Assets of money market mutual funds dipped 0.65%, to $1.2046 trillion, in the week ended July 15, the Investment Company Institute reported.

The decline was concentrated in funds for institutional investors; their balances tumbled 1.38%, to $468.58 billion. That includes $424.28 billion of taxable portfolios, down $5.63 billion, and $44.29 billion of tax-exempt portfolios, down $941 million.

On the retail side, assets declined 0.17%, to $728.22 billion. Taxable portfolios held $592.20 billion, down $873 million. Tax-exempt funds held $136.02 billion, down $369 million.

The institute, a Washington trade group for mutual fund companies, bases its reports on a weekly survey of 1,030 money market funds.

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