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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, July 2 /PRNewswire/ -- Assets of the nation's 590 money market mutual funds fell by $9.83 billion to $482.30 billion for the week ended Wednesday, July 1, the Investment Company Institute reported today.
 "Assets of taxable money market funds tumbled almost $10 billion in the last reporting week bringing their level close to this year's low. Individual and institutional funds shared about equally in last week's tumble," said Dr. Jacob Dreyer, vice president and chief economist for the institute. "Individuals pulled their money out of money market funds partly to invest in the buoyant-again stock market. Not surprisingly, funds in the broker/dealer category suffered a relatively steeper drop in assets than the general-purpose funds."
 The 217 institutional funds dropped by $4.92 billion to $175.61 billion; the 282 general-purpose funds fell by $1.94 billion to $170.65 billion; and the 91 broker-dealer funds decreased by $2.98 billion to $136.04 billion.
 "Assets of institutional funds fell victim to gyrations in the FED funds rate. As it ticked up to 4-1/4 percent on Tuesday, a massive outflow into repos ensued. Over the last two sessions, however, the FED funds rate came sharply down again causing assets to flow back into money market funds," Dreyer said.
 Assets of money market mutual funds for the week ended Wednesday, June 24, were revised slightly to $492.13 billion, and the decrease was revised to $4.98 billion. The revisions reflect a reporting error.
 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- 7/2/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


TW -- DC014 -- 6316 07/02/92 16:25 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
Words:354
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