Tax-free money market funds gained nearly $10 billion during the week ending May 5, recouping twice the $5 billion-plus they lost in the previous week, according to the Money Fund Report, a service of Westborough, Mass.-based imoneynet.com.

The 549 tax-free funds in the report gained $9.98 billion, which swelled total assets to $499.5 billion in the latest week, versus $5.09 billion in outflows the previous week that left them at $489.6 billion.

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