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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. 26 /PRNewswire/ -- Assets of the nation's 586 money market mutual funds declined by $6.14 billion to $478.97 billion for the week ended Tuesday, Dec. 24, the Investment Company Institute reported today.
 The 217 institutional funds decreased by $3.71 billion to $159.17 billion; the 281 general-purpose funds dropped by $1.38 billion to $176.77 billion; and the 88 broker-dealer funds decreased by $1.05 billion to $143.03 billion.
 "In a typical seasonal pattern, assets of money market funds fell across the board," said Dr. Jacob Dreyer, vice president and chief economist for the Investment Company Institute. "Last week, the end- of-the-year drainage of assets by individual and institutional shareholders was reinforced by transfers out of money market funds in order to pay for substantial purchases of stock and equity funds. The purchases were prompted by the sudden Christmas stock market rally."
 Assets of money market mutual funds for the week ended the previous Wednesday, Dec. 18, were revised slightly, to $485.11 billion, and the decrease was revised to $3.11 billion.
 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- 12/26/91
 /CONTACT: John Collins of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


MK -- DC017 -- 5374 12/26/91 17:21 EST
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Publication:PR Newswire
Date:Dec 26, 1991
Words:296
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