Investing July 30, 2003

ICI: Mutual Fund Coffers Swell 1.7% In June

July 30, 2003 (PLANSPONSOR.com) - Continuing a three-month warming trend, the combined assets of the nation's mutual funds increased by $114.4 billion, or 1.7%, in June.
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Mutual funds saw their assets total swell in June to $6.818 trillion in June from $6.704 billion in the previous month (See  Stock Funds Continue to Draw $$ in May ) on strong gains from stock and hybrid funds.   Stock funds gathered $73 billion in net new assets for the month, an increase of 2.5%, followed by the $7.5 billion pickup for hybrid funds, gaining 2.1% for the month, according to data from the Investment Company Institute (ICI).

Keeping with the trend of expanding indices, money market funds reported gains for the month as well.   T ax-free money market funds gained $5.2 billion, or 1.8%, and taxable money market funds added $18.9 billion, or 1.8%.

This was followed by a mixed reaction from bond funds.   Taxable bond funds padded their asset totals with a net gain in June of $11.4 billion, or 1.3%.   However, municipal bond funds reversed course, dropping 1% of theirs assets, or $1.6 billion.

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