Assets of money market mutual funds edged down by $400 million, to $593.33 billion, in the week that ended July 20, the Investment Company Institute reported.

Outflows from tax-exempt funds accounted for the 0.07% decline.

Assets of money funds for retail investors dropped $712.4 million, to $422.56 billion, the institute said. Balances of tax-exempt funds slipped $1.24 billion, to $92.31 billion, while taxable funds rose $524.1 billion, to $330.25 billion.

On the institutional side, money market assets increased to $170.77 billion, a gain of $310 million.

Tax-exempt institutional fund assets declined $1.32 billion, to $21.12 billion. But taxable funds picked up $1.63 billion, ending the week at $149.65 billion.

-- Debra Cope

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