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.

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