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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, April 23 /PRNewswire/ -- Assets of the nation's 592 money market mutual funds rose by $10.15 billion to $502.78 billion for the week ended Wednesday, April 22, the Investment Company Institute reported today.
 The 216 institutional funds rose by $10.52 billion to $179.42 billion; the 285 general-purpose funds rose by $224.3 million to $178.75 billion; and the 91 broker-dealer funds fell by $595.1 million to $144.61 billion.
 "The volatility of the Fed funds rate was once again the main cause of the substantial swing in total money market fund assets," said Dr. Jacob Dreyer, vice president and chief economist at the institute.
 "Assets held in individual accounts, being immune to gyrations in the Fed funds rate, continued their pattern of fairly modest week-to-week changes. But some institutional investors are very sensitive to even very short-term changes in yield spreads between money market funds and direct money market instruments. Contraction and expansion of these spreads in the last few weeks has been mirrored in large weekly asset changes of institutional funds," Dreyer said.
 Assets of money market mutual funds for the week ended Wednesday, April 15, were revised to $492.63 billion, and the decrease from the previous week was revised to $7.87 billion. The revisions reflect the addition of two new institutional funds.
 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- 4/23/92
 /CONTACT: John Collins of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


TW -- DC037 -- 2154 04/23/92 17:03 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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/C O R R E C T I O N -- INVESTMENT COMPANY INSTITUTE/

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