Board of Governors of the Federal Reserve System

Starting in 2010:Q4; stocks outstanding are calculated from FOF municipal securities (series FL893062005), multiplied by a ratio of: year-end stocks outstanding of SOI Corporation Income Tax Returns, Returns of Active Corporations, Table 6 - Balance Sheet, Income Statement, Tax, and Other Selected Items, by Major Industry, line Tax-exempt securities, for all industries except finance and insurance, management of companies, and unpublished detail on equity REITs; divided the corresponding year-end FOF stocks outstanding of municipal securities (FL893062005). For quarters since the most recent SOI year, the ratio is fixed at the the stocks outstanding of the most recent SOI year. Capital gains are estimated based on the Merrill Lynch Municipal Master par weighted price index. Transactions are the change in stocks outstanding less capital gains; data for the most recent ten years show no significant seasonality.