Long-term mutual fund inflows were just $20.7 billion in August, with open-end U.S.-stock funds facing yet another month of outflows, losing $14.3 billion, according to Morningstar Inc.

Additional highlights from Morningstar's report on mutual fund flows:

    Investors poured $26.4 billion into taxable-bond funds ($30.0 billion if ETF flows are included) and another $5.6 billion into municipal-bond funds in August. Altogether, inflows into these funds surpassed $1.1 trillion since the end of 2008 when the Fed cut rates to zero.
    U.S.-stock mutual funds and ETFs bled $22.4 billion in August, making it the worst month in two years and the fifth worst during the past five years for the asset class.
    International-stock funds had $2.8 billion in outflows, the group's worst showing since December 2011.
    Investors seem to have lost their taste for world-bond and inflation-protected bond funds. These two former market darlings absorbed just over $600 million in combined August inflows.
    Old Westbury burst on the scene in August with inflows of $1.4 billion, while the American Funds logged another $5.5 billion in outflows, Morningstar said.