TITLE

Muni Funds Get Back on Track in May With Net Inflow of $1.29 Billion

AUTHOR(S)
Fine, Jacob
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Municipal bond mutual funds made a comeback in May with a net inflow of $1.292 billion following a disappointing April, the Investment Company Institute reported the week ending June 21, 2003. The funds had a net outflow of $334 million in April, marking their first losing month in 2003, according to revised figures released Thursday by the Washington, D.C.-based institute. The May figures pushed the funds' net inflow for the first five months in 2003 to $2.746 billion. Sales of new shares rose to $5.794 billion in May from $5.064 billion in April, while redemptions fell to $4.481 billion in May from $5.396 billion in April. The funds' positive inflows have continued into June. The May turnaround was driven in part by renewed investor interest in long-and intermediate-term municipal bond funds, ICI reported.
ACCESSION #
10171137

 

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