Mutual funds pared their holdings of municipal bonds slightly in the first half of 1992, but tax-exempts still represent almost 18% of their portfolios, according to a new study by the Securities Industry Association.

Municipal holdings fell to 17.7% at the end of the second quarter, down from 18.9% at the end of 1990. But that figure is still higher than the 14.2% held in 1985 and the zero share in 1970, the SIA report says.

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