Investors pulled $16.6 billion from long-term mutual funds in the week ended May 26, the Investment Company Institute said Wednesday. It was the second week of outflows since mid-May, reversing the previous 57 straight weeks of inflows. Long-term funds lost $9.9 billion in the week ended May 12 and managed to take in $4.3 billion the following week ended May 19.

Industry insiders had heralded the strong inflows as a sign of continued investor trust in the markets, even though the lion's share of the money over the past year poured into bond funds and international equity funds.

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