```

[Federal Register Volume 86, Number 163 (Thursday, August 26, 2021)]
[Notices]
[Pages 47696-47701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18402]

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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10965; 34-92720/August 23, 2021]

Order Making Fiscal Year 2022 Annual Adjustments to Registration 
Fee Rates

I. Background

    The Commission collects fees under various provisions of the 
securities laws. Section 6(b) of the Securities Act of 1933 
(``Securities Act'') requires the Commission to collect fees from 
issuers on the registration of securities.\1\ Section 13(e) of the 
Securities Exchange Act of 1934 (``Exchange Act'') requires the 
Commission to collect fees on specified repurchases of securities.\2\ 
Section 14(g) of the Exchange Act requires the Commission to collect 
fees on specified proxy solicitations and statements in corporate 
control transactions.\3\ These provisions require the Commission to 
make annual adjustments to the applicable fee rates.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 77f(b).
    \2\ 15 U.S.C. 78m(e).
    \3\ 15 U.S.C. 78n(g).
---------------------------------------------------------------------------

II. Fiscal Year 2022 Annual Adjustment to Fee Rates

    Section 6(b)(2) of the Securities Act requires the Commission to 
make an annual adjustment to the fee rate applicable under Section 
6(b).\4\ The annual adjustment to the fee rate under Section 6(b) of 
the Securities Act also sets the annual adjustment to the fee rates 
under Sections 13(e) and 14(g) of the Exchange Act.\5\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 77f(b)(2). The annual adjustments are designed to 
adjust the fee rate in a given fiscal year so that, when applied to 
the aggregate maximum offering prices at which securities are 
proposed to be offered for the fiscal year, it is reasonably likely 
to produce total fee collections under Section 6(b) equal to the 
``target fee collection amount'' required by Section 6(b)(6)(A) for 
that fiscal year.
    \5\ 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
---------------------------------------------------------------------------

    Section 6(b)(2) sets forth the method for determining the annual 
adjustment to the fee rate under Section 6(b) for fiscal year 2022. 
Specifically, the Commission must adjust the fee rate under Section 
6(b) to a ``rate that, when applied to the baseline estimate of the 
aggregate maximum offering prices for [fiscal year 2022], is reasonably 
likely to produce aggregate fee collections under [Section 6(b)] that 
are equal to the target fee collection amount for [fiscal year 2022].'' 
That is, the adjusted rate is determined by dividing the ``target fee 
collection amount'' for fiscal year 2022 by the ``baseline estimate of 
the aggregate maximum offering prices'' for fiscal year 2022.

III. Target Fee Collection Amount for FY 2022

    The statutory ``target fee collection amount'' for fiscal year 2021 
and ``each fiscal year thereafter'' is ``an amount that is equal to the 
target fee collection amount for the prior fiscal year, adjusted by the 
rate of inflation.'' \6\ The target fee collection amount for fiscal 
year 2021 was $709,554,300. To adjust the fiscal year 2021 target fee 
collection amount by the rate of inflation to determine the fiscal year 
2022 target fee collection amount, the Commission has determined that 
it will use an approach similar to one that it uses to annually adjust 
civil monetary penalties by the rate of inflation.\7\ Under this 
approach, the Commission will use the year-over-year change, rounded to 
five decimal places, in the Consumer Price Index for All Urban 
Consumers (``CPI-U''), not seasonally adjusted, in calculating the 
target fee collection amount, which is then rounded to the nearest 
whole dollar. The calculation for the fiscal year 2022 target fee 
collection amount is described in more detail below.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 77f(b)(6)(A).
    \7\ The Commission annually adjusts for inflation the civil 
monetary penalties that can be imposed under the statutes 
administered by Commission, as required by the Federal Civil 
Penalties Inflation Adjustment Act Improvements Act of 2015, 
pursuant to guidance from the Office of Management and Budget 
(``OMB''). See OMB December 16, 2019, Memorandum for the Heads of 
Executive Departments and Agencies, M-20-05, on ``Implementation of 
Penalty Inflation Adjustments for 2020, Pursuant to the Federal 
Civil Penalties Inflation Adjustment Act Improvements Act of 2015.''
---------------------------------------------------------------------------

    The most recent CPI-U index value, not seasonally adjusted, 
available for use by the Commission at the time this fee rate update 
was prepared was for June 2021. This value is 271.696.\8\ The CPI-U 
index value, not seasonally adjusted, for June 2020 is 257.797.\9\

[[Page 47697]]

Dividing the June 2021 value by the June 2020 value and rounding to 
five decimal places yields a multiplier value of 1.05391. Multiplying 
the fiscal year 2021 target fee collection amount of $709,554,300 by 
the multiplier value of 1.05391 and rounding to the nearest whole 
dollar yields a fiscal year 2022 target fee collection amount of 
$747,806,372.
---------------------------------------------------------------------------

    \8\ This value was announced on July 13, 2021. See https://www.bls.gov/news.release/archives/cpi_07132021.htm.
    \9\ See Supplemental Tables, ``CPI-U News Release Companion 
File'' from the July 13, 2021, press release.
---------------------------------------------------------------------------

    Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate 
maximum offering prices'' for fiscal year 2022 as ``the baseline 
estimate of the aggregate maximum offering price at which securities 
are proposed to be offered pursuant to registration statements filed 
with the Commission during [fiscal year 2022] as determined by the 
Commission, after consultation with the Congressional Budget Office and 
the Office of Management and Budget . . . .''
    To make the baseline estimate of the aggregate maximum offering 
prices for fiscal year 2022, the Commission is using the methodology it 
has used in prior fiscal years and that was developed in consultation 
with the Congressional Budget Office and OMB.\10\ Using this 
methodology, the Commission determines the ``baseline estimate of the 
aggregate maximum offering price'' for fiscal year 2022 to be 
$8,066,357,647,394. Based on this estimate and the fiscal year 2022 
target fee collection amount, the Commission calculates the fee rate 
for fiscal 2022 to be $92.70 per million. This adjusted fee rate 
applies to Section 6(b) of the Securities Act, as well as to Sections 
13(e) and 14(g) of the Exchange Act.
---------------------------------------------------------------------------

    \10\ Appendix A explains how we determined the ``baseline 
estimate of the aggregate maximum offering prices'' for fiscal year 
2022 using our methodology, and then shows the arithmetical process 
of calculating the fiscal year 2022 annual adjustment based on that 
estimate. The appendix includes the data used by the Commission in 
making its ``baseline estimate of the aggregate maximum offering 
prices'' for fiscal year 2022.
---------------------------------------------------------------------------

IV. Effective Dates of the Annual Adjustments

    The fiscal year 2022 annual adjustments to the fee rates applicable 
under Section 6(b) of the Securities Act and Sections 13(e) and 14(g) 
of the Exchange Act will be effective on October 1, 2021.\11\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15 U.S.C. 
78n(g)(6).
---------------------------------------------------------------------------

V. Conclusion

    Accordingly, pursuant to Section 6(b) of the Securities Act and 
Sections 13(e) and 14(g) of the Exchange Act,\12\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 77f(b), 78m(e), and 78n(g).
---------------------------------------------------------------------------

    It is hereby ordered that the fee rates applicable under Section 
6(b) of the Securities Act and Sections 13(e) and 14(g) of the Exchange 
Act shall be $92.70 per million effective on October 1, 2021.

    By the Commission.
Vanessa Countryman,
Secretary.

Appendix A

    Congress has established a target amount of monies to be collected 
from fees charged to issuers based on the value of their registrations. 
This appendix provides the formula for determining such fees, which the 
Commission adjusts annually. Congress has mandated that the Commission 
determine these fees based on the ``aggregate maximum offering 
prices,'' which measures the aggregate dollar amount of securities 
registered with the Commission over the course of the year. In order to 
maximize the likelihood that the amount of monies targeted by Congress 
will be collected, the fee rate must be set to reflect projected 
aggregate maximum offering prices. As a percentage, the fee rate equals 
the ratio of the target amounts of monies to the projected aggregate 
maximum offering prices.
    For 2022, the Commission has estimated the aggregate maximum 
offering prices by projecting forward the trend established in the 
previous decade. More specifically, an auto-regressive integrated 
moving average (``ARIMA'') model was used to forecast the value of the 
aggregate maximum offering prices for months subsequent to July 2021, 
the last month for which the Commission has data on the aggregate 
maximum offering prices.
    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Maximum Offering Prices for 
Fiscal Year 2022

    First, calculate the aggregate maximum offering prices (AMOP) for 
each month in the sample (July 2011-July 2021). Next, calculate the 
percentage change in the AMOP from month to month.
    Model the monthly percentage change in AMOP as a first order moving 
average process. The moving average approach allows one to model the 
effect that an exceptionally high (or low) observation of AMOP tends to 
be followed by a more ``typical'' value of AMOP.
    Use the [estimated moving average] [ARIMA] model to forecast the 
monthly percent change in AMOP. These percent changes can then be 
applied to obtain forecasts of the total dollar value of registrations. 
The following is a more formal (mathematical) description of the 
procedure:
    1. Begin with the monthly data for AMOP. The sample spans ten 
years, from July 2011 to July 2021.
    2. Divide each month's AMOP (column C) by the number of trading 
days in that month (column B) to obtain the average daily AMOP (AAMOP, 
column D).
    3. For each month t, the natural logarithm of AAMOP is reported in 
column E.
    4. Calculate the change in log(AAMOP) from the previous month as 
[Delta]t = log (AAMOPt)-log(AAMOPt-1). 
This approximates the percentage change.
    5. Estimate the first order moving average model 
[Delta]t = [alpha] + [beta]et-1 + et, 
where et denotes the forecast error for month t. The 
forecast error is simply the difference between the one-month ahead 
forecast and the actual realization of [Delta]t. The 
forecast error is expressed as et = [Delta]t-
[alpha]-[beta]et-1. The model can be estimated using 
standard commercially available software. Using least squares, the 
estimated parameter values are [alpha] = 0.0079933991 and [beta] = 
0.9007307577.
    6. For the month of August 2021 forecast 
[Delta]t = 8/2021 = [alpha] + [beta]et = 7/2021. 
For all subsequent months, forecast [Delta]t = [alpha].
    7. Calculate forecasts of log(AAMOP). For example, the forecast of 
log(AAMOP) for October 2021 is given by FLAAMOP t = 10/2021 
= log(AAMOP t = 7/2021) + [Delta] t = 8/2021 
+[Delta] t = 9/2021 + [Delta] t = 10/2021.
    8. Under the assumption that et is normally distributed, 
the n-step ahead forecast of AAMOP is given by exp(FLAAMOPt 
+ [sigma]n\2\/2), where [sigma]n denotes the 
standard error of the n-step ahead forecast.
    9. For October 2021, this gives a forecast AAMOP of $30.399 billion 
(Column I), and a forecast AMOP of $638.385 billion (Column J).
    10. Iterate this process through September 2022 to obtain a 
baseline estimate of the aggregate maximum offering prices for fiscal 
year 2022 of $8,066,357,647,394.

B. Using the Forecasts From A To Calculate the New Fee Rate

    1. Using the data from Table A, estimate the aggregate maximum 
offering prices between 10/01/21 and 9/30/22 to be $8,066,357,647,394.
    2. The rate necessary to collect the target $747,806,372 in fee 
revenues required by Section 6(b) of the Securities Act is then 
calculated as: $747,806,372 / $8,066,357,647,394 = 0.0000927068.

[[Page 47698]]

    3. Round the result to the seventh decimal point, yielding a rate 
of 0.0000927 (or $92.70 per million).

  Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
                         [Fee rate calculation]
------------------------------------------------------------------------
 
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering         8,066,358
 prices, 10/01/21 to 09/30/22 ($Millions)...............
b. Implied fee rate ($747,806,372 / a)..................          $92.70
------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 Average
                                                                  daily                                                                        Forecast
                                        No. of     Aggregate    aggregate                                                                     aggregate
                                       trading      maximum        max.                  Log (Change    Forecast     Standard     Forecast     maximum
               Month                   days in      offering     offering   log (AAMOP)   in AAMOP)    log(AAMOP)     error      AAMOP, in     offering
                                        month      prices, in     prices                                                         $Millions    prices, in
                                                   $Millions    (AAMOP) in                                                                    $Millions
                                                                $Millions
(A)                                          (B)          (C)          (D)          (E)          (F)          (G)          (H)          (I)          (J)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-11.............................           20      215,391       10,770       23.100  ...........  ...........  ...........  ...........  ...........
Aug-11.............................           23      179,870        7,820       22.780       -0.320  ...........  ...........  ...........  ...........
Sep-11.............................           21      168,005        8,000       22.803        0.023  ...........  ...........  ...........  ...........
Oct-11.............................           21      181,452        8,641       22.880        0.077  ...........  ...........  ...........  ...........
Nov-11.............................           21      256,418       12,210       23.226        0.346  ...........  ...........  ...........  ...........
Dec-11.............................           21      237,652       11,317       23.150       -0.076  ...........  ...........  ...........  ...........
Jan-12.............................           20      276,965       13,848       23.351        0.202  ...........  ...........  ...........  ...........
Feb-12.............................           20      228,419       11,421       23.159       -0.193  ...........  ...........  ...........  ...........
Mar-12.............................           22      430,806       19,582       23.698        0.539  ...........  ...........  ...........  ...........
Apr-12.............................           20      173,626        8,681       22.884       -0.813  ...........  ...........  ...........  ...........
May-12.............................           22      414,122       18,824       23.658        0.774  ...........  ...........  ...........  ...........
Jun-12.............................           21      272,218       12,963       23.285       -0.373  ...........  ...........  ...........  ...........
Jul-12.............................           21      170,462        8,117       22.817       -0.468  ...........  ...........  ...........  ...........
Aug-12.............................           23      295,472       12,847       23.276        0.459  ...........  ...........  ...........  ...........
Sep-12.............................           19      331,295       17,437       23.582        0.305  ...........  ...........  ...........  ...........
Oct-12.............................           21      137,562        6,551       22.603       -0.979  ...........  ...........  ...........  ...........
Nov-12.............................           21      221,521       10,549       23.079        0.476  ...........  ...........  ...........  ...........
Dec-12.............................           20      321,602       16,080       23.501        0.422  ...........  ...........  ...........  ...........
Jan-13.............................           21      368,488       17,547       23.588        0.087  ...........  ...........  ...........  ...........
Feb-13.............................           19      252,148       13,271       23.309       -0.279  ...........  ...........  ...........  ...........
Mar-13.............................           20      533,440       26,672       24.007        0.698  ...........  ...........  ...........  ...........
Apr-13.............................           22      235,779       10,717       23.095       -0.912  ...........  ...........  ...........  ...........
May-13.............................           22      382,950       17,407       23.580        0.485  ...........  ...........  ...........  ...........
Jun-13.............................           20      480,624       24,031       23.903        0.322  ...........  ...........  ...........  ...........
Jul-13.............................           22      263,869       11,994       23.208       -0.695  ...........  ...........  ...........  ...........
Aug-13.............................           22      253,305       11,514       23.167       -0.041  ...........  ...........  ...........  ...........
Sep-13.............................           20      267,923       13,396       23.318        0.151  ...........  ...........  ...........  ...........
Oct-13.............................           23      293,847       12,776       23.271       -0.047  ...........  ...........  ...........  ...........
Nov-13.............................           20      326,257       16,313       23.515        0.244  ...........  ...........  ...........  ...........
Dec-13.............................           21      358,169       17,056       23.560        0.045  ...........  ...........  ...........  ...........
Jan-14.............................           21      369,067       17,575       23.590        0.030  ...........  ...........  ...........  ...........
Feb-14.............................           19      298,376       15,704       23.477       -0.113  ...........  ...........  ...........  ...........
Mar-14.............................           21      564,840       26,897       24.015        0.538  ...........  ...........  ...........  ...........
Apr-14.............................           21      263,401       12,543       23.252       -0.763  ...........  ...........  ...........  ...........
May-14.............................           21      403,700       19,224       23.679        0.427  ...........  ...........  ...........  ...........
Jun-14.............................           21      423,075       20,146       23.726        0.047  ...........  ...........  ...........  ...........
Jul-14.............................           22      373,811       16,991       23.556       -0.170  ...........  ...........  ...........  ...........
Aug-14.............................           21      405,017       19,287       23.683        0.127  ...........  ...........  ...........  ...........
Sep-14.............................           21      409,349       19,493       23.693        0.011  ...........  ...........  ...........  ...........
Oct-14.............................           23      338,832       14,732       23.413       -0.280  ...........  ...........  ...........  ...........
Nov-14.............................           19      386,898       20,363       23.737        0.324  ...........  ...........  ...........  ...........
Dec-14.............................           22      370,760       16,853       23.548       -0.189  ...........  ...........  ...........  ...........
Jan-15.............................           20      394,127       19,706       23.704        0.156  ...........  ...........  ...........  ...........
Feb-15.............................           19      466,138       24,534       23.923        0.219  ...........  ...........  ...........  ...........
Mar-15.............................           22      753,747       34,261       24.257        0.334  ...........  ...........  ...........  ...........
Apr-15.............................           21      356,560       16,979       23.555       -0.702  ...........  ...........  ...........  ...........
May-15.............................           20      478,591       23,930       23.898        0.343  ...........  ...........  ...........  ...........
Jun-15.............................           22      446,102       20,277       23.733       -0.166  ...........  ...........  ...........  ...........
Jul-15.............................           22      402,062       18,276       23.629       -0.104  ...........  ...........  ...........  ...........
Aug-15.............................           21      334,746       15,940       23.492       -0.137  ...........  ...........  ...........  ...........
Sep-15.............................           21      289,872       13,803       23.348       -0.144  ...........  ...........  ...........  ...........
Oct-15.............................           22      300,276       13,649       23.337       -0.011  ...........  ...........  ...........  ...........
Nov-15.............................           20      409,690       20,485       23.743        0.406  ...........  ...........  ...........  ...........
Dec-15.............................           22      308,569       14,026       23.364       -0.379  ...........  ...........  ...........  ...........
Jan-16.............................           19      457,411       24,074       23.904        0.540  ...........  ...........  ...........  ...........
Feb-16.............................           20      554,343       27,717       24.045        0.141  ...........  ...........  ...........  ...........
Mar-16.............................           22      900,301       40,923       24.435        0.390  ...........  ...........  ...........  ...........
Apr-16.............................           21      250,716       11,939       23.203       -1.232  ...........  ...........  ...........  ...........
May-16.............................           21      409,992       19,523       23.695        0.492  ...........  ...........  ...........  ...........
Jun-16.............................           22      321,219       14,601       23.404       -0.291  ...........  ...........  ...........  ...........
Jul-16.............................           20      289,671       14,484       23.396       -0.008  ...........  ...........  ...........  ...........
Aug-16.............................           23      352,068       15,307       23.452        0.055  ...........  ...........  ...........  ...........
Sep-16.............................           21      326,116       15,529       23.466        0.014  ...........  ...........  ...........  ...........
Oct-16.............................           21      266,115       12,672       23.263       -0.203  ...........  ...........  ...........  ...........

[[Page 47699]]

 
Nov-16.............................           21      443,034       21,097       23.772        0.510  ...........  ...........  ...........  ...........
Dec-16.............................           21      310,614       14,791       23.417       -0.355  ...........  ...........  ...........  ...........
Jan-17.............................           20      503,030       25,152       23.948        0.531  ...........  ...........  ...........  ...........
Feb-17.............................           19      255,815       13,464       23.323       -0.625  ...........  ...........  ...........  ...........
Mar-17.............................           23      723,870       31,473       24.172        0.849  ...........  ...........  ...........  ...........
Apr-17.............................           19      255,275       13,436       23.321       -0.851  ...........  ...........  ...........  ...........
May-17.............................           22      569,965       25,908       23.978        0.657  ...........  ...........  ...........  ...........
Jun-17.............................           22      445,081       20,231       23.730       -0.247  ...........  ...........  ...........  ...........
Jul-17.............................           20      291,167       14,558       23.401       -0.329  ...........  ...........  ...........  ...........
Aug-17.............................           23      263,981       11,477       23.164       -0.238  ...........  ...........  ...........  ...........
Sep-17.............................           20      372,705       18,635       23.648        0.485  ...........  ...........  ...........  ...........
Oct-17.............................           22      173,749        7,898       22.790       -0.858  ...........  ...........  ...........  ...........
Nov-17.............................           21      377,262       17,965       23.612        0.822  ...........  ...........  ...........  ...........
Dec-17.............................           20      281,126       14,056       23.366       -0.245  ...........  ...........  ...........  ...........
Jan-18.............................           21      593,025       28,239       24.064        0.698  ...........  ...........  ...........  ...........
Feb-18.............................           19      353,182       18,589       23.646       -0.418  ...........  ...........  ...........  ...........
Mar-18.............................           21      685,784       32,656       24.209        0.563  ...........  ...........  ...........  ...........
Apr-18.............................           21      367,569       17,503       23.586       -0.624  ...........  ...........  ...........  ...........
May-18.............................           22      543,840       24,720       23.931        0.345  ...........  ...........  ...........  ...........
Jun-18.............................           21      477,967       22,760       23.848       -0.083  ...........  ...........  ...........  ...........
Jul-18.............................           21      327,710       15,605       23.471       -0.377  ...........  ...........  ...........  ...........
Aug-18.............................           23      347,239       15,097       23.438       -0.033  ...........  ...........  ...........  ...........
Sep-18.............................           19      259,874       13,678       23.339       -0.099  ...........  ...........  ...........  ...........
Oct-18.............................           23      300,814       13,079       23.294       -0.045  ...........  ...........  ...........  ...........
Nov-18.............................           21      447,767       21,322       23.783        0.489  ...........  ...........  ...........  ...........
Dec-18.............................           19      276,130       14,533       23.400       -0.383  ...........  ...........  ...........  ...........
Jan-19.............................           21      495,624       23,601       23.885        0.485  ...........  ...........  ...........  ...........
Feb-19.............................           19      372,166       19,588       23.698       -0.186  ...........  ...........  ...........  ...........
Mar-19.............................           21      604,813       28,801       24.084        0.385  ...........  ...........  ...........  ...........
Apr-19.............................           21      267,737       12,749       23.269       -0.815  ...........  ...........  ...........  ...........
May-19.............................           22      476,892       21,677       23.800        0.531  ...........  ...........  ...........  ...........
Jun-19.............................           20      399,178       19,959       23.717       -0.083  ...........  ...........  ...........  ...........
Jul-19.............................           22      359,438       16,338       23.517       -0.200  ...........  ...........  ...........  ...........
Aug-19.............................           22      401,391       18,245       23.627        0.110  ...........  ...........  ...........  ...........
Sep-19.............................           20      382,876       19,144       23.675        0.048  ...........  ...........  ...........  ...........
Oct-19.............................           23      181,113        7,874       22.787       -0.888  ...........  ...........  ...........  ...........
Nov-19.............................           20      553,889       27,694       24.044        1.258  ...........  ...........  ...........  ...........
Dec-19.............................           21      438,062       20,860       23.761       -0.283  ...........  ...........  ...........  ...........
Jan-20.............................           21      636,403       30,305       24.135        0.373  ...........  ...........  ...........  ...........
Feb-20.............................           19      424,133       22,323       23.829       -0.306  ...........  ...........  ...........  ...........
Mar-20.............................           22      409,403       18,609       23.647       -0.182  ...........  ...........  ...........  ...........
Apr-20.............................           21      389,821       18,563       23.644       -0.002  ...........  ...........  ...........  ...........
May-20.............................           20      731,835       36,592       24.323        0.679  ...........  ...........  ...........  ...........
Jun-20.............................           22      650,219       29,555       24.110       -0.214  ...........  ...........  ...........  ...........
Jul-20.............................           22      457,871       20,812       23.759       -0.351  ...........  ...........  ...........  ...........
Aug-20.............................           21      465,953       22,188       23.823        0.064  ...........  ...........  ...........  ...........
Sep-20.............................           21      435,323       20,730       23.755       -0.068  ...........  ...........  ...........  ...........
Oct-20.............................           22      429,638       19,529       23.695       -0.060  ...........  ...........  ...........  ...........
Nov-20.............................           20      849,894       42,495       24.473        0.777  ...........  ...........  ...........  ...........
Dec-20.............................           22      493,133       22,415       23.833       -0.640  ...........  ...........  ...........  ...........
Jan-21.............................           19      753,590       39,663       24.404        0.571  ...........  ...........  ...........  ...........
Feb-21.............................           19      785,163       41,324       24.445        0.041  ...........  ...........  ...........  ...........
Mar-21.............................           23      960,806       41,774       24.456        0.011  ...........  ...........  ...........  ...........
Apr-21.............................           21      430,803       20,514       23.744       -0.711  ...........  ...........  ...........  ...........
May-21.............................           20      759,512       37,976       24.360        0.616  ...........  ...........  ...........  ...........
Jun-21.............................           22      512,966       23,317       23.872       -0.488  ...........  ...........  ...........  ...........
Jul-21.............................           21      485,097       23,100       23.863       -0.009  ...........  ...........  ...........  ...........
Aug-21.............................           22  ...........  ...........  ...........  ...........       24.066        0.331       29,885      657,469
Sep-21.............................           21  ...........  ...........  ...........  ...........       24.074        0.332       30,141      632,962
Oct-21.............................           21  ...........  ...........  ...........  ...........       24.082        0.334       30,399      638,385
Nov-21.............................           21  ...........  ...........  ...........  ...........       24.090        0.335       30,660      643,855
Dec-21.............................           22  ...........  ...........  ...........  ...........       24.098        0.337       30,922      680,294
Jan-22.............................           20  ...........  ...........  ...........  ...........       24.106        0.339       31,187      623,748
Feb-22.............................           19  ...........  ...........  ...........  ...........       24.114        0.340       31,455      597,638
Mar-22.............................           23  ...........  ...........  ...........  ...........       24.122        0.342       31,724      729,655
Apr-22.............................           20  ...........  ...........  ...........  ...........       24.130        0.343       31,996      639,919
May-22.............................           21  ...........  ...........  ...........  ...........       24.138        0.345       32,270      677,673
Jun-22.............................           22  ...........  ...........  ...........  ...........       24.146        0.346       32,547      716,026
Jul-22.............................           20  ...........  ...........  ...........  ...........       24.154        0.348       32,825      656,510
Aug-22.............................           23  ...........  ...........  ...........  ...........       24.162        0.350       33,107      761,455
Sep-22.............................           21  ...........  ...........  ...........  ...........       24.170        0.351       33,390      701,199
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[GRAPHIC] [TIFF OMITTED] TN26AU21.024

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[FR Doc. 2021-18402 Filed 8-25-21; 8:45 am]
BILLING CODE 8011-01-P
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