Net cash flows into stock mutual funds set an all-time record in January, but net assets declined, according to the Investment Company Institute, the industry association based in Washington, D.C.

After discounting redemptions and net exchanges for the month, the ICI reported that new sales of stock mutual bonds were $39.98 billion, a 60 percent increase over net new sales for the previous month of $24.98 billion and a 132 percent jump over net new sales in January 1999 of $17.24 billion.

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