Tax-exempt money market funds saw only moderate outflows as investors yanked a mere $252.5 million in the week ended April 4, causing total net assets to dip slightly to $319.05 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The outflows were positively modest compared to the $2.90 billion that fled the tax-exempt money fund industry in the week ended March 28, dropping total assets to $319.30 billion.
This week’s average seven-day simple yield for the 479 tax-exempt money funds in the report remained at 0.03%, while the average maturity held steady at 27 days.
Assets of the 1,140 taxable money funds, meanwhile, dipped by $4.23 billion to settle at $2.392 trillion in the week ended April 5. That a represents a big turnaround from the previous week, which saw inflows of $13.44 billion as the funds finished with $2.396 trillion.
In addition, the yield for the funds mirrored a record low of 0.02%, which was originally set on April 13, 2010. The yield had held steady at 0.03% for the last 23 weeks since Oct. 26, 2010.
The average maturity for the taxable money funds remained unchanged at 45 days.
Overall, the combined assets of the 1,619 taxable and tax-exempt money funds in the report lost $4.49 billion in the week ended April 5, leaving total assets at $2.711 trillion.
By comparison, the combined funds raked in $10.54 billion in the week ended March 29 and finished with assets of $2.716 trillion.