The bankruptcy of Orange County, Calif., too some wind out of the sails of money market mutual funds in the week ended Dec. 14

The Investment Company Institute reported that assets of tax-exempt money funds dropped $2.7 billion, to $117.5 billion, a 2.3% decline. In contrast, taxable money funds gained $1 billion, to end the week at $514.7 billion. Money fund balances have been rising steadily this year, though slight week-to-week fluctuations are common.

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