Tax-exempt money market funds reversed some of the outflows they experienced during income tax season as $667.90 million trickled back into the industry and total net assets rose to $260.09 billion in the week ended May 6, according to The Money Fund Report, a service of iMoneyNet.com.

The inflows followed a $4.49 billion decline in net assets in the week April 29 at the tail end of the seasonal outflow as individuals and corporations paid income taxes. In the week ended April 22, $5.58 billion in assets exited the industry, as total net assets fell to $263.91 trillion.

Last year, in the week ended May 7, $2.83 billion flowed back into the industry, after weeks of multi-billion-dollar losses during income tax season, according to annual flow data from the fund tracker.

This week, the average, seven-day simple yield for the 423 reporting tax-free money funds dipped to 0.01% from 0.02% in the prior week, while the average maturity increased by one day to 28 days.

The 1,029 reporting taxable money funds gained $5.97 billion in the week ended May 7 as total net assets rose to $2.305 trillion, a reversal from the prior week when $14.55 billion of outflows caused total net assets to fall to $2.299 trillion.

The average, seven-day simple yield for the taxable funds was unchanged at 0.02% from the prior week, while the average maturity remained at 48 days.

Overall, the combined assets of the 1,452 reporting money funds increased by $6.63 billion in the week ended May 7 as total net assets rose to $2.565 trillion. That compares to the prior week's outflows of $19.04 billion, which had reduced total net assets to $2.559 trillion.

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