Worldwide Mutual Fund Assets And Flows
First Quarter 2007

Washington, DC, August 8, 2007 - Mutual fund assets worldwide increased 4.6 percent to $22.72 trillion at the end of the first quarter of 2007. Net cash flow to all funds worldwide remained robust, at $417 billion in the first quarter, compared to $404 billion in the fourth quarter of 2006. Inflows to long-term funds were up slightly to $282 billion in the first quarter from $261 billion in the fourth quarter. Inflows to money market funds were $134 billion in the first quarter after reaching $143 billion in the fourth quarter.

The Investment Company Institute compiles worldwide statistics on behalf of the International Investment Funds Association, an organization of national mutual fund associations. The collection for the first quarter of 2007 contains statistics from 42 countries.

Worldwide Mutual Fund Assets
(trillions of U.S. dollars, end of quarter)

On a U.S.-dollar-denominated basis, asset levels increased in all investment categories. Assets of equity funds grew 4.4 percent, with $11.0 trillion in assets at the end of the first quarter of 2007. Bond funds were up 3.7 percent and money market funds grew 4.7 percent in the quarter. Assets of balanced/mixed funds increased 6.8 percent to $2.2 trillion at the end of the first quarter.

Worldwide Assets Of Equity, Bond, Money Market, And Balanced/Mixed Funds
(billions of U.S. dollars, end of quarter)

Net cash flow to mutual funds worldwide was $417 billion in the first quarter of 2007, with both long-term funds and money market funds experiencing aggregate net inflows. Equity fund flows worldwide were $118 billion in the first quarter, down from $150 billion in the fourth quarter. The Americas accounted for $80 billion of equity flows and the Asia/Pacific region for $43 billion of equity flows in the first quarter, compared to $79 billion and $36 billion, respectively, in the fourth quarter. Europe registered a net outflow of $5 billion in the first quarter versus a net inflow of $35 billion in the fourth quarter.

Net flows to bond funds strengthened to $69 billion in the first quarter of 2007, up from $40 billion in the fourth quarter of 2006. Net inflows to bond funds in the Americas accounted for $65 billion of net inflows in the first quarter and European bond funds posted $11 billion of net inflows. Bond funds in the Asia/Pacific region experienced net outflows of $7 billion. At $69 billion, first quarter inflows to balanced funds were the strongest since the first quarter of 2006.

Flows into money market funds were $134 billion in the first quarter, matching the pace of the second half of 2006. Net flows into money market funds in the Americas fell by more than half in the first quarter, to $70 billion from $146 billion in the fourth quarter. In contrast, European money market funds recorded a net inflow of $70 billion in the first quarter, compared to a net outflow of $7 billion in the fourth quarter.

Net Sales Of Mutual Funds Worldwide
(billions of U.S. dollars)

			2005			2006				2007
			Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
All Funds			166	305	284	437	206	252	404	417
	Equity		65	87	160	246	74	65	150	118
	Bond		49	89	-14	65	-5	8	40	69
	Money Market		*	59	81	28	71	124	143	134
	Balanced/Mixed		26	37	34	73	48	38	45	69
	Other		25	32	22	25	19	18	26	26

Less than $0.5 billion.
Note: Thirty-one countries reported in 2004:Q4; 32 countries reported in 2005:Q1, 2005:Q2, 2005:Q3, and 2005:Q4; 33 countries reported in 2006:Q1 and 2006:Q2; and 34 countries in 2006:Q3, 2006:Q4, and 2007:Q1. Assets of reporting countries represented 92 percent of assets of all countries at the end of 2007:Q1. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. Components may not sum to the total because of rounding.

Equity fund assets represented the bulk of all worldwide mutual fund assets: At the end of the first quarter of 2007, 48 percent of worldwide mutual fund assets were equity funds. The asset share of bond funds was 18 percent and money market funds were also 18 percent of the total. Balanced/mixed fund assets represented 10 percent of the total.

Worldwide Mutual Fund Assets By Type Of Fund, 2007:Q1
(percent)

Note: Other/unclassified includes the total net assets of Ireland.

By region, 52 percent of worldwide assets were in the Americas in the first quarter of 2007, 36 percent were in Europe, and 12 percent in Africa and Asia/Pacific.

Worldwide Mutual Fund Assets by Region, 2007:Q1
(percent)

The number of mutual funds worldwide stood at 62,522 at the end of the first quarter of 2007. By type of fund, 41 percent were equity funds, 22 percent were bond funds, 21 percent were balanced/mixed funds, and 5 percent were money market funds.

Worldwide Mutual Funds by Type of Fund, 2007:Q1
(percent)

Note: Other/unclassified includes total funds in Ireland.

Total Net Assets, 2002-2007:Q1
Billions of U.S. dollars, end of period

		2002	2003	2004	2005	2006				2007
						Q1	Q2	Q3	Q4	Q1
All Reporting Countries1		11,324	14,048	16,165	17,771	19,113	19,416	20,219	21,728	22,722
	Equity	4,204	5,923	7,219	8,333	9,229	9,180	9,556	10,504	10,961
	Bond	2,534	3,047	3,313	3,450	3,591	3,636	3,710	3,870	4,015
	Money Market	3,190	3,206	3,323	3,364	3,413	3,557	3,685	3,864	4,045
	Balanced/Mixed	918	1,198	1,445	1,566	1,717	1,802	1,923	2,048	2,187
	Other	229	311	398	512	567	602	619	675	692
Countries Reporting in Every Period2		10,767	13,300	15,246	16,731	17,910	18,162	18,859	20,275	21,202
	Equity	4,084	5,766	7,031	8,123	8,974	8,928	9,290	10,209	10,660
	Bond	2,462	2,953	3,217	3,339	3,435	3,508	3,587	3,752	3,898
	Money Market	3,159	3,157	3,254	3,289	3,329	3,449	3,571	3,736	3,917
	Balanced/Mixed	860	1,128	1,364	1,485	1,624	1,695	1,812	1,924	2,060
	Other	202	296	380	495	547	582	599	654	668

Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA, formerly FEFSI) provides data for all European countries except Romania and Russia.
¹ Components may not sum to total because of rounding or unclassified funds.
² Number of countries is 26. Components may not sum to total because of rounding.

Net Sales,¹ 2003-2007:Q1
Billions of U.S. dollars

		2003	2004	2005	2006	2006				2007
						Q1	Q2	Q3	Q4	Q1
All Reporting Countries2		317	457	971	1,299	437	206	252	404	417
	Equity	283	357	416	535	246	74	65	150	118
	Bond	177	109	224	108	65	-5	8	40	69
	Money Market	-212	-120	120	365	28	71	124	143	134
	Balanced/Mixed	56	82	108	203	73	48	38	45	69
	Other	14	29	102	88	25	19	18	26	26
Countries Reporting in Every Period3		165	307	672	951	283	130	206	331	317
	Equity	250	298	317	414	177	62	53	123	111
	Bond	86	62	91	78	23	0	18	38	48
	Money Market	-218	-131	128	336	26	47	117	147	113
	Balanced/Mixed	40	69	112	102	52	17	14	20	35
	Other	6	8	23	21	7	5	5	4	10

Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA, formerly FEFSI) provides data for all European countries except Romania and Russia.
¹ Net sales are new sales plus reinvested dividends less redemptions plus net exchanges.
² Components may not sum to total because of rounding or unclassified funds.
³ Number of countries is 18. Components may not sum to total because of rounding.

Number of Funds, 2002-2007:Q1
(End of period)

		2002	2003	2004	2005	2006				2007
						Q1	Q2	Q3	Q4	Q1
All Reporting Countries1		54,110	54,569	54,982	56,868	58,378	59,408	59,761	61,498	62,522
	Equity	22,974	22,688	22,362	23,264	23,956	24,417	24,572	25,583	25,607
	Bond	11,619	11,886	13,309	13,231	13,316	13,395	13,455	13,557	13,499
	Money Market	4,394	4,974	3,623	3,536	3,574	3,603	3,498	3,407	3,407
	Balanced/Mixed	11,228	11,465	11,603	11,393	11,790	12,117	11,992	12,515	13,069
	Other	1,310	1,578	1,997	3,317	3,577	3,713	3,969	4,097	4,521
Countries Reporting in Every Period2		42,393	41,689	42,354	42,427	42,984	43,660	44,011	44,985	45,328
	Equity	20,808	20,018	19,918	20,044	20,285	20,612	20,734	21,555	21,349
	Bond	9,946	9,847	9,961	10,004	10,036	10,128	10,222	10,291	10,300
	Money Market	2,674	2,652	2,899	2,799	2,818	2,818	2,710	2,595	2,590
	Balanced/Mixed	7,723	7,857	8,095	7,857	7,962	8,152	8,335	8,465	8,784
	Other	1,242	1,315	1,481	1,723	1,883	1,950	2,010	2,079	2,305

Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA, formerly FEFSI) provides data for all European countries except Romania and Russia.
¹ Components may not sum to total because of unclassified funds.
² Number of countries is 24.