Trends In Mutual Fund Investing
November 2006

Washington, DC, December 28, 2006 - The combined assets of the nation's mutual funds increased by $265.3 billion, or 2.6 percent, to $10.281 trillion in November, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI.

Total Net Assets of Mutual Funds
(billions of dollars)

	Nov 06	Oct 06	% chg	Dec 05
Stock Funds	5,836.0	5,670.3R	2.9	4,939.8
Hybrid Funds	647.2	633.2R	2.2	567.3
Taxable Bond Funds	1,122.6	1,104.5R	1.6	1,018.5
Municipal Bond Funds	365.3	360.9R	1.2	338.8
Taxable Money Market Funds	1,950.8	1,895.1R	2.9	1,706.5
Tax-Free Money Market Funds	359.2	351.7	2.1	334.0
Total	10,281.0	10,015.7R	2.6	8,904.8

R=Revised data

Highlights: Long-term funds - stock, bond, and hybrid funds - had a net inflow of $20.82 billion in November, vs. an inflow of $24.73 billion in October.

Stock funds posted an inflow of $11.30 billion in November, compared with an inflow of $12.73 billion in October. Among stock funds, world equity funds (US funds that invest primarily overseas) posted an inflow of $11.47 billion in November, vs. an inflow of $11.92 billion in October. Funds that invest primarily in the US had an outflow of $169 million in November, vs. an inflow of $808 million in October.

Hybrid funds posted an inflow of $2.20 billion in November, compared with an inflow of $1.60 billion in October.

Bond funds had an inflow of $7.31 billion in November, compared with an inflow of $10.41 billion in October. Taxable bond funds had an inflow of $5.21 billion in November, vs. an inflow of $8.17 billion in October. Municipal bond funds had an inflow of $2.10 billion in November, compared with an inflow of $2.24 million in October.

Money market funds had an inflow of $55.01 billion in November, compared with an inflow of $30.83 billion in October. Funds offered primarily to institutions had an inflow of $45.34 billion. Funds offered primarily to individuals had an inflow of $9.67 billion.

Net New Cash Flow of Long-Term Funds
(millions of dollars)

	Nov 2006	Oct 2006	YTD 2006	YTD 2005
New Sales	97,832	105,441R	1,130,820	932,954R
Redemptions	-85,791	-91,551R	-965,649	-794,048R
Exchanges In	14,337	17,684R	189,537	161,643R
Exchanges Out	-15,075	-18,846R	-206,223	-174,815R
Net New Cash Flow	11,304	12,728R	148,485	125,734R

Hybrid Mutual Funds

New Sales	10,061	10,175R	96,252	98,937R
Redemptions	-8,095	-8,812R	-87,880	-73,823R
Exchanges In	1,637	1,602R	14,711	13,797R
Exchanges Out	-1,402	-1,370R	-17,577	-12,938R
Net New Cash Flow	2,201	1,595R	5,506	25,974R

Taxable Bond Mutual Funds

New Sales	27,712	29,368R	291,024	270,644R
Redemptions	-23,369	-21,062R	-249,624	-240,484R
Exchanges In	3,755	3,685	40,576	38,472R
Exchanges Out	-2,888	-3,819	-43,499	-40,807R
Net New Cash Flow	5,211	8,173R	38,478	27,825R

Municipal Bond Mutual Funds

New Sales	6,454	6,372R	66,553	54,349R
Redemptions	-4,420	-4,290R	-52,965	-47,807R
Exchanges In	867	835	9,437	8,181
Exchanges Out	-798	-679	-9,029	-8,474R
Net New Cash Flow	2,103	2,238R	13,996	6,249R

Net New Cash Flow of Money Market Funds
(millions of dollars)

Nov 06	Oct 06	YTD 2006	YTD 2005
55,014	30,833R	205,994	16,175R

Liquid Assets of Stock Mutual Funds
(percent of total net assets)

Nov 06	Oct 06	Nov 05
4.0%	4.1%	4.1%

Annual Redemptions from Stock Funds
(percent of average net assets*)

Nov 06	Oct 06	Nov 05
19.7%	20.1%	19.3%R

*Redemptions over the most recent twelve-month period as a percent of average of total net assets at beginning and ending of period.

Annual Redemptions and Redemption Exchanges from Stock Funds
(percent of average net assets*)

Nov 06	Oct 06	Nov 05
23.9%	24.4%	23.5%

*Redemptions and Redemption Exchanges over the most recent twelve-month period as a percent of average of total net assets at beginning and ending of period.

Number of Mutual Funds in this Report

	Nov 06	Oct 06	Nov 05
Stock Funds	4,770	4,756	4,572
Hybrid Funds	513	512	508
Taxable Bond Funds	1,283	1,284R	1,279R
Municipal Bond Funds	720	717	742
Taxable Money Market Funds	573	577	598
Tax-free Money Market Funds	272	272	273
Total	8,131	8,118R	7,972R

R=Revised data