With a weekly gain of $5.69 billion, tax-exempt money market funds for the second week in a row set a new record for total assets, growing to $527.06 billion for the week ending Aug. 11, according to The Money Fund Report, a service of iMoneyNet.com.
The new record surpasses last week's all-time high of $521.37 billion achieved after the funds mustered inflows of $13.36 billion for the week ending Aug. 4, according to the report.
The average seven-day yield for the 554 tax-exempt and municipal funds in the report dropped 34 basis points to 1.39% from 1.73%, while the average maturity remained unchanged at 27 days.
The 1,304 taxable funds, meanwhile, rose by $16.74 billion and reached a new record of $2.99 trillion, following inflows of just $1.1 billion during the week ending Aug. 5, which caused the funds to settle at $2.974 trillion.
Overall, the 1,858 money market funds in the report surged by $22.43 billion to set a record of $3.517 trillion - up from $3.495 trillion last week when the funds gained $14.47 billion, according to the report.