Investors added less net money to mutual funds in May than they have in two years.

Financial Research Corporation's, latest numbers paint the bad news. According to the Bisys-owned research and consulting firm, only $5.3 billion flowed into stock and bond mutual funds last month, a mere fraction the $31.3 billion added in April. Stock funds especially were hit hard, losing $4.4 billion in May after gaining $7 billion in April. 

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