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

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.

A year ago, tax-exempt funds lost $797.9 million in the week ended July 18, followed by outflows of $2.09 billion and $1.23 billion in the final two weeks of the month, according to yearly data provided by Westborough, Mass.-based iMoneyNet.

This week, the average, seven-day simple yield for the 437 reporting tax-exempt funds remained at 0.01% for the seventh week straight, while the average maturity increased by one day to 30 days from last week.

Total net assets of the 1,078 taxable reporting funds slid by $21.80 billion to $2.240 trillion in the week ended July 17. That more than wipes away the $19.88 billion of inflows accumulated in the previous week when total net assets settled at $2.26 trillion.

The seven-day yield for the taxable funds was unchanged at 0.03% for the 24th consecutive week, while the average maturity remained at 45 days.

Overall, the combined assets of the 1,515 reporting money funds decreased by $23.82 billion in the week ended July 17, as total net assets fell to $2.512 from $2.537 trillion in the week before after $24.52 billion of inflows.