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.

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