Open-end mutual funds have pulled in more than $226 billion through August, bringing them close to making up for ground lost in the second half of 2008, Morningstar said in a report.

For the month of August alone, investors put $54 billion into U.S. open-end mutual funds, representing the largest inflow since February 2007. “While that’s certainly a positive for fund firms, it doesn’t necessarily signal renewed enthusiasm for equities,” said Sonya Morris, an editorial director with Morningstar. “As has been the case throughout much of the year, the vast majority of inflows have been to fixed-income funds.” Municipal bond funds made up another 20% of flows.

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