The two unidentified male pilots were dismissed for what
Southwest spokeswoman Ginger Hardage called “inappropriate
conduct.” Southwest “will not tolerate any inappropriate or
offensive behavior,” she said, according to a USA Today
report.
The two pilots, who are appealing their terminations,
contend that one of them removed his uniform after coffee
was spilled. A flight attendant saw them after being
summoned to the cockpit to bring paper towels and soda
water. Southwest is treating the episode as a prank that
went too far.
While the incident occurred on a Boeing 737 in
flight, there is no implication that safety was breeched
and a Federal Aviation Administration spokesman says
there’s no specific prohibition against flying
naked.
”I’m not aware there are any regulations on the type of
clothing, so there’s most likely none on (wearing) no
clothing at all,” spokesman Les Dorr says.
Corporate bond funds again led the way by taking in
$7.6 billion and an additional $2.8 billion intake was
accumulated in government bond funds, both totals lower
than the $8.2 billion and $6.1 billion, respectively, that
flowed into the categories in February (See
Funds Net February Inflow
).
Other inflows were also recorded in domestic equity
funds and tax-free bond funds, amassing $2.1 billion and
$14 million respectively in March, according to a Financial
Research Corporate (FRC) report.
Conversely, international/global bonds funds could
not hold on to the positive inflows recorded in February,
turning in a net outflow of $716 million.
Year-to-date, domestic equities are still the only
category in the red, with a net outflow of $3
billion. Comparatively, all other categories have
started 2003 with inflows: corporate bonds ($23
billion), government bonds ($13.7 billion) and
international/global bonds ($2.1 billion) and tax-free
($2.0 billion).
As was the case with February’s figures, March was
good to bond funds. In terms of net flows, three
out of the top five Morningstar fund categories belonged
to bond funds. High yield bond funds stepped up
into the top stop for the month, accumulating $4.7
billion.
Coming in second place were inflows seen in
short-term bonds of $2.1 billion. Rounding out the
top five March inflow categories were:
Ultra short bonds – $1.8 billion
Domestic hybrid – $1.4
billion
Large Blend – $1.1 billion
Family Reunion
Falling into the same rank as the previous month,
the Vanguard Group and Fidelity Investments were once
again head of the class in terms of total assets, with
$471 billion and $456 billion, respectively. Behind
the two sizeable fund families in the total asset race
were:
American Funds – $321 billion
Franklin Distributors Inc – $146 billion
Putnam Investments – $125 billion
However, the order got shuffled in March’s
best-sellers list, as number one and three leap-frogged
into each other’s place. Vanguard Group held
this month’s top stop, recording net flows of $3.2
billion, with American Funds gaining $2.8 billion.
Rounding out the top five in monthly net inflows
were:
PIMCO Funds – $2.3 billion
Fidelity Distributors
– $1.1 billion
Dodge & Cox – $958 million
Year-to-date, the top three held true to the
previous month’s order, with American Funds on top after
$8.9 billion in net flow. PIMCO followed closely
behind, obtaining $8.2 billion and the Vanguard Group
tallied $7.8 billion thus far in 2003. Finishing
out the top five list was Dodge & Cox and Fidelity
Distributors with $2.6 billion and $2.5 billion in
year-to-date net inflows, respectively.
Individual Performance
Dislodging the PIMCO Total Return from the top spot
in March’s net flows was the Vanguard Total Stock Index,
with $1.6 billion.
First American Core Fund held down the number two
spot for the month after a $1.1 billion flow in March,
followed by the PIMCO Low Duration’s $771 million for the
month. PIMCO’s Total Return, collecting $621 million
and Dodge & Cox’s Stock fund, recording a net inflow
for the month of $617 million, held the fourth and fifth
spots.
Excluded from the report is all data from money
market funds.