Investors began to show unease with the stock market's continuing poor performance in May by reducing net inflows into equity mutual funds to $20.7 billion during the month, according to early estimates by of Santa Rosa, Calif.

If's figures prove accurate, net inflows into equity mutual funds will have fallen 38 percent in May from the $33.8 billion that went into equity funds in April, according to the Investment Company Institute of Washington, D.C. May sales of equity funds were half of the monthly average of $42 billion from January through April, said Carl Wittnebert,'s director of research.

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