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Mutual Funds
Mutual funds lose steam
June 29, 2000: 5:47 p.m. ET

Stock fund assets took a dive in May as investors held their wallets tight
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NEW YORK (CNNfn) - Assets in U.S. mutual funds dipped 1.9 percent in May as Wall Street investors turned their backs on equities amid concerns over further interest-rate tightening by the Federal Reserve.

graphicThe combined assets of the nation's mutual funds dropped from $7.294 trillion in April to $6.908 trillion, according to the Investment Company Institute (ICI), a Washington trade group.

Stock funds also took a dive in May, dropping $143.69 billion in assets, and net new cash flow was $16.94 billion, compared with April's $34.02 billion.

Assets of taxable and municipal bond funds fell by $4.73 billion during the same month, and the two had a combined outflow of $5.21 billion.

Taxable bond assets alone dipped 0.3 percent to $516.1 billion, while assets in municipal bonds plunged 1.3 percent to $271.6 billion. Back to top

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