Consumers continued their love affair with mutual funds during July, pushing fund assets to $1.847 trillion, the Investment Company Institute reported.

Fund assets grew from $1.805 trillion in June, according to the Washington-based trade group.

In July 1992, fund assets stood at $1.537 trillion.

Gross sales of stock and bond funds totaled $43.8 billion in July, up from $40.7 billion in June and $31.8 billion in July 1992.

Net new sales of mutual funds - that is, sales minus reinvested dividends and redemptions - totaled $23 billion in July, up from $18.5 billion in June and $16.9 billion in July 1992.

Bond funds were the big gainers. Assets invested in these funds climbed to $690.4 billion, up from $673.7 billion in June. Stock funds grew to $595 billion in July, up from $581.6 billion.

Taxable money-market funds had $462.7 billion in assets, up from $452.9 billion. Tax-exempt money funds had $99.2 billion, up from $97 billion.

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