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Long-Term Fund Sales Fall 29 Percent in July

Net sales of long-term equity and fixed-income mutual funds were down 29 percent in July, according to Financial Research Corp. of Boston.

July long-term fund sales of $7.8 billion were significantly lower than June net sales of $12.9 billion. June sales had spiked 173 percent over May net sales of $5.1 billion, FRC said. May sales were particularly weak in response to market volatility, FRC said. June sales "spiked upward after May's tech market revolt settled down," FRC said.