[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]


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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\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    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\
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    \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.'').
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    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.
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    \6\ 15 U.S.C. 78ee(g).
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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.
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    \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.
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    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.
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    \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.
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    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\
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    \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.
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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.
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    \11\ 15 U.S.C. 78ee(j)(4)(A).

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[[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\
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    \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.
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    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.
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    \13\ The value 1.0144 has been rounded. All computations are 
done with the unrounded value.
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    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]<INF>t</INF> = log (ADS<INF>t</INF>/
ADS<INF>t-1</INF>), where log (x) denotes the natural logarithm of 
x.
    3. Calculate the mean and standard deviation of the series 
{[Delta]<INF>1</INF>, [Delta]<INF>2</INF>, . . . , 
[Delta]<INF>120</INF>{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]<INF>s</INF> and [Delta]<INF>t</INF> are 
statistically independent for any two months s and t.
    5. Under the assumption that [Delta]<INF>t</INF> is normally 
distributed, the expected value of ADS<INF>t</INF>/ADS<INF>t-1</INF> 
is given by exp ([mu] + [sigma]\2\/2), or on average ADS<INF>t</INF> 
= 1.0144 x ADS<INF>t-1</INF>.
    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]]



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                                         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)
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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
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BILLING CODE 8011-01-P

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[GRAPHIC] [TIFF OMITTED] TN21JA15.021


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[FR Doc. 2015-00858 Filed 1-20-15; 8:45 am]
BILLING CODE 8011-01-C