Tax-exempt money market funds lost about half of what they gained last week, dropping $283.8 million to $356.98 billion in total assets for the week ending May 17, according to the Money Fund Report, a service of iMoneyNet.com.

The average seven-day simple yield for the 495 reporting funds increased by one basis point to 0.04%, while the average maturity remained unchanged at 24 days.

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