(Reuters) - U.S. money market funds attracted substantial inflows in the week to Oct. 23 as uncertainty over the U.S. presidential election and a reassessment of Federal Reserve rate outlook boosted demand for safer assets.

According to LSEG data, investors acquired a net $29.98 billion worth of money market funds during the week, posting their fourth weekly net purchase in five weeks.

Riskier equity funds, meanwhile, saw a net $2.54 billion worth of outflows, halting a three-weeks buying trend.

Investors sold U.S. large-cap, multi-cap, mid-cap and small-cap funds worth $2.68 billion, $1.5 billion, $1.03 billion and $201 million, respectively, in contrast to $15.2 billion, $672 million, $1.49 billion and $473 million worth of net purchases, a week ago.

U.S. sectoral equity funds, however, gained inflows for the second successive week, valued at a net $1.03 billion. Investors scooped up consumer discretionary, gold and precious metals, and communication services sector funds worth $802 million, $677 million and $599 million, respectively.

Simultaneously, U.S. money market funds secured inflows for the 21st straight week, amounting a net $3.39 billion.

US short-to-intermediate investment-grade funds attracted $1.83 billion, the sixth successive weekly inflow.

General domestic taxable fixed income funds drew inflows worth $1.44 billion, while investors funneled about $500 million each in municipal debt, loan participation, and mortgage funds.