The total assets of euro area investment funds decreased to EUR 5,015 billion at end-June 2008, from EUR 5,161 billion in March 2008.1 This development was mainly due to a fall in the amount outstanding of both securities other than shares, from EUR 1,858 billion to EUR 1,807 billion, and shares and other equity, from EUR 1,670 billion to EUR 1,624 billion.

A breakdown of the assets side of the aggregated balance sheet of euro area investment funds shows that at end-June 2008 holdings of securities other than shares accounted for 36% of total assets. The second largest item was holdings of shares and other equity, which contributed 32% to the balance sheet total. Holdings of investment fund shares accounted for 14% of total assets, deposits for 7% and fixed assets for 4%.

In terms of breakdown by investment policy, the shares of total assets held in bond funds and in mixed funds both stood at 28% at end-June 2008. Equity funds accounted for 26% of total assets and real estate funds for 5%.