�F.119 State and Local Government Employee Retirement Funds������������
�Billions of dollars; quarterly figures are seasonally adjusted annual rates������������
�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
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1
2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2
3 Net acquisition of financial assets 86.9 8.5 14.9 -1.1 -13.2 -9.2 -5.2 -54.7 16.2 -57.5 -24.6 3
4 Checkable deposits and currency 1.5 1.5 4.3 0.4 -0.7 -5.1 -0.9 18.0 -14.9 1.9 -9.2 4
5 Time and savings deposits 0.2 -0.1 -0.3 0.3 0.3 0.2 -1.1 1.2 0.7 -2.1 0.2 5
6 Money market fund shares 2.2 0.1 -2.9 -3.1 2.9 -6.0 4.1 1.1 12.2 -3.1 0.5 6
7 Security RPs -5.9 -6.9 -5.0 -5.3 3.2 -6.5 2.9 15.3 1.2 -5.7 10.6 7
8 Credit market instruments -53.8 -50.7 11.2 27.2 -2.5 60.0 -23.6 -58.6 12.2 -14.1 -14.0 8
9 Open market paper 4.0 -3.2 -9.0 -9.5 -0.6 -2.7 2.3 -1.2 -0.8 -1.3 4.6 9
10 Treasury securities -24.0 3.8 -10.9 -17.5 -4.0 -13.3 11.9 -29.8 15.1 15.1 -11.1 10
11 Agency- and GSE-backed securities 1.9 11.8 55.7 44.2 1.7 76.8 -39.6 -18.1 -12.1 -9.6 -3.9 11
12 Municipal securities -0.1 -0.8 0.1 0.7 -0.6 -2.7 1.2 1.0 -1.8 -3.4 0.2 12
13 Corporate and foreign bonds -34.6 -62.4 -24.1 10.2 -0.4 -1.8 0.3 -7.2 7.1 -7.2 -3.4 13
14 Mortgages -1.1 0.1 -0.7 -0.9 1.3 3.8 0.3 -3.3 4.6 -7.7 -0.5 14
15 Corporate equities 115.1 50.2 -0.6 -22.6 -12.7 -4.7 -5.9 -38.0 -2.3 -40.8 -16.4 15
16 Mutual fund shares 25.8 13.9 7.3 1.6 -0.2 -0.8 -0.2 -2.0 2.1 -0.2 -1.1 16
17 Miscellaneous assets 1.8 0.4 0.9 0.5 -3.4 -46.3 19.5 8.2 5.0 6.5 4.9 17
18 Pension fund reserves (liabilities) (1) 86.9 8.5 14.9 -1.1 -13.2 -9.2 -5.2 -54.7 16.2 -57.5 -24.6 18
�(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.���������