Assets in the nation's mutual funds declined $252.8 billion in July to $6.4 trillion, the Investment Company Institute reported. Stock funds had a record outflow of $52.6 billion. While the equity fund outflow set a record, however, it represented only 1.7% of equity fund assets, compared with the October 1987 outflow of 3.7%, the ICI said.

Bond funds, on the other hand, had a record inflow of $28.1 billion, while money market funds took in $54.6 billion.

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