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DECEMBER MUTUAL FUND SALES TOTAL $38.8 BILLION

 WASHINGTON, Feb. 1 /PRNewswire/ -- The Investment Company Institute issued the following:
 Total Sales of Long-Term Funds
 Sales of stock and bond and income mutual funds totaled $38.8 billion in December, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $28.7 billion in November and $28.7 billion in December 1991.
 Sales of stock mutual funds totaled $18.2 billion in December, compared with $12.2 billion in November and $12.9 billion in December 1991. Growth and income funds, with sales of $6.7 billion, led all fund categories.
 December sales of bond and income mutual funds totaled $20.6 billion, compared with $16.5 billion in November and $15.7 billion in December 1991. Government funds led bond and income fund categories, with sales of $3.9 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 $30.9 billion in December, compared with $26.8 billion in November and $22.8 billion December 1991.
 New sales of stock funds were $13.6 billion, compared with $12.0 billion in November and $9.2 billion in December 1991. New sales of bond and income funds reached $17.3 billion, compared with $14.8 billion in November and $13.6 billion in December 1991.
 Redemptions
 Total redemptions (liquidation of shares by fund shareholders) were $18.3 billion in December, compared with $12.9 billion in November and $13.8 billion in December 1991. Stock fund redemptions were $6.1 billion in December, compared with $4.8 billion in November and $4.1 billion in December 1991. Bond and income fund redemptions were $12.2 billion in December, compared with $8.1 billion in November and $9.7 billion in December 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 $20.5 billion in December, compared with $15.8 billion in November and $14.8 billion in December 1991. Net sales of stock funds were $12.1 billion in December, compared with $7.4 billion in November and $8.8 billion in December 1991. Net sales of bond and income funds totaled $8.4 billion in December, unchanged from November, compared with $6.1 billion in December 1991.
 Net New Sales
 Net new sales (sales excluding reinvested dividends less redemptions) were $12.6 billion in December, compared with $13.9 billion in November and $9.0 billion in December 1991.
 Net new sales of stock funds in December were $7.5 billion, compared with $7.2 billion in November and $5.1 billion in December 1991. December net new sales of bond and income funds were $5.1 billion, compared with $6.7 billion in November and $3.9 billion December 1991.
 Net Exchanges
 Net exchanges of stock funds totaled $1.7 billion, compared with $2.7 billion in November and $2.3 billion in December 1991. Bond fund net exchanges totaled -$224.4 million, compared with $1.0 billion in November and $778.2 million in December 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 $22.0 billion in December, compared with $19.6 billion in November and $17.9 billion in December 1991. Net cash flow into stock funds was $13.9 billion in December, compared with $10.1 billion in November and $11.1 billion in December 1991. Net cash flow into bond and income funds was $8.2 billion in December, compared with $9.5 billion in November and $6.8 billion in December 1991.
 Net New Cash Flow
 Net new cash flow (net new sales combined with net exchanges) into long-term funds was $14.1 billion, compared with $17.6 billion in November and $12.1 billion in December 1991. Net new cash flow into stock funds was $9.2 billion in December, compared with $9.9 billion in November and $7.4 billion in December 1991. Net new cash flow into bond and income funds was $4.9 billion, compared with $7.8 billion in November and $4.7 billion in 1991.
 Assets
 Assets of all mutual funds totaled $1.603 trillion ($1,602.7 billion) in December, compared with $1.589 trillion ($1,589.4 billion) in November. Total assets in December 1991 were $1.348 trillion ($1,348.2 billion). Total assets of long-term funds for December reached $1.055 trillion ($1,054.8 billion), compared with $1.020 trillion ($1,019.6 billion) in November and $808.6 billion in December 1991.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) decreased to $547.9 billion in December, from $569.7 billion in November. Assets of these short-term funds were $539.6 billion in December 1991.
 TOTAL ASSETS OF FUNDS (millions of dollars)
 December 1992 November 1992 December 1991
 Stock $476,606.5 $456,778.4 $367,644.3
 Bond & Income 578,208.9 562,839.1 440,937.6R
 Taxable Money
 Market 452,639.7 472,913.6 449,731.6
 Tax-Exempt Money
 Market 95,276.0 96,832.1R 89,882.5
 Total 1,602,730.7 1,589,363.2R 1,348,196.0R
 LIQUID ASSET RATIO (Equity Funds)
 December 1992 November 1992 December 1991
 Liquid Asset Ratio 9.0 pct. 9.5 pct. 8.3 pct.
 FUNDS INCLUDED IN THIS REPORT
 December 1992 November 1992 December 1991
 Total Long Term
 (Stock and Bond) 2,993 2,928R 2,603
 Taxable Money Market 586 581 553
 Tax-Exempt Money
 Market 278 278 267
 Total 3,857 3,787 3,423
 -0- 2/1/93
 /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

DC -- DC009 -- 1285 02/01/93 10:45 EST
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