Board of Governors of the Federal Reserve System

Beginning 1996, year-end stocks outstanding are calculated from SOI, Domestic Private Foundations and Charitable Trusts, as the sum of lines Corporate bonds (fair market value), column Total from Table 3. Domestic Private Foundations: Income Statements and Balance Sheets, by Size of End-of-year Fair Market Value of Total Assets; and Table 4, Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Income Statement and Balance Sheets by Size of End-of-year Fair Market Value of Total Assets. Transactions are calculated as the one year change in the sum of line Corporate bonds (book value), column Total from tables 3 and 4. Capital gains are calculated as the difference in the stocks outstanding, less transactions. Prior to 1996, fair market value stocks outstanding and capital gains are estimated based on the growth of the Merrill Lynch U.S. Corporate Master par weighted price(series U0A0) obtained from Bloomberg. Data are annual.