Mutual funds attracted $47.5 billion in net inflows in March, mostly into bond funds, a trend that has endured for 27 straight months, according to Morningstar.

Taxable bond funds brought in $31.7 billion in March while municipal bond funds added another $3.9 billion. During that period, U.S. equity funds raised just $1.3 billion, although this was an improvement over February, which was a negative month for U.S. equity funds. International funds brought in $6.6 billion in March.

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