Beginning 2011:Q4, levels are estimated as a share of TIC, form SLT Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents, memo item Fund shares, column 9 Grand Total. Share is based on rest of the world holdings of mutual funds as a share of total funds from internal FR Board, IF Division, Survey of Foreign Portfolio Investment in the United States. Before 2011:Q4, second quarter level is benchmarked to data on rest of the world holdings of mutual funds from internal FR Board, IF Division, Survey of Foreign Portfolio Investment in the United States. Other quarters' levels between benchmarks are estimated by multiplying total mutual fund shares (FOF series FL654090005) by the ratio of rest of the world's mutual fund holdings to total mutual fund shares in benchmark quarters. Capital gains are estimated by multiplying rest of the world's level of mutual fund holdings by the ratio of total mutual fund shares capital gains to level of total mutual fund shares. Unadjusted flow is the change in the level less capital gains. Data for the most recent ten years show no significant seasonality.