Stock fund assets grew in May and money market fund continued to suffer outflows as the mutual fund industry’s assets increased by 3.4%, according to the industry trade group the Investment Company Institute.

Mutual fund assets grew $219 billion, or 3.4%, to $6.7 trillion in May, according to an official survey of the industry conducted by the ICI. The survey included mutual fund companies reporting actual assets, sales and redemptions to the trade group.

Stock funds had the largest percentage month-over-month assets gain in the survey, jumping 6.8% from April, to total $2.958 trillion. Hybrid funds gained 5.5%, to $365.8 billion and taxable bond funds grew 2.3% to $897.6 billion. However taxable money market funds slid 1.2%.

Inflows decreased in the month for stock funds, pulling in $12.11 billion in May, down from the $16.11 billion they raked in during the previous month. Domestic equity fund inflows were slightly higher in May at $12.6 billion in May, compared to the previous month. However, stock funds investing overseas crept into negative territory with outflows of $490 million in May. They had inflows of $3.56 billion in April.

Bond fund inflows sank to $8.97 billion in May, from $10.54 billion in April. Hybrid funds saw inflows of $3.07 billion in May, up from $2.71 billion in April. Money market funds suffered outflows of $17.81 billion in May, a significant dropoff from the $53.79 billion in outflows in April.

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