Decline in July

The overall flow of cash into mutual funds largely made up of mortgage securities from the Government National Mortgage Association decreased considerably in July 2000, the latest month available.

According to the Investment Company Institute, Ginnie Mae mortgage funds lost $117 million in new sales for July, compared to a loss of $308 million in sales for June and a gain of $892.8 million in July 1999.

Total assets for July were $55.9 billion, up from $55.8 billion in June and down from $59.72 billion a year earlier.

Other Ginnie Mae mutual fund data released for July included the following:

Total sales, including reinvested dividends, were $705.5 million, up from $669.6 million in June and down from $1.852 billion in July 1999.

Total sales, less reinvested dividends, were $490.7 million, up from $452.7 million in June and $1.7 billion in July 1999.

Redemptions were $822.5 million, down from $977.6 million in June and down from $959.5 million a year earlier.

Exchanges into the funds were $525.3 million, down from $723 million in June and down from $538.2 million in July 1999.

Exchanges out of the funds were $539.5 million, down from $736.6 million in June and up from $516.2 million a year earlier.

Liquid assets were minus-$6.2 billion, down from minus-$5.9billion in June and minus-$4.8 billion in July 1999.

Liquidity ratios were minus-11.2%, down from minus-10.4% in June and down from minus-8.1% a year earlier.

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