Michigan Muni Fund Lost 5% of Assets as Detroit Went Bust
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The biggest Michigan-focused municipal-bond fund lost 5 percent of its assets to net withdrawals last month as Detroit sank into bankruptcy, according to Morningstar Inc.
Investors took $66 million from the $1.3 billion Franklin Resources Inc. portfolio, Morningstar said yesterday in a report. It said muni-bond funds shrank by $10.2 billion in July, half by those holding intermediate- and long-term bonds.