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INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF RETAIL MONEY MARKET MUTUAL FUNDS

 WASHINGTON, May 27 /PRNewswire/ -- Assets of the nation's 632 retail money market mutual funds decreased by $1.47 billion to $388.59 billion for the week ended Wednesday, May 26, the Investment Company Institute reported today. Assets of the 396 taxable money market funds in the retail category fell by $462.4 million to $308.50 billion; the 236 tax- exempt funds assets decreased by $1.01 billion to $80.09 billion.
 Assets of the 266 institutional money market funds decreased by $9.99 billion to $192.69 billion for the same period. Among institutional funds, the 215 taxable money market fund assets fell by $9.56 billion to $172.45 billion; assets of the 51 tax exempt funds fell by $429.9 million to $20.24 billion.
 "Individuals moved some of their assets out of money market funds, especially the tax-exempt ones, and into equity funds as all major stock market indices continued setting new records," said Dr. Jacob Dreyer, vice president and chief economist for the Institute. "But," Dreyer said, "most of the drop in the overall money market fund assets was accounted for by a shift by institutional investors. The Federal funds rate kept going up throughout the reporting week, rendering stagnant yields offered by institutional money market funds relatively less attractive. The response of institutional investors was to temporarily change the location of the parking place for their liquid assets from specialized money market funds to repo market instruments."
 Total money market mutual fund assets stood at $581.28 billion for the week ended Wednesday, May 26.
 Assets of money market mutual funds for the week ended Wednesday, May 19, were revised to $592.74 billion. The revisions are due to reporting errors and 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 three broad categories of funds. They are (1) short-term funds which include tax-exempt money market funds, (2) taxable retail and institutional money market funds, and (3) all funds other than money market funds -- such as stock, income, corporate bond and municipal bond funds.
 -0- 5/27/93
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-328-2000, ext. 5912 or ext. 5913/


CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO

DC -- DC036 -- 3144 05/27/93 17:06 EDT
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Publication:PR Newswire
Date:May 27, 1993
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