HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2004-2008

($ billions, end of year)

   2004 2005 2006 2007 2008 Percent
change,
2004-2008
Total $2,031.0 $2,225.9 $2,403.3 $2,618.9 $2,682.1 32.1%
Household sector 742.4 821.0 871.8 908.0 949.9 27.9
Nonfinancial corporate business 31.8 32.1 28.1 29.8 7.7 -75.8
Nonfarm noncorporate business 4.3 4.4 5.8 6.7 7.1 65.1
State and local governments 4.7 5.0 5.5 5.8 5.7 21.3
Rest of the world 26.0 29.0 34.4 33.0 41.0 57.7
Commercial banking 140.8 157.7 180.2 192.4 215.6 53.1
Savings institutions 7.4 9.0 11.1 11.0 8.4 13.5
Property/casualty insurance companies 267.8 313.2 335.2 371.3 372.8 39.2
Life insurance companies 30.1 32.5 36.6 41.4 41.1 36.5
State and local govt retirement funds 1.8 1.7 3.6 1.9 1.1 -38.9
Money market mutual funds 313.8 336.8 370.3 471.0 494.6 57.6
Mutual funds 294.3 311.7 344.4 372.2 389.6 32.4
Closed-end funds 89.1 89.4 89.4 91.0 78.2 -12.2
Government-sponsored enterprises 44.6 39.7 36.1 33.3 30.5 -31.6
Brokers and dealers 32.0 42.9 50.9 50.1 38.7 20.9

Source: Board of Governors of the Federal Reserve System, June 11, 2009.