In a quick shift, net outflows from tax-exempt money market funds fell to $302.8 million for the week ended May 2, according to the Money Fund Report, a service of iMoneyNet.com.

Total net assets for the funds settled at $306.62 billion.

By comparison, the funds lost a whopping $5.17 billion in the week ended April 25 in what was the largest outflow so far this year. In the previous two weeks, the funds lost $4.70 billion and $2.25 billion, respectively.

Meanwhile, the average yield for the 480 tax-free money market funds inched up to 0.04% from 0.03% last week, while the average maturity remained at 26 days.

Among the 1,137 taxable money funds reporting, assets decreased by $2.81 billion to $2.394 trillion for the week ended May 3. The week before saw funds finish with total net assets of $2.396 trillion following $13.21 billion of inflows.

The average yield for the taxable funds remained at 0.02% for the fifth consecutive week, while the average maturity increased to 45 days from 43 days the week before.

Overall, the combined assets of the 1,617 money funds in the report fell $3.11 billion to $2.701 trillion in the week ended May 3. The previous week saw the funds rake in $8.04 billion and finish with $2.704 ­trillion of assets.

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