion.

Institutional money market fund assets rose $4.96 billion to $2.495 trillion during the same period. Among institutional funds, taxable assets rose $6.25 billion to $2.306 trillion, while tax-exempt funds fell $1.29 billion to $188.08 billion.

The seven-day average yield on money market mutual funds fell from 0.21% to 0.20% during the week ending April 21, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.23% to 0.22%.

The seven-day compounded yield also fell from 0.21% to 0.20%, and the 30-day compounded yield fell from 0.23% to 0.22%.

The average maturity on money fund portfolios was 50 days, up from 48 days a week earlier.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.