Money market mutual fund assets continued their record-breaking rebound in the latest week, rising above the $3.7 trillion level for the first time ever. Assets increased by $33.1 billion to a record $3.714 trillion in the week ended Nov. 25, says the ICI. Money fund assets have been on an 8-week tear since October 1, growing by $257.9 billion (7.5%), following their Reserve-"breaks-the-buck"-related declines (down $125.2 billion) the week of Sept. 17 and 24. Money fund assets have gained $569.5 billion, or 18.1%, year-to-date in 2008, and have gained $628.9 billion, or 20.4%, over the past 52 weeks.

Money fund assets have increased by $119.1 billion, or 3.3%, in November, driven by a $65.5 billion, or 6.1%, jump in Government (including Treasury) Institutional assets and a $48.4 billion, or 4.6%, jump in General Purpose (or "Prime") Institutional assets. Government Institutional assets gained $25.9 billion in the latest week to a record $1.149 trillion and Prime Institutional assets gained $5.6 billion to $1.104 trillion, still well below their Sept. 10 record of $1.453 trillion. Tax-Exempt Institutional money fund assets declined by $2.1 billion to $185.3 billion.

Retail money fund assets increased by $3.7 billion in the latest week to $1.277 trillion (vs. all institutional assets, which increased by $29.4 to $2.438 trillion). General Purpose Retail assets increased by $4.3 billion -- their second weekly increase following four weeks of declines -- to $711.9 billion. Government Retail funds grew a mere $541 million to $266.5 billion. Tax-Exempt Retail funds declined by $1.1 billion to $298.2 billion.

Institutional money funds now represent 65.6% of money fund assets vs. 34.4% for Retail. This ties Institutional funds' record high level set on Sept. 3, 2008. Government Institutional funds, including Treasury funds, account for the largest pie slice of assets with 30.9% followed closely by Prime Institutional assets with 29.7%. General Purpose Retail are the third largest piece with 19.2%, followed by a Government Retail with 7.2%. Tax-Exempt Retail funds make up 8.0% of total money fund assets and Tax-Exempt Institutional funds make up 5.0%.

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