Investors pumped money back into long-term U.S. mutual funds last month after reportedly pulling out in May in the wake of the stock market's "flash crash."
The bulk of assets going to mutual funds has been bond funds, the beneficiaries of a net inflow of $20.74 billion, up from $14.54 billion in May, reports Dow Jones' Kevin Kingsbury
and John Kell
Wall Street Journal Fund Track column
on Friday, citing data
from the Investment Company Institute
. Inflows jumped 58 percent for taxable funds to $18.79 billion but dropped 27 percent for municipal-bond funds.
On the other end of the spigot, money-market funds' outflows rose to $24.15 billion from $22.16 billion last month putting the first half's total at $509.27 billion, compared with outflows of $189.37 billion in the first half of 2009.
Also, more assets continued to be pulled from stock funds as $5.41 billion left these funds in June, down from $24.76 billion a month earlier. Funds that invest primarily in the U.S. had an outflow of $7.36 billion in June, versus an outflow of $19.10 billion in May.
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