After near-record highs set by equity funds in January, not unexpectedly, February couldn't live up to the same expectations, according to a monthly report from Lipper. But it was a brave attempt.

Equity mutual funds experienced respectable net inflows of $30.5 billion for February. January's $47 billion in inflows, according to senior Lipper analyst Donald Cassidy, happened because "special seasonal factors were at work." In February, "seasonal and behavioral factors that boosted the money intake in January were absent, as was the earlier strong showing of stock prices," according to Lipper.

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