Taxable bond funds and exchange traded funds (ETFs) enjoyed another banner month in April, according to Morningstar's latest Direct Fund Flow Update, adding another $17.7 billion and $23.3 billion in inflows, respectively.For the month, taxable bond funds recorded the largest percentage increase of any asset class while inflows for U.S. ETFs more than tripled from the $6.9 billion added in March.

Meanwhile, long-term mutual funds posted inflows of $23.9 billion, down from $27 billion in March and municipal bond funds took a step back with redemptions of just over $3.8 billion.

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