[Federal Register Volume 79, Number 249 (Tuesday, December 30, 2014)]
[Notices]
[Pages 78533-78540]
[FR Doc No: 2014-30444]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73908; File No. SR-NYSEArca-2014-85]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change Relating to the Listing and Trading of
Shares of the PIMCO Low Duration Investment Grade Corporate Bond Active
Exchange-Traded Fund Under NYSE Arca Equities Rule 8.600

December 22, 2014.

I. Introduction

    On October 23, 2014, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to list and trade shares
(``Shares'') of the PIMCO Low Duration Investment Grade Corporate Bond
Active Exchange-Traded Fund (``Fund'') under NYSE Arca Equities Rule
8.600. The proposed rule change was published for comment in the
Federal Register on November 14, 2014.\3\ The Commission received no
comments on the proposal. This order grants approval of the proposed
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 73556 (Nov. 7,
2014), 79 FR 68330 (``Notice'').

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II. Description of the Proposal

    NYSE Arca proposes to list and trade Shares of the Fund under NYSE
Arca Equities 8.600, which governs the listing and trading of Managed
Fund Shares on the Exchange. The Shares will be offered by PIMCO ETF
Trust (``Trust''), a statutory trust organized under the laws of the
State of Delaware and registered with the Commission as an open-end
management investment company.\4\ Pacific Investment Management Company
LLC will be the investment manager to the Fund (``PIMCO'' or
``Adviser),\5\ and PIMCO Investments LLC will serve as the distributor
for the Fund. State Street Bank & Trust Co. will serve as the custodian
and transfer agent for the Fund.
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    \4\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). The Exchange represents that, on June 17, 2014,
the Trust filed an amendment to its registration statement on Form
N-1A under the Securities Act of 1933 (``1933 Act'') and the 1940
Act relating to the Fund (File Nos. 333-155395 and 811-22250)
(``Registration Statement''). In addition, the Exchange represents
that the Trust has obtained from the Commission certain exemptive
relief under the 1940 Act. See Investment Company Act Release No.
28993 (November 10, 2009) (File No. 812-13571).
    \5\ The Exchange represents that the Adviser is not registered
as a broker-dealer, but is affiliated with a broker-dealer, and will
implement a ``fire wall'' with respect to its broker-dealer
affiliate regarding access to information concerning the composition
or changes to the Fund's portfolio. The Exchange further represents
that, if PIMCO elects to hire a sub-adviser for the Fund that is
registered as a broker-dealer or is affiliated with a broker-dealer,
such sub-adviser will implement a fire wall with respect to its
relevant personnel or its broker-dealer affiliate, as applicable,
regarding access to information concerning the composition or
changes to the portfolio and will be subject to procedures designed
to prevent the use and dissemination of material, non-public
information regarding such portfolio. In the event (a) the Adviser
becomes registered as a broker-dealer or newly affiliated with a
broker-dealer, or (b) any new adviser or sub-adviser is a registered
broker-dealer or becomes affiliated with a broker-dealer, the
Adviser or any new adviser or sub-adviser, as the case may be, will
implement a fire wall with respect to its relevant personnel or
broker-dealer affiliate, as applicable, regarding access to
information concerning the composition or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material, non-public information regarding the
portfolio.
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    The Exchange has made the following representations and statements
in describing the Fund and its investment strategy, including other
portfolio holdings and investment restrictions.\6\
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    \6\ The Commission notes that additional information regarding
the Fund, the Trust, and the Shares, including investment
strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, calculation of net asset
value (``NAV''), distributions, and taxes, among other things, can
be found in the Notice and the Registration Statement, as
applicable. See Notice and Registration Statement, supra notes 3 and
4, respectively.
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A. Principal Investments of the Fund

    The Fund will seek to maximize total return, consistent with
prudent investment management, by investing under normal circumstances
\7\ at least 80% of its assets in a diversified portfolio of investment
grade corporate ``Fixed Income Instruments'' (as described in more
detail below) of varying maturities, which may be represented by
certain derivative instruments, as described in more detail below
(``80% Policy''). Corporate Fixed Income Instruments will be: Corporate
debt securities of U.S. and non-U.S. issuers, including convertible
securities and corporate commercial paper; \8\ inflation-indexed bonds;
\9\ bank capital securities; \10\ trust preferred securities; and loan
participations and assignments.\11\
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    \7\ With respect to the Fund, the term ``under normal
circumstances'' includes, but is not limited to, the absence of
extreme volatility or trading halts in the fixed income markets or
the financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption, or any similar intervening circumstance.
    \8\ The Exchange represents that, with respect to the Fund,
while non-emerging markets corporate debt securities (excluding
commercial paper) generally must have $100 million or more par
amount outstanding and significant par value traded to be considered
as an eligible investment for the Fund, at least 80% of issues of
such securities held by the Fund must have $100 million or more par
amount outstanding at the time of investment. See also infra note 30
(regarding emerging market corporate debt securities).
    \9\ Inflation-indexed bonds (other than municipal inflation-
indexed bonds and certain corporate inflation-indexed bonds) are
fixed income securities whose principal value is periodically
adjusted according to the rate of inflation (e.g., Treasury
Inflation Protected Securities). Municipal inflation-indexed
securities are municipal bonds that pay coupons based on a fixed
rate plus the Consumer Price Index for All Urban Consumers. With
regard to municipal inflation-indexed bonds and certain corporate
inflation-indexed bonds, the inflation adjustment is reflected in
the semi-annual coupon payment.
    \10\ There are two common types of bank capital: Tier I and Tier
II. Bank capital is generally, but not always, of investment grade
quality. Tier I securities are typically exchange-traded and often
take the form of trust preferred securities. Tier II securities are
commonly thought of as hybrids of debt and preferred stock. Tier II
securities are typically traded over-the-counter, are often
perpetual (with no maturity date), callable and, under certain
conditions, allow for the issuer bank to withhold payment of
interest until a later date. However, such deferred interest
payments generally earn interest.
    \11\ According to the Exchange, the Fund may invest in fixed-
and floating-rate loans, which investments generally will be in the
form of loan participations and assignments of portions of such
loans.
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    The average portfolio duration of the Fund normally will vary from
zero to 4 years based on PIMCO's forecast for interest rates.\12\ In
furtherance of the Fund's 80% Policy, or with respect to the Fund's
other investments, the Exchange represents that the Fund may invest in
derivative instruments, subject to applicable law and any other
restrictions described herein.
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    \12\ Duration is a measure used to determine the sensitivity of
a security's price to changes in interest rates. The longer a
security's duration, the more sensitive it will be to changes in
interest rates.
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    According to the Exchange, the Fund may purchase or sell securities
on a when-issued, delayed delivery or forward commitment basis and may
engage in short sales.\13\ The Fund may, without limitation, seek to
obtain market exposure to the securities in which it primarily invests
by entering into a series of purchase and sale contracts or by using
other investment techniques (such as buy backs or dollar rolls).\14\
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    \13\ The Fund may make short sales of securities to offset
potential declines in long positions in similar securities and
increase the flexibility of the Fund, as well as for investment
return, and as part of a risk arbitrage strategy.
    \14\ A dollar roll is similar except that the counterparty is
not obligated to return the same securities as those originally sold
by the Fund but only securities that are ``substantially
identical.''
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    In selecting investments for the Fund, PIMCO will develop an
outlook for interest rates, currency exchange rates, and the economy;
analyze credit and call risks; and use other investment selection
techniques. The proportion of the Fund's assets committed to
investments in securities with particular characteristics (such as
quality, sector, interest rate, or maturity) will vary based on PIMCO's
outlook for the U.S. economy and the economies of other countries in
the world, the financial markets, and other factors.
    According to the Exchange, in seeking to identify undervalued
currencies, PIMCO may consider many factors, with respect to the Fund,
including but not limited to, longer-term analysis of relative interest
rates, inflation rates, real exchange rates, purchasing power parity,
trade account balances, and current account balances, as well as other
factors that influence exchange rates such as flows, market technical
trends, and government policies. With respect to fixed income
investing, PIMCO will attempt to identify areas of the bond market that
are undervalued relative to the rest of the market. PIMCO will identify
these areas by grouping fixed income investments into sectors such as
money markets, governments, corporates, mortgages, asset-backed, and
international. Sophisticated proprietary software will then assist in
evaluating sectors and pricing specific investments. Once investment
opportunities are

identified, PIMCO will shift assets among sectors depending upon
changes in relative valuations, credit spreads, and other factors.

B. Other (Non-Principal) Investments of the Fund

    The Exchange represents that the non-principal investments listed
below would consist of investments that are not included in the Fund's
80% Policy. Such assets may be invested in the Fixed Income Instruments
and other instruments, as described below.
    According to the Exchange, with respect to the Fund's investments,
Fixed Income Instruments will include any one or more of the following:
securities issued or guaranteed by the U.S. Government, its agencies or
government-sponsored enterprises (``U.S. Government Securities'');
mortgage-backed and other asset-backed securities; \15\ structured
notes, including hybrid or ``indexed'' securities and event-linked
bonds; \16\ delayed funding loans and revolving credit facilities; bank
certificates of deposit, fixed time deposits and bankers' acceptances;
repurchase agreements on Fixed Income Instruments and reverse
repurchase agreements on Fixed Income Instruments; debt securities
issued by states or local governments and their agencies, authorities,
and other government-sponsored enterprises; obligations of non-U.S.
governments or their subdivisions, agencies, and government-sponsored
enterprises; obligations of international agencies or supranational
entities.
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    \15\ According to the Exchange, mortgage-related and other
asset-backed securities include collateralized mortgage obligations
(``CMOs''), commercial mortgage-backed securities, mortgage dollar
rolls, CMO residuals, stripped mortgage-backed securities, and other
securities that directly or indirectly represent a participation in,
or are secured by and payable from, mortgage loans on real property.
A to-be-announced (``TBA'') transaction is a method of trading
mortgage-backed securities. In a TBA transaction, the buyer and
seller agree upon general trade parameters such as agency,
settlement date, par amount, and price. The actual pools delivered
generally are determined two days prior to the settlement date.
    \16\  The Exchange represents that the Fund may obtain event-
linked exposure by investing in ``event-linked bonds'' or ``event-
linked swaps'' or by implementing ``event-linked strategies.''
Event-linked exposure results in gains or losses that typically are
contingent, or formulaically related to defined trigger events,
which include hurricanes, earthquakes, weather-related phenomena, or
statistics relating to such events. Some event-linked bonds are
commonly referred to as ``catastrophe bonds.'' If a trigger event
occurs, the Fund may lose a portion or its entire principal invested
in the bond or notional amount on a swap.
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    According to the Exchange, the Fund may gain exposure to the real
estate sector by investing in over-the-counter (``OTC'') real estate-
linked derivatives,\17\ exchange-traded and OTC real estate investment
trusts (``REITs''), and exchange traded common, exchange-traded and OTC
preferred, and exchange-traded and OTC convertible securities of
issuers in real estate-related industries.\18\
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    \17\ Real estate-linked derivatives are derivative instruments
that are tied to real estate, such as derivatives (e.g., swaps or
options) on real-estate related indices or specific real-estate
related companies. The value and risks associated with real estate-
linked derivative instruments are generally similar to those
associated with direct ownership of real estate.
    \18\ See infra note 23 and accompanying text.
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    The Fund may invest in variable and floating rate securities that
are not corporate Fixed Income Instruments. The Fund may invest in
floaters and inverse floaters that are not corporate Fixed Income
Instruments.
    The Fund may invest in trade claims,\19\ privately placed and
unregistered securities, and exchange-traded and OTC-traded structured
products,\20\ including credit-linked securities \21\ and commodity-
linked notes. The Fund also may invest in Brady Bonds.
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    \19\ Trade claims are non-securitized rights of payment arising
from obligations that typically arise when vendors and suppliers
extend credit to a company by offering payment terms for products
and services. If the company files for bankruptcy, payments on these
trade claims stop and the claims are subject to compromise along
with the other debts of the company. Trade claims may be purchased
directly from the creditor or through brokers.
    \20\ The Fund invest in structured products, including
instruments such as credit-linked securities. For example, a
structured product may combine a traditional stock, bond, or
commodity with an option or forward contract. Generally, the
principal amount, amount payable upon maturity or redemption, or
interest rate of a structured product is tied (positively or
negatively) to the price of some commodity, currency, or securities
index or another interest rate or some other economic factor. The
interest rate or (unlike most fixed income securities) the principal
amount payable at maturity of a structured product may be increased
or decreased, depending on changes in the value of the benchmark. An
example of exchange-traded structured products would be exchange-
traded notes or ETNs, such as those listed and traded under NYSE
Arca Equities Rule 5.2(j)(6).
    \21\ Credit-linked securities are generally a basket of
derivative instruments, such as credit default swaps or interest
rate swaps. Like an investment in a bond, investments in credit-
linked securities represent the right to receive periodic income
payments (in the form of distributions) and payment of principal at
the end of the term of the security. However, these payments are
conditioned on the trust's receipt of payments from, and the trust's
potential obligations to, the counterparties to the derivative
instruments and other securities in which the trust invests.
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    The Exchange represents that the Fund may enter into repurchase
agreements on instruments other than corporate Fixed Income
Instruments, in addition to repurchase agreements on corporate Fixed
Income Instruments mentioned above, in which the Fund purchases a
security from a bank or broker-dealer, which agrees to purchase the
security at the Fund's cost plus interest within a specified time.
Repurchase agreements maturing in more than seven days and which may
not be terminated within seven days at approximately the amount at
which the Fund has valued the agreements will be considered illiquid
securities. The Fund may enter into reverse repurchase agreements on
instruments other than corporate Fixed Income Instruments, in addition
to reverse repurchase agreements on corporate Fixed Income Instruments
mentioned above, subject to the Fund's limitations on borrowings.\22\
The Fund will segregate or ``earmark'' assets determined to be liquid
by PIMCO in accordance with procedures established by the Board to
cover its obligations under reverse repurchase agreements.
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    \22\ With respect to the Fund, a reverse repurchase agreement
involves the sale of a security by the Fund and its agreement to
repurchase the instrument at a specified time and price.
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    The Exchange represents that the Fund may invest only up to 10% of
its total assets in preferred stocks, convertible securities, common
stocks, and other equity-related securities, and that this limitation
will not include real estate-related investments, such as REITs or
investments in common, preferred, or convertible securities of issuers
in real estate-related industries.\23\
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    \23\ Convertible securities are generally preferred stocks and
other securities (including fixed income securities and warrants)
that are convertible into or exercisable for common stock at a
stated price or rate. Equity-related investments may include
investments in small-capitalization (``small-cap''), mid-
capitalization (``mid-cap'') and large-capitalization (``large-
cap'') companies. According to the Exchange, with respect to the
Fund, a small-cap company will be defined as a company with a market
capitalization of up to $1.5 billion, a mid-cap company will be
defined as a company with a market capitalization of between $1.5
billion and $10 billion and a large-cap company will be defined as a
company with a market capitalization above $10 billion. Not more
than 10% of the net assets of the Fund in the aggregate invested in
equity securities (other than non-exchange-traded investment company
securities) shall consist of equity securities, including stocks
into which a convertible security is converted, whose principal
market is not a member of the Intermarket Surveillance Group
(``ISG'') or is a market with which the Exchange does not have a
comprehensive surveillance sharing agreement (``CSSA'').
Furthermore, not more than 10% of the net assets of the Fund in the
aggregate invested in futures contracts or exchange-traded options
contracts shall consist of futures contracts or exchange-traded
options contracts whose principal market is not a member of ISG or
is a market with which the Exchange does not have a CSSA.
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    The Exchange represents that the Fund may invest up to 20% of its
total assets in structured notes, including hybrid or ``indexed''
securities and

event-linked bonds. Additionally, the Fund may invest up to 15% of its
total assets in high yield securities (``junk bonds'') rated below BBB-
(with a minimum level of B- at purchase) by Standard & Poor's Ratings
Services (``S&P''), or equivalently rated by Moody's Investors Service,
Inc. (``Moody's'') or Fitch, Inc. (``Fitch''), or, if unrated,
determined by PIMCO to be of comparable quality (except that within
such limitation, the Fund may invest in mortgage-related securities
rated below B-).\24\
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    \24\ With respect to the Fund, securities rated Ba or lower by
Moody's, or equivalently rated by S&P or Fitch, are sometimes
referred to as ``high yield securities'' or ``junk bonds,'' while
securities rated Baa or higher are referred to as ``investment
grade.'' Unrated securities may be less liquid than comparable rated
securities and involve the risk that the Fund's portfolio manager
may not accurately evaluate the security's comparative credit
rating. To the extent that the Fund invests in unrated securities,
the Fund's success in achieving its investment objective may depend
more heavily on the portfolio manager's creditworthiness analysis
than if the Fund invested exclusively in rated securities. In
determining whether a security is of comparable quality, the Adviser
will consider, for example, whether the issuer of the security has
issued other rated securities; whether the obligations under the
security are guaranteed by another entity and the rating of such
guarantor (if any); whether and (if applicable) how the security is
collateralized; other forms of credit enhancement (if any); the
security's maturity date; liquidity features (if any); relevant cash
flow(s); valuation features; other structural analysis;
macroeconomic analysis; and sector or industry analysis.
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C. Investments in Derivative Instruments

    With respect to the Fund, the Exchange represents that derivative
instruments will include forwards; \25\ exchange-traded and OTC options
contracts; exchange-traded futures contracts; exchange-traded and OTC
swap agreements; exchange-traded options on futures contracts; and OTC
options on swap agreements.\26\ The Fund may, but is not required to,
use derivative instruments for risk management purposes or as part of
its investment strategies.\27\
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    \25\ Forwards are contracts to purchase or sell securities for a
fixed price at a future date beyond normal settlement time (forward
commitments).
    \26\ The Exchange represents that in the future, in the event
that there are exchange-traded options on swaps, the Fund may invest
in these instruments.
    \27\ According to the Exchange, the Fund will seek, where
possible, to use counterparties whose financial status is such that
the risk of default is reduced; however, the risk of losses
resulting from default is still possible. PIMCO's Counterparty Risk
Committee evaluates the creditworthiness of counterparties on an
ongoing basis. In addition to information provided by credit
agencies, PIMCO credit analysts evaluate each approved counterparty
using various methods of analysis, including company visits,
earnings updates, the broker-dealer's reputation, PIMCO's past
experience with the broker-dealer, market levels for the
counterparty's debt and equity, the counterparty's liquidity, and
its share of market participation.
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    According to the Exchange, the Fund will typically use derivative
instruments as a substitute for taking a position in the underlying
asset and as part of a strategy designed to reduce exposure to other
risks, such as interest rate or currency risk. The Fund may also use
derivative instruments to enhance returns. To limit the potential risk
associated with such transactions, the Fund will segregate or
``earmark'' assets determined to be liquid by PIMCO in accordance with
procedures established by the Trust's Board of Trustees (``Board'') and
in accordance with the 1940 Act (or, as permitted by applicable
regulation, enter into certain offsetting positions) to cover its
obligations under derivative instruments. In addition, the Exchange
represents that the Fund will include appropriate risk disclosure in
its offering documents, including leveraging risk. Leveraging risk is
the risk that certain transactions of the Fund, including the Fund's
use of derivatives, may give rise to leverage, causing the Fund to be
more volatile than if it had not been leveraged.\28\ According to the
Exchange, the Fund also can use derivatives to increase or decrease
credit exposure. Index credit default swaps (CDX) can be used to gain
exposure to a basket of credit risk by ``selling protection'' against
default or other credit events, or to hedge broad market credit risk by
``buying protection.'' Single name credit default swaps (CDS) can be
used to allow the Fund to increase or decrease exposure to specific
issuers, saving investor capital through lower trading costs. The Fund
can use total return swap contracts to obtain the total return of a
reference asset or index in exchange for paying a financing cost. A
total return swap may be much more efficient than buying underlying
securities of an index, potentially lowering transaction costs.
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    \28\ To mitigate leveraging risk, the Adviser will segregate or
``earmark'' liquid assets or otherwise cover the transactions that
may give rise to such risk.
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D. Investment Restrictions

    According to the Exchange, if PIMCO believes that economic or
market conditions are unfavorable to investors or that market
conditions are not normal, PIMCO may temporarily invest up to 100% of
the Fund's assets in certain defensive strategies, including holding a
substantial portion of the Fund's assets in cash, cash equivalents, or
other highly rated, short-term securities, including securities issued
or guaranteed by the U.S. government, its agencies, or
instrumentalities. As noted above, the Fund may invest without limit,
for temporary or defensive purposes, in such instruments if PIMCO deems
it appropriate to do so.
    The Exchange represents that the Fund may invest in, to the extent
permitted by Section 12(d)(1)(A) of the 1940 Act, other affiliated and
unaffiliated funds, such as open-end or closed-end management
investment companies, including other exchange-traded funds, provided
that the Fund's investment in units or shares of investment companies
and other open-end collective investment vehicles will not exceed 10%
of the Fund's total assets. The Fund may invest its securities lending
collateral in one or more money market funds to the extent permitted by
Rule 12d1-1 under the 1940 Act, including series of PIMCO Funds.
    The Exchange represents that the Fund may invest up to 20% of its
total assets in mortgage-related and other asset backed securities,
although this 20% limitation will not apply to securities issued or
guaranteed by Federal agencies and/or U.S. government sponsored
instrumentalities. The Fund may invest up to 20% of its total assets in
securities denominated in foreign currencies, and may invest beyond
this limit in U.S. dollar denominated securities of foreign issuers.
The Fund will normally limit its foreign currency exposure (from non-
U.S. dollar-denominated securities or currencies) to 10% of its total
assets.\29\ The Fund may engage in foreign currency transactions either
on a spot (cash) basis at the rate prevailing in the currency exchange
market at the time or through forward currency contracts. The Exchange
represents that the Fund may invest up to 20% of its total assets in
securities and instruments of issuers economically tied to emerging
market countries.\30\
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    \29\ The Exchange represents that the Fund will limit its
investments in currencies to those currencies with a minimum average
daily foreign exchange turnover of USD $1 billion as determined by
the Bank for International Settlements (``BIS'') Triennial Central
Bank Survey. As of the most recent BIS Triennial Central Bank
Survey, at least 52 separate currencies had minimum average daily
foreign exchange turnover of USD $1 billion. For a list of eligible
currencies, see www.bis.org.
    \30\ According to the Exchange, PIMCO will generally consider an
instrument to be economically tied to an emerging market country if
the security's ``country of exposure'' is an emerging market
country, as determined by the criteria set forth in the Registration
Statement. Alternatively, such as when a ``country of exposure'' is
not available or when PIMCO believes the following tests more
accurately reflect which country the security is economically tied
to, PIMCO may consider an instrument to be economically tied to an
emerging market country if the issuer or guarantor is a government
of an emerging market country (or any political subdivision, agency,
authority or instrumentality of such government), if the issuer or
guarantor is organized under the laws of an emerging market country,
or if the currency of settlement of the security is a currency of an
emerging market country. With respect to derivative instruments,
PIMCO will generally consider such instruments to be economically
tied to emerging market countries if the underlying assets are
currencies of emerging market countries (or baskets or indices of
such currencies), or instruments or securities that are issued or
guaranteed by governments of emerging market countries or by
entities organized under the laws of emerging market countries.
While emerging markets corporate debt securities (excluding
commercial paper) generally must have $200 million or more par
amount outstanding and significant par value traded to be considered
as an eligible investment for the Fund, at least 80% of issues of
such securities held by the Fund must have $200 million or more par
amount outstanding at the time of investment.

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    The Exchange represents that the Fund's investments, including
investments in derivative instruments, will be subject to all of the
restrictions under the 1940 Act, including restrictions with respect to
illiquid assets. The Fund may hold up to an aggregate amount of 15% of
its net assets in illiquid assets (calculated at the time of
investment), including Rule 144A securities deemed illiquid by the
Adviser, consistent with Commission guidance.\31\ The Exchange
represents that the Fund will monitor its respective portfolio
liquidity on an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained, and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of the Fund's net assets are held in
illiquid assets. Illiquid assets include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.
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    \31\ According to the Exchange, in reaching liquidity decisions,
the Adviser may consider the following factors: the frequency of
trades and quotes for the security; the number of dealers willing to
purchase or sell the security and the number of other potential
purchasers; dealer undertakings to make a market in the security;
and the nature of the security and the nature of the marketplace
trades (e.g., the time needed to dispose of the security, the method
of soliciting offers, and the mechanics of transfer).
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    The Exchange represents that the Fund will be diversified within
the meaning of the 1940 Act. In addition, the Fund intends to qualify
annually and elect to be treated as a regulated investment company
under Subchapter M of the Internal Revenue Code. The Fund will not
concentrate its investments in a particular industry, as that term is
used in the 1940 Act, and as interpreted, modified, or otherwise
permitted by a regulatory authority having jurisdiction from time to
time.
    The Exchange further represents that the Fund's investments,
including derivatives, will be consistent with the Fund's investment
objective and the Fund's use of derivatives may be used to enhance
leverage. However, the Fund's investments will not be used to seek
performance that is the multiple or inverse multiple (i.e., 2Xs and
3Xs) of the Fund's broad-based securities market index (as defined in
Form N-1A).

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\32\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Exchange
Act,\33\ which requires, among other things, that the Exchange's rules
be designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest.
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    \32\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \33\ 15 U.S.C. 78f(b)(5).
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    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Exchange Act,\34\ which sets forth Congress' finding that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for and transactions in securities. Quotation and last-sale
information for the Shares will be available via the Consolidated Tape
Association (``CTA'') high-speed line. In addition, the Portfolio
Indicative Value of the Fund, as defined in NYSE Arca Equities Rule
8.600(c)(3), will be widely disseminated by one or more major market
data vendors at least every 15 seconds during the Core Trading
Session.\35\ On each business day, before commencement of trading in
Shares in the Core Trading Session on the Exchange, the Fund will
disclose on the Trust's Web site the Disclosed Portfolio (as defined in
NYSE Arca Equities Rule 8.600(c)(2)) that will form the basis for the
Fund's calculation of NAV at the end of the business day.\36\ In
addition, a basket composition file, which includes the security names
and share quantities (as applicable) required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the National Securities Clearing Corporation. The NAV
of the Fund's Shares will normally be determined as of the close of the
regular trading session on the Exchange (ordinarily 4:00 p.m. Eastern
time) on each business day.\37\ Information regarding market

price and trading volume of the Shares will be continually available on
a real-time basis throughout the day on brokers' computer screens and
other electronic services. Information regarding the previous day's
closing price and trading volume information for the Shares will be
published daily in the financial section of newspapers.
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    \34\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \35\ The Exchange states that several major market data vendors
display or make widely available Portfolio Indicative Values taken
from the CTA or other data feeds.
    \36\ On a daily basis, the Fund will disclose the following
information regarding each portfolio holding, as applicable to the
type of holding: Ticker symbol, CUSIP number or other identifier, if
any; a description of the holding (including the type of holding,
such as the type of swap); the identity of the security, commodity,
index or other asset or instrument underlying the holding, if any;
for options, the option strike price; quantity held (as measured by,
for example, par value, notional value or number of shares,
contracts or units); maturity date, if any; coupon rate, if any;
effective date, if any; market value of the holding; and the
percentage weighting of the holding in the Fund's portfolio. The Web
site information will be publicly available at no charge.
    \37\ The NAV per Share of the Fund will be determined by
dividing the total value of the Fund's portfolio investments and
other assets, less any liabilities, by the total number of Shares
outstanding. According to the Exchange, portfolio securities and
other assets for which market quotes are readily available will be
valued at market value. Market value will generally be determined on
the basis of last reported sales prices, or if no sales are
reported, based on quotes obtained from a quotation reporting
system, established market makers, or pricing services. Fixed Income
Instruments, including those to be purchased under firm commitment
agreements/delayed delivery basis, will generally be valued on the
basis of quotes obtained from brokers and dealers or independent
pricing services. Domestic and foreign fixed income securities will
generally be valued on the basis of quotes obtained from brokers and
dealers or pricing services using data reflecting the earlier
closing of the principal markets for those assets. Short-term debt
instruments having a remaining maturity of 60 days or less will
generally be valued at amortized cost. Derivatives will generally be
valued on the basis of quotes obtained from brokers and dealers or
pricing services using data reflecting the earlier closing of the
principal markets for those assets. Local closing prices will be
used for all instrument valuation purposes. Foreign currency-
denominated derivatives will generally be valued as of the
respective local region's market close. With respect to specific
derivatives: Currency spot and forward rates from major market data
vendors will generally be determined as of the NYSE Close; exchange-
traded futures will generally be valued at the settlement price of
the relevant exchange; a total return swap on an index will be
valued at the publicly available index price; equity total return
swaps will generally be valued using the actual underlying equity at
local market closing, while bank loan total return swaps will
generally be valued using the evaluated underlying bank loan price
minus the strike price of the loan; exchange-traded non-equity
options, index options, and options on futures will generally be
valued at the official settlement price determined by the relevant
exchange, if available; OTC and exchange-traded equity options will
generally be valued on a basis of quotes obtained from a quotation
reporting system, established market makers, or pricing services or
at the settlement price of the applicable exchange; OTC FX options
will generally be valued by pricing vendors; all other swaps such as
interest rate swaps, inflation swaps, swaptions, credit default
swaps, and CDX/CDS will generally be valued by pricing services.
Investment company securities that are not exchange-traded will be
valued at NAV. Equity securities traded OTC will be valued based on
price quotations obtained from a broker-dealer who makes markets in
such securities or other equivalent indications of value provided by
a third-party pricing service. Money market instruments, trade
claims, OTC REITs, privately placed and unregistered securities, OTC
structured products, OTC real-estate linked derivatives, credit-
linked securities, commodity-linked notes, Brady Bonds, variable and
floating rate securities that are not corporate Fixed Income
Instruments; floaters and inverse floaters that are not corporate
Fixed Income Instruments and other types of debt securities will
generally be valued on the basis of independent pricing services or
quotes obtained from brokers and dealers. Securities and other
assets for which market quotes are not readily available will be
valued at fair value as determined in good faith by the Board or
persons acting at their direction. The Board has adopted methods for
valuing securities and other assets in circumstances where market
quotes are not readily available, and has delegated to PIMCO the
responsibility for applying the valuation methods.
---------------------------------------------------------------------------

    Intra-day and closing price information regarding exchange-traded
equity securities, including common stocks, preferred stocks,
securities convertible into stocks, closed-end funds, exchange-traded
funds, exchange-traded structured products (including ETNs), exchange-
traded REITs, and other equity-related securities, will be available
from the exchange on which such securities are traded. Intra-day and
closing price information regarding exchange-traded options (including
options on futures) and futures will be available from the exchange on
which such instruments are traded. Intra-day and closing price
information regarding Fixed Income Instruments and other forms of debt
securities also will be available from major market data vendors.
Pricing information relating to forwards, spot currency, OTC options
and swaps will be available from major market data vendors. Pricing
information regarding money market instruments, OTC REITs, private
activity bonds, trade claims, privately placed and unregistered
securities, OTC real estate-linked derivatives, OTC structured
products, credit-linked securities, commodity-linked notes, Brady
Bonds, variable and floating rate securities that are not corporate
Fixed Income Instruments and floaters and inverse floaters that are not
corporate Fixed Income Instruments will be available from major market
data vendors. Pricing information regarding other investment company
securities will be available from on-line information services and from
the Web site for the applicable investment company security. Exchange-
traded options quotation and last-sale information for options cleared
via the Options Clearing Corporation is available via the Options Price
Reporting Authority. Pricing information relating to equity securities
traded OTC will be available from major market data vendors. The
Trust's Web site will include a form of the prospectus for the Fund and
additional data relating to NAV and other applicable quantitative
information.
    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Exchange will obtain a representation from the issuer of
the Shares of the Fund that the NAV per Share will be calculated daily
and that the NAV and the Disclosed Portfolio will be made available to
all market participants at the same time. Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. In addition, trading in the Shares of the
Fund may be halted because of other market conditions or for reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable.\38\ Trading in the Shares also will be subject to NYSE
Arca Equities Rule 8.600(d)(2)(D), which sets forth additional
circumstances under which trading in Shares of the Fund may be halted.
---------------------------------------------------------------------------

    \38\ These reasons may include: (1) The extent to which trading
is not occurring in the securities and financial instruments
comprising the Disclosed Portfolio of the Fund; or (2) whether other
unusual conditions or circumstances detrimental to the maintenance
of a fair and orderly market are present. With respect to trading
halts, the Exchange may consider all relevant factors in exercising
its discretion to halt or suspend trading in the Shares of the Fund.
---------------------------------------------------------------------------

    The Exchange represents that it has a general policy prohibiting
the distribution of material, non-public information by its employees.
Consistent with NYSE Arca Equities Rule 8.600(d)(2)(B)(ii), the Fund's
``Reporting Authority'' must implement and maintain, or be subject to,
procedures designed to prevent the use and dissemination of material,
non-public information regarding the actual components of the Fund's
portfolio. The Exchange represents that the Adviser is not registered
as a broker-dealer, but is affiliated with a broker-dealer, and will
implement a ``fire wall'' with respect to such broker-dealer affiliate
regarding access to information concerning the composition or changes
to the Fund's portfolio.\39\ Prior to the commencement of trading, the
Exchange states that it will inform its Equity Trading Permit Holders
in an Information Bulletin of the special characteristics and risks
associated with trading the Shares. The Exchange further represents
that trading in the Shares will be subject to the existing trading
surveillances, administered by the Financial Industry Regulatory
Authority (``FINRA'') on behalf of the Exchange, which are designed to
detect violations of Exchange rules and applicable federal securities
laws.\40\
---------------------------------------------------------------------------

    \39\ See supra note 5. The Exchange states that an investment
adviser to an open-end fund is required to be registered under the
Investment Advisers Act of 1940 (``Advisers Act''). As a result, the
Adviser and Sub-Adviser and their related personnel are subject to
the provisions of Rule 204A-1 under the Advisers Act relating to
codes of ethics. This Rule requires investment advisers to adopt a
code of ethics that reflects the fiduciary nature of the
relationship to clients, as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
    \40\ The Exchange states that FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement and that the
Exchange is responsible for FINRA's performance under this
regulatory services agreement.
---------------------------------------------------------------------------

    The Exchange represents that it deems the Shares to be equity
securities, thus rendering the trading of the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has made representations,
including:

    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) Trading in the Shares will be subject to the existing trading
surveillances, administered by FINRA on behalf of the Exchange, which
are designed to detect violations of Exchange rules and applicable
federal securities laws, and that these procedures are adequate to
properly monitor Exchange trading of the Shares in all trading sessions
and to deter and detect violations of Exchange rules and federal
securities laws applicable to trading on the Exchange.
    (4) FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the exchange-traded options, exchange-traded
equities (including common stocks, exchange-traded investment
companies, exchange- traded convertibles and preferred securities,
exchange-traded REITs, and exchange-traded structured products,
including ETNs), futures, and options on futures with other markets or
other entities that are members of the ISG, and FINRA may obtain
trading information regarding trading in the Shares, exchange-traded
options, exchange-traded equities, futures, and options on futures from
such markets or entities. In addition, the Exchange may obtain
information regarding trading in the Shares, exchange-traded options,
exchange-traded equities, futures, and options on futures from markets
or other entities that are members of ISG or with which the Exchange
has in place a CSSA.\41\ The Exchange states that FINRA, on behalf of
the Exchange, is able to access, as needed, trade information for
certain fixed income securities held by the Fund that is reported to
FINRA's Trade Reporting and Compliance Engine, and that FINRA also can
access data obtained from the Municipal Securities Rulemaking Board
relating to municipal bond trading activity for surveillance purposes
in connection with trading in the Shares.
---------------------------------------------------------------------------

    \41\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a CSSA.
---------------------------------------------------------------------------

    (5) Prior to the commencement of trading, the Exchange will inform
its Equity Trading Permit Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (a)
The procedures for purchases and redemptions of Shares in creation unit
aggregations (and that Shares are not individually redeemable); (b)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its Equity Trading Permit Holders to learn the essential facts
relating to every customer prior to trading the Shares; (c) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (d) how information regarding the
Portfolio Indicative Value is disseminated; (e) the requirement that
Equity Trading Permit Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (f) trading information.
    (6) For initial and continued listing, the Fund will be in
compliance with Rule 10A-3 under the Exchange Act,\42\ as provided by
NYSE Arca Equities Rule 5.3.
---------------------------------------------------------------------------

    \42\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (7) The Fund's investments will not be used to seek performance
that is the multiple or inverse multiple (i.e., 2Xs and 3Xs) of the
Fund's broad-based securities market index (as defined in Form N-1A).
    (8) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A Securities deemed illiquid by the Advisor or Sub-
Advisor, in accordance with Commission guidance.
    (9) The Fund will seek, where possible, to use counterparties whose
financial status is such that the risk of default is reduced. PIMCO's
Counterparty Risk Committee evaluates the creditworthiness of
counterparties on an ongoing basis. In addition to information provided
by credit agencies, PIMCO credit analysts evaluate each approved
counterparty using various methods of analysis, including company
visits, earnings updates, the broker-dealer's reputation, PIMCO's past
experience with the broker-dealer, market levels for the counterparty's
debt and equity, the counterparty's liquidity, and its share of market
participation.
    (10) The Fund may invest only up to 10% of its total assets in
preferred stocks, convertible securities, common stocks, and other
equity-related securities; such limit will not include real-estate
related investments, such as REITs or investments in common, preferred,
or convertible securities of issuers in real estate-related industries.
    (11) Not more than 10% of the net assets of the Fund in the
aggregate invested in equity securities (other than non-exchange-traded
investment company securities) shall consist of equity securities,
including stocks into which a convertible security is converted, whose
principal market is not a member of the ISG or is a market with which
the Exchange does not have a CSSA.
    (12) Not more than 10% of the net assets of the Fund in the
aggregate invested in futures contracts or exchange-traded options
contracts shall consist of futures contracts or exchange-traded options
contracts whose principal market is not a member of ISG or is a market
with which the Exchange does not have a CSSA.
    (13) The Fund shall invest at least 80% of its assets in corporate
debt securities of U.S. and non-U.S. issuers (which may be represented
by certain derivatives), including convertible securities and corporate
commercial paper; inflation-indexed bonds; bank capital securities;
trust preferred securities; and loan participations and assignments.
    (14) The Fund may invest up to 20% of its total assets in mortgage-
related and other asset backed securities (not including securities
issued or guaranteed by Federal agencies and U.S. government sponsored
instrumentalities).
    (15) The Fund may invest up to 20% of its total assets in
structured notes, including hybrid or ``indexed'' securities and event-
linked bonds.
    (16) The Fund may invest up to 15% of its total assets in high
yield securities rated below BBB- (with a minimum level of B- at
purchase) by S&P, or equivalently rated by Moody's or Fitch, or, if
unrated, determined by PIMCO to be of comparable quality (except that
within such limitation, the Fund may invest in mortgage-related
securities rated below B-).
    (17) The Fund may invest up to 20% of its total assets in
securities and instruments of issuers economically tied to emerging
market countries.
    (18) While non-emerging markets corporate debt securities
(excluding commercial paper) generally must have $100 million or more
par amount outstanding and significant par value traded to be
considered as an eligible investment for the Fund, at least 80% of
issues of such securities held by the Fund must have $100 million or
more par amount outstanding at the time of investment. In addition,
while emerging markets corporate debt securities (excluding commercial
paper) generally must have $200 million or more par amount outstanding
and significant par value traded to be considered as an

eligible investment for the Fund, at least 80% of issues of such
securities held by the Fund must have $200 million or more par amount
outstanding at the time of investment.
    (19) To mitigate leveraging risk as result of certain transactions
of the Fund, including transactions in derivative instruments, the
Adviser will segregate or ``earmark'' liquid assets or otherwise cover
the transactions that may give rise to such risk.
    (20) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice, and
the Exchange's description of the Fund. The Commission notes that the
Fund and the Shares must comply with the requirements of NYSE Arca
Equities Rule 8.600 to be listed and traded on the Exchange.
    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act \43\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \43\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\44\ that the proposed rule change (SR-NYSEArca-2014-85)
be, and it hereby is, approved.
---------------------------------------------------------------------------

    \44\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
---------------------------------------------------------------------------

    \45\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2014-30444 Filed 12-29-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 119 (Wednesday, June 22, 2022)]
[Notices]
[Page 37330]
[FR Doc No: 2022-13283]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 5261-023]

Green Mountain Power Corporation; Notice of Waiver Period for
Water Quality Certification Application

    On June 6, 2022, Green Mountain Power Corporation submitted to the
Federal Energy Regulatory Commission (Commission) a copy of its
application for a Clean Water Act section 401(a)(1) water quality
certification filed with Vermont Department of Environmental
Conservation (Vermont DEC), in conjunction with the above captioned
project. Pursuant to 40 CFR 121.6 and section [4.34(b)(5), 5.23(b),
153.4, or 157.22] of the Commission's regulations,\1\ we hereby notify
the Vermont DEC of the following:
---------------------------------------------------------------------------

    \1\ 18 CFR [4.34(b)(5)/5.23(b)/153.4/157.22].
---------------------------------------------------------------------------

    Date of Receipt of the Certification Request: June 3, 2022.
    Reasonable Period of Time To Act on the Certification Request: June
3, 2023.
    If Vermont DEC fails or refuses to act on the water quality
certification request on or before the above date, then the agency
certifying authority is deemed waived pursuant to section 401(a)(1) of
the Clean Water Act, 33 U.S.C. 1341(a)(1).

    Dated: June 14, 2022.
Kimberly D. Bose,
Secretary.
[FR Doc. 2022-13283 Filed 6-21-22; 8:45 am]
BILLING CODE 6717-01-P


Record for the Final Metal Product and Machinery Rule 1234 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 A B C D E F VARIABLE DESCRIPTIONS FOR SUSB FIRMS AND FACILITIES FOR 89 TO 96. XLS VARIABLE DESCRIPTION WORKSHEET COLUMN CBI Formula SIC SIC code Raw Data A N Desc SIC code description Raw Data C N 90_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1990 Raw Data D N 90_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1990 Raw Data E N 90_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1990 Raw Data F N 90_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1990 Raw Data G N 90_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1990 Raw Data H N 90_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1990 Raw Data I N 90_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1990 Raw Data J N 90_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1990 Raw Data K N 90_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1990 Raw Data L N 91_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1991 Raw Data M N 91_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1991 Raw Data N N 91_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1991 Raw Data O N 91_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1991 Raw Data P N 91_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1991 Raw Data Q N 91_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1991 Raw Data R N 91_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1991 Raw Data S N 91_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1991 Raw Data T N 91_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1991 Raw Data U N 92_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1992 Raw Data V N 92_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1992 Raw Data W N 92_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1992 Raw Data X N 92_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1992 Raw Data Y N 92_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1992 Raw Data Z N 92_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1992 Raw Data AA N 92_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1992 Raw Data AB N 92_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1992 Raw Data AC N 92_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1992 Raw Data AD N February 14, 2003 Page 1 of 257 SUSB firms and facilities for 89 to 96. xls  Var Desc Record for the Final Metal Product and Machinery Rule 12 A B C D E F VARIABLE DESCRIPTIONS FOR SUSB FIRMS AND FACILITIES FOR 89 TO 96. XLS VARIABLE DESCRIPTION WORKSHEET COLUMN CBI Formula 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 93_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1993 Raw Data AE N 93_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1993 Raw Data AF N 93_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1993 Raw Data AG N 93_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1993 Raw Data AH N 93_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1993 Raw Data AI N 93_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1993 Raw Data AJ N 93_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1993 Raw Data AK N 93_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1993 Raw Data AL N 93_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1993 Raw Data AM N 94_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1994 Raw Data AN N 94_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1994 Raw Data AO N 94_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1994 Raw Data AP N 94_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1994 Raw Data AQ N 94_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1994 Raw Data AR N 94_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1994 Raw Data AS N 94_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1994 Raw Data AT N 94_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1994 Raw Data AU N 94_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1994 Raw Data AV N 95_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1995 Raw Data AW N 95_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1995 Raw Data AX N 95_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1995 Raw Data AY N 95_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1995 Raw Data AZ N 95_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1995 Raw Data BA N 95_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1995 Raw Data BB N 95_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1995 Raw Data BC N 95_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1995 Raw Data BD N 95_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1995 Raw Data BE N 96_ TOTAL Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) in 1996 Raw Data BF N February 14, 2003 Page 2 of 257 SUSB firms and facilities for 89 to 96. xls  Var Desc Record for the Final Metal Product and Machinery Rule 12 A B C D E F VARIABLE DESCRIPTIONS FOR SUSB FIRMS AND FACILITIES FOR 89 TO 96. XLS VARIABLE DESCRIPTION WORKSHEET COLUMN CBI Formula 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 96_ 0_ 4 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 4 employees in 1996 Raw Data BG N 96_ 5_ 9 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 5 to 9 employees in 1996 Raw Data BH N 96_ 10_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 10 to 19 employees in 1996 Raw Data BI N 96_ 0_ 19 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 19 employees in 1996 Raw Data BJ N 96_ 20_ 99 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 20 to 99 employees in 1996 Raw Data BK N 96_ 100_ 499 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 100 to 499 employees in 1996 Raw Data BL N 96_ 0_ 500 Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 0 to 500 employees in 1996 Raw Data BM N 96_ 500+ Total firms, establishments, number of employees, annual payroll ($ 1000), estimated receipts ($ 1000) for firms with 500 or more employees in 1996 Raw Data BN N SECTOR MP& M Sector for Employment groups A N 0 to 19 employees Number of firms with 0 19 employees for Employment groups B N 20 to 99 employees Number of firms with 20 99 employees for Employment groups C N 1 to 99 employees Number of firms with 1 09 employees for Employment groups D N = SUM( B8: C8) 100 to 499 employees Number of firms with 100 499 employees for Employment groups E N 500 or more employees Number of firms with 500 or more employees for Employment groups F N 0 to 19 employees Number of establishments with 0 19 employees for Employment groups G N 20 to 99 employees Number of establishments with 20 99 employees for Employment groups H N 1 to 99 employees Number of establishments with 1 09 employees for Employment groups I N = SUM( G8: H8) 100 to 499 employees Number of establishments with 100 499 employees for Employment groups J N 500 or more employees Number of establishments with 500 or more employees for Employment groups K N 0 to 19 employees Estimated receipts of establishments with 0 19 employees for Employment groups L N 20 to 99 employees Estimated receipts of establishments with 20 99 employees for Employment groups M N 1 to 99 employees Estimated receipts of establishments with 1 09 employees for Employment groups N N = SUM( L8: M8) 100 to 499 employees Estimated receipts of establishments with 100 499 employees for Employment groups O N 500 or more employees Estimated receipts of establishments with 500 or more employees for Employment groups P N Sector MP& M Sector for Totals A N Number of Firms, 1990 Number of firms in 1990 for Totals B N Number of Firms, 1996 Number of firms in 1996 for Totals C N Average Annual Growth Rate Average annual growth rate in the number of firms for Totals D N =((( C8 B8)/ B8)+ 1)^( 1/ 6) 1 Number of Facilities, 1989 Number of facilities in 1989 for Totals E N Number of Facilities, 1996 Number of facilities in 1996 for Totals F N Average Annual Growth Rate Average annual growth rate in the number of facilities for Totals G N =((( F8 E8)/ E8)+ 1)^( 1/ 7) 1 SIC Standard Industrial Classification code Total data A N Div Div Total data B N Desc Type of variable (# of firms, # of establishments, annual payroll, estimated receipts, or employment) Total data C N 90_ TOTAL Total for 1990 Total data D N 91_ TOTAL Total for 1991 Total data E N 92_ TOTAL Total for 1992 Total data F N 93_ TOTAL Total for 1993 Total data G N 94_ TOTAL Total for 1994 Total data H N 95_ TOTAL Total for 1995 Total data I N 96_ TOTAL Total for 1996 Total data J N SIC Standard Industrial Classification code Estab data A N Desc Type of variable (# of establishments) Estab data B N 89_ TOTAL Total for 1989 Estab data C N 90_ TOTAL Total for 1990 Estab data D N 91_ TOTAL Total for 1991 Estab data E N 92_ TOTAL Total for 1992 Estab data F N February 14, 2003 Page 3 of 257 SUSB firms and facilities for 89 to 96. xls  Var Desc Record for the Final Metal Product and Machinery Rule 12 A B C D E F VARIABLE DESCRIPTIONS FOR SUSB FIRMS AND FACILITIES FOR 89 TO 96. XLS VARIABLE DESCRIPTION WORKSHEET COLUMN CBI Formula 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 93_ TOTAL Total for 1993 Estab data G N 94_ TOTAL Total for 1994 Estab data H N 95_ TOTAL Total for 1995 Estab data I N 96_ TOTAL Total for 1996 Estab data J N Man vs NonMan Manufacturing or nonmanufacturing Estab data H N MPM_ SECT MP& M Sector Estab data I N SIC Standard Industrial Classification code Firm data A N Desc Type of variable (# of firms) Firm data B N 90_ TOTAL Total for 1990 Firm data C N 91_ TOTAL Total for 1991 Firm data D N 92_ TOTAL Total for 1992 Firm data E N 93_ TOTAL Total for 1993 Firm data F N 94_ TOTAL Total for 1994 Firm data G N 95_ TOTAL Total for 1995 Firm data H N 96_ TOTAL Total for 1996 Firm data I N Man vs NonMan Manufacturing or nonmanufacturing Firm data J N MPM_ SECT MP& M Sector Firm data H N SIC Standard Industrial Classification code Raw Data for 96 A N Div Div Raw Data for 96 B N Desc Type of variable (# of firms, # of establishments, annual payroll, estimated receipts, or employment) Raw Data for 96 C N 96_ TOTAL Total for 1996 Raw Data for 96 D N 96_ 0_ 4 Total for establishments with 0  4 employees Raw Data for 96 E N 96_ 5_ 9 Total for establishments with 5  9 employees Raw Data for 96 F N 96_ 10_ 19 Total for establishments with 10  19 employees Raw Data for 96 G N 96_ 0_ 19 Total for establishments with 0  19 employees Raw Data for 96 H N 96_ 20_ 99 Total for establishments with 20  99 employees Raw Data for 96 I N 96_ 100_ 499 Total for establishments with 100  499 employees Raw Data for 96 J N 96_ 0_ 500 Total for establishments with 0  500 employees Raw Data for 96 H N 96_ 500+ Total for establishments with 500 or more employees Raw Data for 96 I N SECTOR MP& M Sector Raw Data for 96 J N ManvsNM Manufacturing or nonmanufacturing Raw Data for 96 K N Sector MP& M Sector Sectors A N Name MP& M Sector name Sectors B N SIC Standard Industrial Classification code SIC key A N Sector MP& M Sector SIC key B N Sector Name MP& M Sector name SIC key C N February 14, 2003 Page 4 of 257 SUSB firms and facilities for 89 to 96. xls  Var Desc Record for the Final Metal Product and Machinery Rule 1 2 34 5 6 7 89 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 A B C D E F G H I J K L M N Number of firms, number of establishments, and estimated receipts by size category and sector. This information is taken from the worksheet ' Raw Data'. ( scroll down for non manufacturers.)

MANUFACTURERS: # of firms, # of establishments, and estimated receipts by size category and sector ( for 1996).

SECTOR 0 to 19 employees 20 to 99 employees 1 to 99 employees 100 to 499 employees 500 or more employees 0 to 19 employees 20 to 99 employees 1 to 99 employees 100 to 499 employees 500 or more employees 0 to 19 employees 20 to 99 employees 1 to 99 employees Hardware 24,503 9,659 34,162 2,345 1,325 24,517 9,881 34,398 2,968 2,678 16,689,342 45,747,368 62,436,710 Aircraft 875 334 1,209 135 142 875 337 1,212 158 321 627,668 1,672,908 2,300,576 Electronic Equipment 3,234 1,702 4,936 681 563 3,237 1,740 4,977 786 930 2,579,430 8,824,267 11,403,697 Stationary Industrial Equipment 30,016 7,653 37,669 1,691 1,258 30,026 7,809 37,835 2,002 2,480 15,890,297 33,547,591 49,437,888 Ordnance 298 60 358 25 38 298 60 358 28 56 118,581 190,553 309,134 Aerospace 34 17 51 2 32 34 17 51 2 53 0 0 0 Mobile Industrial Equipment 2,056 819 2,875 263 203 2,057 841 2,898 319 374 1,604,726 4,650,664 6,255,390 Instruments 6,274 1,999 8,273 727 730 6,283 2,037 8,320 842 1,390 4,940,152 11,239,451 16,179,603 Precious Metals and Jewelry 3,281 466 3,747 86 34 3,282 471 3,753 89 50 1,540,757 1,798,482 3,339,239 Ships and Boats 2,597 406 3,003 137 55 2,598 414 3,012 165 133 979,299 1,552,230 2,531,529 Household Equipment 4,677 1,731 6,408 665 490 4,683 1,772 6,455 791 1,057 3,112,694 8,894,170 12,006,864 Railroad 62 37 99 24 29 62 39 101 30 84 62,657 243,132 305,789 Motor Vehicle 3,653 1,297 4,950 614 480 3,656 1,331 4,987 724 1,313 2,748,592 7,865,741 10,614,333 Bus & Truck 540 265 805 92 56 540 270 810 107 123 499,445 1,629,463 2,128,908 Office Machine 1,268 394 1,662 167 173 1,269 399 1,668 180 239 1,445,786 3,594,141 5,039,927 Printed Circuit Boards 828 422 1,250 137 65 831 427 1,258 150 122 484,100 1,609,153 2,093,253 Job Shop 3,599 1,346 4,945 240 95 3,605 1,396 5,001 338 210 1,943,897 4,770,048 6,713,945 Other Metal Products 11,040 2,057 13,097 492 230 11,050 2,102 13,152 602 444 4,752,818 7,975,456 12,728,274 Iron and Steel 237 125 362 108 113 237 131 368 153 249 328,463 1,561,171 1,889,634 Grand Total 99,072 30,789 129,861 8,631 6,111 99,140 31,474 130,614 10,434 12,306 60,348,704 147,365,989 207,714,693 NONMANUFACTURERS: # of firms, # of establishments, and estimated receipts by size category and sector ( for 1996).

SECTOR 0 to 19 employees 20 to 99 employees 1 to 99 employees 100 to 499 employees 500 or more employees 0 to 19 employees 20 to 99 employees 1 to 99 employees 100 to 499 employees 500 or more employees 0 to 19 employees 20 to 99 employees 1 to 99 employees Aircraft 2,767 357 3,124 80 77 2,782 407 3,189 139 734 1,185,610 1,363,326 2,548,936 Stationary Industrial Equipment 12,948 1,639 14,587 302 186 13,429 2,902 16,331 1,359 4,101 7,194,771 7,272,174 14,466,945 Instruments 6,875 402 7,277 76 91 6,954 582 7,536 206 1,443 1,870,998 1,055,303 2,926,301 Precious Metals and Jewelry 1,592 23 1,615 6 4 1,622 39 1,661 105 72 251,917 0 251,917 Ships and Boats 7,150 683 7,833 243 214 7,216 784 8,000 519 743 4,537,945 3,986,746 8,524,691 Household Equipment 3,494 175 3,669 19 18 3,502 198 3,700 23 212 1,278,503 626,999 1,905,502 Motor Vehicle 189,410 20,404 209,814 3,010 531 191,428 25,279 216,707 7,119 10,716 122,538,838 314,607,175 437,146,013 Bus & Truck 99,882 11,156 111,038 2,001 801 100,226 12,525 112,751 4,334 10,590 38,796,271 35,625,206 74,421,477 Office Machine 31,316 1,112 32,428 290 198 31,412 1,333 32,745 759 1,646 9,163,675 4,708,056 13,871,731 Other Metal Products 34,002 1,786 35,788 284 218 34,158 2,047 36,205 567 1,130 10,764,576 4,947,891 15,712,467 Grand Total 389,436 37,737 427,173 6,311 2,338 392,729 46,096 438,825 15,130 31,387 197,583,104 374,192,876 571,775,980 PivotTable: This pivot table was used to generate the above tables. It relies on source data from worksheet ' Raw Data for 96'.

ManvsNM M Desc Data Firms Estab. Est. Rec.

SECTOR Sum of 96_ 0_ 19 Sum of 96_ 20_ 99 Sum of 96_ 100_ 499 Sum of 96_ 500+ Sum of 96_ 0_ 19 Sum of 96_ 20_ 99 Sum of 96_ 100_ 499 Sum of 96_ 500+ Sum of 96_ 0_ 19 Sum of 96_ 20_ 99 Sum of 96_ 100_ 499 Sum of 96_ 500+ 1 24,503 9,659 2,345 1,325 24,517 9,881 2,968 2,678 16,689,342 45,747,368 39,926,665 57,501,051 Firms Establishments Estimated Receipts Firms Establishments Estimated Receipts February 14, 2003 Page 5 of 257 SUSB firms and facilities for 89 to 96. xls  for Employment groups Record for the Final Metal Product and Machinery Rule 1 2 34 5 6 7 89 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 O P 100 to 499 employees 500 or more employees 39,926,665 57,501,051 2,664,326 88,050,319 16,279,271 76,563,438 33,417,918 111,830,819 424,677 3,952,366 0 17,850,704 5,929,981 30,139,703 15,237,938 90,896,730 1,894,095 2,015,070 2,771,105 10,788,678 16,333,719 62,298,714 465,253 5,883,484 20,052,626 343,942,225 2,475,364 6,286,861 7,068,795 60,436,032 2,252,746 5,412,063 3,271,212 2,904,839 10,072,812 28,777,696 4,152,313 11,948,669 184,690,816 1,017,479,461 100 to 499 employees 500 or more employees 1,185,820 5,694,979 4,321,469 7,260,037 526,660 3,485,223 0 0 5,743,143 19,225,365 257,958 818,745 174,564,673 81,720,660 22,461,041 62,021,398 4,503,206 9,911,436 2,165,279 4,325,256 215,729,249 194,463,099 Estimated Receipts Estimated Receipts February 14, 2003 Page 6 of 257 SUSB firms and facilities for 89 to 96. xls  for Employment groups Record for the Final Metal Product and Machinery Rule 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 A B C D E F G H I J K L M N 2 875 334 135 142 875 337 158 321 627,668 1,672,908 2,664,326 88,050,319 3 3,234 1,702 681 563 3,237 1,740 786 930 2,579,430 8,824,267 16,279,271 76,563,438 4 30,016 7,653 1,691 1,258 30,026 7,809 2,002 2,480 15,890,297 33,547,591 33,417,918 111,830,819 5 298 60 25 38 298 60 28 56 118,581 190,553 424,677 3,952,366 6 34 17 2 32 34 17 2 53 0 0 0 17,850,704 7 2,056 819 263 203 2,057 841 319 374 1,604,726 4,650,664 5,929,981 30,139,703 8 6,274 1,999 727 730 6,283 2,037 842 1,390 4,940,152 11,239,451 15,237,938 90,896,730 9 3,281 466 86 34 3,282 471 89 50 1,540,757 1,798,482 1,894,095 2,015,070 10 2,597 406 137 55 2,598 414 165 133 979,299 1,552,230 2,771,105 10,788,678 11 4,677 1,731 665 490 4,683 1,772 791 1,057 3,112,694 8,894,170 16,333,719 62,298,714 12 62 37 24 29 62 39 30 84 62,657 243,132 465,253 5,883,484 13 3,653 1,297 614 480 3,656 1,331 724 1,313 2,748,592 7,865,741 20,052,626 343,942,225 14 540 265 92 56 540 270 107 123 499,445 1,629,463 2,475,364 6,286,861 15 1,268 394 167 173 1,269 399 180 239 1,445,786 3,594,141 7,068,795 60,436,032 16 828 422 137 65 831 427 150 122 484,100 1,609,153 2,252,746 5,412,063 17 3,599 1,346 240 95 3,605 1,396 338 210 1,943,897 4,770,048 3,271,212 2,904,839 18 11,040 2,057 492 230 11,050 2,102 602 444 4,752,818 7,975,456 10,072,812 28,777,696 19 237 125 108 113 237 131 153 249 328,463 1,561,171 4,152,313 11,948,669 Grand Total 99,072 30,789 8,631 6,111 99,140 31,474 10,434 12,306 60,348,704 147,365,989 184,690,816 1,017,479,461 February 14, 2003 Page 7 of 257 SUSB firms and facilities for 89 to 96. xls  for Employment groups Record for the Final Metal Product and Machinery Rule 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 O P February 14, 2003 Page 8 of 257 SUSB firms and facilities for 89 to 96. xls  for Employment groups Record for the Final Metal Product and Machinery Rule 12 3 45 6 7 89 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 A B C D E F G H This information is taken from the worksheet ' Raw Data'. ( scroll down for nonmanufacturers)

MANUFACTURERS Number of Firms Number of Facilities Sector 1990 1996 Average Annual Growth Rate 1989 1996 Average Annual Growth Rate Aerospace 109 85  4.1% 143 106  4.2% Aircraft 1,428 1,486 0.7% 1,633 1,691 0.5% Bus & Truck 889 953 1.2% 1,016 1,040 0.3% Electronic Equipment 5,649 6,180 1.5% 6,396 6,693 0.7% Hardware 34,984 37,832 1.3% 37,861 40,044 0.8% Household Equipment 6,787 7,563 1.8% 7,914 8,303 0.7% Instruments 7,963 9,730 3.4% 8,959 10,552 2.4% Iron and Steel 597 583  0.4% 784 770  0.3% Job Shop 4,798 5,280 1.6% 5,104 5,549 1.2% Mobile Industrial Equipment 3,318 3,341 0.1% 3,606 3,591  0.1% Motor Vehicle 4,991 6,044 3.2% 5,977 7,024 2.3% Office Machine 1,828 2,002 1.5% 2,050 2,087 0.3% Ordnance 340 421 3.6% 385 442 2.0% Other Metal Products 11,517 13,819 3.1% 12,069 14,198 2.3% Precious Metals and Jewelry 3,719 3,867 0.7% 3,870 3,892 0.1% Printed Circuit Boards 1,034 1,452 5.8% 1,046 1,530 5.6% Railroad 147 152 0.6% 180 215 2.6% Ships and Boats 2,511 3,195 4.1% 2,708 3,310 2.9% Stationary Industrial Equipment 35,231 40,618 2.4% 37,261 42,317 1.8%

NON MANUFACTURERS Number of Firms Number of Facilities Sector 1990 1996 Average Annual Growth Rate 1989 1996 Average Annual Growth Rate Aerospace n/ a n/ a n/ a n/ a n/ a n/ a Aircraft 2,024 3,281 8.4% 2,463 4,062 7.4% Bus & Truck 74,719 113,840 7.3% 88,128 127,675 5.4% Electronic Equipment n/ a n/ a n/ a n/ a n/ a n/ a Hardware n/ a n/ a n/ a n/ a n/ a n/ a Household Equipment 3,234 3,706 2.3% 3,367 3,935 2.3% Instruments 7,214 7,444 0.5% 8,365 9,185 1.3% Iron and Steel n/ a n/ a n/ a n/ a n/ a n/ a Job Shop n/ a n/ a n/ a n/ a n/ a n/ a Mobile Industrial Equipment n/ a n/ a n/ a n/ a n/ a n/ a Motor Vehicle 183,986 213,355 2.5% 203,592 234,542 2.0% Office Machine 9,206 32,916 23.7% 9,714 35,150 20.2% Ordnance n/ a n/ a n/ a n/ a n/ a n/ a Other Metal Products 32,865 36,290 1.7% 34,683 37,902 1.3% Precious Metals and Jewelry 1,379 1,625 2.8% 1,535 1,838 2.6% Printed Circuit Boards n/ a n/ a n/ a n/ a n/ a n/ a Railroad n/ a n/ a n/ a n/ a n/ a n/ a Ships and Boats 5,739 8,290 6.3% 6,561 9,262 5.0% Stationary Industrial Equipment 14,672 15,075 0.5% 20,880 21,791 0.6% This worksheet presents data on the number of firms and number of facilities in the MP& M sectors, for both manufacturing and nonmanufacturing for 1990/ 1989, and 1996.

February 14, 2003 Page 9 of 257 SUSB firms and facilities for 89 to 96. xls  for Totals Record for the Final Metal Product and Machinery Rule 1 23 4 56789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 A B C D E F G H I Total number of facilities and firms in each sector, for manufacturers and nonmanufacturers, 1990/ 89 to 1996.

MPM_ SECT Number of Facilities 1996 ( SUSB) Number of MP& M Facilities MP& M Facilities as a Percent of National Aerospace 106 310 292% Aircraft 5,753 231 4% Bus & Truck 128,715 1,053 1% Electronic Equipment 6,693 537 8% Hardware 40,044 2,340 6% Household Equipment 12,238 122 1% Instruments 19,737 49 0% Iron and Steel 770 148 19% Job Shop 5,549 1,136 20% Mobile Industrial Equipment 3,591 357 10% Motor Vehicle 241,566 850 0% Office Machine 37,237 81 0% Ordnance 442 80 18% Other Metal Products 52,100 824 2% Precious Metals and Jewelry 5,730 33 1% Printed Circuit Boards 1,530 595 39% Railroad 215 58 27% Ships and Boats 12,572 75 1% Stationary Industrial Equipment 64,108 875 1% Unknown n/ a 24 n/ a Total 638,696 9,776 2%

NUMBER OF FIRMS Based on info in the worksheet ' Firms'. Man vs NonMan NM Data MPM_ SECT Sum of 90_ TOTAL Sum of 91_ TOTAL Sum of 92_ TOTAL Sum of 93_ TOTAL Sum of 94_ TOTAL Sum of 95_ TOTAL Sum of 96_ TOTAL 2 2,024 2,372 2,511 2,758 2,864 2,881 3,281 4 14,672 14,622 13,831 14,967 14,741 14,591 15,075 8 7,214 7,556 8,156 9,494 9,352 9,242 7,444 9 1,379 1,394 1,466 1,481 1,473 1,464 1,625 10 5,739 6,217 6,625 7,403 7,476 7,489 8,290 11 3,234 3,256 3,376 3,578 3,525 3,416 3,706 13 183,986 184,810 188,566 203,487 204,478 202,805 213,355 14 74,719 74,056 84,224 94,409 95,933 101,285 113,840 15 9,206 10,580 12,742 13,758 16,443 20,340 32,916 18 32,865 33,973 33,835 38,239 38,272 38,502 36,290 Grand Total 335,038 338,836 355,332 389,574 394,557 402,015 435,822 Based on info taken from the pivot tables below.

February 14, 2003 Page 10 of 257 SUSB firms and facilities for 89 to 96. xls  Pivots Record for the Final Metal Product and Machinery Rule 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 A B C D E F G H I NUMBER OF FACILITIES / ESTABLISHMENTS Based on info in the worksheet ' Estabs'. Man vs NonMan ( All)

Data MPM_ SECT Sum of 89_ TOTAL Sum of 90_ TOTAL Sum of 91_ TOTAL Sum of 92_ TOTAL Sum of 93_ TOTAL Sum of 94_ TOTAL Sum of 95_ TOTAL Sum of 96_ TOTAL 1 37,861 37,157 37,976 39,128 39,287 39,267 39,311 40,044 2 4,096 4,174 4,672 4,983 5,115 5,149 5,239 5,753 3 6,396 6,125 6,343 6,698 6,899 6,839 6,753 6,693 4 58,141 57,142 58,586 60,527 60,695 60,689 61,466 64,108 5 385 369 368 413 433 443 419 442 6 143 145 134 134 137 130 116 106 7 3,606 3,537 3,683 3,880 3,714 3,697 3,714 3,591 8 17,324 17,186 17,964 19,658 21,723 21,508 21,238 19,737 9 5,405 5,376 5,425 5,674 5,579 5,519 5,503 5,730 10 9,269 9,104 9,670 10,806 11,389 11,394 11,343 12,572 11 11,281 10,926 11,040 11,532 11,855 11,729 11,617 12,238 12 180 187 191 185 200 195 209 215 13 209,569 206,625 207,927 214,017 229,911 231,289 229,614 241,566 14 89,144 87,500 86,729 98,108 108,735 110,493 116,047 128,715 15 11,764 12,704 14,313 17,025 18,220 20,731 24,480 37,237 16 1,046 1,093 1,206 1,351 1,347 1,396 1,409 1,530 17 5,104 5,004 5,110 5,230 5,253 5,319 5,343 5,549 18 46,752 46,553 47,965 48,657 53,424 53,052 53,554 52,100 19 784 776 807 831 833 804 791 770 Grand Total 518,250 511,683 520,109 548,837 584,749 589,643 598,166 638,696 February 14, 2003 Page 11 of 257 SUSB firms and facilities for 89 to 96. xls  Pivots Record for the Final Metal Product and Machinery Rule 1 2 34 5 6 789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 A B C D E F G H I J Number of firms, establishments, empoyees, annual payroll, and estimated receipts for 1990 96, by SIC code.

SUSB  http:// www. sba. gov/ advo/ stats/ int_ data. html U. S. SIC4 level data, 1990 1996 SIC Div Desc 90_ TOTAL 91_ TOTAL 92_ TOTAL 93_ TOTAL 94_ TOTAL 95_ TOTAL 96_ TOTAL 1 2 Firms 5,073,795 5,051,025 5,095,356 5,193,642 5,276,964 5,369,068 5,478,047 1 2 Estab. 6,175,559 6,200,859 6,319,300 6,401,233 6,509,065 6,612,721 6,738,476 1 2 Emp. 93,469,275 92,307,559 92,825,797 94,773,913 96,721,594 100,314,946 102,187,297 1 2 Ann. Pay. 2,103,971,179 2,145,015,851 2,272,392,408 2,363,208,106 2,487,959,727 2,665,921,824 2,848,623,049 1 2 Est. Rec. NA 12,961,443,722 13,605,183,510 14,098,572,034 14,840,452,031 15,751,365,178 16,654,636,336 700 1 Firms 87,939 91,743 96,211 99,397 103,114 107,253 111,513 700 1 Estab. 89,206 93,050 97,548 100,685 104,495 108,666 113,128 700 1 Emp. 534,125 545,156 593,811 588,556 586,155 630,287 664,356 700 1 Ann. Pay. 8,724,020 9,120,610 10,049,561 10,255,107 11,205,411 12,102,236 13,290,974 700 1 Est. Rec. NA 28,415,898 31,010,644 31,537,012 34,528,653 36,963,317 40,701,517 1000 1 Firms 24,309 24,285 22,953 22,486 22,234 21,585 21,102 1000 1 Estab. 30,943 30,863 29,224 28,570 28,348 27,406 26,874 1000 1 Emp. 723,420 716,425 650,241 608,309 607,745 627,531 574,328 1000 1 Ann. Pay. 26,671,410 26,218,161 25,594,083 24,620,409 25,120,696 25,698,581 26,489,852 1000 1 Est. Rec. NA 154,963,969 159,505,011 156,155,475 164,161,935 168,055,155 163,886,514 1500 1 Firms 597,272 582,344 584,453 594,187 615,537 630,206 651,915 1500 1 Estab. 603,534 588,544 590,627 600,299 621,771 636,580 658,402 1500 1 Emp. 5,258,524 4,680,166 4,501,728 4,525,346 4,710,200 5,040,598 5,207,460 1500 1 Ann. Pay. 132,972,138 123,010,082 122,174,048 125,518,445 136,553,421 147,320,503 160,892,030 1500 1 Est. Rec. NA 566,827,048 563,284,064 573,697,679 621,545,469 667,763,006 726,935,549 2000 1 Firms 327,036 322,018 328,201 328,167 327,805 330,310 332,565 2000 1 Estab. 385,933 381,514 387,616 387,337 387,240 390,435 393,356 2000 1 Emp. 19,167,922 18,390,674 18,166,798 18,183,981 18,098,698 18,611,108 18,558,485 2000 1 Ann. Pay. 543,898,226 545,157,710 563,235,341 575,961,849 597,908,096 630,965,899 659,657,111 2000 1 Est. Rec. NA 2,967,140,334 3,083,094,966 3,143,374,173 3,269,936,485 3,417,662,925 3,546,269,039 4000 1 Firms 180,900 181,524 184,889 193,203 200,937 208,967 217,710 4000 1 Estab. 242,241 249,984 259,176 267,175 276,606 285,654 295,464 4000 1 Emp. 5,594,752 5,590,526 5,520,912 5,621,889 5,713,841 5,924,706 6,057,265 4000 1 Ann. Pay. 165,930,849 169,082,574 175,532,266 182,117,612 190,885,378 200,893,921 211,886,361 4000 1 Est. Rec. NA 903,826,426 933,516,197 947,892,983 982,788,115 1,026,766,996 1,078,776,322 5000 1 Firms 374,283 377,669 380,328 397,233 400,375 405,435 416,958 5000 1 Estab. 484,619 487,757 493,298 509,604 513,093 518,432 531,514 5000 1 Emp. 6,332,437 6,225,619 6,095,217 6,258,484 6,366,549 6,606,534 6,664,886 5000 1 Ann. Pay. 181,249,158 183,066,346 190,880,997 200,757,826 210,169,795 226,998,566 240,322,798 5000 1 Est. Rec. NA 3,113,642,779 3,222,844,037 3,403,745,666 3,606,143,839 3,849,002,650 4,045,198,787 5200 1 Firms 1,109,703 1,104,036 1,089,071 1,090,076 1,093,640 1,099,619 1,103,549 5200 1 Estab. 1,574,905 1,569,659 1,567,940 1,554,437 1,565,544 1,571,073 1,579,291 5200 1 Emp. 19,861,604 19,626,546 19,681,419 19,778,588 20,322,081 21,086,617 21,487,341 5200 1 Ann. Pay. 242,369,258 247,516,015 258,722,421 265,297,525 282,315,625 300,073,188 317,660,125 5200 1 Est. Rec. NA 1,886,599,216 1,973,606,216 2,029,104,606 2,166,336,575 2,292,731,644 2,424,796,916 6000 1 Firms 419,963 409,863 411,466 426,778 426,951 433,790 453,319 6000 1 Estab. 563,761 585,436 598,166 609,492 617,745 629,479 650,131 6000 1 Emp. 6,983,931 6,862,377 6,904,478 6,891,117 6,991,421 6,984,830 7,185,291 6000 1 Ann. Pay. 198,342,124 200,394,099 221,042,316 232,099,601 238,780,746 255,882,857 284,755,623 6000 1 Est. Rec. NA 1,678,387,814 1,827,343,079 1,903,897,876 1,971,014,005 2,094,205,607 2,260,550,402 7000 1 Firms 1,921,767 1,962,388 1,963,563 2,030,895 2,074,177 2,114,127 2,175,597 7000 1 Estab. 2,135,627 2,185,025 2,224,339 2,294,559 2,345,234 2,392,015 2,461,303 7000 1 Emp. 28,880,444 29,623,508 30,665,625 32,262,429 33,255,911 34,709,644 35,747,905 7000 1 Ann. Pay. 601,553,639 640,877,720 703,826,217 745,774,734 794,020,216 864,399,439 932,959,203 7000 1 Est. Rec. NA 1,658,258,610 1,803,243,602 1,904,405,317 2,018,020,438 2,188,812,082 2,363,338,307 9900 1 Firms 64,767 29,027 71,361 49,070 48,989 52,981 29,013 9900 1 Estab. 64,790 29,027 71,366 49,075 48,989 52,981 29,013 9900 1 Emp. 132,116 46,562 45,568 55,214 68,993 93,091 39,980 This information is taken from the worksheet ' Raw Data'.