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MAY MUTUAL FUND SALES TOTAL $37.0 BILLION

 WASHINGTON, June 29 /PRNewswire/ -- Sales of stock and bond and income mutual funds totaled $37.0 billion in May, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $40.9 billion in April and $27.0 billion in May 1992.
 Sales of stock mutual funds totaled $15.6 billion in May, compared with $18.2 billion in April and $10.5 billion in May 1992. Growth and income funds, with sales of $5.0 billion, led all fund categories.
 May sales of bond and income mutual funds totaled $23.4 billion, compared with $22.7 billion in April and $16.5 billion in May 1992.
 Total sales represent the total value of purchases of new shares, including reinvested dividends. The total sales number does not include exchanges from one fund to another in the same fund group, nor does it account for redemptions of shares.
 NEW SALES
 New sales (which exclude reinvested dividends) totaled $34.9 billion in May, compared with $38.9 billion in April and $25.0 billion May 1992.
 New sales of stock funds were $15.2 billion, compared with $18.0 billion in April and $10.2 billion in May 1992. New sales of bond and income funds were $19.7 billion, compared with $20.9 billion in April and $14.8 billion in May 1992.
 REDEMPTIONS
 Total redemptions (liquidation of shares by fund shareholders) were $15.9 billion in May, compared with $17.7 billion in April and $11.4 billion in May 1992. Stock fund redemptions were $6.6 billion in May, compared with $6.7 billion in April and $4.6 billion in May 1992. Bond and income fund redemptions were $9.4 billion in May, compared with $10.9 billion in April and $6.8 billion in May 1992.
 NET SALES
 Total net sales (sales including reinvested dividends less redemptions) of long-term funds, including stock and bond and income categories, were $21.1 billion in May, compared with $23.3 billion in April and $15.6 billion in May 1992. Net sales of stock funds were $9.0 billion in May, compared with $11.5 billion in April and $5.9 billion in May 1992. Net sales of bond and income funds were $12.0 billion in May compared with $11.8 billion in April, and $9.7 billion in May 1992.
 NET NEW SALES
 Net new sales (sales excluding reinvested dividends less redemptions) were $19.0 billion in May, compared with $21.2 billion in April and $13.6 billion in May 1992. Net new sales of stock funds in May were $8.7 billion, compared with $11.3 billion in April and $5.7 billion in May 1992. May net new sales of bond and income funds were $10.3 billion, compared with $10.0 billion in April and $8.0 billion May 1992.
 NET EXCHANGES
 Net exchanges of stock funds totaled $401.0 million, compared with $322.6 million in April and $903.5 million in May 1992. Bond fund net exchanges were a negative $180.9 million, compared with $29.8 million in April and $736.2 million in May 1992. 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 $21.3 billion in May, compared with $23.6 billion in April and $17.2 billion in May 1992. Net cash flow into stock funds was $9.4 billion in May, compared with $11.8 billion in April and $6.8 billion in May 1992. Net cash flow into bond and income funds was $11.8 billion both in May and in April and $10.4 billion in May 1992.
 NET NEW CASH FLOW
 Net new cash flow (net new sales combined with net exchanges) into long-term funds was $19.2 billion, compared with $21.6 billion in April and $15.3 billion in May 1992. Net new cash flow into stock funds was $9.1 billion in May, compared with $11.6 billion in April and $6.6 billion in May 1992. Net new cash flow into bond and income funds was $10.1 billion, compared with $10.4 billion in April and $8.7 billion in 1992.
 ASSETS
 Assets of all mutual funds totaled $1.787 trillion ($1,786.8 billion) at the end of May, compared with $1.747 trillion ($1,746.7 billion) at the end of April. Total assets at the end of May 1992 were $1.474 trillion ($1,473.9 billion). Total assets of long-term funds for May reached $1.219 trillion ($1,219.4 billion), compared with $1.179 trillion ($1,178.7 billion) in April and $897.4 billion for May 1992.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) declined to $567.4 billion at the end of May, from $568.0 billion at the end of April. Assets of these short-term funds were $576.4 billion at the end of May 1992.
 TOTAL ASSETS OF FUNDS (millions of dollars)
 May 1993 April 1993 May 1992
 Stock $567,436.9 541,040.2R $406,389.0R
 Bond & Income 652,006.4 637,622.8R 491,041.8R
 Taxable Money Market 469,635.2 471,347.5R 480,956.6
 Tax-Exempt Money Market 97,741.2 96,698.8 95,487.5
 Total 1,786,819.7 1,746,709.3R 1,473,874.9R
 LIQUID ASSET RATIO (Equity Funds)
 May 1993 April 1993 May 1992
 Liquid Asset Ratio 9.2 pct. 10.3 pct.R 8.9 pct.
 FUNDS INCLUDED IN THIS REPORT
 May 1993 April 1993 May 1992
 Total Long Term 3,278 3,210 2,713R
 (Stock and Bond)
 Taxable Money Market 592 589R 570
 Tax-Exempt Money Market 281 281 276
 Total 4,151 4,080R 3,559R
 -0- 5/29/93
 /CONTACT: Betty Hart, 202-955-3532, or John Collins, 202-955-3535, both of the Investment Company Institute/


CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO

TW -- DC009 -- 6709 06/29/93 12:34 EDT
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Date:Jun 29, 1993
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