Assets invested in money market mutual funds fell to $588.63 billion during the week ended Dec. 1, the Investment Company Institute reported.

That is a drop from $594.17 billion in the prior week.

Funds for both retail and institutional investors participated in the decline, ending the week with assets of $396.76 billion and $191.86 billion, respectively.

Tax-Exempt Funds Up

While assets in taxable money market funds declined, tax-exempt money market funds grew.

The 243 tax-exempt funds for retail investors held assets $86.78 billion, a gain of $387.1 million.

The 54 tax-exempt funds for institutional investors held $22.1 billion, up $192.1 million.

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