F.120 Federal Government Retirement Funds (1)            
 Billions of dollars; quarterly figures are seasonally adjusted annual rates            
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
 stock price direction  DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
 bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
1 Net acquisition of financial assets 69.9 45.4 48.2 54.7 54.7 56.2 47.7 57.3 57.6 46.8 33.4 1
2 Credit market instruments 9.7 12.7 6.0 4.7 7.7 8.5 11.4 8.1 3.0 5.4 17.8 2
3 Treasury securities 7.2 9.6 5.1 5.4 7.7 8.8 10.8 7.8 3.5 5.9 18.2 3
4 Agency- and GSE-backed securities 1.6 1.9 0.5 -0.5 0.0 -0.2 0.4 0.2 -0.3 -0.3 -0.2 4
5 Corporate and foreign bonds 0.9 1.2 0.4 -0.3 0.0 -0.1 0.2 0.1 -0.2 -0.2 -0.2 5
6 Corporate equities -0.6 8.2 17.5 9.1 7.0 5.5 2.5 8.3 11.5 8.9 -3.1 6
7 Miscellaneous assets(2) 60.8 24.5 24.7 40.9 40.0 42.1 33.8 40.9 43.1 32.5 18.7 7
8 Pension fund reserves (liabilities) (3) 69.9 45.4 48.2 54.7 54.7 56.2 47.7 57.3 57.6 46.8 33.4 8
 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.           
 (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,           
 and foreign service retirement and disability fund.           
 (3) Liabilities of the sector are assets of the household sector.