April's steep decline in the stock markets drove down assets under management for many equity funds that had closed to new investments, prompting a handful to reopen.

While the markets have since strongly rallied and then declined yet again in a highly volatile, zigzag pattern, the overall trend in April has been a decline in net asset value, according to Lipper Analytical Services of Summit, N.J. There were $4.04 trillion in assets in equity funds as of March 31, according to Lipper.

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