Money market mutual funds assets rose by $18.06 billion to $3.520 trillion for the week ending June 5, according to the Investment Company Institute.

Assets of retail money market mutual funds rose by $4.15 billion to $1.227 trillion, while assets of taxable money market funds in the retail category rose by $973 million to $920.26 billion. Tax-exempt fund assets rose by $3.18 billion to $306.53 billion.

Overall, institutional money market fund assets rose by $13.91 billion to $2.293 trillion, including a $17.65 billion rise in taxable money market fund assets to $2.092 trillion and a drop in tax-exempt fund assets of $3.74 billion to $201.23 billion.

The seven-day average yield rose from 1.92% to 1.94% during the week ending June 4, while the 30-day average yield fell from 1.94% to 1.93%, according to Money Fund Report, a service of iMoneyNet Inc.

The seven-day compounded yield rose from 1.94% to 1.96%, while the 30-day compounded yield fell from 1.96% to 1.95%.

The average maturity of the portfolios held by the funds was 44 days, down from 45 days.

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