Total assets of money market mutual funds rose by $2.33 billion to $3.79 trillion for the week ending May 13, according to the Investment Company Institute.

Retail investors took out $13.47 billion from money funds, leaving that category with $1.276 trillion. Tax-exempt retail fund assets fell $1.81 billion to $274.46 billion.

Total assets of institutional money market funds rose by $15.8 billion to $2.514 trillion during the same week. Among institutional funds, taxable assets rose by $13.1 billion to $2.324 trillion and tax-exempt assets rose $2.71 billion to $190.4 billion.

The seven-day average yield on money market funds fell from 0.19% to 0.18% during the week ending May 12, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell form 0.20% to 0.19%.

The seven-day compounded yield also fell from 0.19% to 0.18% during the same period, and the 30-day compounded yield fell from 0.20% to 0.19%.

The average maturity of money fund portfolios was at 51 days, up from 49 the previous week.

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