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INVESTMENT COMPANY INSTITUTE REPORTS ASSETS OF MONEY MARKET MUTUAL FUNDS

 INVESTMENT COMPANY INSTITUTE REPORTS ASSETS
 OF MONEY MARKET MUTUAL FUNDS
 WASHINGTON, July 9 /PRNewswire/ -- Assets of the nation's 589 money market mutual funds rose by $23.73 billion to $496.03 billion for the week ended Wednesday, July 8, the Investment Company Institute reported today.
 The 217 institutional funds rose by $19.65 billion to $185.25 billion; the 282 general-purpose funds rose by $1.16 billion to $171.81 billion; and the 90 broker-dealer funds increased by $2.92 billion to $138.96 billion.
 The $23.73 billion rise in the latest week's money market fund assets reverses the decline of the previous two weeks. Individual and institutional funds shared in this increase, with individual fund assets up $4.08 billion and institutional fund assets up $19.65 billion.
 Institutional investors, sensitive to the changes in the yield spread between money market funds and direct money market instruments, reacted to the decline in the Federal Reserve's discount rate and subsequent declines in the Fed funds rate. As these rates dropped, assets that had moved into repos and other money market instruments flowed back into money market funds.
 Assets of money market mutual funds for the week ended Wednesday, July 1, were revised to $472.29 billion, and the decrease was revised to $19.84 billion. The revisions reflect reporting errors and 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- 7/9/92
 /CONTACT: John Collins of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


TW -- DC028 -- 8021 07/09/92 16:51 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:327
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