June arrived on a positive note for tax-exempt money market funds, which accumulated $1.19 billion in new cash while total net assets rose to $273.64 billion in the week ended June 4, according to the Money Fund Report, a service of iMoneyNet.com.
The inflows helped recover some of the $1.80 billion lost last week when net assets dropped to $272.46 billion.
The average seven-day simple yield for the 442 reporting tax-exempt funds dipped to 0.01%, down one basis point from 0.02%, while the average maturity dropped one day to 24.
Meanwhile, the 1,084 taxable funds lost $3.02 billion and total assets fell to $2.272 trillion in the week ended June 5, compared to the week before when they gained $8.13 billion and finished at $2.275 trillion.
The average seven-day yield for the taxable funds remained at 0.03% for an 18th week in a row, while the average maturity hovered at 45 days.
Overall, combined assets of the 1,526 money funds in the report declined by $1.83 billion to $2.545 trillion in the week ended June 5, after a week that saw inflows of $6.33 billion that boosted assets to $2.547 trillion.
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