The total assets of tax-free money market funds dipped slightly by $1.49 billion to $446.87 billion for the week ending Aug. 3, according to the Money Fund Report, a service of iMoneyNet.com.

By comparison, the total assets of tax-exempt money market funds settled at $448.36 billion after they saw $1.95 billion of outflows for the week ending July 27.

This week, the average seven-day simple yield for the 503 tax-free funds increased by one basis point to 0.14% from 0.13% in the week ending July 27. However, the average maturity remained unchanged at 28 days for the fourth week in a row.

The total assets of the 1,180 taxable money funds in the report dropped by $32.81 billion to $3.111 trillion for the week ending Aug. 4, according to the report, compared with $3.143 trillion after the funds lost $7.06 billion for the week ending July 28.

The average seven-day simple yield for the taxable funds dipped by just one basis point for the week ending Aug. 4 to a record-low of 0.08%, topping the previous record of 0.09% set during the week ending July 28.

Overall, the combined total assets of all 1,683 money funds in the report declined by $34.31 billion for the week, settling at $3.558 trillion, compared with the previous week when $9.02 billion in outflows caused the total assets of all money funds to settle at $3.591 trillion.

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