In response to market volatility, mutual fund sales declined 7% in June to $52.83 billion, according to data released by the Investment Company Institute.

Despite the recent drop in sales, cash flows into mutual funds for the first six months of the year totaled $146.8 billion - more than in any previous full year.

The Washington trade group also reported assets in the nation's 6,007 mutual funds totaled $3.181 trillion at the end of June. Mutual funds are second to commercial banks in asset size, the trade group said. Commercial banks hold $4.08 trillion in assets.

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