Colonial First State yesterday joined the growing list of mortgage, property finance and income funds that have frozen investor withdrawals over the last couple of weeks. Colonial froze seven funds with around $2.2 billion in assets under management.The Commonwealth Bank-owned Colonial blamed the "sudden actions of other fund managers" that had a "roll on affect". Estimates of the level of frozen funds vary by a couple of billion, depending on the definition and the time the manager implemented the freeze. Research firm Morningstar compiled a list of 69 frozen funds with combined funds under management of $24.5 billion. Property Investment Research has a compiled a separate list of 43 frozen funds with $27 billion in funds under management, a figure that includes some funds frozen for some months, such as debenture-style funds that funded commercial property development managed by City Pacific and Octavia.The funds are taking varied approaches to explaining to investors what the next steps are to enable them to realise their investment.Some are saying very little for now, including Colonial. Some have stipulated a term for the freeze, such as 90 days. Some have said they will allow periodic redemptions, such as Perpetual. And some have said they will "develop a liquidity mechanism", such as APN Funds Management.While the Investment and Financial Services Association lobbies the federal government to extend the deposit guarantee to these funds the government is pushing back, arguing that outflows began in May, according to a report in the Financial Review today, though it may have accelerated in the last two weeks since the announcement of the guarantee of bank deposits.