Topping last week's haul of nearly $10 billion, tax-free money market funds raked in $11.9 billion, setting a record high of $511.5 billion in total assets for the week ending May 12, according to the Money Fund Report, a service of iMoneynet.com of Westborough, Mass.

This week's total assets trumped the previous high of $504.8 billion set on April 7, according to the report. Last week, the funds took in $9.98 billion to settle at $499.5 billion in assets.

The average, seven-day yield for the 549 tax-exempt funds in the report dropped 22 basis points in the latest week to 1.91% from 2.13% the prior week, while the average maturity was shortened by one day to 23 days.

For the second week in a row, the 1,290 taxable money market funds significantly increased inflows as well. For the week ending May 13, taxable funds generated $18.47 billion of inflows, bringing total assets to $2.95 trillion. That is from $12.5 billion in inflows last week, which brought total assets to $2.93 trillion.

In all, the 1,839 money market funds earned $30.4 billion, driving total assets to $3.47 trillion, up from last week's inflows of $22.4 billion and $3.43 trillion in assets.

 

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.