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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, Dec. 12 /PRNewswire/ -- Assets of the nation's 581 money market mutual funds increased by $3.56 billion to $484.83 billion for the week ended Wednesday, Dec. 11, the Investment Company Institute reported today.
 The 215 institutional funds increased by $3.46 billion to $164.30 billion; the 275 general-purpose funds rose by $338.7 million to $175.40 billion; and the 91 broker-dealer funds decreased by $289.4 million to $145.12 billion.
 "The increase in assets of taxable money market funds was accounted for almost entirely by inflows into institutional funds," said Dr. Jacob Dreyer, vice president and chief economist for the Investment Company Institute. "These inflows occurred even though the average yield on institutional money market funds slid last week by 8 basis points. But last week's decline in interest rates on direct money market instruments, prompted by unfavorable economic news and the ensuing easing by the Federal Reserve, was much larger -- in the 20 to 30 basis points range. These interest rate shifts in favor of money market funds were of sufficient magnitude to attract almost $3.5 billion in new institutional money."
 Assets of money market mutual funds for the week ended Wednesday, Dec. 4, were not revised.
 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- 12/12/91
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


TW -- DC023 -- 2112 12/12/91 16:28 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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/C O R R E C T I O N -- INVESTMENT COMPANY INSTITUTE/

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