�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).���������