Board of Governors of the Federal Reserve System

Stocks outstanding from SEC tabulation of submissions of FOCUS reports, Statement of Financial Condition, Ownership Equity, sum of Sole Proprietorship (series F1770) and Partnership-limited partners (series F1780). Capital gains are calculated as the ratio of proprietors' equity in noncorporate business (FOF series FL662090003) to total net worth of all brokers and dealers (FOF series FL665080003), multiplied by the sum of capital gains on corporate equity assets (FOF series FR663064103) and foreign direct investment in the U.S. (FOF series FR663192003). unadjusted transactions calculated as the change in stocks outstanding less estimated capital gains. Data for the most recent ten years show no significant seasonality.