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JULY MUTUAL FUND SALES TOTAL $32.0 BILLION

 JULY MUTUAL FUND SALES TOTAL $32.0 BILLION
 WASHINGTON, Aug. 27 /PRNewswire/ -- Sales of stock and bond and


income mutual funds totaled $32.0 billion in July, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $28.3 billion in June and $19.3 billion in July 1991.
 Sales of stock mutual funds totaled $11.2 billion in July, compared with $10.3 billion in June and $8.2 billion in July 1991. Growth and income funds, with sales of $4.6 billion, led all fund categories.
 July sales of bond and income mutual funds totaled $20.8 billion, compared with $18.0 billion in June and $11.1 billion in July 1991.
 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 $30.0 billion in July, compared with $25.6 billion in June and $17.8 billion July a year ago.
 New sales of stock funds were $10.8 billion, compared with $9.3 billion in June and $8.0 billion in July 1991. New sales of bond and income funds reached $19.2 billion, compared with $16.2 billion in June and $9.8 billion in July a year ago.
 Redemptions
 Total redemptions (liquidation of shares by fund shareholders) were $12.9 billion in July, unchanged from $12.9 billion in June. This compares with $9.1 billion in July 1991. Stock fund redemptions were $4.8 billion in July, compared with $4.9 billion in June and $4.6 billion in July 1991. Bond and income fund redemptions were $8.1 billion in July, compared with $8.0 billion in June and $4.4 billion in July 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 $19.1 billion in July, compared with $15.4 billion in June and $10.3 billion in July 1991. Net sales of stock funds were $6.4 billion in July, compared with $5.4 billion in June. Net sales were $3.6 billion in July 1991. Net sales of bond and income funds totaled $12.7 billion in July, compared with $10.0 billion in June and $6.7 billion in July 1991.
 Net New Sales
 Net new sales (sales excluding reinvested dividends less redemptions) were $17.1 billion in July, compared with $12.7 billion in June and $8.7 billion in July 1991.
 Net new sales of stock funds in July were $6.0 billion, compared with $4.5 billion in June and $3.3 billion in July a year ago. July net new sales of bond and income funds were $11.1 billion, compared with $8.2 billion in June and $5.4 billion a year ago July.
 Net Exchanges
 Net exchanges of stock funds totaled $811.2 million, compared with $169.9 million in June and $320.3 million in July 1991. Bond fund net exchanges totaled $750.2 million, compared with $826.1 million in June and $1.5 billion in July 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 $20.6 billion in July, compared with $16.4 billion in June and $12.1 billion in July 1991. Net cash flow into stock funds was $7.2 billion in July, compared with $5.6 billion in June and $3.9 billion in July 1991. Net cash flow into bond and income funds was $13.5 billion, compared with $10.8 billion in June and $8.2 billion in July 1991.
 Net New Cash Flow
 Net new cash flow (net new sales combined with net exchanges) into long-term funds was $18.6 billion, compared with $13.6 billion in June and $10.6 billion in July 1991. Net new cash flow into stock funds was $6.8 billion in July, compared with $4.6 billion in June and $3.7 billion in July 1991. Net new cash flow into bond and income funds was $11.8 billion, compared with $9.0 billion in June and $6.9 billion in July a year ago.
 Assets
 Assets of all mutual funds totaled $1.537 trillion ($1,536.8 billion) in July, compared with $1.468 trillion ($1,468.2 billion) in June. Total assets in July 1991 were $1.227 trillion ($1,226.8 billion). Total assets of long-term funds for July were $951.8 billion, compared with $911.2 billion in June and $690.4 billion in July 1991.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) rose to $585.0 billion in July, compared with $556.9 billion in June. Assets of these short-term funds were $536.4 billion in July 1991.
 TOTAL ASSETS OF FUNDS
 July 1992 June 1992 July 1991
 Equity $421,833.3 $403,509.5R $313,491.6R
 Bond & Income 529,924.9 507,708.1R 376,901.5
 Taxable Money Market 490,601.7 463,978.6R 449,616.1
 Tax-Exempt Money Market 94,393.4 92,959.7R 86,758.1R
 Total 1,536,753.3 1,468,155.9R 1,226,767.3R
 LIQUID ASSET RATIO (Equity Fund)
 July 1992 June 1992 July 1991
 Liquid Asset Ratio 9.5 pct. 9.6 pct. 8.6 pct.
 FUNDS INCLUDED IN THIS REPORT
 July 1992 June 1992 July 1991
 Total Long Term 2,740 2,716R 2,514R
 (Stock and Bond)
 Taxable Money Market 566 566 538
 Tax-Exempt Money Market 277 276 256
 Total 3,583 3,558 3,308
 Industry Comment
 "A number of factors contributed to the surge in assets. Rising stock prices added some $10 billion to the value of equity fund portfolios and a rally in bonds raised the value of bond fund portfolios by another $8 billion," said Dr. Jacob Dreyer, vice president and chief economist at the institute. "The bulk of the huge increase in assets was due to record inflows (net new cash flow) into long-term funds -- about $18.6 billion and a net addition of over $28 billion to the portfolios of short-term funds."
 Closed-End Underwritings
 Total underwritings of closed-end funds reported in July were $439.7 million, compared with $1.58 billion in June and none in July 1991.
 -0- 8/27/92 R
 /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 -- DC015 -- 4081 08/27/92 15:56 EDT
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