[Federal Register Volume 80, Number 13 (Wednesday, January 21, 2015)]
[Notices]
[Pages 2978-2983]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-00858]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74057/January 15, 2015]
Order Making Fiscal Year 2015 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------
Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------
\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
---------------------------------------------------------------------------
The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On December 16, 2014, the President signed the Consolidated
and Further Continuing Appropriations Act, 2015, providing
$1,500,000,000 in funds to the SEC for fiscal year 2015.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------
II. Fiscal Year 2015 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to be collected prior to the effective date of the new fee
rate \7\ and estimated assessments on security futures transactions to
be collected under Section 31(d) of the Exchange Act for all of fiscal
year 2015 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2015, and (2) dividing the difference by the
estimated aggregate dollar amount of sales for the remainder of the
fiscal year following the effective date of the new fee rate.
---------------------------------------------------------------------------
\7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through November 30, 2014. To
calculate the dollar amount of covered sales from that date to the
effective date of the new fee rate, the Division is using the same
methodology it developed in consultation with the Congressional
Budget Office (``CBO'') and the Office of Management and Budget
(``OMB'') to estimate the dollar amount of covered sales in prior
fiscal years. An explanation of the methodology appears in Appendix
A.
\8\ The Division is using the same methodology it has used
previously to estimate assessments on security futures transactions
to be collected in fiscal year 2015. An explanation of the
methodology appears in Appendix A.
---------------------------------------------------------------------------
The regular appropriation to the Commission for fiscal year 2015 is
$1,500,000,000. The Commission estimates that it will collect
$614,005,586 in fees for the period prior to the effective date of the
new fee rate and $58,863 in assessments on round turn transactions in
security futures products during all of fiscal year 2015.\9\ Using a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2015 (developed after consultation with the
CBO and OMB), the Commission estimates that the aggregate dollar amount
of covered sales for the remainder of fiscal year 2015 to be
$48,121,838,283,138.
---------------------------------------------------------------------------
\9\ The estimate of fees to be collected prior to the effective
date of the new fee rate is determined by applying the current fee
rate to the dollar amount of covered sales prior to the effective
date of the new fee rate.
---------------------------------------------------------------------------
As described above, the uniform adjusted rate is computed by
dividing the residual fees to be collected of $885,935,551 by the
estimate of the aggregate dollar amount of covered sales for the
remainder of fiscal year 2015 of $48,121,838,283,138. This results in a
uniform adjusted rate for fiscal year 2015 of $18.40 per million.\10\
---------------------------------------------------------------------------
\10\ Appendix A shows the purely arithmetic process of
calculating the fiscal year 2015 annual adjustment. The appendix
also includes the data used by the Commission in making this
adjustment.
---------------------------------------------------------------------------
III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2015
annual adjustments to the fee rates applicable under Sections 31(b) and
(c) of the Exchange Act shall take effect on the later of October 1,
2014, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2015 is enacted.\11\ The regular
appropriation to the Commission for fiscal year 2015 was enacted on
December 16, 2014, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on February
14, 2015.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------
[[Page 2979]]
IV. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $18.40 per $1,000,000
effective on February 14, 2015.
By the Commission.
Brent J. Fields,
Secretary.
Appendix A
This appendix provides the formula for determining the annual
adjustment to the fee rates applicable under Sections 31(b) and (c)
of the Exchange Act for fiscal year 2015. Section 31 of the Exchange
Act requires the fee rates to be adjusted so that it is reasonably
likely that the Commission will collect aggregate fees equal to its
regular appropriation for fiscal year 2015.
To make the adjustment, the Commission must project the
aggregate dollar amount of covered sales of securities on the
securities exchanges and certain over-the-counter markets over the
course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2015 (less the
sum of fees to be collected during fiscal year 2015 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2015) to the
estimated aggregate dollar amount of covered sales for the remainder
of the fiscal year following the effective date of the new fee rate.
For 2015, the Commission has estimated the aggregate dollar
amount of covered sales by projecting forward the trend established
in the previous decade. More specifically, the dollar amount of
covered sales was forecasted for months subsequent to November 2014,
the last month for which the Commission has data on the dollar
volume of covered sales.\12\
---------------------------------------------------------------------------
\12\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on December 16, 2014. The first business
day after this date was December 17, 2014. Data for November were
due from the exchanges on December 12. So the Commission used
November 2014 and earlier data to forecast volume for December 2014
and later months.
---------------------------------------------------------------------------
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2015.
First, calculate the average daily dollar amount of covered
sales (ADS) for each month in the sample (November 2004-November
2014). The monthly total dollar amount of covered sales (exchange
plus certain over-the-counter markets) is presented in column C of
Table A.
Next, calculate the change in the natural logarithm of ADS from
month to month. The average monthly percentage growth of ADS over
the entire sample is 0.0068 and the standard deviation is 0.123.
Assuming the monthly percentage change in ADS follows a random walk,
calculating the expected monthly percentage growth rate for the full
sample is straightforward. The expected monthly percentage growth
rate of ADS is 1.44%.
Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for November
2014 ($276,290,217,978) to forecast ADS for December 2014
($280,278,562,848 = $276,290,217,978 x 1.0144).\13\ Multiply by the
number of trading days in December 2014 (22) to obtain a forecast of
the total dollar volume for the month ($6,166,128,382,663). Repeat
the method to generate forecasts for subsequent months.
---------------------------------------------------------------------------
\13\ The value 1.0144 has been rounded. All computations are
done with the unrounded value.
---------------------------------------------------------------------------
The forecasts for total dollar volume of covered sales are in
column G of Table A. The following is a more formal (mathematical)
description of the procedure:
1. Divide each month's total dollar volume (column C) by the
number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
2. For each month t, calculate the change in ADS from the
previous month as [Delta]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of
x.
3. Calculate the mean and standard deviation of the series
{[Delta]1, [Delta]2, . . . ,
[Delta]120{time} . These are given by [mu] = 0.0068 and
[sigma] = 0.123, respectively.
4. Assume that the natural logarithm of ADS follows a random
walk, so that [Delta]s and [Delta]t are
statistically independent for any two months s and t.
5. Under the assumption that [Delta]t is normally
distributed, the expected value of ADSt/ADSt-1
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt
= 1.0144 x ADSt-1.
6. For December 2014, this gives a forecast ADS of 1.0144 x
$276,290,217,978 = $280,278,562,848. Multiply this figure by the 22
trading days in December 2014 to obtain a total dollar volume
forecast of $6,166,128,382,663.
7. For January 2015, multiply the December 2014 ADS forecast by
1.0144 to obtain a forecast ADS of $284,324,480,857. Multiply this
figure by the 20 trading days in January 2015 to obtain a total
dollar volume forecast of $5,686,489,617,137.
8. Repeat this procedure for subsequent months.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Use Table A to estimate fees collected for the period 10/1/14
through 2/13/15. The projected aggregate dollar amount of covered
sales for this period is $27,783,058,208,169. Actual and projected
fee collections at the current fee rate of 0.0000221 are
$614,005,586.
2. Estimate the amount of assessments on security futures
products collected from 10/1/14 through 9/30/15 to be $58,863 by
projecting a 1.44% monthly increase from a base of $4,707 in
November 2014.
3. Subtract the amounts $614,005,586 and $58,863 from the target
offsetting collection amount set by Congress of $1,500,000,000
leaving $885,935,551 to be collected on dollar volume for the period
2/14/15 through 9/30/15.
4. Use Table A to estimate dollar volume for the period 2/14/15
through 9/30/15. The estimate is $48,121,838,283,138. Finally,
compute the fee rate required to produce the additional $885,935,551
in revenue. This rate is $885,935,551 divided by $48,121,838,283,138
or 0.00001841026.
5. Round the result to the seventh decimal point, yielding a
rate of .0000184 (or $18.40 per million).
[GRAPHIC] [TIFF OMITTED] TN21JA15.020
Data
[[Page 2980]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of Change in
trading Total dollar amount Average daily dollar natural Forecast total
Month days in of sales amount of sales logarithm Forecast ADS dollar amount of
month (ADS) of ADS sales
(A) (B) (C) (D) (E) (F) (G)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Nov-04................................ 21 2,577,513,374,160 122,738,732,103 - .................... ....................
Dec-04................................ 22 2,673,532,981,863 121,524,226,448 -0.010 .................... ....................
Jan-05................................ 20 2,581,847,200,448 129,092,360,022 0.060 .................... ....................
Feb-05................................ 19 2,532,202,408,589 133,273,810,978 0.032 .................... ....................
Mar-05................................ 22 3,030,474,897,226 137,748,858,965 0.033 .................... ....................
Apr-05................................ 21 2,906,386,944,434 138,399,378,306 0.005 .................... ....................
May-05................................ 21 2,697,414,503,460 128,448,309,689 -0.075 .................... ....................
Jun-05................................ 22 2,825,962,273,624 128,452,830,619 0.000 .................... ....................
Jul-05................................ 20 2,604,021,263,875 130,201,063,194 0.014 .................... ....................
Aug-05................................ 23 2,846,115,585,965 123,744,155,912 -0.051 .................... ....................
Sep-05................................ 21 3,009,640,645,370 143,316,221,208 0.147 .................... ....................
Oct-05................................ 21 3,279,847,331,057 156,183,206,241 0.086 .................... ....................
Nov-05................................ 21 3,163,453,821,548 150,640,658,169 -0.036 .................... ....................
Dec-05................................ 21 3,090,212,715,561 147,152,986,455 -0.023 .................... ....................
Jan-06................................ 20 3,573,372,724,766 178,668,636,238 0.194 .................... ....................
Feb-06................................ 19 3,314,259,849,456 174,434,728,919 -0.024 .................... ....................
Mar-06................................ 23 3,807,974,821,564 165,564,122,677 -0.052 .................... ....................
Apr-06................................ 19 3,257,478,138,851 171,446,217,834 0.035 .................... ....................
May-06................................ 22 4,206,447,844,451 191,202,174,748 0.109 .................... ....................
Jun-06................................ 22 3,995,113,357,316 181,596,061,696 -0.052 .................... ....................
Jul-06................................ 20 3,339,658,009,357 166,982,900,468 -0.084 .................... ....................
Aug-06................................ 23 3,410,187,280,845 148,269,012,211 -0.119 .................... ....................
Sep-06................................ 20 3,407,409,863,673 170,370,493,184 0.139 .................... ....................
Oct-06................................ 22 3,980,070,216,912 180,912,282,587 0.060 .................... ....................
Nov-06................................ 21 3,933,474,986,969 187,308,332,713 0.035 .................... ....................
Dec-06................................ 20 3,715,146,848,695 185,757,342,435 -0.008 .................... ....................
Jan-07................................ 20 4,263,986,570,973 213,199,328,549 0.138 .................... ....................
Feb-07................................ 19 3,946,799,860,532 207,726,308,449 -0.026 .................... ....................
Mar-07................................ 22 5,245,051,744,090 238,411,442,913 0.138 .................... ....................
Apr-07................................ 20 4,274,665,072,437 213,733,253,622 -0.109 .................... ....................
May-07................................ 22 5,172,568,357,522 235,116,743,524 0.095 .................... ....................
Jun-07................................ 21 5,586,337,010,802 266,016,048,133 0.123 .................... ....................
Jul-07................................ 21 5,938,330,480,139 282,777,641,911 0.061 .................... ....................
Aug-07................................ 23 7,713,644,229,032 335,375,836,045 0.171 .................... ....................
Sep-07................................ 19 4,805,676,596,099 252,930,347,163 -0.282 .................... ....................
Oct-07................................ 23 6,499,651,716,225 282,593,552,879 0.111 .................... ....................
Nov-07................................ 21 7,176,290,763,989 341,728,131,619 0.190 .................... ....................
Dec-07................................ 20 5,512,903,594,564 275,645,179,728 -0.215 .................... ....................
Jan-08................................ 21 7,997,242,071,529 380,821,051,025 0.323 .................... ....................
Feb-08................................ 20 6,139,080,448,887 306,954,022,444 -0.216 .................... ....................
Mar-08................................ 20 6,767,852,332,381 338,392,616,619 0.098 .................... ....................
Apr-08................................ 22 6,150,017,772,735 279,546,262,397 -0.191 .................... ....................
May-08................................ 21 6,080,169,766,807 289,531,893,657 0.035 .................... ....................
Jun-08................................ 21 6,962,199,302,412 331,533,300,115 0.135 .................... ....................
Jul-08................................ 22 8,104,256,787,805 368,375,308,537 0.105 .................... ....................
Aug-08................................ 21 6,106,057,711,009 290,764,652,905 -0.237 .................... ....................
Sep-08................................ 21 8,156,991,919,103 388,428,186,624 0.290 .................... ....................
Oct-08................................ 23 8,644,538,213,244 375,849,487,532 -0.033 .................... ....................
Nov-08................................ 19 5,727,998,341,833 301,473,596,939 -0.221 .................... ....................
Dec-08................................ 22 5,176,041,317,640 235,274,605,347 -0.248 .................... ....................
Jan-09................................ 20 4,670,249,433,806 233,512,471,690 -0.008 .................... ....................
Feb-09................................ 19 4,771,470,184,048 251,130,009,687 0.073 .................... ....................
Mar-09................................ 22 5,885,594,284,780 267,527,012,945 0.063 .................... ....................
Apr-09................................ 21 5,123,665,205,517 243,984,057,406 -0.092 .................... ....................
May-09................................ 20 5,086,717,129,965 254,335,856,498 0.042 .................... ....................
Jun-09................................ 22 5,271,742,782,609 239,624,671,937 -0.060 .................... ....................
Jul-09................................ 22 4,659,599,245,583 211,799,965,708 -0.123 .................... ....................
Aug-09................................ 21 4,582,102,295,783 218,195,347,418 0.030 .................... ....................
Sep-09................................ 21 4,929,155,364,888 234,721,684,042 0.073 .................... ....................
Oct-09................................ 22 5,410,025,301,030 245,910,240,956 0.047 .................... ....................
Nov-09................................ 20 4,770,928,103,032 238,546,405,152 -0.030 .................... ....................
Dec-09................................ 22 4,688,555,303,171 213,116,150,144 -0.113 .................... ....................
Jan-10................................ 19 4,661,793,708,648 245,357,563,613 0.141 .................... ....................
Feb-10................................ 19 4,969,848,578,023 261,570,977,791 0.064 .................... ....................
Mar-10................................ 23 5,563,529,823,621 241,892,601,027 -0.078 .................... ....................
Apr-10................................ 21 5,546,445,874,917 264,116,470,234 0.088 .................... ....................
May-10................................ 20 7,260,430,376,294 363,021,518,815 0.318 .................... ....................
Jun-10................................ 22 6,124,776,349,285 278,398,924,967 -0.265 .................... ....................
Jul-10................................ 21 5,058,242,097,334 240,868,671,302 -0.145 .................... ....................
Aug-10................................ 22 4,765,828,263,463 216,628,557,430 -0.106 .................... ....................
[[Page 2981]]
Sep-10................................ 21 4,640,722,344,586 220,986,778,314 0.020 .................... ....................
Oct-10................................ 21 5,138,411,712,272 244,686,272,013 0.102 .................... ....................
Nov-10................................ 21 5,279,700,881,901 251,414,327,710 0.027 .................... ....................
Dec-10................................ 22 4,998,574,681,208 227,207,940,055 -0.101 .................... ....................
Jan-11................................ 20 5,043,391,121,345 252,169,556,067 0.104 .................... ....................
Feb-11................................ 19 5,114,631,590,581 269,191,136,346 0.065 .................... ....................
Mar-11................................ 23 6,499,355,385,307 282,580,668,926 0.049 .................... ....................
Apr-11................................ 20 4,975,954,868,765 248,797,743,438 -0.127 .................... ....................
May-11................................ 21 5,717,905,621,053 272,281,220,050 0.090 .................... ....................
Jun-11................................ 22 5,820,079,494,414 264,549,067,928 -0.029 .................... ....................
Jul-11................................ 20 5,189,681,899,635 259,484,094,982 -0.019 .................... ....................
Aug-11................................ 23 8,720,566,877,109 379,155,081,613 0.379 .................... ....................
Sep-11................................ 21 6,343,578,147,811 302,075,149,896 -0.227 .................... ....................
Oct-11................................ 21 6,163,272,963,688 293,489,188,747 -0.029 .................... ....................
Nov-11................................ 21 5,493,906,473,584 261,614,593,980 -0.115 .................... ....................
Dec-11................................ 21 5,017,867,255,600 238,946,059,790 -0.091 .................... ....................
Jan-12................................ 20 4,726,522,206,487 236,326,110,324 -0.011 .................... ....................
Feb-12................................ 20 5,011,862,514,132 250,593,125,707 0.059 .................... ....................
Mar-12................................ 22 5,638,847,967,025 256,311,271,228 0.023 .................... ....................
Apr-12................................ 20 5,084,239,396,560 254,211,969,828 -0.008 .................... ....................
May-12................................ 22 5,611,638,053,374 255,074,456,972 0.003 .................... ....................
Jun-12................................ 21 5,121,896,896,362 243,899,852,208 -0.045 .................... ....................
Jul-12................................ 21 4,567,519,314,374 217,500,919,732 -0.115 .................... ....................
Aug-12................................ 23 4,621,597,884,730 200,939,038,467 -0.079 .................... ....................
Sep-12................................ 19 4,598,499,962,682 242,026,313,825 0.186 .................... ....................
Oct-12................................ 21 5,095,175,588,310 242,627,408,967 0.002 .................... ....................
Nov-12................................ 21 4,547,882,974,292 216,565,855,919 -0.114 .................... ....................
Dec-12................................ 20 4,744,922,754,360 237,246,137,718 0.091 .................... ....................
Jan-13................................ 21 5,079,603,817,496 241,885,896,071 0.019 .................... ....................
Feb-13................................ 19 4,800,663,527,089 252,666,501,426 0.044 -- --
Mar-13................................ 20 4,917,701,839,870 245,885,091,993 -0.027 .................... ....................
Apr-13................................ 22 5,451,358,637,079 247,789,028,958 0.008 .................... ....................
May-13................................ 22 5,681,788,831,869 258,263,128,721 0.041 .................... ....................
Jun-13................................ 20 5,623,545,462,226 281,177,273,111 0.085 .................... ....................
Jul-13................................ 22 5,083,861,509,754 231,084,614,080 -0.196 .................... ....................
Aug-13................................ 22 4,925,611,193,095 223,891,417,868 -0.032 .................... ....................
Sep-13................................ 20 4,959,197,626,713 247,959,881,336 0.102 .................... ....................
Oct-13................................ 23 5,928,804,028,970 257,774,088,216 0.039 .................... ....................
Nov-13................................ 20 5,182,024,612,049 259,101,230,602 0.005 .................... ....................
Dec-13................................ 21 5,265,282,994,173 250,727,761,627 -0.033 .................... ....................
Jan-14................................ 21 5,808,700,114,288 276,604,767,347 0.098 .................... ....................
Feb-14................................ 19 6,018,926,931,054 316,785,627,950 0.136 .................... ....................
Mar-14................................ 21 6,068,617,342,988 288,981,778,238 -0.092 .................... ....................
Apr-14................................ 21 6,013,948,953,528 286,378,521,597 -0.009 .................... ....................
May-14................................ 21 5,265,594,447,318 250,742,592,729 -0.133 .................... ....................
Jun-14................................ 21 5,159,506,989,669 245,690,809,032 -0.020 .................... ....................
Jul-14................................ 22 5,364,099,567,460 243,822,707,612 -0.008 .................... ....................
Aug-14................................ 21 5,075,332,147,677 241,682,483,223 -0.009 .................... ....................
Sep-14................................ 21 5,507,943,363,243 262,283,017,297 0.082 .................... ....................
Oct-14................................ 23 7,796,638,035,879 338,984,262,430 0.257 .................... ....................
Nov-14................................ 19 5,249,514,141,576 276,290,217,978 -0.205 .................... ....................
Dec-14................................ 22 .................... .................... ........... 280,278,562,848 6,166,128,382,663
Jan-15................................ 20 .................... .................... ........... 284,324,480,857 5,686,489,617,137
Feb-15................................ 19 .................... .................... ........... 288,428,803,091 5,480,147,258,736
Mar-15................................ 22 .................... .................... ........... 292,592,372,637 6,437,032,198,017
Apr-15................................ 21 .................... .................... ........... 296,816,044,750 6,233,136,939,740
May-15................................ 20 .................... .................... ........... 301,100,687,030 6,022,013,740,599
Jun-15................................ 22 .................... .................... ........... 305,447,179,604 6,719,837,951,283
Jul-15................................ 22 .................... .................... ........... 309,856,415,301 6,816,841,136,632
Aug-15................................ 21 .................... .................... ........... 314,329,299,842 6,600,915,296,676
Sep-15................................ 21 .................... .................... ........... 318,866,752,018 6,696,201,792,368
--------------------------------------------------------------------------------------------------------------------------------------------------------
BILLING CODE 8011-01-P
[[Page 2982]]
[GRAPHIC] [TIFF OMITTED] TN21JA15.021
[[Page 2983]]
[FR Doc. 2015-00858 Filed 1-20-15; 8:45 am]
BILLING CODE 8011-01-C