TITLE

Muni Funds Stagnate in March, Gaining Only $18 Million

AUTHOR(S)

Fine, Jacob

PUB. DATE

May 2003

SOURCE

Bond Buyer;5/2/2003, Vol. 344 Issue 31627, p6

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

Municipal bond mutual fund net inflows in the U.S. were reduced to 18 million dollars in March 2003, coming to a near stop despite witnessing an increase in February, according to Investment Company Institute. The funds accounted for a net inflow of 1.73 billion dollars in February. The funds' net inflow of 1.935 billion dollars for the first quarter falls short of the 3.605 billion dollars the funds took in over the same period in 2002. Sales of new shares have been relatively consistent so far in 2003, with 5.513 billion dollars in March, 5.151 billion dollars in February, and 5.699 billion dollars in January. Net inflows were higher in February largely because investors took less money out of the funds that month. Net exchanges of mutual fund shares within fund complexes cost municipal funds an additional net loss of 453 million dollars in March, after causing a net gain of 354 million dollars in February.

ACCESSION #

9740719

Tags: MUTUAL funds;  INVESTMENTS;  STOCKS (Finance)

 

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