Money Fund Inflows of $2.1B Lift Assets to $492B

Tax-free money market funds inflows were down from last week's huge haul, but still totaled $2.124 billion, boosting assets to $492.05 billion for the week ending Feb. 12, according to imoneynet.com.

The average seven-day yield for tax-exempt money market funds fell to 1.70%, down 40 basis points from 2.10% the week before, while the average maturity was 28 days, one day less than the previous week.

Last week, tax-free funds increased by $6.67 billion to hit a record $489.92 billion in assets. There were 549 tax-free funds included in the report this week and last.

Meanwhile, the 1,271 taxable funds in the report also set a new record, rising by $31.02 billion to $2.845 trillion in total net assets, versus $2.814 trillion last week. Those funds' average seven-day yield fell to 3.07% from 3.17%.

Overall, the 1,820 mutual funds generated $33.15 billion in inflows, raising assets to $3.337 trillion, compared to last week's $38.00 billion of inflows and record $3.303 trillion in total net assets, according to the report.

- Christine Albano

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