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Assets of the nation's 611 retail money market mutual funds fell $670.3 million in the latest week to $384.06 billion, the Investment Company Institute said.

Assets of the 377 taxable money market funds in the retail category fell by $113.8 million to $307.37 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 234 tax-exempt fund assets fell by $556.5 million to $76.69 billion.Assets of the 277 institutional money market funds fell by $2.61 billion to $216.85 billion for the same period. Among institutional funds, the 223 taxable money market fund assets fell by $2.39 billion to $196.55 billion; assets of 54 tax-exempt funds fell by $227.4 million to $20.31 billion.

Total money market assets stood at $600.92 billion for the week.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 2.88 percent from 2.90 percent the previous week, said IBC-Donoghue's Money Fund Report, a trade journal in Ashland, Mass. The 30-day average yield fell to 2.95 percent from 2.98 percent, Donoghue's said.

The seven-day compounded yield fell to 2.92 percent from 2.94 percent the previous week, and the 30-day average yield fell to 2.99 percent from 3.02 percent, Don-oghue's said.

The average maturity of the portfolios held by money funds was 63 days, down from 64 days, Don-oghue's said.

The newsletter Bank Rate Monitor said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the effective annual yield available on money market accounts fell to 2.90 percent as of Wednesday from 2.92 percent a week earlier.

The newsletter, based in North Palm Beach, Fla., said the effective annual yield available on interest-bearing checking accounts fell to 2.17 percent from 2.21 percent.

Bank Rate Monitor said the effective annual yield was 3.10 percent on six-month certificates of deposit, down from 3.12 percent the previous week. Yields were 3.33 percent on one-year CDs, down from 3.36 percent; 4.04 percent on 21/2-year CDs, down from 4.08 percent; and 5.31 percent on 5-year CDs, down from 5.33 percent.