Flow is calculated as the sum of: from ICI Supplementary Data available by subscription, table Composition of Net Assets for Equity, Hybrid, and Bond Funds, first quarterly difference in Short-term Municipal Bonds; and, from unpublished ICI detail on Net Portfolio Purchases, column Municipal Bonds summed for the three months of the quarter; less an adjustment for variable annuity plans which are included in FOF life insurance sector. The adjustment is calculated from ICI data available by subscription, Monthly Trends Supplement, table 30B Variable Annuity, column Total Long-Term Funds, Total Net Assets; multiplied by the portion of the 2001:Q3 total that is in municipal bonds. Level is calculated as the previous level plus the unadjusted flow. Data for the last ten years show no significant seasonality.
