After a record-breaking first quarter in 2000, equity fund flows reversed direction in the first quarter of 2001, according to AMG Data Services of Arcata, Calif. Mutual fund investors reallocated investments from equity funds to bond and money market funds in the first quarter, according to the fund tracker.

Equity fund inflows fell 89 percent from the first quarter last year to the first quarter this year, dropping from $113.7 billion to $12.5 billion, according to AMG. For the same periods, taxable bond outflows of $30.7 billion reversed, attracting $22.8 billion in inflows. Money market fund inflows increased 159 percent, from 81.7 billion in the first quarter of 2000 to $200.1 billion in the first quarter of 2001, according to AMG.

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