Tax-free money market funds remained in negative territory this week as they lost $4.98 billion and ended the week of July 21 with $508.49 billion in total assets, according to the Money Fund Report, a service of iMoneyNet of Westborough, Mass.

Last week, the funds also lost $1.32 billion and settled at $513.48 billion.

The average seven-day yield for the 551 tax-exempt funds reporting this week rose 13 basis points to 1.13% from 1.00%, while the average maturity increased to 29 days from 28 days.

Meanwhile, the 1,302 taxable funds grew by $11.09 billion to settle at $2.965 trillion in assets for the week ending July 22, compared to the prior before when they gained $5.21 billion to settle at $2.954 trillion.

All 1,853 money market funds reporting this week gained a combined $6.114 billion, growing assets to $3.473 trillion, compared with last week when the funds experienced strong inflows of $13.896 billion and ended the week with $3.467 trillion in assets.

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