Tax-exempt money market funds struggled to hang onto the previous week’s gains as $1.72 billion exited the industry and total net assets settled at $258.36 billion in the week ended May 13, according to The Money Fund Report, a service of

This week’s decrease  offset some of the $667.90 million that trickled back into tax-exempt money funds last week following $4.49 billion of outflows in the week ended April 29 at the tail end of income tax season -- a period typically characterized by heavy declines in assets.

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