Total assets of money market mutual funds surged $34.40 billion to $3.808 trillion for the week ending Dec. 23, according to the Investment Company Institute.

Institutional money market funds saw the biggest increase, with total assets increasing by $36.15 billion to $2.527 trillion. Among institutional funds, taxable assets increased by $36.49 billion to $2.342 trillion, while tax-exempt fund assets fell $342 million to $184.33 billion.

Assets of retail money market funds dropped $1.75 billion to $1.282 trillion. Among retail funds, taxable assets fell $1.03 billion to $984.54 billion and tax-exempt assets fell $719 million to $297.19 billion.

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