Equity funds posted $8 billion in outflows for the month of August, the second worst month this year, as prolonged declines in stock prices put many fund investors in a state of unease, according to preliminary flow figures issued today by Lipper.

Within the equity category, world equity funds lost $6.5 billion, U.S. diversified funds lost $1.5 billion and domestic sector funds lost $1.2 billion. On the positive side, S&P 500 Index funds attracted $600 million while all other equity funds tracked by Lipper brought in $600 million.

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