Tax-exempt money market funds took a step into positive territory for the week ending May 11 as they gained $742.9 million to settle at $468.67 billion, according to the Money Fund Report, a service of iMoneyNet.com.

By comparison, tax-exempt assets declined by $646.9 million and settled at $467.92 billion for the week ending May 4.

The average seven-day simple yield for the 508 tax-free money funds in the report slipped to 0.29% from 0.34%, while the average maturity remained unchanged at 24 days.

Taxable funds, meanwhile, saw an inflow of $1.43 billion to $3.263 trillion for the week ending May 12, compared with the week ending May 5 when assets declined by $1.02 billion to $3.262 trillion.

The average seven-day simple yield for the 1,209 taxable funds in the report descended to an all-time low of 0.18%.

Overall, the combined assets of the 1,715 money funds in the report ended the week at $3.732 trillion after generating $2.17 billion of inflows. Last week the total combined assets ended at $3.729 trillion after the funds saw outflows of $1.67 billion, according to the Money Fund Report.

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