Tax-exempt money market fund assets hit a record-high of $521.37 billion for the week ending Aug. 4 after adding $13.36 billion of inflows, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
The 553 tax-exempt and municipal funds surpassed its previous record of $520.97 billion, which was set back on May 26. Last week, the funds lost $482.3 million, ending with $508.01 billion in total assets.
The average, seven-day yield for the tax-free and municipal funds in the report increased by six basis points to 1.73% from 1.67%, while the average maturity decreased by one day to 27 days.
The 1,305 taxable funds, meanwhile, saw inflows of just $1.11 billion, causing total assets to settle at $2.974 trillion. Last week, the funds took in $7.39 billion and ended at $2.972 trillion.
Overall, the 1,858 money market funds in the report accumulated a combined $14.47 billion of inflows, rising to a record-high of $3.495 trillion during the week ending Aug. 5 - beating the prior record of $3.490 trillion established on April 8, according to the report.
