In the pre-holiday week — and following the first significant inflow activity since early October — investors withdrew $3.48 billion in assets from tax-exempt money market funds, leaving them at $405.25 billion for the week ending Dec. 14, according to the Money Fund Report, a service of

The outflows came as many investors are preparing for the upcoming holidays, and on the heels of $2.59 billion of inflows for the week ending Dec. 7. Those inflows were the first since the week ending Oct. 5, when investors added a moderate $643.2 million to tax-exempt money funds. The funds ended last week with $408.73 billion in total assets.

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