Assets in money market funds continued to climb last week to yet another record, fueled by gains in both retail and institutional categories.

As of July 26, these funds held $724.6 billion, or $1.74 billion more than in the previous week, according to the Investment Company Institute, the fund industry's trade group.

Assets at the nations's 691 retail money market mutual funds grew by $640 million, to $504.82 billion. This growth was powered by flows into taxable retail funds, which gained $1.03 billion on the week for a total of $405 billion. Assets in tax-exempt retail funds declined by $391.4 million, to $99.82 billion.

Assets of the 300 institutional money market funds increased by $1.10 billion, to $219.78 billion at July 26. Taxable institutional funds grew by $1.29 billion during the week, to $195.08 billion.

Assets in tax-exempt institutional funds fell $195.5 million, to $24.7 billion.

The ICI reports the assets of money market funds to the Federal Reserve Board each week and makes the data available weekly to the public, as well.

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