The growth was driven almost exclusively by institutional activity, which saw an influx of $49.46 billion, bringing the category total to $4.83 trillion. Government money market funds served as the primary engine for this expansion, adding $36.26 billion to their balance sheets. Conversely, retail investors pulled back, with retail fund assets declining by $9.79 billion to $3.09 trillion. Within the retail segment, both government and prime funds experienced outflows, though tax-exempt funds managed a modest gain of $1.87 billion. Prime funds overall saw a marginal increase of $40 million, settling at $1.23 trillion, while tax-exempt funds rose by $3.37 billion to reach a total of $148.33 billion. These figures, which exclude exchange-traded funds and funds investing primarily in other mutual funds, offer a snapshot of shifting liquidity preferences across the financial sector.