Taxable money funds report $3.9 bln outflows-report

Wed Nov 3, 2004

NEW YORK, Nov 3 (Reuters) - U.S. taxable money market funds reported $3.9 billion of outflows in the week ended Nov. 2, the Money Fund Report said on Wednesday.

Tax-free money funds reported $113.9 million of outflows in the week ended Nov. 1.

Rates continued to edge higher in the latest week. Average taxable yields rose to 1.21 percent from 1.18 percent. Tax-free yields averaged 1.11 percent from 1.09 percent the prior week, according to the report, published by iMoneyNet Inc.

Tax-free money fund assets totaled $306.5 billion in the latest week, near the $309 billion record high set in mid-September, according to iMoneyNet.

Taxable money fund assets totaled $1.57 trillion in the latest week.

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