Tax-free money market funds gained inflows of just $1.30 billion during the week ending Aug. 18, but that didn't stop the asset class from setting a record for total assets for the third week in a row, increasing to $528.36 billion, according to the Money Fund Report, a service of of Westborough, Mass.

By comparison, last week the funds gained $5.69 billion, spiking total assets to a record $527.06 billion.

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