Tax-free money market funds took in $82.8 million and settled with $309.12 billion in the week ended May 23, according to the Money Fund Report, a service of iMoneyNet.com.

The average seven-day simple yield for the 478 reporting tax-free funds remained at 0.02% for the second week in a row, while the average maturity remained at 45 days.

The modest inflows contrasted with the $914.9 million that fled the previous week, leaving the funds with $309.03 billion of assets.

Meanwhile, assets of the 1,138 taxable money funds grew by $6.20 billion to a total of $2.41 trillion for the week ended May 24, a reversal from last week, when they fell by $4.27 billion to finish with $2.40 trillion in total net assets.

The average seven-day yield for the taxable funds continued at 0.02% for the eighth consecutive week, while the average maturity declined by one day to 45 days.

Overall, the combined assets of the 1,616 money funds in the report increased by $6.29 billion, ending the week of May 24 with $2.72 trillion, compared to assets of $2.71 trillion the previous week, when the funds lost $5.18 billion.

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