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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, Oct. 8 /PRNewswire/ -- Assets of the nation's 609 retail money market mutual funds increased by $6.60 billion to $386.32 billion for the week ended Wednesday, Oct. 7, the Investment Company Institute reported today. Assets of the 378 taxable money market funds in the retail category rose by $4.33 billion to $308.21 billion; the 231 tax-exempt funds assets increased by $2.26 billion to $78.11 billion.
 Assets of the 274 institutional money market funds increased by $21.64 billion to $211.01 billion for the same period. Among institutional funds, the 221 taxable money market fund assets rose by $19.95 billion to $189.40 billion; assets of 53 tax exempt funds rose by $1.70 billion to $21.61 billion.
 "The flood of money that poured last week into institutional money market funds constituted a reversal of the largest ever flow recorded in the last week of September. As the late-September spike in the Federal funds rate proved to be short-lived, the yield offered by money market funds, even though it slid a few basis points, regained its advantage relative to direct money market instruments," said Dr. Jacob Dreyer, vice president and chief economist for the institute.
 "Individuals also added to their money market fund balances. With the stock and bond markets suffering from intermittent jitters, many investors opted, at least temporarily, for the calm harbor of money market funds," Dreyer said.
 Total money market assets stood at $597.33 billion for the week ended Wednesday, Oct. 7.
 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 tax-exempt money market funds, (2) taxable retail and institutional money market funds, and (3) all funds other than money market funds -- such as stock, income, corporate bond and municipal bond funds.
 -0- 10/8/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-955-3535/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU:


DC -- DC033 -- 8055 10/08/92 16:33 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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