Money may be pouring back into long-term (i.e. non-money-market) mutual funds these days, but it's pouring out of money market funds at an even faster rate. According to the May edition of the Morningstar Direct Fund Flows Update, long-term funds netted $165.102 billion in inflows year-to-date, as of April 30, even as money market funds netted $442.969 billion in outflows. That means that $277.867 billion net flowed out of mutual funds in the first four months of 2010.

The report also offers glimpses at flows of target date funds, REIT funds, bank-loan funds and exchange-traded funds. Fund firms singled out for special attention include Brandywine, Hotchkis and Wiley, Matthews Asia Funds and Osterweis (as well as usual suspects like American Funds, Fidelity, iShares and Vanguard) 

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