With a weekly gain of $5.69 billion, tax-exempt money market funds for the second week in a row set a new record for total assets, growing to $527.06 billion for the week ending Aug. 11, according to The Money Fund Report, a service of iMoneyNet.com.

The new record surpasses last week's all-time high of $521.37 billion achieved after the funds mustered inflows of $13.36 billion for the week ending Aug. 4, according to the report.

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