Tax-free money market funds continued to suffer the effects of strong seasonal outflows — yet posted the highest losses of the previous three years — as investors withdrew $5.58 billion from industry, leaving total net assets at $263.91 billion, according to The Money Fund Report, a service of iMoneyNet.com.

The outflows are by far the largest so far this year and compare to last week when $3.63 billion exited the industry and total net assets settled at $269.49 billion in conjunction with the arrival of the filing deadline for federal income taxes for individuals and corporations.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.