Board of Governors of the Federal Reserve System

Market value stocks outstanding from NCUA Call Report (NCUA 5300). From 2022Q1, the sum of Schedule B Investments, Supplemental Information, Section 1, Fair Values of Held-to-maturity and Available-for-sale Securities Issued by States and Political Subdivisions in the U.S., and Section 2, Trading Debt and Equity Securities, Fair Values of Securities Issued by States and Political Subdivisions in the U.S. (CUSAPC54 + CUSAPC56 + CUSAPC83). From 2011Q1 to 2021Q4, Schedule B - Investments, Supplemental Information, Securities Issued by States and Political Subdivisions in the U.S. (series CUSA0212). Capital gains are computed using the change in the Merrill Lynch Municipal Master par weighted price index. Transactions are calculated as the change in market value stocks outstanding less capital gains less any other volume changes. Data for the most recent ten years show no significant seasonality.