Assets invested in money market mutual funds dropped 1%, to $642.83 billion, in the week that ended March 1, the Investment Company Institute reported.

The decline, from $649.5 billion the previous week, affected all categories of funds but was most pronounced in taxable portfolios.

On the retail side, assets fell $3.65 billion, to $454.82 billion. That includes $360.04 billion in taxable funds, down $3.02 billion in the week, and $94.78 billion in tax-exempt funds, down $631.5 million.

Assets of institutional money market funds sank to $188.01 billion, a $3.01 billion decline. Taxable funds held $164.71 billion, down $2.81 billion, while tax-exempt funds totaled $23.3 billion, off $202.7 million.

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