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.

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