The quarterly corporate-tax payment deadline on Monday was a key contributor of noticeable outflows among money market funds this week.

Tax-exempt funds lost $2.88 billion and settled with $463.01 billion in total assets for the week ending June 15, according to the Money Fund Report, a service of of Westborough, Mass.

Last week, by comparison, tax-exempt money market funds managed to gain $228.3 million and finish the week of June 8 with total assets of $465.89 billion, after two weeks of consecutive outflows.

In addition, the seven-day simple yield for the 504 tax-free money funds in the report remained at a record low of 0.18% for a second week in a row, while the average maturity increased by one day to 24 days.

Meanwhile, the 1,203 taxable funds saw their assets decline by $60.04 billion to settle at $3.169 trillion for the week ending June 16, compared with outflows of just $6.78 billion last week when the funds settled at $3.229 trillion.

The seven-day simple yield for all taxable funds dipped two basis points to 0.13% from the prior record low of 0.15% reached last week.

Overall, the combined assets of the 1,707 funds in the report lost $62.9 billion and settled at $3.632 trillion for the week ending June 16, compared with last week when the funds dropped only $6.55 billion and settled at $3.695 trillion.

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