Open-end mutual funds attracted more than $226 billion of assets in the first eight months of this year, bringing them close to making up the ground lost in the second half of last year, according to Morningstar Inc.
In August, people invested $54 billion in U.S. open-end mutual funds, creating the biggest inflow since February 2007, Morningstar said Wednesday.
"While that's certainly a positive for fund firms, it doesn't necessarily signal renewed enthusiasm for equities," said Sonya Morris, an editorial director at Morningstar. "As has been the case throughout much of the year, the vast majority of inflows has been to fixed-income funds."
Municipal bond funds garnered another 20% of the inflows.