Reversing the gains they accumulated last week, tax-exempt funds were hit with outflows of $2.10 billion and finished with total net assets of $368.51 billion for the week ending April 12, according to the Money Fund Report, a service of iMoneyNet.com.

The outflows occurred just as investors were preparing for yesterday’s deadline for filing income taxes, and on the heels of $2.10 billion of inflows last week when the funds settled at $369.44 billion.

After two consecutive weeks at 0.04%, the average seven-day simple yield for the 497 tax-exempt funds reporting this week dropped to 0.03%. The average maturity remained unchanged at 26 days.

The 1,165 taxable funds in the report lost $30.56 billion  and ended with $2.539 trillion for the week ending April 13. Last week, leading up to the April 15 income tax deadline, the funds lost $15.56 billion and ended with $2.569 trillion in total net assets.

The average seven-day simple yield for the taxable funds remained at a record low of 0.02% for the 10th week in a row.

Overall, the combined assets of the 1,662 funds reporting dropped $31.48 billion and ended with $2.908 trillion for the week ending April 13, while the week before they lost $13.46 billion and finished with $2.939 trillion in total net assets.

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