Mutual funds' value declined in July in step with the U.S. stock market, while municipal bond funds gained as investors turned conservative.

According to findings released Wednesday by the Investment Company Institute of Washington, stock funds' value fell to $4.2 trillion in July, from $4.3 trillion in June. Municipal bond funds grew by $850.2 million, to $267.8 billion, partially offsetting outflows of $1.17 billion in June.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.