Total assets of money market mutual funds continued their fall with a drop of $51.13 billion in the latest week to $3.269 trillion, according to the Investment Company Institute.

Retail money market fund assets fell $3.76 billion to $1.073 trillion for the week ending Dec. 16. Among retail funds, taxable assets fell by $3.11 billion to $837.36 billion, while tax-exempt assets fell by $650 million to $235.72 billion.

Assets of institutional money funds fell by $47.37 billion to $2.196 trillion during the same period. Among institutional funds, taxable assets fell $43.4 billion to $2.032 trillion, while tax-exempt assets fell by $3.97 billion to $164.65 billion.

The seven-day average yield remained unchanged at 0.03% for the week ending Dec. 15, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield dropped from 0.04% to 0.03%. The seven-day compounded yield was flat at 0.03%, while the 30-day compounded yield dropped from 0.04% to 0.03%.

The average maturity of money fund portfolios remained unchanged at 50 days.

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