Fund Flows Year-To-Date

Fund flows YTD:

Positive net inflows by asset class YTD 2010 are
as follows:
$15BN - EM Debt
$14BN - Bank Loans
$50BN Global Debt
$8BN - Commodities
$49BN - EM Equities
$131BN - High Grade
$13BN - High Yield
$26BN - Municipals

Negative net outflows by asset class YTD 2010 are as follows:
$6BN - U.S. Equities
$392BN - Money Markets



The flows into high grade and high yield are strong.  I continue to expect the two asset classes to perform well on an excess return basis.  I would also expect that commodities and currencies will also gather more momentum going forward.