Year-end level from financial statements compiled by and purchased from SNL Financial. Staff tabulation of municipal securities from Annual and Separate Accounts Statements, Schedule D, book value. Levels for other quarters estimated from staff tabulation of quarterly statement, table Assets, percentage of line 1, Bonds, plus FOF Section estimate of municipal securities held in Separate Accounts. Percentage used is FOF Section estimate based on distribution of annual bond data. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.