Tax-Exempt Money Funds Lose $1.77B

Tax-exempt money market funds lost cash for a second straight week as investors withdrew $1.77 billion, leaving $325.56 billion in total net assets for the week ending Nov. 29, according to the Money Fund Report, a service of iMoneyNet.com.

The outflows followed $158.5 million in losses last week when the funds settled at $327.33 billion after two weeks of inflows.

The iMoneyNet money fund average seven-day simple yield for the 481 tax-free money funds in the report remained at 0.04% for the second week in a row, while the average maturity dipped one day to 32 days.

The 1,136 taxable money funds in the report took in $787 million to finish the week of Nov. 30 with $2.4598 trillion. That’s nearly the same as the $2.4591 trillion the funds ended with last week after taking in $11.68 billion.

The average seven-day yield for the taxable money funds remained at 0.03%, while the average maturity declined by one day to 48 days.

Overall, the combined assets of the 1,617 money funds in the report declined by $982.2 million for the week ending Nov. 30 and settled with $2.785 trillion in total net assets. The modest outflows arrived after a whopping $11.52 billion of inflows last week when the funds ended with $2.786 trillion.

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