With a total loss of $10 billion, equity funds have seen their first year of outflows since 1988, and inflows into bond funds are on pace to reach record heights, according to Lipper's November fund flows report.

Equity funds showed outflows of $10 billion in November, with $3 billion coming from institutional classes and $7 billion from retail. November marks the first month that equity funds had made gains since May. Other fixed-income funds had inflows of $7 billion, with $1.6 billion in institutional classes and $5.4 billion in retail classes. And money market funds had inflows of $119 billion.

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