Equity mutual fund inflows hit their highest level in a year as investors cheered a swift military campaign in Iraq and a broad-based rally in stocks.

Investors added an estimated $14 billion to equity funds in April, according to fund tracking firm Lipper. That represents the largest monthly inflow since the nearly $15 billion inflow in April 2002. As a result of the latest influx of cash, equity fund flows for 2003 have crossed into positive territory.

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