Tax-exempt money market funds gave up the inflows they accumulated last week — and then some — when they lost $1.45 billion and total net assets dropped to $272.20 billion in the week ended June 11, according to the Money Fund Report, a service of iMoneyNet.com.

The funds kicked off the month of June with gains of $1.19 billion last week, driving net assets up to $273.64 billion, a merely temporary respite from the $1.80 billion of outflows in the week ended May 28.

The average, seven-day simple yield for the 442 reporting tax-exempt funds was unchanged at 0.01%, while the average maturity increased to 27 days from 24 the previous week.

Meanwhile, the 1,084 reporting taxable money funds saw modest inflows of $952.3 million that pushed total net assets up to $2.273 trillion in the week ended June 12.

While on the positive side, that hardly makes up for the $3.02 billion lost the week before and total net assets settled at $2.272 trillion.

The average, seven-day simple yield for the taxable funds remained at 0.03% for the 29th consecutive week, while the average maturity remained at 45 days.

Overall, the combined assets of the 1,526 money funds in the report declined by $492.9 million and total net assets settled at $2.544 trillion in the week ended June 12.

The previous week saw outflows of $1.83 billion that left total net assets at $2.545 trillion.