In the months before the 2004 presidential election, investors are opting for safety over risk. Equity fund inflows were an estimated $11.5 billion in August, according to Lipper, as value funds once again beat growth funds and mixed equity continued to attract most of investors' money.

As a whole, equity, fixed income and money market funds took in $6.3 billion. The amount is considered modest, a word that could also describe investors' outlook right now.

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