[Federal Register Volume 79, Number 33 (Wednesday, February 19, 2014)]
[Notices]
[Pages 9504-9510]
[FR Doc No: 2014-03575]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71550/February 12, 2014]

Order Making Fiscal Year 2014 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 January 17, 2014, the President signed the Consolidated
Appropriations Act of 2014, providing $1,350,000,000 in funds to the
SEC for fiscal year 2014.
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    \6\ 15 U.S.C. Sec.  78ee(g).
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II. Fiscal Year 2014 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 2014 \8\
from an amount equal to the regular appropriation to the Commission for
fiscal year 2014, 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 December 31, 2013. 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 2014. An explanation of the
methodology appears in Appendix A.
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    The regular appropriation to the Commission for fiscal year 2014 is
$1,350,000,000. The Commission estimates that it will collect
$513,805,098 in fees for the period prior to the effective date of the
new fee rate and $58,854 in assessments on round turn transactions in
security futures products during all of fiscal year 2014.\9\ Using a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2014 (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 2014 to be
$37,881,618,779,245.
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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 $836,136,049 by the
estimate of the aggregate dollar amount of covered sales for the
remainder of fiscal year 2014 of $37,881,618,779,245. This results in a
uniform adjusted rate for fiscal year 2014 of $22.10 per million.\10\
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    \10\ Appendix A shows the purely arithmetic process of
calculating the fiscal year 2014 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 2014
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,
2013, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2014 is enacted.\11\ The regular
appropriation to the Commission for fiscal year 2014 was enacted on
January 17, 2014, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on March
18, 2014.
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    \11\ 15 U.S.C. 78ee(j)(4)(A).
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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 $22.10 per $1,000,000
effective on March 18, 2014.

    By the Commission.
Kevin M. O'Neill,
Deputy 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 2014. 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 2014.
    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 2014 (less the
sum of fees to be collected during fiscal year 2014 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2014) 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 2014, 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 December 2013,
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 January 17, 2014. The first business day
after this date was January 21, 2014. Data for December were due
from the exchanges on January 15. So the Commission used December
2013 and earlier data to forecast volume for January 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 2014

    First, calculate the average daily dollar amount of covered
sales (ADS) for each month in the sample (December 2003-December
2013). 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 0.0082 and the standard deviation is 0.122.
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 1.57%.
    Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for December
2013 ($250,727,781,285) to forecast ADS for January 2014
($254,668,736,673 = $250,727,781,285 x 1.0157).\13\ Multiply by the
number of trading days in January 2014 (21) to obtain a forecast of
the total dollar volume for the month ($5,348,043,470,127). Repeat
the method to generate forecasts for subsequent months.
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    \13\ The value 1.0157 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]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of
x.
    3. Calculate the mean and standard deviation of the series
{[Delta]1, [Delta]2, . . . ,
[Delta]120{time} . These are given by [mu] = 0.0082 and
[sigma] = 0.122, respectively.
    4. Assume that the natural logarithm of ADS follows a random
walk, so that [Delta]s and [Delta]t are
statistically independent for any two months s and t.
    5. Under the assumption that [Delta]t is normally
distributed, the expected value of ADSt/ADSt-1
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt
= 1.0157 x ADSt-1.
    6. For January 2014, this gives a forecast ADS of 1.0157 x
$250,727,781,285 = $254,668,736,673. Multiply this figure by the 21
trading days in January 2014 to obtain a total dollar volume
forecast of $5,348,043,470,127.
    7. For February 2014, multiply the January 2014 ADS forecast by
1.0157 to obtain a forecast ADS of $258,671,636,250. Multiply this
figure by the 19 trading days in February 2014 to obtain a total
dollar volume forecast of $4,914,761,088,752.

    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 10/1/13
through 3/17/14. The projected aggregate dollar amount of covered
sales for this period is $29,529,028,597,158. Actual and projected
fee collections at the current fee rate of 0.0000174 are
$513,805,098.
    2. Estimate the amount of assessments on security futures
products collected from 10/1/13 through 9/30/14 to be $58,854 by
projecting a 1.57% monthly increase from a base of $4,940 in
December 2013.
    3. Subtract the amounts $513,805,098 and $58,854 from the target
offsetting collection amount set by Congress of $1,350,000,000
leaving $836,136,049 to be collected on dollar volume for the period
3/18/14 through 9/30/14.
    4. Use Table A to estimate dollar volume for the period 3/18/14
through 9/30/14. The estimate is $37,881,618,779,245. Finally,
compute the fee rate required to produce the additional $836,136,049
in revenue. This rate is $836,136,049 divided by $37,881,618,779,245
or 0.00002207234.
    5. Round the result to the seventh decimal point, yielding a
rate of .0000221 (or $22.10 per million).

   Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
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                          Fee rate calculation
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a. Baseline estimate of the aggregate dollar amount of        26,638,917
 sales, 10/01/2013 to 02/28/2014 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of         2,890,112
 sales, 03/01/2014 to 03/17/2014 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         2,627,375
 sales, 03/18/2014 to 03/31/2014 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        35,254,244
 sales, 04/01/2014 to 09/30/2014 ($Millions)............
e. Estimated collections in assessments on security                0.059
 futures products in fiscal year 2014 ($Millions).......
f. Implied fee rate (($1,350,000,000-$17.40*(a+b) - e) /          $22.10
 (c+d)..................................................
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                                                                                Change in
                                       Number of     Total dollar amount  Average daily dollar      natural                            Forecast total
               Month                 trading days         of sales           amount of sales     logarithm of      Forecast ADS       dollar amount of
                                       in month                                   (ADS)               ADS                                   sales
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                                                                          Data
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(A)                                            (B)                   (C)                   (D)             (E)                 (F)                   (G)
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Dec-03............................              22     2,066,530,151,383        93,933,188,699  ..............  ..................  ....................
Jan-04............................              20     2,390,942,905,678       119,547,145,284           0.241  ..................  ....................
Feb-04............................              19     2,177,765,594,701       114,619,241,826          -0.042  ..................  ....................
Mar-04............................              23     2,613,808,754,550       113,643,858,893          -0.009  ..................  ....................
Apr-04............................              21     2,418,663,760,191       115,174,464,771           0.013  ..................  ....................
May-04............................              20     2,259,243,404,459       112,962,170,223          -0.019  ..................  ....................
Jun-04............................              21     2,112,826,072,876       100,610,765,375          -0.116  ..................  ....................
Jul-04............................              21     2,209,808,376,565       105,228,970,313           0.045  ..................  ....................
Aug-04............................              22     2,033,343,354,640        92,424,697,938          -0.130  ..................  ....................
Sep-04............................              21     1,993,803,487,749        94,943,023,226           0.027  ..................  ....................
Oct-04............................              21     2,414,599,088,108       114,980,908,958           0.191  ..................  ....................
Nov-04............................              21     2,577,513,374,160       122,738,732,103           0.065  ..................  ....................
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  ..................  ....................
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     5,265,283,406,995       250,727,781,285          -0.033  ..................  ....................
Jan-14............................              21  ....................  ....................  ..............     254,668,736,673     5,348,043,470,127
Feb-14............................              19  ....................  ....................  ..............     258,671,636,250     4,914,761,088,752
Mar-14............................              21  ....................  ....................  ..............     262,737,453,660     5,517,486,526,869
Apr-14............................              21  ....................  ....................  ..............     266,867,177,850     5,604,210,734,855
May-14............................              21  ....................  ....................  ..............     271,061,813,310     5,692,298,079,518
Jun-14............................              21  ....................  ....................  ..............     275,322,380,320     5,781,769,986,729
Jul-14............................              22  ....................  ....................  ..............     279,649,915,197     6,152,298,134,326
Aug-14............................              21  ....................  ....................  ..............     284,045,470,544     5,964,954,881,430
Sep-14............................              21  ....................  ....................  ..............     288,510,115,513     6,058,712,425,783
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BILLING CODE 8011-01-P

[GRAPHIC] [TIFF OMITTED] TN19FE14.000

[FR Doc. 2014-03575 Filed 2-18-14; 8:45 am]
BILLING CODE 8011-01-C