Funds Gain 1.2% During October

November 29, 2004 ( - The nation's mutual funds pulled in $87.5 billion in assets for a 1.2% asset increase in October after a similar 1.2% asset hike in September.

A news release from the Investment Company Institute (ICI) said the total asset figure was $7.65 trillion by the end of October, up from $7.56 trillion in September (See   Mutual Funds Pick up 1.2% in September ).

ICI data showed that stock funds enjoyed an inflow of $78 billion or 2% in October to $3.99 trillion, up from $3.91 trillion in September. On a year-to-date basis, stock funds were up $146.1 billion, according to ICI.   World equity funds posted a $4.79 billion in flow in October while domestic equity offerings enjoyed a $2.38 billion October increase.

The big October winner were tax-free money market funds, which gained 2.2% to $301.8 billion while the hybrid fund category was ahead 1.7% to $487 billion, a slightly smaller hike than September when the category was ahead 1.9% to $478 billion

The biggest losers were taxable money funds, which were down 1.2% to $1.58 trillion, according to ICI.