Fueled by strong inflows into equity funds during the month of June, mutual funds took in a net $47.2 billion, according to Merrill Lynch. Equity funds attracted $18.7 billion, bond funds $5.4 billion and money market funds $23.2 billion.

This is the fourth straight month that equity funds have attracted net inflows, and may portend the market turnaround is for real. Investors split their money evenly between growth and non-growth funds, continuing a trend of the past three months.

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