Total assets of money market mutual funds increased by $54.67 billion to reach $3.895 trillion for the week ending January 7, according to the Investment Company Institute.

Assets of retail money market funds increased by $13.22 billion to $1.368 trillion. Among retail funds, taxable fund assets increased by $6.89 billion to $1.061 trillion and tax-exempt assets increased by $6.32 billion to $307.18 billion.

Institutional money market fund assets also increased by $41.45 billion to $2.527 trillion. Among institutional funds, assets of taxable money market funds increased by $35.48 billion to $2.333 trillion and tax-exempt assets increased by $5.98 billion to $194.21 billion.

The seven-day average yield fell from 0.76% to 0.70% for the week ending Jan. 6, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.86% to 0.80%.

The seven-day compounded yield also fell from 0.76% to 0.70% during the same period, and the 30-day compounded yield fell from 0.87% to 0.80%.

The average maturity of money fund portfolios was 46 days, down from 47.

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