The fund industry held its collective breath and prepared for the worst last Monday as markets reopened, but preliminary indications show that the levels of investor panic some firms may have feared did not materialize. Fund investors may have called fund companies or visited Web sites, but it does not appear they pulled significant amounts of money out of their funds.

Preliminary data offered by, a Santa Rosa, Calif.-based research firm that tracks daily fund flows, estimates last Monday's flows at an estimated negative $1.8 billion, which is much less than expected, said Charles Biderman, president of TrimTabs. Biderman guessed outflows would have been closer to $3 to $4 billion on Monday. Still, Biderman hedged TrimTabs preliminary estimates. "We're suspicious of some of the data, so outflows might be higher," he said. The problem, he said, is that reporting may have been slightly inaccurate because of the lengthy market closure, he said.

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