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APRIL MUTUAL FUND SALES TOTAL $29.9 BILLION

 APRIL MUTUAL FUND SALES TOTAL $29.9 BILLION
 WASHINGTON, May 28 /PRNewswire/ -- Sales of stock and bond and


income mutual funds totaled $29.9 billion in April, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $30.4 billion in March and $20.4 billion in April 1991.
 Sales of stock mutual funds totaled $13.1 billion in April, compared with $13.3 billion in March and $9.2 billion in April 1991. Growth and income funds, with sales of $4.6 billion, led all fund categories.
 April sales of bond and income mutual funds totaled $16.8 billion, compared with $17.1 billion in March and $11.2 billion in April 1991.
 Redemptions
 Total redemptions were $13.4 billion in April, compared with $13.6 billion in March and $10.3 billion in April 1991. Stock fund redemptions were $5.4 billion in April, compared with $5.6 billion in March and $5.3 billion in April 1991. Bond and income fund redemptions were $8.0 billion in April compared with $7.9 billion in March and $4.9 billion in April 1991.
 Net Sales
 Total net sales of long-term funds, including both stock and bond and income categories, were $16.5 billion in April, compared with $16.9 billion in March and $10.2 billion in April 1991. Net sales of stock funds were $7.7 billion in April, unchanged from March. Net sales were $3.9 billion in April 1991. Net sales of bond and income funds totaled $8.8 billion in April, compared with $9.1 billion in March and $6.3 billion in April 1991.
 "Despite the leveling off of both stock and bond prices, investors continued to pour new money into long-term funds at the high rate of recent months and even stepped up their exchanges into long-term funds out of short-term ones," said Dr. Jacob Dreyer, vice president and chief economist at the institute. "With portfolio values almost unchanged, most of the asset build-up in long-term funds in April was due to the new money inflow."
 Net Exchanges
 Net exchanges of stock funds were $246.5 million, compared with -$479.4 million in March and -$613.5 million in April 1991. Bond fund exchanges were $143.8 million, compared with -$231.8 million in March, and $985.2 million in April 1991. Exchanges are investments redeemed from one fund and moved to another fund in the same fund group or complex.
 Net Cash Flow
 Net cash flow (net sales combined with net exchanges) into long- term funds was $16.9 billion in April, compared with $16.1 billion in March and $10.5 billion in April 1991. Net cash flow into stock funds was $7.9 billion in April, compared with $7.2 billion in March and $3.3 billion in April 1991. Net cash flow into bond and income funds was $9.0 billion, compared with $8.9 billion in March and $7.3 billion in April 1991.
 Assets
 Assets of all mutual funds totaled $1.444 trillion ($1,444.3 billion) in April compared with $1.421 trillion ($1,420.8 billion) in March. Total assets in April 1991 were $1.197 trillion ($1,197.0 billion). Total assets of long-term funds for April were $870.1 billion, compared with $848.8 billion in March and $647.1 billion in April 1991. Equity fund assets were $393.7 billion, compared with $384.1 billion in March and $292.7 billion in April 1991. Assets of the bond and income category of funds reached $476.5 billion in April, compared with $464.7 billion in March and $354.4 billion in April 1991.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) rose to $574.1 billion in April compared with $572.0 billion in March. Assets of these short-term funds were $549.9 billion in April 1991.
 "Money market funds, even though handicapped by low yields, also fared well in April, partly as a result of a bulge in maturing CDs and tax refunds that found their way into money market fund accounts," Dreyer said.
 Assets of taxable money market mutual funds were $480.5 billion, compared with $475.4 billion in March and $462.0 billion in April 1991. Tax-exempt money funds fell to $93.6 billion from $96.6 billion in March. Tax-exempt money funds were $87.9 billion in April 1991.
 Liquid Asset Ratio
 The liquid asset ratio of equity funds was 9.1 percent in April, compared with 8.6 percent in March. The ratio was 9.5 percent in April 1991.
 Closed-End Underwritings
 There were no underwritings of closed-end funds reported in April. Underwritings were $543.4 million in March and none in April 1991.
 -0- 5/28/92
 /CONTACT: Malin Jennings, 202-955-8415, or John Collins, 202-955-3535, both of the Investment Company Institute/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


MH-DC -- DC015 -- 4788 05/28/92 13:32 EDT
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Date:May 28, 1992
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