Tax-exempt money market fund outflows slowed to $3.48 billion as total net assets dropped to $257.62 billion in the week ended April 28, according to The Money Fund Report, a service of iMoneyNet.com.
The losses compare the exit of $5.62 billion the week before - the largest weekly decline in assets in four years. The funds typically suffer seasonal losses in mid-April as a result of the coinciding individual and corporate income tax deadline on April 15. Last week's losses were the most since $7.66 billion of outflows were reported on Jan. 18, 2010, and total net assets fell to $393.62 billion.
The average, seven-day yield for the 420 weekly reporting tax-exempt money market funds was unchanged at 0.01%, while the average maturity decreased by one day to 30 days.
The 1,016 weekly reporting taxable money funds reported inflows of $10.75 billion as total net assets swelled to $2.354 trillion, following inflows of $7.64 billion the week before.
The average seven-day yield for the taxable funds remained steady at 0.01%, while the average maturity fell one day to 44 days compared to last week.
The combined total net assets of the 1,436 weekly reporting money funds increased by $7.27 billion to $2.611 trillion in the week ended April 29 followinggains of $2.02 billion the previous week.
