Investors, mystified about current events and the seesaw stock markets of the past few months, invested less money in equity funds in May than in any month since April 2003, research firm Lipper reported last week.

The equity fund inflows of $10.5 billion were modest, at best, and represented an 80% drop-off from just four months earlier, even as the money market inflows of $5 billion represented that group's best month since last June.

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