Tax-exempt money market funds shed $3.91 billion in the week ending May 31, finishing with total net assets of $352.92 billion, according to the Money Fund Report, a service of iMoneyNet.com. That was a significantly steeper decline than the previous week, in which the funds saw $156.7 million of outflows and ended with $356.83 billion.

The average, seven-day simple yield for the 495 tax-exempt funds reporting remained at 0.04% for the third week in a row, while the average maturity remained unchanged at 23 days.

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