Mutual fund assets dip nearly 1 percent in July

WASHINGTON
Total assets in the nation's mutual funds fell by nearly 1 percent last month, dropping by about $91.56 billion, the Investment Company Institute said Thursday.
The total fell to nearly $11.59 trillion as long-term funds -- those holding stocks, bonds and hybrids containing a mix of both investments -- saw about $26 billion flow out in July compared with June, according to the Washington-based industry group's latest survey.
Stock funds, which have been hit by recent market declines that have eroded fund assets, posted an outflow of nearly $26.4 billion in July. Bond funds had an inflow of nearly $1.8 billion, offset by an outflow of nearly $1.5 billion from hybrid funds.
Money market funds -- which have recently gained in popularity as investors have sought safe alternatives to more volatile stocks -- reported an inflow of $79.4 billion in July.