Debt fund investors are becoming more selective. With bond yields high and the rate outlook uncertain, they are choosing carefully where to park their money. The latest mutual fund data shows the shift. Debt funds attracted Rs 1.88 lakh crore in July. In August, they saw an outflow of Rs 8,127 crore. But the headline numbers do not tell the full story. Investors kept putting money into liquid, money-market and ultra-short-duration funds in August, even as several longer-duration categories saw outflows.