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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, March 5 /PRNewswire/ -- Assets of the nation's 591 money market mutual funds decreased by $13.72 billion to $499.17 billion for the week ended Wednesday, March 4, the Investment Company Institute reported today.
 The 215 institutional funds fell by $11.20 billion to $168.69 billion; the 285 general-purpose funds decreased by $1.31 billion to $180.58 billion; and the 91 broker-dealer funds decreased by $1.21 billion to $149.90 billion.
 "Asset movements of money market funds continued the pattern of the past few weeks," said Dr. Jacob Dreyer, chief economist and vice president of the institute. "The bulk of the overall asset decline was concentrated among institutional funds. Some institutional asset holders, highly sensitive to changes in yield spreads among various investment vehicles, moved massive amounts of money out of money market funds and into very short-term commercial paper.
 "But as the yields on longer-term instruments rose and the yields on money market funds slipped another notch, individuals started extending maturities of their portfolios," Dreyer continued. "As a result, funds in the general purpose and broker/dealer categories for the first time this year experienced meaningful outflows of assets."
 Assets of money market mutual funds for the week ended Wednesday, Feb. 26, were revised to $512.90 billion and the increase was revised to $15.26 billion. The revisions reflect 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- 3/5/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


TW -- DC039 -- 5627 03/05/92 16:58 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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