THE MONEY SMALL INVESTOR INDEX SMALL INVESTORS KEPT THEIR HEADS DURING THE COUP

September 30, 1991

Small investors kept their cool in mid-August -- and it paid off.
Although the stock market plunged when Soviet hard-liners tried to
oust Mikhail Gorbachev, individual investors didn't join the
professionals who sold in a panic. Quite the opposite. They used the
dip in prices, which proved to be a brief one, as an opportunity to
go bargain hunting. Merrill Lynch customers, for example, bought
twice as many shares as they sold during the week of the Moscow coup.

Overall for August, the MONEY Small Investor Index rose $737 to a
record $46,279. Stocks posted a gain of $441, while bonds added $240.
Certificates of deposit and money-market funds earned $80, and gold
lost $23.

CHART: NOT AVAILABLE
CREDIT: Sources: Bank Rate Monitor, IBC/Donoghue's Money Fund
Report, Investment Company Institute, Lehman Bros., Lipper Analytical
Services, Merrill Lynch, Morgan Stanley Capital International,
National Association of Real Estate Investment Trusts, Prudential
Asset Management, Standard & Poor's, Robert Stanger & Co., World Gold
Council and the Federal Reserve Board.
CAPTION: Returns for the past year -- and where the money is now
The average individual investor's portfolio gained $737 last month
and is now worth $46,279.

CHART: NOT AVAILABLE
CREDIT: Sources: Dow Jones, Lipper Analytical Services, Standard &
Poor's and Frank Russell Co.
CAPTION: Economic data
Stock market data

CHART: NOT AVAILABLE
CREDIT: Sources: Salomon Bros., the Bond Buyer
CAPTION: Bond yields

HOLE YARDS PAR R1 R2 R3 R4
OUT
HOLE YARDS PAR R1 R2 R3 R4
IN
Eagle (-2)
Birdie (-1)
Bogey (+1)
Double Bogey (+2)