January 28, 1993
TO: BOARD OF GOVERNORS NO. 7-93
DIRECT MARKETING COMMITTEE NO. 6-93
PUBLIC INFORMATION COMMITTEE NO. 4-93
RESEARCH COMMITTEE NO. 2-93
SALES FORCE MARKETING COMMITTEE NO. 6-93
SHAREHOLDER COMMUNICATIONS COMMITTEE NO. 4-93
MEMBERS - ONE PER COMPLEX NO. 7-93
INDUSTRY STATISTICS COMMITTEE NO. 1-93
RE: "Understanding Shareholder Redemption Decisions
__________________________________________________________
I enclose a copy of the most recent publication from the Research
Department, Understanding Shareholder Redemption Decisions.
This report presents the results of a mail survey of nearly 3,000
shareholders who conducted either a full or partial redemption
between May 1991 and March 1992. It provides detailed
information on how shareholders reach the decision to redeem,
determine from which fund to sell shares, and reinvest their
proceeds. The report also highlights information on several
segments of redeemers that are of particular interest to the
industry -- big-ticket redeemer, independent redeemers, and
frequest redeemers.
For comments or questions about this report please contact Vicky
Leonard-Chambers at (202) 955-3563. For additional copies call
Ada Hayes at (202) 955-3581.
Jacob S. Dreyer
Vice President and
Chief Economist