Ahead of the April 15 income tax deadline this week, tax-exempt money market funds suffered outflows to the tune of $2.85 billion for the week ending April 14, according to the Money Fund Report, a service of imoneynet.com.

The loss caused total assets to fall to $501.97 billion, down from the previous week's record high of $504.83 billion after taking in $11.47 billion and surpassing the $500 billion threshold for the first time ever.

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