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Fund Assets, Sales Fall in July, ICI Reports

Net sales of stock mutual funds were $12.29 billion in July, a decrease of about $6.8 billion from June, the Investment Company Institute reported last week. Total stock fund assets decreased to approximately $3.4 trillion, a drop of about 1.7 percent from June, the ICI said. Overall, net sales of stock funds through July are about 29 percent below the level of sales during the same period last year, the ICI reported. Industry assets decreased to $6.031 trillion in July, a decrease of 0.7 percent from June, according to the ICI.