Board of Governors of the Federal Reserve System

Prior to 2019q1, quarterly stocks outstanding are benchmarked annually to U.S. Census Bureau, Annual Survey of Public Pensions (ASPP), State & Local Data, Table 1: National Summary of Public-Employee Retirement Systems: state and local governments. Quarterly stocks outstanding between ASPP Q2 benchmarks are linearly interpolated. Capital gains are computed using the change in the Merrill Lynch Municipal Master par weighted price. The unadjusted transactions are the change in stocks outstanding, less capital gains, less any other changes in volume. Data for the most recent ten years show no significant seasonality. Beginning with 2019q1, municipal series are no longer reported in the Quarterly Survey of Public Pensions (QSPP), so quarterly stocks outstanding are set to zero.