Level from ICI by subscription, Quarterly Long-Term Mutual Fund Asset Composition report, calculated as the sum of short-term municipal bonds plus long-term municipal bonds. Capital gains estimated using the change in the Merrill Lynch Municipal Master par weighted price on long-term assets. Level for the most recent quarter estimated as previous level plus capital gains plus an estimate for municipal bond quarterly flow derived from ICI Monthly Trends Table 3, municipal bond fund net new cash flow plus reinvested dividends. Series includes variable annuity long term mutual funds Data for the last ten years show no significant seasonality.
Last edited on: 06/07/2016