Investors continued to move cash out of tax-exempt mutual funds in March, redeeming more than $4 billion of shares, an 81.4% increase over March 1993, according to the Investment Company Institute.

During the first quarter, redemptions increased 64.8% to $10.49 billion, compared with $6.36 billion in the first quarter of 1993. In March, investors redeemed a total of $4.43 billion of long-term municipal fund shares.

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