Tax-free money market funds fell by $4.31 billion to $482.42 billion for the week ending Feb. 16, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The average seven-day simple yield for the 508 tax-free money funds in the report experienced a slight increase to 0.31%, up from last week's record low of 0.28%. The average maturity increased to 28 days from 27 days.

By comparison, last week, 511 tax-free funds in the report lost $2.2 billion to settle at $486.73 billion for the week ending Feb. 9.

Among taxable money market funds, meanwhile, 1,220 reporting this week saw total assets drop by $34.35 billion to $3.309 trillion for the week ending Feb. 17, compared with inflows of $5.40 billion for the week ending Feb. 10 when the funds settled at $3.343 trillion.

Taxable funds also dropped to a new all-time low yield of 0.37% for the week ending Feb. 17, down from last week's record low of 0.40%.

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