Tax-exempt money market funds continued their downward trend for a second week as $1.26 billion exited the industry and total net assets settled at $263.66 billion in the week ended Oct. 21, according to The Money Fund Report, a service of iMoneyNet.com.

In the prior week, the funds lost $973.2 million as total net assets decreased to $264.92 billion. New cash totaling $2.74 billion had arrived in the week ended Oct. 7 -- the first inflow in four weeks -- as total net assets rose to $265.90 billion.

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