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SEPTEMBER MUTUAL FUND SALES TOTAL $29.4 BILLION

 SEPTEMBER MUTUAL FUND SALES TOTAL $29.4 BILLION
 WASHINGTON, Oct. 29 /PRNewswire/ -- Sales of stock and bond and


income mutual funds totaled $29.4 billion in September, according to the Investment Company Institute (ICI), the national association of the mutual fund industry. This compares with total sales of $29.8 billion in August and $20.9 billion in September 1991.
 Sales of stock mutual funds totaled $10.3 billion in September, compared with $9.5 billion in August and $7.9 billion in September 1991. Growth and income funds, with sales of $4.2 billion, led all stock fund categories.
 September sales of bond and income mutual funds totaled $19.2 billion, compared with $20.3 billion in August and $13.0 billion in September 1991. Government funds led all bond and income fund categories, with sales of $4.2 billion.
 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.
 NEW SALES
 New sales (which exclude reinvested dividends) totaled $26.7 billion in September, compared with $28.0 billion in August and $18.6 billion September a year ago.
 New sales of stock funds were $9.5 billion, compared with $9.3 billion in August and $7.1 billion in September 1991. New sales of bond and income funds reached $17.3 billion, compared with $18.7 billion in August and $11.5 billion in September a year ago.
 REDEMPTIONS
 Total redemptions (liquidation of shares by fund shareholders) were $14.5 billion in September, compared to $14.2 billion in August. This compares with $8.9 billion in September 1991. Stock fund redemptions were $4.9 billion in September, compared with $5.2 billion in August and $4.2 billion in September 1991. Bond and income fund redemptions were $9.6 billion in September, compared with $9.0 billion in August and $4.7 billion in September 1991.
 NET SALES
 Total net sales (sales including reinvested dividends less redemptions) of long-term funds, including both stock and bond and income categories, were $15.0 billion in September, compared with $15.6 billion in August and $12.0 billion in September 1991. Net sales of stock funds were $5.4 billion in September, compared with $4.3 billion in August. Net sales were $3.6 billion in September 1991. Net sales of bond and income funds totaled $9.6 billion in September, compared with $11.3 billion in August and $8.4 billion in September 1991.
 NET NEW SALES
 Net new sales (sales excluding reinvested dividends less redemptions) were $12.2 billion in September, compared with $13.8 billion in August and $9.7 billion in September 1991.
 Net new sales of stock funds in September were $4.6 billion, compared with $4.1 billion in August and $2.9 billion in September a year ago. September net new sales of bond and income funds were $7.7 billion, compared with $9.7 billion in August and $6.8 billion a year ago September.
 NET EXCHANGES
 Net exchanges of stock funds totaled -$58.8 million, compared with -$591.5 million in August and $224.7 million in September 1991. Bond fund net exchanges totaled $363.7 million, compared with -$361.1 million in August, and $1.1 billion in September 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 $15.3 billion in September, compared with $14.6 billion in August and $13.3 billion in September 1991. Net cash flow into stock funds was $5.3 billion in September, compared with $3.7 billion in August and $3.8 billion in September 1991. Net cash flow into bond and income funds was $9.9 billion, compared with $10.9 billion in August and $9.5 billion in September 1991.
 NET NEW CASH FLOW
 Net new cash flow (net new sales combined with net exchanges) into long-term funds was $12.5 billion, compared with $12.8 billion in August and $11.1 billion in September 1991. Net new cash flow into stock funds was $4.5 billion in September, compared with $3.5 billion in August and $3.1 billion in September 1991. Net new cash flow into bond and income funds was $8.0 billion, compared with $9.3 billion in August and $7.9 billion in September a year ago.
 ASSETS
 Assets of all mutual funds totaled $1.531 trillion ($1,530.6 billion) in September, compared with $1.538 trillion ($1,538.3 billion) in August. Total assets in September 1991 were $1.264 trillion ($1,263.5 billion). Total assets of long-term funds for September were $977.3 billion, compared with $957.1 billion in August and $730.4 billion in September 1991.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) dropped to $553.2 billion in September, compared with $581.2 billion in August. Assets of these short-term funds were $533.1 billion in September 1991.
 TOTAL ASSETS OF FUNDS
 (millions of dollars)
 Sept. 1992 August 1992 Sept. 1991
 Stock $423,236.9 $416,124.2R $326,035.9
 Bond & Income 554,084.4 541,021.3R 404,391.0
 Taxable Money Market 461,684.6 486,033.5R 446,878.7
 Tax-Exempt
 Money Market 91,564.7 95,153.1 86,243.6
 Total 1,530,570.6 1,538,332.1R 1,263,549.2
 LIQUID ASSET RATIO (Equity Funds)
 Sept. 1992 August 1992 Sept. 1991
 Liquid Asset Ratio 9.3 pct. 9.9 pct. 8.2 pct.
 FUNDS INCLUDED IN THIS REPORT
 Sept. 1992 August 1992 Sept. 1991
 Total Long Term 2,809 2,765R 2,559
 (Stock and Bond)
 Taxable Money Market 576 566 532
 Tax-Exempt
 Money Market 277 278 254
 Total 3,662 3,609R 3,345
 CLOSED-END UNDERWRITINGS
 Total underwritings of closed-end funds reported in September were $702.1 million, compared with $773.7 million in August and $974.7 million in September 1991.
 -0- 10/29/92
 /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


MH -- DC014 -- 6636 10/29/92 13:49 EST
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