NU Online News Service, July 14, 2003, 5:07 p.m. EDT – U.S. banks are reporting $3.2 billion in long-term mutual fund sales for May, down 3% from the total for May 2002, reports Kenneth Kehrer Associates, Princeton, N.J.

Kehrer bases the sales figures on a survey of more than 600 banks that account for about two-thirds of bank investment sales. The latest survey was sponsored by Invest Financial Corp., Tampa, Fla.