NEW YORK, July 2 (Reuters) - U.S. junk bond mutual funds reported a $385 million net inflow in the week ended July 1, a week after funds posted the first weekly net outflow since mid-March, AMG Data Services reported on Thursday.

The funds had reported a $110 million outflow the prior week.

Junk bonds are rated below investment grade and carry high yields to compensate for their risks. Year-to-date, junk bonds have returned almost 30 percent, according to Bank of America Merrill Lynch data, though strategists have recently cautioned that second half returns will likely not be so stellar.