Tax-exempt money market funds began the second half of the year on a sour note, suffering outflows of $10.62 billion, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The second consecutive week of declines caused the tax-exempt funds to end the week of June 30 with $503.03 billion in total assets, down from $513.65 billion the previous week when the funds experienced outflows of $3.81 billion for the week ending June 23.

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