Board of Governors of the Federal Reserve System

Year-end stocks outstanding estimated from DOL Employee Benefits Security Administration, Private Pension Plan Bulletin: Abstract of Form 5500 Annual Reports and DOL Form 5500 Direct Filing Entity Bulletin: Abstract of Form 5500 Annual Reports table 12, Defined Contribution, as Preferred Stock, Common Stock, Partnership/Joint Venture Interests, and Employer Securities, plus a portion of Assets in common/collective trusts and Assets in master trusts, where the portion is estimated using DFE Table 2 and Table 12 (Excluding real estate and 403b plan assets). The stocks outstanding are then adjusted for plans whose fiscal years do not end on December 31 and to include plans with fewer than 100 participants. Data are available with a two-year lag. Series is converted to quarterly and estimated for quarters assuming constant transactions throughout the year. 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 stocks outstanding. The unadjusted transactions are the change in stocks outstanding less estimated capital gains. Data for the most recent ten years show no significant seasonality.