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ICI REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS

 ICI REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS
 WASHINGTON, May 21 /PRNewswire/ -- Assets of the nation's 596


money market mutual funds increased by $5.76 billion to $502.98 billion for the week ended Wednesday (5/20), the Investment Company Institute reported today.
 The 219 institutional funds rose by $4.91 billion to $186.28 billion; the 286 general-purpose funds rose by $122.7 million to $175.07 billion; and the 91 broker-dealer funds increased by $723.8 million to $141.63 billion.
 "Assets of money market funds in the general purpose and broker/dealer category snapped the several-week long streak of declines and rose modestly even though there was almost nothing in terms of relative yield changes to account for the move," said Dr. Jacob Dreyer, vice president and chief economist of the institute.
 "True to the pattern of recent months, the change in assets of institutional funds was by far the larger component of the total change in money market fund assets. As the federal funds rate kept sliding over the last few days, some institutional investors found it advantageous to move a portion of their holdings out of direct money market instruments with very short maturities and into money market funds," Dreyer said.
 Assets of money market mutual funds for the week ended Wednesday (5/13) were revised slightly, to $497.22 billion, and the decrease was revised to $308.3 million. The revisions reflect a change in the number of funds reporting.
 ICI reports the assets of money market funds to the Federal Reserve Board each week and makes this data available to the public on a weekly basis. The institute also reports monthly on two broad categories of funds: (1) short-term funds, which include taxable and tax-free money market funds, (2) all other funds, such as stock, income, corporate bond and municipal bond funds.
 -0- 5/21/92
 /CONTACT: Malin Jennings of Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU:


DC -- DC037 -- 3043 05/21/92 16:26 EDT
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Publication:PR Newswire
Date:May 21, 1992
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