Investors added about $24 billion to what Morningstar calls "long-term mutual funds," which excludes money market funds, in June. In a reversal of last year’s trend, investors are putting more money into bond funds than U.S. stock funds, according to Morningstar analyst Michael Rawson.

Some of the $8.3 billion in outflow in U.S. equities was due to continued transfers from mutual funds to collective investment trusts at Fidelity, rather than a reflection of negative sentiment, Rawson said in a statement.

Despite the outflow, market appreciation kept U.S equity fund assets near record levels. Equity investors continued to show more interest in international and sector funds.

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