New money being invested in stock and bond mutual funds is down markedly from a year earlier and what is being invested is concentrating in only a handful of top-performing funds, according to Financial Research Corporation (FRC) of Boston.

Long-term net flows were $42.1 billion in the first quarter, down 51 percent from $86.7 billion in the first quarter of 1998, according to FRC. That was the lowest first quarter net inflow since 1995's $18.6 billion, according to FRC.

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