Tax-exempt money market funds fell by $6.96 billion to end the week of April 20 with $474.51 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com.

The seven-day simple yield for the 508 tax-exempt funds in the report this week rose by just one basis point to 0.31%, while the average maturity decreased by one day to 24 days.

For the week ending April 13, tax-exempt funds lost $2.89 billion and settled at $481.47 billion in total assets. The previous week, the funds gained $1.79 billion after nearly a month of consistent outflows and ended the April 6 week with $484.35 billion in assets.

Meanwhile, the 1,206 taxable funds lost $21.36 billion and ended the week with $3.270 trillion. Last week, the funds declined by $843.8 million and settled at $3.291 trillion, while the seven-day yield for all taxable money funds continued to decline, slipping to a new all-time low of 0.20% from 0.21%.

The target federal funds rate remains at between zero and 0.25%.

The combined assets of the 1,714 money funds in the report experienced outflows of $28.32 billion and settled at $3.745 trillion in total assets for the week ending April 21, compared with the prior week when they dropped by $3.73 billion and settled at $3.773 trillion.

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