September was the worst month on record for equity funds in terms of net outflows with $29.5 billion in outflows, but there is some good news for equity funds: Money market funds experienced net inflows of $53.2 billion, the most since February, according to the Investment Company Institute.

"September is normally an outflow month for money market funds because of estimated tax payments being due," said Don Cassidy, senior analyst at Lipper. "So the large inflow there seems to be pretty clearly a result of equity-fund flight."

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