Tax-free money market funds continued on their record-breaking streak this week.
Although they took in $8.11 billion for the week ending May 19 - compared with $11.9 billion last week - that was still enough to spike assets to $519.6 billion, topping the prior week's record high of $511.5 billion, according to the Money Fund Report, a service of Westborough, Mass.-based iMoneynet.com.
The seven-day average yield for the 549 tax-exempt funds in the report dropped 39 basis points to 1.52% from 1.91% in the week before, while the average maturity decreased by one day to 22 days.
The 1,292 taxable funds, meanwhile, also experienced smaller inflows. The funds rose by just $5.86 billion, causing total assets to creep up to $2.96 trillion for the week ending May 20. Last week, however, taxable funds gained $18.47 billion to settle at $2.95 trillion, according to the report.
Overall, 1,841 money market funds saw assets rise by $13.97 billion to settle at $3.48 trillion - also a smaller inflows when compared to last week's take when they gained $30.4 billion, totaling $3.47 trillion.