Yields on taxable money market funds edged up in the week ended Tuesday, but investors pulled about $16 billion from the funds, according to the Money Fund Report.

The average seven-day simple yield on taxable money market funds rose to 0.52 percent from 0.51 percent from a week earlier, according to the Money Fund Report, published by iMoneyNet Inc. Seven-day compound yields, which include reinvested dividends, also rose to 0.52 percent from 0.51 percent. Seven-day yields had hit a record low of 0.50 percent on Aug. 26 last year.

Total taxable assets in the funds declined by $16.2 billion to about $1.64 trillion. The funds’ assets fell by $9.9 billion the week before.

(Reuters)