Funds See September Asset Drop

October 31, 2008 (PLANSPONSOR.com) - The combined assets of the nation's mutual funds fell 8.3% or $959 billion to $10.6 trillion in September, according to Investment Company Institute (ICI) data.

An ICI news release said long-term funds – stock, bond, and hybrid funds – had a net September outflow of $63.5 billion versus an August outflow of $12.1 billion.

class=”normal-1″> Meanwhile, stock funds posted an outflow of $56.2 billion in September, compared to an outflow of $19.7 billion in August. Among stock funds, world equity funds posted an outflow of $22.4 billion in September, while funds that invest primarily in the U.S. had an outflow of $33.6 billion.

class=”normal-1″> Hybrid funds posted an outflow of $6.49 billion in September, compared to an outflow of $302 million in August.

class=”normal-1″> Bond funds had an outflow of $898 million for the month, compared to an inflow of $7.87 billion in August. Taxable bond funds had an outflow of $274 million¬†and Municipal bond funds had an outflow of $624 million.

class=”normal-1″> Money market funds had an outflow of $145.2 billion in September, compared to an inflow of $28.4 billion in August.

More information is available at http://www.ici.org/stats/mf/trends_09_08.html .

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