Despite the massive mounts of cash that flowed into investors' hands in June and July, net sales of long-term tax-exempt mutual funds declined by 87.6% in July, according to the Investment Company Institute.

Net-sales total sales minus redemptions declined to $550.3 million in July from $4.4 billion in the same month of last year. Net sales dam include reinvested dividends.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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