Investors continued to gradually move out of the safety of money market funds and into the equity markets, as total assets of money market mutual funds dropped $16.33 billion to $3.747 trillion for the week ending June 10, according to the Investment Company Institute.

Retail money market fund assets fell $16.43 billion to $1.242 trillion. Among retail funds, taxable assets fell by $13.83 billion to $970.93 billion, while tax-exempt assets fell $2.60 billion to $271.08 billion.

Institutional money market fund assets gained $100 million to reach $2.505 trillion during the same period. Among institutional funds, taxable fund assets climbed $1.04 billion to $2.316 trillion, while tax-exempt assets fell $950 million to $189.07 billion.

The seven-day average yield on money market funds was unchanged from the previous week at 0.15%, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.17% to 0.16%.

The seven-day compounded yield mirrored the average yield, holding firm at 0.15%. The 30-day compounded yield also fell from 0.17% to 0.16%. The average maturity of money fund portfolios rose from 51 days to 53 days, the report said.

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