BOSTON (AP) — Another month of a rising stock market, another month of retreat for mutual fund investors who exited stocks and moved into bonds.

A net $11 billion was withdrawn from U.S. stock funds in August, the sixth month in a row that withdrawals exceeded deposits, industry consultant Strategic Insight said on Thursday. It was the largest monthly withdrawal total this year, despite the 2.3 percent rise in the Standard & Poor’s 500 index during August.