BOSTON – Mutual fund shareholders continued to take a conservative approach to investing last month, possibly reacting to the threat of going over the “fiscal cliff.”

Investors pulled cash out of stock funds in November for the ninth consecutive month, fund industry consultant Strategic Insight said on Thursday. Bond funds attracted new cash for the 15th month in a row.

A net $16 billion was withdrawn from U.S. stock mutual funds in November, slightly more than the amount pulled out in the previous month. The last month that deposits exceeded withdrawals was February. Year-to-date, net withdrawals total $70 billion.