Although equity mutual fund panic selling abated in August, thanks to a sideways market, and investors continued to flock to bond funds, sharp withdrawals from money market funds netted the industry a $23.3 billion loss of assets last month, Lipper revealed today.

Investors withdrew $5.8 billion from stock funds in August and $36.9 billion from money market funds. Only bond funds fared well, with investors plowing $19.4 billion into these instruments in the month, Lipper data showed.

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