Tax-exempt money market funds declined by more than double the modest and short-lived inflows they enjoyed last week as $2.75 billion poured out and total net assets dropped to $323.03 billion for the week ended Feb. 28, according to the Money Fund Report, a service of ­iMoneyNet.com.

In stark contrast, tax-exempt funds ­generated $1.14 billion of inflows in the week ended Feb. 21 and finished with $325.79 billion in total net assets.

The iMoneyNet money fund average seven-day simple yield for the 478 reporting tax-free funds in the money market fund report remained at 0.03%, while the average maturity declined by two days to 28 days.

Among the 1,124 taxable money market funds reporting, total net assets inched up to $2.391 trillion following the inflow of $1.25 billion in new cash for the week ended March 1.

Last week the taxable funds closed with $2.390 trillion after suffering outflows of $6.37 billion the week before.

The average seven-day yield for the taxable funds also remained unchanged at 0.03%, while the average maturity declined by one day to 45 days.

Overall, the combined assets of the 1,602 money funds reporting decreased by $1.5 billion and settled with total net assets of $2.715 trillion for the week ended March 1.

The previous week saw outflows of $5.22 billion, which caused the funds to close with $2.716 trillion in total net ­assets.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.