A new report from Morningstar looking at May’s fund flows adds further evidence that investors are growing less enchanted with equities in favor of more conservative assets.

The report found that for the first time this year, U.S. equity funds suffered an outflow. The net decline was $4.5 billion. The amount of funds flowing into U.S. equities has been dropping since January’s $30 billion high-water mark, but May represented the first foray into negative territory.

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