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.

Among the 1,170 taxable money funds, total assets settled at $2.444 trillion following $20.93 billion in outflows for the week ending June 1. The average, seven-day simple yield remained at 0.03% for the seventh consecutive week.

Meanwhile, taxable funds last week took in $7.57 billion and finished with total assets of $2.465 trillion.

Overall, the combined assets of the 1,665 funds in the report fell $24.84 billion to $2.798 trillion, following last week’s increase of $7.413 billion to $2.822 trillion.