Assets of retail money market mutual funds dipped to $422.93 billion in the week that ended May 11, the Investment Company Institute reported.
The $296 million decline marked the third week in a row retail fund assets have fallen.
Balances had risen sharply in late March and early April as nervous investors fled stocks, bonds, and the mutual funds that invest in them.
The decline was concentrated in taxable money market funds. Retail balances in these funds fell to $329.55 billion, down $509.7 million in the week.
On the tax-exempt side, retail assets rose $240.7 million, to $93.38 billion.
Institutional money market funds grew by $285.4 million, to $173.10 billion.
Within the institutional category, taxable fund assets rose by $677.8 million, to $151.24 billion, and tax-exempt assets fell by $392.4 million, to $21.86 billion.
Total money market mutual fund assets stood at $596.03 billion on May 11, a bare increase from $596.01 billion the week before.
