Money market mutual fund assets fell $4.28 billion for the week ending May 28, to $3.505 trillion, according to the Investment Company Institute. Assets of retail money market mutual funds fell by $3.99 billion to $1.223 trillion.

Taxable money market fund assets in the retail category fell $3.61 billion to $919.28 billion, while tax-exempt fund assets fell $379 million to $303.35 billion.

Institutional money market fund assets also fell $290 million to $2.282 trillion during the same period and taxable money market fund assets fell $1.5 billion to $2.077 trillion, while tax-exempt fund assets rose by $1.21 billion to $204.97 billion.

The seven-day average yield on money market mutual funds remained unchanged at 1.92, according to the Money Fund Report, a service of iMoneyNet Inc. The 30-day average yield fell to 1.94% from 1.96%.

The seven-day compounded yield was also unchanged from the prior week at 1.94, while the 30-day compound yield fell from 1.98% to 1.96%.

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