Level is calculated as approximately 1.5 percent of total financial assets (FOF series FL214090093) based on detailed data for fiscal year 2003 on mutual fund shares from CAFRs for the largest state and local governmental units. Capital gains are estimated based on the percent change in the Dow Jones U.S. total stock market index (FOF series FI073164013) applied to the previous quarter's level. Unadjusted flow is the change in the level less estimated capital gains; data for the most recent ten years show no significant seasonality.
