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.

Last week, tax-exempt funds grew by $545.70 million and settled at $357.27 billion with an average seven-day simple yield of 0.03%.

Among the 1,167 taxable funds in the report, assets fell $36.63 billion to $2.458 trillion for the week ending May 18, a turnaround from the previous week when a $21.10 billion inflow boosted the funds to $2.494 trillion.

The average seven-day simple yield for the taxable funds remained at 0.03% for the fifth consecutive week.

Overall, the combined assets of the 1,662 money funds in the report this week dropped $36.91 billion to $2.815 trillion, after they rose $21.65 billion to $2.852 trillion the previous week.

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