Tax-exempt money market funds lost $1.70 billion and total net assets declined to $268.31 billion in the week ended Sept. 3 - the second consecutive week of significant losses, according to the Money Fund Report, a service of iMoneyNet.com.

The previous week, $2.45 billion fled the funds and total net assets settled at $270.01 billion - and that was on the heels of a modest $124.8 million that flowed in during the week ended Aug. 20.

The average, seven-day simple yield for the 438 tax-exempt reporting funds remained unchanged at 0.01% for the 12th straight week, while the average maturity increased one day to 39 days compared to last week.

Meanwhile, the 1,078 taxable money funds reporting experienced outflows of $13.19 billion as assets fell to $2.271 trillion in the week ended Sept. 4. The week before total net assets finished with $2.284 trillion following outflows of $626.4 million.

The average, seven-day simple yield for the taxable funds remained at 0.02% for the second week in a row, while the average maturity also remained at 46 days.

Overall, the combined assets of the 1,516 reporting money funds saw total net assets decline by $15.08 billion and finish with $2.539 trillion for the week ended Sept. 4. The previous week saw $3.08 billion of outflows, leaving total net assets at $2.554 trillion.