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ASSETS OF NATION'S MONEY MARKET FUNDS DROP, INVESTMENT COMPANY INSTITUTE REPORTS

 ASSETS OF NATION'S MONEY MARKET FUNDS DROP,
 INVESTMENT COMPANY INSTITUTE REPORTS
 WASHINGTON, Feb. 20 /PRNewswire/ -- Assets of the nation's 587 money market mutual funds dropped by $16.01 billion to $497.61 billion for the week ended Wednesday (2/19), the Investment Company Institute reported today.
 "The substantial decline in assets during the latest week is the second largest on record," said Anne Schafer, director of statistical research for the Institute. (During the week ended Dec. 31, 1991, assets fell by $21.3 billion.) "Assets of funds managed for institutional investors fell by more than $17 billion, even though assets of funds managed for individual investors rose by $1.5 billion. Institutional investors appeared to be taking advantage of higher rates available in alternative short-term securities," Schafer said.
 The 216 institutional funds fell by $17.55 billion to $165.72 billion; the 280 general-purpose funds rose by $1.44 billion to $181.77 billion; and the 91 broker-dealer funds increased by $96.8 million to $150.11 billion.
 Assets of money market mutual funds for the week ended Thursday (2/12) were revised slightly to $513.62 billion, and the increase was revised to $4.64 billion. 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- 2/20/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU:


MH -- DC034 -- 1086 02/20/92 16:05 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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