In what marks the largest outflow activity so far this year, tax-exempt money market funds lost a hefty $5.17 billion and total net assets fell to $306.93 billion for the week ended April 25, according to the Money Fund Report, a service of iMoneyNet.com.
The withdrawals by investors followed the exit of $4.70 billion the week before, when total net assets fell to $312.10 billion in a continuing trend of outflows that has lasted for most of the first quarter. The tax-exempt funds lost $2.25 billion and settled with $316.80 billion in the week ended April 11.
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