Tax-free money market funds achieved record asset growth for the week ending March 31, gaining $3.78 billion, up significantly from last week's $1.26 billion, according to the Money Fund Report, a service of iMoneynet.com.

The 547 tax-free money market funds in the report set a new record by increasing to $493.36 billion in assets - a noticeable jump from the prior week's total assets of $489.58 billion, and surpassing the previous record of $492.05 billion set on Feb. 11.

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