Outflows totaling $3.06 billion caused tax-exempt money market funds to dip to $420.59 billion in total assets during the week ending Oct. 12, according to the Money Fund Report, a service of iMoneyNet.com.

The average, seven-day simple yield for the 505 tax-exempt funds in the report dropped three basis points to 0.05% from 0.08%, tying the all-time low that was first set on Sept. 14. The average maturity, meanwhile, remained at 33 days.

Last week, tax-exempt money funds experienced inflows of $643.2 million and settled at $423.65 billion in total assets for the week ending Oct. 5.

In the taxable arena, the 1,176 money market funds in the report lost $19.42 billion and ended with $2.95 trillion in total assets for the week ending Oct. 13, compared with outflows of $18.04 billion for the previous week when they ended at $2.98 trillion.

The average seven-day simple yield for all taxable funds remained at a record low of 0.05% for the third week in a row.

Overall, the combined assets of the 1,681 money market funds in the report declined by $22.48 billion to $3.38 trillion during the week ending Oct. 13, according to the report. That is down from the previous week when outflows totaling $17.40 billion caused the total assets to drop to $3.40 trillion.

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