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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, Jan. 23 /PRNewswire/ -- Assets of the nation's 586 money market mutual funds rose by $7.52 billion to $506.82 billion for the week ended Wednesday, Jan. 22, the Investment Company Institute reported today.
 "Steep increases in assets of money market mutual funds, pretty typical at the start of the year, continue despite further declines in yields offered by both taxable and tax exempt funds," said Dr. Jacob Dreyer, vice president and chief economist for the institute. "But the rate of increase has slowed considerably from the torrid pace of the first two weeks of the year."
 The 217 institutional funds increased by $3.45 billion to $177.78 billion; the 280 general-purpose funds grew by $2.31 billion to $180.37 billion; and the 89 broker-dealer funds increased by $1.76 billion to $148.67 billion.
 "The slowdown, especially pronounced for the institutional funds," Dreyer continued, "was assisted by the fairly sharp rise in the federal funds rate which rendered yields on institutional money market funds relatively less attractive."
 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- 1/23/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


TW -- DC019 -- 2998 01/23/92 16:31 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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