Buyers Seek High-Yield Funds

Investors have poured the most cash since 2010 into the riskiest municipal debt, reducing the penalty on issuers rated BBB and prompting Invesco Ltd. to close its high-yield fund to new buyers.

High-yield muni funds added about $1.1 billion in the five weeks through Aug. 8, the most since December 2010, Lipper US Fund Flows data show. They have attracted $5.4 billion in 2012, compared with $31.7 billion in outflows over the same period last year.

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