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NOVEMBER MUTUAL FUND SALES TOTAL $22.9 BILLION

 NOVEMBER MUTUAL FUND SALES TOTAL $22.9 BILLION
 WASHINGTON, Dec. 31 /PRNewswire/ -- Sales of stock and bond and


income mutual funds totaled $22.9 billion in November, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $25.2 billion in October and $10.4 billion in November a year ago.
 Total sales during the first 11 months of 1991 reached $207.3 billion, compared with $135.0 billion during the first 11 months of 1990.
 Assets of all mutual funds reached a record $1.317 trillion ($1,316.7 billion) in November compared with $1.300 trillion ($1,299.6 billion) in October. Total assets in November 1990 were $1.063 trillion ($1,063.2 billion).
 "Most of the November rise in assets was accounted for by inflows into money market funds. They kept attracting substantial new money even though short-term yields are at their lowest level since the early 1970s," said Dr. Jacob S. Dreyer, vice president and chief economist at the institute.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) rose to $563.4 billion in November from $546.3 billion in October. Assets of these short-term funds were $505.5 billion in November 1990.
 "Among long-term funds, bond and income funds continued in their role of investment vehicles of choice for investors searching for high yields at tolerable risk," Dreyer said.
 "Assets of equity funds suffered from a 4 percent drop in stock prices in November, which has been more than made up since then in the late December rally. Despite this November decline in values of equity portfolios, investors kept building up their position in stock mutual funds."
 Sales of stock mutual funds totaled $9.1 billion in November, compared with $9.3 billion in October and $4.3 billion in November a year ago. Growth and income funds, with sales of $3.4 billion, continued to lead equity sales categories.
 November sales of bond and income mutual funds totaled $13.8 billion, compared with $16.0 billion in October and $6.2 billion in November 1990. Government bond funds recorded total sales in November of $3.6 billion, about level with October. Sales of these funds were $981.6 million in November 1990.
 Total redemptions were $10.8 billion in November, compared with $10.2 billion in October and $7.5 billion in November 1990. Stock fund redemptions were $5.0 billion in November, compared with $4.6 billion in October and $3.2 billion in November 1990. Bond and income fund redemptions were $5.8 billion in November, compared with $5.7 billion in October and $4.3 billion in November 1990.
 Total net sales of long-term funds, including both stock and bond and income categories, were $12.1 billion in November, compared with $15.0 billion in October and $3.0 billion in November 1990. Net sales of stock funds were $4.1 billion in November, compared with $4.7 billion in October and $1.1 billion in November 1990. Net sales of bond and income funds totaled $8.0 billion in November, compared with $10.3 billion in October and $1.9 billion in November 1990.
 Exchanges into stock funds were $4.7 billion; exchanges out of stock funds were $5.2 billion. Exchanges into bond funds were $3.0 billion; exchanges out of bond funds were also $3.0 billion. Exchanges are investments redeemed from one fund and moved to another fund in the same fund group or complex.
 Net cash flow (net sales combined with net exchanges) into long-term funds was $11.6 billion in November compared with $15.9 billion in October and $3.9 billion in November 1990. Net cash flow into stock funds was $3.6 billion in November, compared with $5.0 billion in October and $1.5 billion in November 1990. Net cash flow into bond and income funds was $8.0 billion compared with $10.9 billion in October and $2.4 billion in November 1990.
 Total underwritings of closed-end funds in November were $2.27 billion, compared with $310.1 million in October and none in November 1990.
 MUTUAL FUND STATISTICS DATA FOR NOVEMBER 1991
 (Millions of Dollars)
 YTD YTD
 11/91 10/91 11/90 11/91 11/90
 Total Sales $22,922.9 $25,219.5R $10,444.3R 207,341.4 134,967.7
 Aggr. Growth 1,605.1 1,649.1R 509.4 14,384.9 8,424.2
 Growth 2,583.2 2,824.3 1,058.7 22,578.2 15,614.8
 Growth/Income 3,364.4 2,975.3 1,844.3 31,277.9 22,810.6
 Prec. Metals 97.4 262.8 48.1 1,499.7 1,093.9
 International 616.9 657.1 377.0 5,923.8 7,330.5
 Global-Equity 195.4 231.6 142.7 2,288.8 3,094.4
 Income-Equity 638.8 653.1 276.0 6,059.0 5,355.1
 Option/Income 24.3 15.9 20.7 149.0 242.1
 Flexible Port. 196.6 206.0 60.7 1,580.3 1,226.0
 Balanced 482.8 505.3 181.5 4,497.5 2,556.9
 Income Mixed 1,150.2 1,181.1 396.9 9,329.2 5,113.7
 Income-Bond 1,039.7 1,177.0 392.1 9,133.8 6,742.2
 Government 3,554.7 3,628.1 981.6 24,112.6 10,927.4
 GNMA(GinnieMae) 1,600.9 1,825.1 531.9 13,372.7 5,029.9
 Global-Bond 1,521.2 2,291.9 809.6 14,949.9 5,817.9
 Corporate Bond 461.6 551.6 200.1 4,619.5 2,626.8
 High Yield Bond 536.6 601.5 298.9 5,475.4 4,812.9
 Long-Term
 Municipal Bond 1,735.2 2,095.4 1,319.4 19,061.2 14,188.8
 Single-State
 Municipal Bond 1,517.8 1,887.3 994.8 17,048.1 11,959.8
 11/91 10/91 11/90
 Purchases of Common Stocks $ 21,029.9 $ 22,838.6 $ 12,056.7
 Sales of Common Stocks 18,710.1 19,419.2 10,535.1
 Purchases of Other
 Securities 53,849.1 48,929.2 52,855.9
 Sales of Other Securities 43,835.2 40,399.0 49,649.7
 Holdings of Cash and
 Short-Term Securities $ 59,552.4 $ 59,901.7R $ 52,828.5
 Liquid Asset Ratio 9.3 pct. 8.7 pct. 12.4pct.
 (Stock funds only)
 Total Assets of Funds 1,316,734.5 $1,299,601.9R $1,063,197.6
 Money Market - Taxable 471,084.5 456,488.8 421,978.3R
 Money Market - Tax-exempt 92,277.9 89,769.1 83,546.5R
 Stock Funds 328,871.7 337,612.4 238,508.4R
 Bond and Income Funds 424.500.4 415,731.6R 319,164.4
 -0- 12/31/91
 /CONTACT: John Collins, 202-955-3535, or Erick Kanter, 202-955-3530, both of the Investment Company Institute/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


SB-DC -- DC003 -- 5863 12/31/91 11:22 EST
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