Investors in U.S. mutual funds pulled money out of U.S. equity funds for the 17th consecutive month as they continued to seek the perceived safety of fixed income funds and other non-equity plays, according Morningstar.

Overall, U.S.-stock funds have lost $82.6 billion since the beginning of this year, even though the Standard & Poor’s 500 Index is up 16.4% this year, through the end of September. “Rather than chasing returns, investors have largely ignored the equity market’s rally,” said Michael Rawson, an analyst at Morningstar and author of the September report.

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