Investor demand for tax-exempt money market funds withered as the industry registered $475.3 million in outflows, reducing total net assets to $264.65 billion, in the week ended July 22, according to The Money Fund Report, a service of iMoneyNet.com.

In the prior week, the industry registered outflows of $852.6 million, cutting total net assets to $265.13 billion, following the industry's biggest inflow in six months in the week ended July 8.

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