With outflows of $8.46 billion, tax-exempt money market funds fell to $428.91 billion in total assets during the week ending Sept. 21, according to the Money Fund Report, a service of iMoneyNet.com.

Tax-exempt money market assets fell by $5.33 billion to $437.36 billion the previous week.

This week, the average seven-day simple yield for the 507 tax-exempt funds in the report inched up by one basis point to 0.06% after hitting a record low of 0.05% in the week before, while the average maturity increased by one day to 34 days.

Meanwhile, the assets of the 1,176 taxable money funds in the report rose slightly this week, adding $1.27 billion and ending the week of Sept. 22 with $3.010 trillion in total assets. In the previous week, the funds saw outflows of $49.90 billion and ended with $3.009 trillion as a result of the Sept. 15 corporate tax payment deadline.

The average seven-day simple yield for the taxable funds remained at a record low of 0.06% for the fifth week in a row.

Overall, the combined assets of the 1,683 funds in the report declined $7.19 billion to $3.439 trillion for the week ending Sept. 22, an improvement from the drop of $55.23 billion to $3.446 trillion the week before.

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