Don’t expect investors to pour all their money into stocks, bonds or mutual funds before the 2004 election, research firm Lipper said in a report Monday.

It’s not just the election, actually. Higher oil prices, fears of terrorism in addition to the obvious uncertainty surrounding who will become the leader of the free world on Nov. 2 have helped keep investors away from risk, said Don Cassidy, a senior analyst for Lipper.

"Stocks and consumer confidence declined while oil prices, inflation concerns, terror sensitivity and election uncertainty rose," Cassidy said. "The general mindset seems to be that there is no rush about making decisions, and that missing possible upside action is O.K. if losses can be avoided."

Light trading caused a very slow influx of money into equity funds, as they took in just more than $4 billion in July. The pace of fund investment dropped one-third in the month, with value funds doing better than other funds. "In a ho-hum month like this," Cassidy added, "you normally see inflows that are more healthy."

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