Assets in the nation's money market mutual funds continued to inch upward last week, helped by gains in institutional portfolios.

For the week ended Aug. 9, total money market fund assets stood at a record-setting $735.2 billion, a $1.7 billion increase from the previous week, according to the Investment Company Institute.

Assets of retail funds grew $980.1 million during the week, to $515.9 billion.

Taxable retail portfolios gained $1.2 billion, to $415.1 billion. Tax- free retail funds, however, shrank by $211 million, to $100.8 billion.

Assets of institutional funds - which in recent weeks had often endured outflows - increased by $764.8 million during the week, to $219.3 billion.

Taxable institutional funds gained $749.3 million, to $194.32 billion, and tax-free funds increased $15.5 million, to $25 billion.

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