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INVESTMENT COMPANY INSTITUTE REPORTS ASSETS OF MONEY MARKET MUTUAL FUNDS

 WASHINGTON, Dec. 31 /PRNewswire/ -- Assets of the nation's 614 retail money market mutual funds decreased by $3.55 billion to $378.74 billion for the week ended Wednesday, Dec. 30, the Investment Company Institute reported today. Assets of the 384 taxable money market funds in the retail category fell by $2.21 billion to $300.75 billion; the 230 tax-exempt funds assets decreased by $1.34 billion to $77.99 billion.
 "In a typical year-end pattern, assets of money market funds dropped rather sharply last week to the lowest level in three months," said Dr. Jacob Dreyer, vice president and chief economist for the Institute. "Individuals, in addition to satisfying their Christmas-related higher cash needs, have kept transferring monies out of money market funds and into booming stock and bond funds."
 Assets of the 277 institutional money market funds decreased by $11.56 billion to $189.32 billion for the same period. Among institutional funds, the 225 taxable money market fund assets declined by $8.66 billion to $170.45 billion; assets of 52 tax exempt funds fell by $2.90 million to $18.87 billion.
 "The bulk of the last week's drop in money market fund assets was accounted for by the steep decline in assets of institutional funds. Despite the widening of the yield spread in favor of institutional money market funds over the Federal funds rate, portfolio managers pulled massive amounts out of money market funds to be fully invested in stock and bonds in time for the end-of-the-year reports to shareholders," Dreyer said.
 Total money market assets stood at $568.07 billion for the week ended Wednesday, Dec. 30.
 Assets of money market mutual funds for the week ended Wednesday, Dec. 23, were revised to $583.18 billion. The revisions are due to 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 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- 12/31/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-955-8415/


CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO

TW -- DC015 -- 1006 12/31/92 16:27 EST
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Publication:PR Newswire
Date:Dec 31, 1992
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/C O R R E C T I O N -- INVESTMENT COMPANY INSTITUTE/

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