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.

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