Modest gains continued to boost tax-exempt money market funds for a second week in a row, as $403.7 million arrived during the week ending Nov. 15 to push total net assets to $327.49 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The modest gains represent only the second time in as many weeks that the tax-exempt funds have experienced inflows since the first week of October.
Last week, the funds rose $718.2 million and settled with $327.08 billion, ending a month-long series of outflows.
The iMoneyNet average seven-day simple yield for 484 reporting tax-exempt funds was unchanged at 0.03% and the average maturity was also unchanged at 33 days.
Taxable funds lost $9.18 billion — almost two-thirds the $15.2 billion they accumulated last week — to settle with $2.447 trillion in total net assets the week ending Nov. 16. That compares with $2.456 trillion last week.
The iMoneyNet average seven-day simple yield for the 1,144 taxable funds reporting was unchanged at 0.03%.
Average maturity rose one day to 49 days.
Overall, the combined assets of the 1,628 money funds in the report fell to $2.774 trillion, due to $8.776 billion of outflows the week ending Nov. 16.
In the previous week, the funds settled with $2.783 trillion after generating inflows of $15.92 billion.