Updated from 9:31 a.m. EDT

Equity funds had net inflows for the fifth straight week after taking in $3.3 billion for the week ended April 21, according to AMG Data Services. The fund-flow tracking firm also reported that domestic equity funds garnered 64% of the dollars targeted for equity funds.

Trim Tabs, another fund-flow tracking company, reported equity inflows of $2.6 billion, with $2 billion of that total going into domestic equity funds.

As money has been flowing into equity funds on a weekly basis, municipal bond funds saw their fourth consecutive week of outflows. AMG reported that municipal bond fund outflows totaled $616 million for the week.

AMG says the rate of investor inflows to equity funds has reached $5.8 billion per week, its highest level since mid-March.

Nevertheless, Charles Biderman, chief executive of Trim Tabs, cautions against reading too much into the inflow streak, saying that "the inflows might be impressive, but they are still running at nearly half the pace of last April when equity funds were bringing in around $9 billion a week."

Municipal bond funds were not the only fixed income category to see outflows. AMG reported taxable bond funds losing $682 million in a week when rising interest rates were a main topic of conversation on Wall Street as traders focused on Fed Chairman Greenspan's testimony to Congress, in which he said deflation was no longer a concern.

Government funds investing in mortgage-backed securities and high yield corporate bond funds joined in the flight from fixed income funds seeing outflows of $537 million and $426 million, respectively.

"The flows should be out of bonds here," says Paul Mendelsohn, strategist for Windham Financial. "Traders want to reduce interest rate exposure ahead of next week's slew of economic data as well as the Fed meeting on May 4."

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