Money market mutual funds assets climbed 0.4% to reach a record $653.32 billion in the week that ended Jan. 25, the Investment Company Institute reported.

The gains were limited to taxable money market funds, which added $4.7 billion in the week. Tax-exempt money fund balances dropped $2.25 billion.

Assets of money funds for retail investors slipped by $496.1 million, to $455.9 billion. That total includes $359.73 billion in taxable funds, up $998 million in the week, and $96.17 billion in tax-exempt funds, down $1.49 billion.

On the institutional side, assets reached $197.42 billion, a $2.94 billion gain. Taxable funds held $173.85 billion, up $3.7 billion, while tax-exempt funds shed $764.6 million to close at $23.57 billion.

Fund assets have been climbing steadily for nearly a year, in sync with a rise in yields on these investments.

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