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Total assets in mutual funds dropped in October for the second consecutive month, down 1.1 percent despite positive net flows, according to the Investment Company Institute of Washington, D.C.

The 1.1 percent drop represents nearly $7.2 trillion, according to the ICI. Total assets dropped 2.6 percent to $7.280 trillion in September, according to the ICI.

The biggest contributor to October's decrease came from stock mutual funds, where assets decreased by $108.2 billion, despite net new flows of $19.07 billion, compared with $17.33 billion in September.

Money market funds experienced net inflows of over $26.1 billion in October after an outflow of more than $8.6 billion in September, according to the ICI. That brings year-to-date net inflows into money market funds up to $85.74 billion, still down more than 24 percent from last year's numbers at this time of year.

Cash flow to aggressive growth stock funds increased to $7.16 billion in October, up from $5.91 billion in September. Municipal bond funds saw outflows of $271.1 million in October, compared with outflows of $1.37 billion in September.