TrimTabs Investment Research reported today that U.S. equity mutual funds and exchange-traded funds gathered $34.4 billion in July through Wednesday, July 17, which is the second-highest inflow on record, according to the Sausalito, Calif.-based research shop.

Global equity mutual funds and exchange-traded funds took in $9.2 billion in July. TrimTabs also reported that outflows from bond funds have slowed dramatically. Bond mutual funds and exchange-traded funds have redeemed $9.4 billion in July after losing a record $67.9 billion in June.

“The ‘great rotation’ so many pundits have been expecting may finally be getting underway,” saidDavid Santschi, chief executive officer of TrimTabs. “Since the start of June, U.S. equity funds have taken in $34.2 billion, while bond funds have lost $77.3 billion.”