Assets in money-market funds dropped $33.23 billion in the latest week on sharp outflows from institutional funds, according to the Investment Company Institute.

Cash has been moving into and out of the funds in recent months after hundreds of billions of dollars were pulled from money-market funds in the first half of the year as investors sought higher returns. Recent turmoil in the municipal-bond market has sent some investors to money funds.

For the week that ended Wednesday, total fund assets dropped to $2.803 trillion, according to ICI.

Retail funds had net inflows of $530 million, putting asset levels at $939.53 billion.

Taxable government funds slid $350 million to $166.4 billion, while nongovernment funds had $580 million of inflows, raising the amount of money in them to $569.79 billion.

Tax-exempt funds increased $310 million to $203.34 billion.

Meanwhile, assets in the institutional class fell a net $33.76 billion to $1.863 trillion.

Taxable government funds declined $7.7 billion, putting asset levels at $663.44 billion.

Nongovernment funds had outflows of $24.67 billion, moving their assets down to $1.078 trillion.

Tax-exempt funds fell $1.4 billion to $121.72 billion.

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