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MAY MUTUAL FUND SALES TOTAL $27.0 BILLION

 MAY MUTUAL FUND SALES TOTAL $27.0 BILLION
 WASHINGTON, June 29 /PRNewswire/ -- Sales of stock and bond and


income mutual funds totaled $27.0 billion in May, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $29.9 billion in April and $18.3 billion in May 1991.
 Sales of stock mutual funds totaled $10.5 billion in May, compared with $13.1 billion in April and $7.5 billion in May 1991. Growth and income funds, with sales of $3.6 billion, led all fund categories.
 May sales of bond and income mutual funds totaled $16.5 billion, compared with $16.8 billion in April and $10.7 billion in May 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 $25.1 billion in May, compared with $28.0 billion in April and $16.4 billion May a year ago.
 New sales of stock funds were $10.2 billion compared to $12.7 billion in April and $7.3 billion in May 1991. New bond and income sales reached $14.8 billion compared with $15.3 billion in April and $9.1 billion in May a year ago.
 Redemptions
 Total redemptions (liquidation of shares by fund shareholders) were $11.4 billion in May, compared with $13.4 billion in April and $9.0 billion in May 1991. Stock fund redemptions were $4.6 billion in May, compared with $5.5 billion in April and $4.6 billion in May 1991. Bond and income fund redemptions were $6.8 billion in May, compared with $8.0 billion in April and $4.4 billion in May 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 $15.6 billion in May, compared with $16.5 billion in April and $9.3 billion in May 1991. Net sales of stock funds were $5.9 billion in May, compared with $7.7 billion in April. Net sales were $2.9 billion in May 1991. Net sales of bond and income funds totaled $9.7 billion in May, compared with $8.8 billion in April and $6.3 billion in May 1991.
 Net New Sales
 Net new sales (sales excluding reinvested dividends less redemptions) were $13.7 billion in May, compared with $14.6 billion in April and $7.4 billion in May 1991.
 May net new sales of stock funds were $5.7 billion compared to $7.3 billion in April and $2.7 billion in May a year ago. May net new sales of bond and income funds were $8.0 billion compared to $7.3 billion in April and $4.7 billion a year ago May.
 Net Exchanges
 Net exchanges of stock funds totaled $899.1 million, compared with $246.5 million in April and $880.5 million in May 1991. Bond fund exchanges totaled $736.2 million, compared with $143.8 million in April, and $236.7 million in May 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 $17.2 billion in May, compared with $16.9 billion in April and $10.4 billion in May 1991. Net cash flow into stock funds was $6.8 billion in May, compared with $7.9 billion in April and $3.8 billion in May 1991. Net cash flow into bond and income funds was $10.4 billion, compared with $9.0 billion in April and $6.6 billion in May 1991.
 Net New Cash Flow
 Net new cash flow (net new sales combined with net exchanges) into long-term funds was $15.3 billion, compared with $15.0 billion in April and $8.5 billion in May 1991. Net new cash flow into stock funds was $6.6 billion in May, compared with $7.5 billion in April, and $3.5 billion net new cash flow in May 1992. Net new cash flow into bond and income funds registered $8.7 billion compared to $7.4 billion in April and $5.0 billion in May a year ago.
 Assets
 Assets of all mutual funds totaled $1.473 trillion ($1,473.4 billion) in May compared with $1.444 trillion ($1,444.1 billion) in April. Total assets in May 1991 were $1.220 trillion ($1,219.7 billion). Total assets of long-term funds for May were $896.9 billion, compared with $870.0 billion in April and $671.9 billion in May 1991. Equity fund assets were $406.5 billion, compared with $394.3 billion in April and $309.4 billion in May 1991. Assets of the bond and income category of funds reached $490.4 billion in May, compared with $475.7 billion in April and $362.5 billion in May 1991.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) rose to $576.4 billion in May, compared with $574.1 billion in April. Assets of these short-term funds were $547.9 billion in May 1991.
 Assets of taxable money market mutual funds were $481.0 billion, compared with $480.5 billion in April and $458.8 billion in May 1991. Tax-exempt money funds rose to $95.5 billion from $93.6 billion in April. Tax-exempt money funds were $89.1 billion in May 1991.
 Liquid Asset Ratio
 The liquid asset ratio of equity funds was 9.0 percent in May, compared with 9.1 percent in April. The ratio was 9.4 percent in May 1991.
 FUNDS INCLUDED IN THIS REPORT
 MAY 1992 APRIL 1992 MAY 1991
 Total Long Term 2,715 2,694R 2,498
 (Stock and Bond)
 Taxable Money Market 570 566 531
 Tax-Exempt Money Market 276 272 254R
 Total 3,561 3,532 3,283
 Closed End Underwritings
 There were no underwritings of closed-end funds reported in May or April. Underwritings were $33.5 million in May 1991.
 -0- 6/29/92
 /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


TW -- DC072 -- 4757 06/29/92 13:12 EDT
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Date:Jun 29, 1992
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