Investors did not let a market selloff prevent them from putting their money to work, as equity funds saw inflows of $1.4 billion for the week ended July 21, according to fund tracking firm TrimTabs.

In a week that saw the S&P 500 fall 1.5%, U.S. funds took in $1.38 billion, down from a $2.11 billion gain in the prior week. International funds saw outflows of $8 million, $120 million less than the prior week, says TrimTabs.

As money continued to flow into equities, bond funds saw a second week of outflows. Bond fund outflows reached $745 million for the week, up from $400 million, says TrimTabs.

Rival fund-tracking firm AMG reported $6 million in net outflows for taxable bond funds, with high-yield corporate bond funds seeing inflows of $197 million. AMG says sentiment toward the $126 billion high-yield fund asset base has improved for the ninth consecutive week. Equity inflows hit $874 million, about five times last week's gain.

Money market funds reported inflows totaling $11.2 billion, says AMG, while municipal bond funds reported outflows of $274 million.

While it pepped up the Wednesday's trading session, TrimTabs director of research Carl Wittnebert said Microsoft's ( MSFT) $3-a-share dividend announcement did not affect fund flows.

"But if their December cash dividend is invested in mutual funds, we may have to reprogram our computers," joked Wittnebert.

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