Consider the algebra Q〈〈x1, x2, . . .〉〉 of formal power series in countably many noncommuting variables over the rationals. The subalgebra Π(x1, x2, . . .) of symmetric functions in noncommuting variables consists of all elements invariant under permutation of the variables and of bounded degree. We develop a theory of such functions analogous to the ordinary theory of symmetric functions. In p...