Document ID: SEC-2016-0061-0001
Agency: sec
Document Type: Notice
Title: Fiscal Year 2016 Annual Adjustments to Transaction Fee Rates
Posted Date: 2016-01-12T05:00Z

[Federal Register Volume 81, Number 7 (Tuesday, January 12, 2016)]
[Notices]
[Pages 1458-1464]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-00406]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76848/January 7, 2016]

Order Making Fiscal Year 2016 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 18, 2015, the President signed the 
``Consolidated Appropriations Act, 2016'', providing $1,605,000,000 in 
funds to the SEC for fiscal year 2016.
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    \6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2016 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 2016 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2016, and (2) dividing by the estimated 
aggregate dollar amount of sales for the remainder of the fiscal year 
following the effective date of the new fee rate.\9\
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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, 2015. To calculate 
the dollar amount of covered sales from December, 2015 to the 
effective date of the new fee rate, the Commission is using the new 
methodology described in Section IV of this order.
    \8\ The Commission is using the same methodology it has used 
previously to estimate assessments on security futures transactions 
to be collected in fiscal year 2016. An explanation of the 
methodology appears in Appendix A.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2016 following the effective date of 
the new fee rate, the Commission is using the new methodology 
referenced above, and described in Section IV of this order.
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    The regular appropriation to the Commission for fiscal year 2016 is 
$1,605,000,000. The Commission estimates that it will collect 
$502,582,684 in fees for the period prior to the effective date of the 
new fee rate and $35,649 in assessments on round turn transactions in 
security futures products during all of fiscal year 2016. Using a new 
methodology described below, the Commission estimates that the 
aggregate dollar amount of covered sales for the remainder of fiscal 
year 2016 to be $50,672,728,301,509.
    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $1,102,381,667 by the estimate of the aggregate 
dollar amount of covered sales for the remainder of fiscal year 2016 of 
$50,672,728,301,509; this results in a uniform adjusted rate for fiscal 
year 2016 of $21.80 per million.\10\
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    \10\ Appendix A shows the process of calculating the fiscal year 
2016 annual adjustment. The appendix also includes the data used by 
the Commission in making this adjustment.

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[[Page 1459]]

III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2016 
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, 
2015, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2016 is enacted.\11\ The regular 
appropriation to the Commission for fiscal year 2016 was enacted on 
December 18, 2015, and accordingly, the new fee rates applicable under 
Sections 31(b) and (c) of the Exchange Act will take effect on February 
16, 2016.
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    \11\ 15 U.S.C. 78ee(j)(4)(A).
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IV. New Methodology for the Baseline Estimate of the Aggregate Dollar 
Volume of Covered Sales

    The methodology used to generate the baseline estimate of the 
aggregate dollar amount of covered sales is required to be developed by 
the Commission in consultation with the Congressional Budget Office 
(``CBO'') and the Office of Management and Budget (``OMB'').\12\ The 
Commission recently completed a comprehensive review of the methodology 
and determined that modifications to the methodology would improve the 
accuracy of the estimates. The Commission consulted with CBO and OMB 
regarding the modifications to the methodology, as required under 
Section 31 of the Exchange Act. Consequently, the Commission has 
adopted the new methodology to generate the baseline estimate of the 
aggregate dollar volume of covered sales, which is used to determine 
the new fee rates. The methodology is explained in Appendix A attached 
to this order.
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    \12\ 15 U.S.C. 78ee(j)(1).
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V. 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 $21.80 per $1,000,000 
effective on February 16, 2016.

    By the Commission.
Brent J. Fields,
Secretary.

Appendix A

    This appendix provides the methodology for determining the 
annual adjustment to the fee rates applicable under Sections 31(b) 
and (c) of the Exchange Act for fiscal year 2016. 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 2016.
    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 2016 (less the 
sum of fees to be collected during fiscal year 2016 prior to the 
effective date of the new fee rate and aggregate assessments on 
security futures transactions during all of fiscal year 2016) 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 2016, 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 2015, 
the last month for which the Commission has data on the dollar 
volume of covered sales.\13\
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    \13\ 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 18, 2015. The first business 
day after this date was December 21, 2015. Data for November, 2015 
were due from the exchanges on December 14, 2015, so the Commission 
used November 2015 and earlier data to forecast volume for December, 
2015 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 2016.

    First, calculate the average daily dollar amount of covered 
sales (ADS) for each month in the sample (October, 2005-November, 
2015). The monthly total dollar amount of covered sales (exchange 
plus certain over-the-counter markets) is presented in column C of 
Table A.
    Next, model the monthly change in the natural logarithm of ADS 
as a first order autoregressive process (``AR(1)''), including 
monthly indicator variables to control for seasonality.
    Use the estimated AR(1) model to forecast the monthly change in 
the log level of ADS. These percent changes can then be applied to 
obtain forecasts of the total dollar volume of covered sales. The 
following is a more formal (mathematical) description of the 
procedure:
    1. Begin with the monthly data for total dollar volume of 
covered sales (column C). The sample spans ten years, from October, 
2005-November, 2015.\14\ Divide each month's total dollar volume by 
the number of trading days in that month (column B) to obtain the 
average daily dollar volume (ADS, column D).
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    \14\ Because the model uses a one period lag in the change in 
the log level of average daily sales, two additional months of data 
are added to the table so that the model is estimated with 120 
observations.
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    2. For each month t, calculate [Delta] LN ADS (shown in column 
E) as the log growth rate of ADS, that is, the difference between 
the natural logarithm of ADS in month t and its value in the prior 
month.
    3. Estimate the AR(1) model
    [GRAPHIC] [TIFF OMITTED] TN12JA16.000
    
with Dmt representing monthly indicator variables, Yt representing 
the log growth rate in ADS ([Delta] LS ADS), and [egr]t 
representing the error term for month t. The model can be estimated 
using standard commercially available software. The estimated 
parameter values are [beta] = -0.2671 and [alpha] - 
[alpha]12 as follows:
[alpha]1 (JAN) = 0.0854, [alpha]2 (FEB) = 
0.0425, [alpha]3 (MAR) = 0.0124, [alpha]4 
(APR) = -0.0466, [alpha]5 (MAY) = 0.0501, 
[alpha]6 (JUN) = 0.0031, [alpha]7 (JUL) = 
-0.0482, [alpha]8 (AUG) = -0.0004, 
[alpha]9 (SEP) = 0.0335, [alpha]10 (OCT) = 
0.0614, [alpha]11 (NOV) = -0.0296, 
[alpha]12 (DEC) = -0.0801. The root-mean 
squared error (RMSE) of the regression is 0.1140.

    4. For the first month calculate the forecasted value of the log 
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN12JA16.001

    For the next month use the forecasted value of the log growth 
rate of the first month to calculate the forecast of the next month. 
This process iterates until a forecast is generated for all 
remaining months in the fiscal year. These data appear in column F.
    5. Assuming that the regression error in the AR(1) model is 
normally distributed, the expected percentage change in average 
daily dollar volume from month t - 1 to month t is then given by the 
expression
[GRAPHIC] [TIFF OMITTED] TN12JA16.002

where [sgr] denotes the root mean squared error of the regression 
(RMSE).
    6. For instance, for December 2015, using the [beta] parameter 
and the [alpha]12 parameter (for December) above, and the 
change in the log-level ADS from November, 2015, we can estimate the 
change in the log growth in average daily sales as 
[beta][hairsp][gamma][hairsp]Nov + 
[alpha][hairsp]Dec = ((-0.2671 x-0.02892) -0.0801) = -
0.0724. This represents the estimated change in log average daily 
dollar volume for December 2015 relative to November 2015. To 
estimate the percent change in average daily sales from November, 
2015 to December, 2015, use the formula shown in Step 5, above: exp 
(-0.0724 + \1/2\[hairsp]0.11402) = -0.0638. Apply this 
estimated percent change in ADS to the ADS for November, 2015 to 
estimate the ADS for December, 2015 as $291,167,469,596 x (1-0.0638) 
= $272,602,991,941. Multiply this by the 22 trading days in December 
2015 to obtain a total dollar volume forecast of $5,997,265,822,693.

[[Page 1460]]

    7. For January 2016, proceed in a similar fashion. Using the 
estimates for December, 2015 along with the [beta] parameter and the 
[alpha][hairsp]1 parameter (for January) to generate a 
forecast for the one-month change in the log level of average daily 
sales. Convert the estimated log change in average daily sales to 
estimated percent change in ADS as in step 6, above to obtain a 
forecast ADS of $304,668,090,424. Multiply this figure by the 19 
trading days in January 2016 to obtain a total dollar volume 
forecast of $5,788,693,718,050.
    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 10/1/15 
through 2/15/16. The projected aggregate dollar amount of covered 
sales for this period is $27,314,276,282,567. Actual and projected 
fee collections at the current fee rate of $18.40 per million are 
$502,582,684.
    2. Estimate the amount of assessments on security futures 
products collected from 10/1/15 through 9/30/16. First, calculate 
the average and the standard deviation of the change in log average 
daily sales, in column E. The average is 0.005148 and the standard 
deviation is 0.12233. These are used to estimate an average growth 
rate in ADS using the formula exp (0.005148 + \1/
2\[hairsp]0.122332)-1. This results in an average monthly 
increase of 1.271%. Apply this monthly increase to the last month 
for which single stock futures' assessments are available, which was 
$2,828.72, for November, 2015. Estimate all subsequent months in 
fiscal year 2016 by applying the growth rate to the previously 
estimated monthly value, and sum the results. This totals $35,649 
for the entire fiscal year.
    3. Subtract the amounts $502,582,684 and $35,649 from the target 
offsetting collection amount set by Congress of $1,605,000,000 
leaving $1,102,381,667 to be collected on dollar volume for the 
period 2/16/2016 through 9/30/2016.
    4. Use Table A to estimate dollar volume for the period 2/16/
2016 through 9/30/2016. The estimate is $50,672,728,301,509. 
Finally, compute the fee rate required to produce the additional 
$1,102,381,667 in revenue. This rate is $1,102,381,667 divided by 
$50,672,728,301,509 or 0.00002175493.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000218 (or $21.80 per million).

   Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
                 Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount           24,202,962
 of sales, 10/01/2015 to 01/31/2016 ($Millions)......
b. Baseline estimate of the aggregate dollar amount            3,111,314
 of sales, 02/01/2016 to 02/15/2016 ($Millions)......
c. Baseline estimate of the aggregate dollar amount            3,111,314
 of sales, 02/16/2016 to 02/29/2016 ($Millions)......
d. Baseline estimate of the aggregate dollar amount           47,561,414
 of sales, 03/01/2015 to 09/30/2016 ($Millions)......
e. Estimated collections in assessments on security                0.036
 features products in fiscal year 2016 ($Millions)...
f. Implied fee rate (($1,605,000,000-$18.40 * (a + b)-            $21.80
 e) / (c + d)........................................
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               (A)                    (B)              (C)                  (D)             (E)         (F)             (G)                  (H)
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                                      # of
                                    Trading    Total dollar amount     Average daily    [Delta] LN   Forecast    Forecast average      Forecast total
              Month                 days in         of sales         dollar amount of       ADS     [Delta] LN     daily dollar       dollar amount of
                                     month                              sales (ADS)                     ADS       amount of sales           sales
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Oct-05...........................         21     3,279,847,331,057     156,183,206,241        #N/A
Nov-05...........................         21     3,163,453,821,548     150,640,658,169    -0.03613
Dec-05...........................         21     3,090,212,715,561     147,152,986,455    -0.02342
Jan-06...........................         20     3,573,372,724,766     178,668,636,238     0.19406
Feb-06...........................         19     3,314,259,849,456     174,434,728,919    -0.02398
Mar-06...........................         23     3,807,974,821,564     165,564,122,677    -0.05219
Apr-06...........................         19     3,257,478,138,851     171,446,217,834     0.03491
May-06...........................         22     4,206,447,844,451     191,202,174,748     0.10906
Jun-06...........................         22     3,995,113,357,316     181,596,061,696    -0.05155
Jul-06...........................         20     3,339,658,009,357     166,982,900,468    -0.08389
Aug-06...........................         23     3,410,187,280,845     148,269,012,211    -0.11886
Sep-06...........................         20     3,407,409,863,673     170,370,493,184     0.13895
Oct-06...........................         22     3,980,070,216,912     180,912,282,587     0.06004
Nov-06...........................         21     3,933,474,986,969     187,308,332,713     0.03474
Dec-06...........................         20     3,715,146,848,695     185,757,342,435    -0.00831
Jan-07...........................         20     4,263,986,570,973     213,199,328,549     0.13779
Feb-07...........................         19     3,946,799,860,532     207,726,308,449    -0.02601
Mar-07...........................         22     5,245,051,744,090     238,411,442,913     0.13778
Apr-07...........................         20     4,274,665,072,437     213,733,253,622    -0.10927
May-07...........................         22     5,172,568,357,522     235,116,743,524     0.09535
Jun-07...........................         21     5,586,337,010,802     266,016,048,133     0.12347
Jul-07...........................         21     5,938,330,480,139     282,777,641,911     0.06110
Aug-07...........................         23     7,713,644,229,032     335,375,836,045     0.17059
Sep-07...........................         19     4,805,676,596,099     252,930,347,163    -0.28214
Oct-07...........................         23     6,499,651,716,225     282,593,552,879     0.11090
Nov-07...........................         21     7,176,290,763,989     341,728,131,619     0.19001
Dec-07...........................         20     5,512,903,594,564     275,645,179,728    -0.21490
Jan-08...........................         21     7,997,242,071,529     380,821,051,025     0.32322
Feb-08...........................         20     6,139,080,448,887     306,954,022,444    -0.21563
Mar-08...........................         20     6,767,852,332,381     338,392,616,619     0.09751
Apr-08...........................         22     6,150,017,772,735     279,546,262,397    -0.19104
May-08...........................         21     6,080,169,766,807     289,531,893,657     0.03510
Jun-08...........................         21     6,962,199,302,412     331,533,300,115     0.13546
Jul-08...........................         22     8,104,256,787,805     368,375,308,537     0.10537
Aug-08...........................         21     6,106,057,711,009     290,764,652,905    -0.23659
Sep-08...........................         21     8,156,991,919,103     388,428,186,624     0.28959
Oct-08...........................         23     8,644,538,213,244     375,849,487,532    -0.03292

[[Page 1461]]

 
Nov-08...........................         19     5,727,998,341,833     301,473,596,939    -0.22051
Dec-08...........................         22     5,176,041,317,640     235,274,605,347    -0.24793
Jan-09...........................         20     4,670,249,433,806     233,512,471,690    -0.00752
Feb-09...........................         19     4,771,470,184,048     251,130,009,687     0.07274
Mar-09...........................         22     5,885,594,284,780     267,527,012,945     0.06325
Apr-09...........................         21     5,123,665,205,517     243,984,057,406    -0.09212
May-09...........................         20     5,086,717,129,965     254,335,856,498     0.04155
Jun-09...........................         22     5,271,742,782,609     239,624,671,937     0.05958
Jul-09...........................         22     4,659,599,245,583     211,799,965,708    -0.12343
Aug-09...........................         21     4,582,102,295,783     218,195,347,418     0.02975
Sep-09...........................         21     4,929,155,364,888     234,721,684,042     0.07301
Oct-09...........................         22     5,410,025,301,030     245,910,240,956     0.04657
Nov-09...........................         20     4,770,928,103,032     238,546,405,152    -0.03040
Dec-09...........................         22     4,688,555,303,171     213,116,150,144    -0.11273
Jan-10...........................         19     4,661,793,708,648     245,357,563,613     0.14088
Feb-10...........................         19     4,969,848,578,023     261,570,977,791     0.06399
Mar-10...........................         23     5,563,529,823,621     241,892,601,027    -0.07821
Apr-10...........................         21     5,546,445,874,917     264,116,470,234     0.08790
May-10...........................         20     7,260,430,376,294     363,021,518,815     0.31807
Jun-10...........................         22     6,124,776,349,285     278,398,924,967    -0.26541
Jul-10...........................         21     5,058,242,097,334     240,868,671,302    -0.14480
Aug-10...........................         22     4,765,828,263,463     216,628,557,430    -0.10607
Sep-10...........................         21     4,640,722,344,586     220,986,778,314     0.01992
Oct-10...........................         21     5,138,411,712,272     244,686,272,013     0.10187
Nov-10...........................         21     5,279,700,881,901     251,414,327,710     0.02713
Dec-10...........................         22     4,998,574,681,208     227,207,940,055    -0.10124
Jan-11...........................         20     5,043,391,121,345     252,169,556,067     0.10424
Feb-11...........................         19     5,114,631,590,581     269,191,136,346     0.06532
Mar-11...........................         23     6,499,355,385,307     282,580,668,926     0.04854
Apr-11...........................         20     4,975,954,868,765     248,797,743,438    -0.12732
May-11...........................         21     5,717,905,621,053     272,281,220,050     0.09020
Jun-11...........................         22     5,820,079,494,414     264,549,067,928    -0.02881
Jul-11...........................         20     5,189,681,899,635     259,484,094,982    -0.01933
Aug-11...........................         23     8,720,566,877,109     379,155,081,613     0.37925
Sep-11...........................         21     6,343,578,147,811     302,075,149,896    -0.22727
Oct-11...........................         21     6,163,272,963,688     293,489,188,747    -0.02884
Nov-11...........................         21     5,493,906,473,584     261,614,593,980    -0.11497
Dec-11...........................         21     5,017,867,255,600     238,946,059,790    -0.09063
Jan-12...........................         20     4,726,522,206,487     236,326,110,324    -0.01103
Feb-12...........................         20     5,011,862,514,132     250,593,125,707     0.05862
Mar-12...........................         22     5,638,847,967,025     256,311,271,228     0.02256
Apr-12...........................         20     5,084,239,396,560     254,211,969,828    -0.00822
May-12...........................         22     5,611,638,053,374     255,074,456,972     0.00339
Jun-12...........................         21     5,121,896,896,362     243,899,852,208    -0.04480
Jul-12...........................         21     4,567,519,314,374     217,500,919,732    -0.11455
Aug-12...........................         23     4,621,597,884,730     200,939,038,467    -0.07920
Sep-12...........................         19     4,598,499,962,682     242,026,313,825     0.18604
Oct-12...........................         21     5,095,175,588,310     242,627,408,967     0.00248
Nov-12...........................         21     4,547,882,974,292     216,565,855,919    -0.11363
Dec-12...........................         20     4,744,922,754,360     237,246,137,718     0.09120
Jan-13...........................         21     5,079,603,817,496     241,885,896,071     0.01937
Feb-13...........................         19     4,800,663,527,089     252,666,501,426     0.04360
Mar-13...........................         20     4,917,701,839,870     245,885,091,993    -0.02721
Apr-13...........................         22     5,451,358,637,079     247,789,028,958     0.00771
May-13...........................         22     5,681,788,831,869     258,263,128,721     0.04140
Jun-13...........................         20     5,623,545,462,226     281,177,273,111     0.08501
Jul-13...........................         22     5,083,861,509,754     231,084,614,080     0.19620
Aug-13...........................         22     4,925,611,193,095     223,891,417,868     0.03162
Sep-13...........................         20     4,959,197,626,713     247,959,881,336     0.10211
Oct-13...........................         23     5,928,804,028,970     257,774,088,216     0.03882
Nov-13...........................         20     5,182,024,612,049     259,101,230,602     0.00514
Dec-13...........................         21     5,265,282,994,173     250,727,761,627    -0.03285
Jan-14...........................         21     5,808,700,114,288     276,604,767,347     0.09822
Feb-14...........................         19     6,018,926,931,054     316,785,627,950     0.13564
Mar-14...........................         21     6,068,617,342,988     288,981,778,238    -0.09186
Apr-14...........................         21     6,013,948,953,528     286,378,521,597    -0.00905
May-14...........................         21     5,265,594,447,318     250,742,592,729    -0.13289
Jun-14...........................         21     5,159,506,989,669     245,690,809,032    -0.02035
Jul-14...........................         22     5,364,099,567,460     243,822,707,612    -0.00763
Aug-14...........................         21     5,075,332,147,677     241,682,483,223    -0.00882

[[Page 1462]]

 
Sep-14...........................         21     5,507,943,363,243     262,283,017,297     0.08180
Oct-14...........................         23     7,796,638,035,879     338,984,262,430     0.25653
Nov-14...........................         19     5,340,847,027,697     281,097,211,984    -0.18725
Dec-14...........................         22     6,559,110,068,128     298,141,366,733     0.05887
Jan-15...........................         20     6,185,619,541,044     309,280,977,052     0.03668
Feb-15...........................         19     5,723,523,235,641     301,238,065,034    -0.02635
Mar-15...........................         22     6,395,046,297,249     290,683,922,602    -0.03566
Apr-15...........................         21     5,625,548,298,004     267,883,252,286    -0.08169
May-15...........................         20     5,521,351,972,386     276,067,598,619     0.03009
Jun-15...........................         22     6,005,521,460,806     272,978,248,218    -0.01125
Jul-15...........................         22     6,493,670,315,390     295,166,832,518     0.07815
Aug-15...........................         21     6,963,901,249,270     331,614,345,203     0.11643
Sep-15...........................         21     6,440,925,545,396     306,710,740,257    -0.07807
Oct-15...........................         22     6,593,653,094,211     299,711,504,282    -0.02308
Nov-15...........................         20     5,823,349,391,916     291,167,469,596    -0.02892
Dec-15...........................         22  ....................  ..................  ..........     -0.0724     272,602,991,941     5,997,265,822,693
Jan-16...........................         19  ....................  ..................  ..........      0.1047     304,668,090,424     5,788,693,718,050
Feb-16...........................         20  ....................  ..................  ..........      0.0145     311,131,425,570     6,222,628,511,396
Mar-16...........................         22  ....................  ..................  ..........      0.0085     315,842,407,146     6,948,532,957,222
Apr-16...........................         21  ....................  ..................  ..........     -0.0488     302,748,113,304     6,357,710,379,390
May-16...........................         21  ....................  ..................  ..........      0.0631     324,581,761,754     6,816,216,996,826
Jun-16...........................         22  ....................  ..................  ..........     -0.0138     322,226,038,253     7,088,972,841,563
Jul-16...........................         20  ....................  ..................  ..........     -0.0445     310,203,769,953     6,204,075,399,062
Aug-16...........................         23  ....................  ..................  ..........      0.0115     315,832,901,491     7,264,156,734,284
Sep-16...........................         21  ....................  ..................  ..........      0.0304     327,702,320,832     6,881,748,737,465
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BILLING CODE 8011-01-P

[[Page 1463]]

[GRAPHIC] [TIFF OMITTED] TN12JA16.003

[[Page 1464]]

[FR Doc. 2016-00406 Filed 1-11-16; 8:45 am]
BILLING CODE 8011-01-C