Assets of money market mutual funds fell by $5.08 billion to rest at $3.502 trillion during the week ending July 30, according to the Investment Company Institute.

Retail money market mutual funds fell by $5.15 billion to $1.226 trillion during the same period. Taxable money market fund retail assets fell by $2.33 billion to $924.84 billion, while tax-exempt money market fund assets fell by $2.82 billion to $301.01 billion.

Institutional money market fund assets rose by $74 million to $2.276 trillion. Among institutional funds, tax-exempt assets rose by $4.86 billion to $196.34 billion, while taxable money market fund assets fell by $4.79 billion to $2.080 trillion.

According to iMoneyNet Inc.’s Money Fund Report, the seven-day average yield on money market mutual funds rose from 1.84% to 1.86% for the week ending July 29. The 30-day average yield remained unchanged at 1.86%.

The seven-day compounded yield rose from 1.86% to 1.88%, while the 30-day compounded yield held firm at 1.88%.

Portfolios held by money funds had an average maturity of 44 days, down from 45 days.

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