Tax-exempt money market funds recouped some of the outflows they suffered for the week ending April 5, as total assets rose $2.103 billion to $369.44 billion, according to the Money Fund Report, a service of iMoneyNet.com.
Much of the inflows this week occurred among national institutional funds and is consistent with similar flows seen at the beginning of each quarter in that fund category, according to Connie Bugbee, managing editor at iMoneyNet.
For instance, at the start of the first quarter, $2.60 billion flowed into the national institutional funds for the week ending Jan. 4. At the start of the second quarter a year ago, national institutional funds saw $1.78 billion of inflows for the week ending April 6, 2009, the data showed.
The inflows follow $2.74 billion of outflows last week when the funds ended with $367.33 billion in net assets. The average seven-day simple yield for the 496 tax-exempt funds reporting remained at 0.04% for the second week in a row, while the average maturity declined by one day to 26 days.
Significant outflows, however, affected the 1,165 taxable funds reporting in the week ending April 6 when they lost $15.56 billion and finished with $2.569 trillion. Taxable outflows were roughly half of the $32.68 billion that investors siphoned from the funds last week when they ended with $2.585 trillion. The average seven-day simple yield for the taxable funds remained unchanged at a record-low 0.02% for the ninth consecutive week in a row.
The combined assets of the 1,661 money funds reporting dropped by $13.46 billion in the week ending April 6 and ended with $2.939 trillion in total assets. The previous week the funds lost $35.42 billion and finished with $2.952 trillion.