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Investors Abandon Stock Funds

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July 25, 2002 — After being battered by the turbulent stock market, mutual fund investors decided to take their ball and go home last month.

Shareholders pulled $14.1 billion out of domestic stock funds last month, according to Financial Research Corp., a financial services consulting firm.

The redemptions outpaced the $10.5 billion that poured into domestic bond funds, and $846 million in inflows into funds that invest in foreign stocks, Boston-based FRC said.

The Vanguard Group was the best selling fund company last month, netting $3.6 billion. It was followed by PIMCO funds, which took in $2.7 billion, and American Funds, which garnered $2.5 billion.

The top selling fund last month was PIMCO Funds:Total Return Fund/A (PTTAX), which attracted $1.6 billion. The Vanguard GNMA (VFIIX), with inflows of $734 million, ranked second, followed by the Goldman Sachs Ultra-Short Duration Government bond fund, which took in $651 million.