Tax-exempt money market funds lost $2.03 billion — nearly half of the unusually high bounty they amassed last week — as total net assets dipped to $272.67 billion in the week ended July 16, according to The Money Fund Report, a service of iMoneyNet.com.

The activity paled in comparison to last week, which turned out to be the second largest positive flows since January and a stunning reversal of recent patterns. The funds reeled in $4.64 billion, exceeded only by the raking in of $5.78 billion in the week ended Jan. 9, which was also the largest one-week activity for the year to date.

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