Money Fund Assets Off For First Time in Months

After record gains, assets in money market funds dipped a bit last week for the first time in 11 weeks.

As of Aug. 30, money market funds in the United States held $734.06 billion, down $1.59 billion from the previous week, according to the Investment Company Institute, a Washington-based trade group.

Assets rose slightly in the largest category of money market funds - taxable funds for retail investors. These portfolios held $415.5 billion last week, up $87.4 million.

But the other three categories tracked by the institute reported outflows. Tax-free retail portfolios, for instance, closed the week with $99.99 billion, down $913.8 million.

On the institutional side, assets of taxable funds fell by $369 million during the week to reach $193.95 billion, while tax-free funds dropped $397.6 million to reach $24.62 billion.

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