Board of Governors of the Federal Reserve System

Market value stocks outstanding from ICI by subscription, Supplemental Exchange-Traded Fund Report, Table 6 Total Net Assets, Bond, Municipal Bond, for the quarter ending month, plus a portion of Hybrid Funds equal to the share of municipal bonds held by hybrid open-end mutual funds. Unadjusted transactions are from Table 8 Net Issuance of Shares, Bond, Municipal Bond, plus a portion of Hybrid Funds equal to the share of municipal bonds held by hybrid open-end mutual funds, summed for the 3 months of the quarter. Beginning 2010Q4, stocks outstanding and transactions are adjusted to subtract money market fund holdings estimated as the share of money market funds held by Morningstar Direct fixed income ETFs. Capital gain is the change in stocks outstanding less unadjusted transactions less other changes in volume. Data for the most recent ten years show no significant seasonality.