Unadjusted flow is calculated from ICI, unpublished detail on assets of closed-end funds, Government Bonds as the current quarter's level less the previous quarter's level multiplied by one plus the percent change in a government bond index (FOF series FI073161103). Level is calculated at book value starting in 1994:Q4 by adding the unadjusted flow to the previous level. Data for the most recent ten years show no significant seasonality.
