After experiencing a one-week decline of $5.90 billion, tax-exempt money market funds ended the week of Sept. 28 with $423.01 billion in total assets as the market prepared to close the books on the third quarter, according to the Money Fund Report, a service of iMoneyNet.com.

By comparison, last week, tax-exempt money market funds saw $8.46 billion in outflows, which caused the funds to end the week of Sept. 21 with $428.91 billion in total assets.

This week’s average, seven-day simple yield for the 507 tax-exempt funds in the report inched up by three basis points to 0.09% and the average maturity decreased by one day to 33 days for the week ending Sept. 28.

Meanwhile, the assets of the 1,175 taxable money market funds decreased by $13.68 billion and settled at $2.996 trillion for the week ending Sept. 29, compared to last week when they grew slightly, adding $1.27 billion and settling at $3.010 trillion for the week ending Sept. 21.

The average, seven-day simple yield for the taxable money funds in the report fell to a record low of 0.05% after standing pat at 0.06% for five consecutive weeks.

Overall, the combined assets of the 1,682 money funds in the report this week declined by $19.58 billion and ended at $3.419 trillion for the week ending Sept. 29. The previous week, the funds lost $7.19 billion and settled at $3.439 trillion.

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.