Board of Governors of the Federal Reserve System

Year-end stocks outstanding from annual financial statements compiled by and purchased from S&P Global. Staff tabulation of money market fund shares from Schedule DA--Part 1, book/adjusted carrying value, sum of line Subtotal - exempt money market funds and line Subtotal - class one money market funds. Stocks outstanding for other quarters estimated from staff tabulation of quarterly statement, Schedule DA--Part 1, percentage of total short-term investments. Percentage used is FOF Section estimate based on distribution of annual short-term investment data. Transactions are calculated as the change in the stocks outstanding. Data for the most recent ten years show no significant seasonality.