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INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS

 INVESTMENT COMPANY INSTITUTE REPORTS
 ON ASSETS OF MONEY MARKET MUTUAL FUNDS
 WASHINGTON, Jan. 2 /PRNewswire/ -- Assets of the nation's 585 money market mutual funds declined by $21.28 billion to $457.76 billion for the week ended Tuesday, Dec. 31, 1991, the Investment Company Institute reported today.
 "Sharp drops in assets of money market funds in the last week or two of the calendar year are common, but the magnitude of last week's decline dwarfed the previous largest weekly decline experienced in the pre-Christmas week of 1982," said Dr. Jacob Dryer, vice president and chief economist for the institute.
 The 217 institutional funds dropped by $14.98 billion to $144.33 billion; the 280 general-purpose funds declined by $2.89 billion to $173.81 billion; and the 88 broker-dealer funds decreased by $3.41 billion to $139.62 billion.
 "Institutional assets were responsible for 70 percent of last week's overall decline as portfolio managers moved massive amounts of money to participate in the explosive stock and bond market rallies," Dreyer said. "Individuals also joined the buying spree by moving almost $3.5 billion out of broker/dealer money market funds into longer-term instruments. Finally, as some of the Christmas shopping bills were coming due, many individuals drew down their general purpose money market fund balances to pay them."
 "A confluence of all these factors produced by far the largest weekly decline in assets of money market funds in their history."
 Assets of money market mutual funds for the week ended the previous Wednesday, Dec. 24, 1991, were revised slightly, to $479.04 billion, and the decrease was revised to $6.07 billion.
 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 three broad categories of funds. They are (1) short-term funds which include limited maturity municipal bond funds, (2) money market funds, and (3) all funds other than short-term funds -- such as stock, income, corporate bond and municipal bond funds.
 -0- 1/2/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU:


SB-DC -- DC020 -- 6336 01/02/92 18:13 EST
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Publication:PR Newswire
Date:Jan 2, 1992
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