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 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.

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