F.122 Mutual 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 Gross saving -8.4 -21.6 2.5 2.0 12.1 3.4 2.9 17.6 24.6 28.3 31.7 1
2 Net acquisition of financial assets 204.9 181.1 288.6 298.2 260.0 389.3 239.3 200.9 210.5 460.8 271.6 2
3 Security RPs -28.9 10.9 12.9 18.1 2.8 46.0 -17.2 -18.5 0.9 50.4 42.1 3
4 Credit market instruments 126.6 138.7 138.0 116.6 124.1 193.0 127.3 83.8 92.2 200.7 135.5 4
5 Open market paper -28.9 -7.7 13.1 18.0 2.9 53.1 -1.6 -23.1 -16.7 54.3 61.2 5
6 Treasury securities -9.8 17.2 9.3 4.8 6.6 10.0 3.9 -1.8 14.4 5.0 -5.4 6
7 Agency- and GSE-backed securities 84.7 54.0 25.2 15.2 20.8 31.2 12.2 -5.5 45.1 15.6 -16.8 7
8 Municipal securities 22.6 24.3 12.9 4.1 17.4 26.9 18.5 28.0 -4.0 39.2 20.0 8
9 Corporate and foreign bonds 58.1 50.9 77.4 74.5 76.4 71.8 94.3 86.1 53.5 86.6 76.5 9
10 Corporate equities 109.8 31.4 136.8 158.5 129.4 145.3 130.1 128.5 113.9 204.5 94.0 10
11 Miscellaneous assets -2.6 0.0 1.0 5.1 3.7 5.0 -0.9 7.2 3.5 5.2 0.0 11
12 Net share issues (liabilities) 204.9 181.1 288.6 298.2 260.0 389.3 239.3 200.9 210.5 460.8 271.6 12
13 Discrepancy -8.4 -21.6 2.5 2.0 12.1 3.4 2.9 17.6 24.6 28.3 31.7 13
 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).