F.123 Closed-End and Exchange-Traded Funds            
 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
  Closed-end funds  
1 Net acquisition of financial assets 1.9 18.1 43.9 32.8 20.0 40.6 26.1 16.6 -3.1 4.3 23.9 1
2 Credit market instruments 3.2 8.6 36.2 11.2 1.5 6.4 4.0 -0.8 -3.4 10.1 18.5 2
3 Treasury securities 0.1 -2.8 1.4 2.4 0.3 0.6 1.7 -1.0 -0.1 -1.2 0.2 3
4 Municipal securities 7.0 11.3 3.2 -0.1 0.2 1.1 2.5 -1.7 -1.1 0.0 3.1 4
5 Corporate and foreign bonds -3.8 0.1 31.6 8.9 1.0 4.7 -0.3 1.9 -2.2 11.4 15.2 5
6 Corporate equities -1.3 9.4 7.6 21.7 18.5 34.2 22.0 17.4 0.3 -5.8 5.4 6
7 Net share issues (liabilities) 1.9 18.1 43.9 32.8 20.0 40.6 26.1 16.6 -3.1 4.3 23.9 7
  Exchange-traded funds  
8 Net acquisition of financial assets 31.0 45.3 15.8 55.0 53.9 35.7 40.6 12.6 126.7 30.5 88.9 8
9 Credit market instruments 0.0 3.7 0.7 3.8 6.8 11.7 3.5 7.1 4.8 3.0 9.1 9
10 Treasury securities 0.0 2.0 0.1 2.8 4.8 9.3 2.1 4.5 3.3 1.4 7.1 10
11 Corporate and foreign bonds 0.0 1.8 0.6 1.0 1.9 2.4 1.4 2.6 1.5 1.6 2.1 11
12 Corporate equities 31.0 41.6 15.1 51.2 47.1 24.0 37.1 5.5 121.9 27.5 79.7 12
13 Net share issues (liabilities) 31.0 45.3 15.8 55.0 53.9 35.7 40.6 12.6 126.7 30.5 88.9 13