In spite of the continued market rally in May, equity mutual funds attracted $8.2 billion in the month, down from the $14 billion in April, Lipper reported Wednesday. It was the first time in a year that that equity funds had three straight months of inflows, and the types of equity funds that investors preferred were conservative – namely income, balanced and convertible securities funds.

Bond funds continued to attract a fair amount of money, taking in $9.4 billion. But money market funds lost a whopping $15.9 billion. Overall, for all types of mutual funds, the industry netted $1.7 billion during the month.

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