Although outflows from tax-free money market funds dipped below $1 billion mark this week, they continued to put a damper on the industry as investors withdrew $773.1 million and total net assets fell to $288.52 billion in the week ended Oct. 3, according to the Money Fund Report, a service of iMoneyNet.com.
The previous week saw tax-exempt funds finish with $289.28 billion after losing $2.83 billion.
The average, seven-day simple yield for the 472 reporting tax-exempt funds this week was unchanged at 0.01% for the fifth straight week, while the average maturity increased to 33 days from 32 days.
The 1,117 taxable money funds saw total net assets settle at $2.314 trillion after $4.71 billion poured out in the week ending Oct. 4.
The previous week saw assets rise to $2.319 billion after $17.96 billion of inflows.
The seven-day yield for the taxable funds remained at 0.02% for the 10th consecutive week, while the average maturity increased one day to 40 days from 39 last week.
Overall, the combined assets of the 1,589 money funds in the report declined by $5.48 billion and total net assets settled at $2.603 trillion for the week ending Oct. 4. The previous week saw total net assets rise $15.13 billion to $2.608 trillion.