Although first quarter 2010 mutual fund results were positive, Lipper Inc. says that the average diversified U.S. stock fund fell 7% in the second quarter. Withdrawals from funds were up, too, as, according to the mutual fund industry trade group Investment Company Institute (ICI): during a single week in June, $1.8 billion left stock funds.

Real estate and bond funds did better, with the former only falling 1.1% in the quarter and the latter showing returns of 3% to 4%. Precious metal funds were up 11.4% thanks to the gleam of gold, which has reached dizzying levels. Raw materials funds, thanks to the slow economy, were down more than precious metals were up, at 11.6%.

The S&P Index, through June 24, had returned a negative 7.8%, compared to its first quarter return of 5.4%. Large-cap growth and large-cap value funds were down 8.2% and 8.7%, respectively, although they had been in positive territory in the first quarter.

Small-cap funds, while still in negative territory in the second quarter, were down less, with value clocking in at a minus 6.4% and growth at 5.9%. And the Russell 2000 Index has gained 2.5 % since the beginning of the year.