[Federal Register Volume 68, Number 44 (Thursday, March 6, 2003)]
[Notices]
[Pages 10926-10930]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-5282]



[[Page 10925]]

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Part VIII





Securities and Exchange Commission





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Order Making Fiscal 2003 Mid-Year Adjustment to the Fee Rates 
Applicable Under Sections 31(b) and (c) of the Securities Exchange Act 
of 1934; Notice

  Federal Register / Vol. 68, No. 44 / Thursday, March 6, 2003 / 
Notices  

[[Page 10926]]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47425/February 28, 2003]


Order Making Fiscal 2003 Mid-Year Adjustment to the Fee Rates 
Applicable Under Sections 31(b) and (c) of the Securities Exchange Act 
of 1934

I. Background

    Section 31 of the Securities Exchange Act of 1934 (``Exchange 
Act'') requires each national securities exchange and national 
securities association to pay transaction fees to the Commission.\1\ 
Specifically, section 31(b) requires each national securities exchange 
to pay to the Commission fees based on the aggregate dollar amount of 
sales of certain securities transacted on the exchange.\2\ Section 
31(c) requires each national securities association to pay to the 
Commission fees based on the aggregate dollar amount of sales of 
certain securities transacted by or through any member of the 
association other than on an exchange.\3\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    Sections 31(j)(1) and (3) require the Commission to make annual 
adjustments to the fee rates applicable under sections 31(b) and (c) 
for each of the fiscal years 2003 through 2011, and one final 
adjustment to fix the fee rates for fiscal year 2012 and beyond.\4\ 
Section 31(j)(2) requires the Commission, in certain circumstances, to 
make a mid-year adjustment to the fee rates in fiscal 2002 through 
fiscal 2011. The annual and mid-year adjustments are designed to adjust 
the fee rates in a given fiscal year so that, when applied to the 
aggregate dollar volume of sales for the fiscal year, they are 
reasonably likely to produce total fee collections under section 31 
equal to the ``target offsetting collection amount'' specified in 
section 31(l)(1) for that fiscal year.\5\ For fiscal 2003, the target 
offsetting collection amount is $849,000,000.\6\
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    \4\ 15 U.S.C. 78ee(j)(1) and (j)(3).
    \5\ See 15 U.S.C. 78ee(l)(1).
    \6\ Id.
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    Congress established the target offsetting collection amounts in 
the Investor and Capital Markets Fee Relief Act (``Fee Relief Act'') by 
applying reduced fee rates to the Congressional Budget Office's 
(``CBO'') January 2001 projections of dollar volume for fiscal years 
2002 through 2011.\7\ In any fiscal year through fiscal 2011, the 
annual, and in certain circumstances, mid-year adjustment mechanisms 
will result in additional fee rate reductions if the CBO's January 2001 
projection of dollar volume for the fiscal year proves to be too low, 
and fee rate increases if the CBO's January 2001 projection of dollar 
volume for the fiscal year proves to be too high.
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    \7\ The target offsetting collection amounts for fiscal 2002 
through 2006 were determined by applying a rate of $15 per million 
to the CBO's January 2001 projections of dollar volume for those 
fiscal years. The target offsetting collection amounts for fiscal 
2007 through 2011 were determined by applying a rate of $7 per 
million to the CBO's January 2001 projections of dollar volume for 
those fiscal years. For example, CBO's January 2001 projection of 
dollar volume for fiscal 2003 was $56,600,000,000,000. Applying the 
initial rate under the Fee Relief Act of $15 per million to that 
projection produces the target offsetting collection amount for 
fiscal 2003 of $849,000,000.
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II. Determination of the Need for a Mid-Year Adjustment in Fiscal 2003

    Under section 31(j)(2) of the Exchange Act, the Commission must 
make a mid-year adjustment to the fee rates under sections 31(b) and 
(c) in fiscal year 2003 if it determines, based on the actual aggregate 
dollar volume of sales during the first five months of the fiscal year, 
that the baseline estimate ($33,158,519,250,001) is reasonably likely 
to be 10% (or more) greater or less than the actual aggregate dollar 
volume of sales for fiscal 2003.\8\ To make this determination, the 
Commission must estimate the actual aggregate dollar volume of sales 
for fiscal 2003.
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    \8\ The amount $33,158,519,250,001 is the baseline estimate of 
the aggregate dollar amount of sales for fiscal year 2003 calculated 
by the Commission in its Order Making Fiscal 2003 Annual Adjustments 
to the Fee Rates Applicable Under Section 6(b) of the Securities Act 
of 1933 and sections 13(e), 14(g), 31(b) and 31(c) of the Securities 
Exchange Act of 1934, Rel. No. 34-45842 (April 29, 2002), 67 FR 
22126 (May 2, 2002).
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    Based on data provided by the national securities exchanges and the 
national securities association that are subject to section 31,\9\ the 
actual aggregate dollar volume of sales during the first four months of 
fiscal 2003 was $7,073,980,109,231.\10\ Using these data and a 
methodology for estimating the aggregate dollar amount of sales for the 
remainder of fiscal 2003 (developed after consultation with the CBO and 
the OMB),\11\ the Commission estimates that the aggregate dollar amount 
of sales for the remainder of fiscal 2003 to be $14,847,347,328,783. 
Thus, the Commission estimates that the actual aggregate dollar volume 
of sales for all of fiscal 2003 will be $21,921,327,438,013.
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    \9\ Each exchange is required to file a monthly report on Form 
R-31 containing dollar volume data on sales of securities subject to 
section 31 on the exchange. The report is due by the end of the 
month following the month for which the exchange provides dollar 
volume data. The NASD Inc. (``NASD'') provides data separately.
    \10\ Although section 31(j)(2) indicates that the Commission 
should determine the actual aggregate dollar volume of sales for 
fiscal 2003 ``based on the actual aggregate dollar volume of sales 
during the first 5 months of such fiscal year,'' data are only 
available for the first four months of the fiscal year as of the 
date the Commission is required to issue this order, i.e., March 1, 
2003. Dollar volume data on sales of securities subject to section 
31 for February 2003 will not be available from the exchanges and 
the NASD for several weeks.
    \11\ See Appendix A.
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    Because $33,158,519,250,001 is more than 10% greater than the 
$21,921,327,438,013 estimated actual aggregate dollar volume of sales 
for fiscal 2003, section 31(j)(2) of the Exchange Act requires the 
Commission to issue an order adjusting the fee rates under sections 
31(b) and (c).

III. Calculation of the Uniform Adjusted Rate

    Section 31(j)(2) specifies the method for determining the mid-year 
adjustment for fiscal 2003. Specifically, the Commission must adjust 
the rates under sections 31(b) and (c) to a ``uniform adjusted rate 
that, when applied to the revised estimate of the aggregate dollar 
amount of sales for the remainder of [fiscal 2003], is reasonably 
likely to produce aggregate fee collections under section 31 (including 
fees collected during such 5-month period and assessments collected 
under [section 31(d)]) that are equal to [$849,000,000].'' \12\ In 
other words, the uniform adjusted rate is determined by subtracting 
fees collected prior to the effective date of the new rate and 
assessments collected under section 31(d) during all of fiscal 2003 
from $849,000,000, which is the target offsetting collection amount for 
fiscal 2003. That difference is then divided by the revised estimate of 
the aggregate dollar volume of sales for the remainder of the fiscal 
year following the effective date of the new rate.
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    \12\ 15 U.S.C. 78ee(j)(2). The term ``fees collected'' is not 
defined in section 31. Because national securities exchanges and 
national securities associations are not required to pay the first 
installment of section 31 fees for fiscal 2003 until March 15, the 
Commission will not ``collect'' any fees in the first five months of 
fiscal 2003. See 15 U.S.C. 78ee(e). However, the Commission believes 
that, for purposes of calculating the mid-year adjustment, Congress, 
by stating in section 31(j)(2) that the ``uniform adjusted rate * * 
* is reasonably likely to produce aggregate fee collections under 
section 31 * * * that are equal to [$849,000,000],'' intended the 
Commission to include the fees that the Commission will collect 
based on transactions in the six months before the effective date of 
the mid-year adjustment.
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    The Commission estimates that it will collect $311,031,169 in fees 
for the period prior to the effective date of the mid-year adjustment 
\13\ and $22,100 in

[[Page 10927]]

assessments on round turn transactions in security futures products 
during all of fiscal 2003. Using the methodology referenced in part II 
above, the Commission estimates that the aggregate dollar volume of 
sales for the remainder of fiscal 2003 following the effective date of 
the new rate will be $11,505,683,278,185. Based on these estimates, the 
uniform adjusted rate is $46.80 per million of the aggregate dollar 
amount of sales of securities.\14\
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    \13\ This calculation is based on applying a fee rate of $30.10 
per million to the projected aggregate (continued) dollar volume of 
sales of securities subject to section 31 through March 21, 2003, 
and a rate of $25.20 for the period from March 22, 2003, to March 
31, 2003. Because the Commission's 2003 appropriations act was not 
enacted prior to the end of fiscal year 2002, Exchange Act section 
31(k), the ``Lapse of Appropriation'' provision, provided that the 
fee rate in use at the end of fiscal year 2002, $30.10 per million, 
remains in effect until 30 days after the Commission's regular 
appropriation for fiscal year 2003 was enacted. See also Order 
Making Fiscal 2003 Annual Adjustments to the Fee Rates Applicable 
Under Section 6(b) of the Securities Act of 1933 and sections 13(e), 
14(g), 31(b) and 31(c) of the Securities Exchange Act of 1934, Rel. 
No. 34-45842 (April 29, 2002), 67 FR 22126 (May 2, 2002). The 
Commission's regular appropriation for fiscal year 2003 was enacted 
on February 20, 2003, and the $25.20 rate goes into effect 30 days 
later, by operation of the statute. See Exchange Act section 
31(j)(4)(A)(ii).
    \14\ The calculation is as follows: ($849,000,000-$311,031,169-
$22,100)/$11,505,683,278,185 = $0.000046755. Consistent with the 
system requirements of the exchanges and the NASD, the Commission 
rounds this result to the seventh decimal point, yielding a rate of 
$46.80 per million.
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    The Commission recognizes that this fee rate is higher than the fee 
rate in effect prior to the enactment of the Fee Relief Act. However, 
this higher fee rate is a direct consequence of the decline in dollar 
volume in fiscal 2003 compared to the CBO's January 2001 projection of 
dollar volume for fiscal 2003. The recent decline in dollar volume for 
securities transactions subject to section 31 fees is illustrated in 
Appendix A.

IV. Effective Date of the Uniform Adjusted Rate

    Section 31(j)(4)(B) of the Exchange Act provides that a mid-year 
adjustment shall take effect on April 1 of the fiscal year in which 
such rate applies. Therefore, the exchanges and the national securities 
association that are subject to section 31 fees must pay fees under 
sections 31(b) and (c) at the uniform adjusted rate of $46.80 per 
million for sales of securities transacted on April 1, 2003, and 
thereafter until the annual adjustment for fiscal 2004 is 
effective.\15\
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    \15\ Section 31(j)(1) and section 31(g) of the Exchange Act 
require the Commission to issue an order no later than April 30, 
2003, adjusting the fee rates applicable under sections 31(b) and 
(c) for fiscal 2004. These fee rates for fiscal 2004 will be 
effective on the later of October 1, 2003, or 30 days after the 
enactment of the Commission's regular appropriation for fiscal 2004.
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V. Conclusion

    Accordingly, pursuant to section 31 of the Exchange Act,\16\
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    \16\ 15 U.S.C. 78ee.
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    It is hereby ordered that each of the fee rates under sections 
31(b) and (c) of the Exchange Act shall be $46.80 per $1,000,000 of the 
aggregate dollar amount of sales of securities subject to these 
sections effective April 1, 2003.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.

Appendix A

A. Baseline Estimate of the Aggregate Dollar Amount of Sales

    First, calculate the average daily dollar amount of sales (ADS) 
for each month in the sample (January 1993--January 2003). The data 
obtained from the exchanges and Nasdaq are presented in Table A. The 
monthly aggregate dollar amount of sales (exchange plus Nasdaq) is 
contained in column E.
    Next, calculate the change in the natural logarithm of ADS from 
month-to-month. The average monthly change in the logarithm of ADS 
over the entire sample is 0.014 and the standard deviation 0.116. 
Assume the monthly percentage change in ADS follows a random walk. 
The expected monthly percentage growth rate of ADS is 2.0 percent.
    Now, use the expected monthly percentage growth rate to forecast 
total dollar volume. For example, one can use the ADS for January 
2003 ($80,998,598,695) to forecast ADS for February 2003 
($82,654,487,385 = $80,998,598,695 x 1.020).\1\ Multiply by the 
number of trading days in February 2003 (19) to obtain a forecast of 
the total dollar volume forecast for the month ($1,570,435,260,311). 
Repeat the method to generate forecasts for subsequent months.
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    \1\ The value 1.020 has been rounded. All computations are done 
with the unrounded value.
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    The forecasts for total dollar volume are in column I of Table 
A. The following is a more formal (mathematical) description of the 
procedure:
    1. Divide each month's total dollar volume (column E) by the 
number of trading days in that month (column B) to obtain the 
average daily dollar volume (ADS, column F).
    2. For each month t, calculate the change in ADS from the 
previous month as [Delta]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of 
x.
    3. Calculate the mean and standard deviation of the series 
{[Delta]1, [Delta]2, . . . , 
[Delta]120{time} . These are given by [mu] = 0.014 and 
[sigma] = 0.116, respectively.
    4. Assume that the natural logarithm of ADS follows a random 
walk, so that [Delta]s and [Delta]t are 
statistically independent for any two months s and t.
    5. Under the assumption that [Delta]t is normally 
distributed, the expected value of ADSt/ADSt-1 
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt 
= 1.020 x ADSt-1.
    6. For February 2003, this gives a forecast ADS of 1.020 x 
$80,998,598,695 = $82,654,487,385. Multiply this figure by the 19 
trading days in February 2003 to obtain a total dollar volume 
forecast of $1,570,435,260,311.
    7. For March 2003, multiply the February 2003 ADS forecast by 
1.020 to obtain a forecast ADS of $84,344,228,109. Multiply this 
figure by the 21 trading days in March 2003 to obtain a total dollar 
volume forecast of $1,771,228,790,287.
    8. Repeat this procedure for subsequent months.

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

    1. Using the data from Table A, determine the actual and 
projected aggregate dollar volume of sales between 10/1/02 and 3/21/
03 to be $9,909,578,791,175. (Allocate the projected aggregate 
dollar volume in March 2003 based on the number of trading days in 
the periods--15 trading days during 3/1/03 and 3/21/03, and 6 
trading days during 3/22/03 and 3/31/03.) Multiply this amount by 
the fee rate of $30.10 per million dollars in sales during this 
period and get an estimate of $298,278,322 in actual and projected 
fees collected during 10/1/02 and 3/21/03. Determine the projected 
aggregate dollar volume of sales between 3/22/03 and 3/31/03 to be 
$506,065,368,653. Multiply this amount by the fee rate of $25.20 per 
million dollars in sales during this period and get an estimate of 
$12,752,847 in projected fees collected during 3/22/03 and 3/31/03.
    2. Estimate the amount of assessments on securities futures 
products collected during 10/1/02 and 9/30/03 to be $22,100 by 
summing the amounts collected through January of $4,747 with 
projections of a 2% monthly increase in subsequent months.
    3. Using the data from Table A, determine the projected 
aggregate dollar volume of sales between 4/1/03 and 9/30/03 to be 
$11,505,683,278,185.
    4. The rate necessary to collect the target $849,000,000 in fee 
revenues is then calculated as: ($849,000,000 - $298,278,322 - 
$12,752,847 - $22,100) / $11,505,683,278,185 = .000046755.
    5. Consistent with the system requirements of the exchanges and 
the NASD, round the rate to the seventh decimal point, yielding a 
rate of .0000468 (or $46.80 per million).

[[Page 10928]]



Table A.--Estimation of Baseline of the Aggregate Dollar Amount of Sales
[Methodology developed in consultation with the Office of Management and
              Budget and the Congressional Budget Office.]
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------------------------------------------------------------------------
                          Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of     9,909,579 ---
 sales, 10/1/02 to 3/21/03 ($Millions) -----............
b. Baseline estimate of the aggregate dollar amount of       506,065 ---
 sales, 3/22/03 to 3/31/03 ($Millions) -----............
c. Baseline estimate of the aggregate dollar amount of    11,505,683 ---
 sales, 4/1/03 to 9/30/03 ($Millions) -----.............
d. Estimated collections in assessments on securities           0.022---
 futures products in FY 2003 ($Millions)-----...........
d. Implied fee rate (($849,000,000 - 0.0000301*a -               $46.755
 0.0000252*b - d)/c) -----..............................


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                      (B)
                                                                                 (F)  Average       (G)
                       of       (C)  Exchange-      (D)  Nasdaq       (E)  Aggregate      daily dollar     Change                        (I)-  Forecast
   (A)  Month-      trading     listed dollar     dollar amount of   Dollar Amount of   amount of sales   in LN of  (H)  Forecast ADS   aggregate dollar
                    days in    amount of sales-        sales-             Sales-             (ADS)           ADS                        amount of sales
                     month-
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                                                                          Data
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Jan-93...........        20     212,344,305,792    107,992,636,000    320,336,941,792     16,016,847,090  ........  .................  .................
Feb-93...........        19     238,758,759,740    107,865,220,000    346,623,979,740     18,243,367,355     0.130  .................  .................
Mar-93...........        23     254,153,083,005    104,714,261,000    358,867,344,005     15,602,928,000     0.000  .................  .................
Apr-93...........        21     259,894,323,029    101,842,746,000    361,737,069,029     17,225,574,716     0.099  .................  .................
May-93...........        20     228,370,238,902    103,225,212,000    331,595,450,902     16,579,772,545    -0.038  .................  .................
Jun-93...........        22     223,269,586,987    105,819,661,000    329,089,247,987     14,958,602,181    -0.103  .................  .................
Jul-93...........        21     228,189,513,167    101,802,827,000    329,992,340,167     15,713,920,960     0.049  .................  .................
Aug-93...........        22     240,087,999,028    117,600,923,000    357,688,922,028     16,258,587,365     0.034  .................  .................
Sep-93...........        21     243,134,952,411    117,640,918,000    360,775,870,411     17,179,803,353     0.055  .................  .................
Oct-93...........        21     275,653,273,040    139,364,838,000    415,018,111,040     19,762,767,192     0.140  .................  .................
Nov-93...........        21     280,909,537,581    127,345,828,000    408,255,365,581     19,440,731,694    -0.016  .................  .................
Dec-93...........        22     268,471,426,906    114,885,343,000    383,356,769,906     17,425,307,723    -0.109  .................  .................
Jan-94...........        21     277,615,393,351    137,551,072,000    415,166,465,351     19,769,831,683     0.126  .................  .................
Feb-94...........        19     281,053,587,314    122,882,920,000    403,936,507,314     21,259,816,174     0.073  .................  .................
Mar-94...........        23     316,713,498,173    151,177,373,000    467,890,871,173     20,343,081,355    -0.044  .................  .................
Apr-94...........        19     289,365,151,226    114,834,515,000    404,199,666,226     21,273,666,643     0.045  .................  .................
May-94...........        21     241,278,516,490    112,318,747,000    353,597,263,490     16,837,964,928    -0.234  .................  .................
Jun-94...........        22     245,067,967,632    112,555,736,000    357,623,703,632     16,255,622,892    -0.035  .................  .................
Jul-94...........        20     221,511,138,952    100,563,525,000    322,074,663,952     16,103,733,198    -0.009  .................  .................
Aug-94...........        23     255,511,795,450    127,675,353,000    383,187,148,450     16,660,310,802     0.034  .................  .................
Sep-94...........        21     273,589,300,476    111,984,539,000    385,573,839,476     18,360,659,023     0.097  .................  .................
Oct-94...........        21     266,363,537,805    129,089,800,000    395,453,337,805     18,831,111,324     0.025  .................  .................
Nov-94...........        21     267,314,618,799    121,827,668,000    389,142,286,799     18,530,585,086    -0.016  .................  .................
Dec-94...........        21     265,184,891,948    106,839,641,000    372,024,532,948     17,715,453,950    -0.045  .................  .................
Jan-95...........        21     253,958,524,771    125,092,685,000    379,051,209,771     18,050,057,608     0.019  .................  .................
Feb-95...........        19     263,486,075,035    125,574,811,000    389,060,886,035     20,476,888,739     0.126  .................  .................
Mar-95...........        23     330,806,034,718    161,066,575,000    491,872,609,718     21,385,765,640     0.043  .................  .................
Apr-95...........        19     285,586,213,818    149,741,420,000    435,327,633,818     22,911,980,727     0.069  .................  .................
May-95...........        22     340,254,177,379    191,600,883,000    531,855,060,379     24,175,230,017     0.054  .................  .................
Jun-95...........        22     376,703,055,609    197,629,158,000    574,332,213,609     26,106,009,710     0.077  .................  .................
Jul-95...........        20     346,809,496,831    229,239,839,000    576,049,335,831     28,802,466,792     0.098  .................  .................
Aug-95...........        23     327,435,391,060    243,203,335,000    570,638,726,060     24,810,379,394    -0.149  .................  .................
Sep-95...........        20     352,176,019,676    225,957,920,000    578,133,939,676     28,906,696,984     0.153  .................  .................
Oct-95...........        22     386,892,948,035    255,297,230,000    642,190,178,035     29,190,462,638     0.010  .................  .................
Nov-95...........        21     340,868,134,565    255,556,416,000    596,424,550,565     28,401,169,075    -0.027  .................  .................
Dec-95...........        20     386,356,222,037    238,254,219,000    624,610,441,037     31,230,522,052     0.095  .................  .................
Jan-96...........        22     412,342,988,854    275,256,103,000    687,599,091,854     31,254,504,175     0.001  .................  .................
Feb-96...........        20     432,110,721,273    255,121,750,000    687,232,471,273     34,361,623,564     0.095  .................  .................
Mar-96...........        21     462,522,216,093    252,313,904,000    714,836,120,093     34,039,815,243    -0.009  .................  .................
Apr-96...........        21     419,529,647,022    284,880,671,000    704,410,318,022     33,543,348,477    -0.015  .................  .................
May-96...........        22     444,864,509,489    323,514,998,000    768,379,507,489     34,926,341,250     0.040  .................  .................
Jun-96...........        20     364,047,300,223    267,051,480,000    631,098,780,223     31,554,939,011    -0.102  .................  .................
Jul-96...........        22     405,998,331,384    282,430,397,000    688,428,728,384     31,292,214,927    -0.008  .................  .................
Aug-96...........        22     347,207,351,036    222,902,421,000    570,109,772,036     25,914,080,547    -0.189  .................  .................
Sep-96...........        20     361,752,600,688    255,491,281,000    617,243,881,688     30,862,194,084     0.175  .................  .................
Oct-96...........        23     450,138,412,454    314,131,029,000    764,269,441,454     33,229,106,150     0.074  .................  .................
Nov-96...........        20     468,499,807,419    279,994,893,000    748,494,700,419     37,424,735,021     0.119  .................  .................
Dec-96...........        21     475,791,378,753    288,688,118,000    764,479,496,753     36,403,785,560    -0.028  .................  .................
Jan-97...........        22     578,613,348,586    378,819,289,000    957,432,637,586     43,519,665,345     0.179  .................  .................
Feb-97...........        19     500,101,991,446    337,072,192,000    837,174,183,446     44,061,799,129     0.012  .................  .................
Mar-97...........        20     526,670,517,788    312,522,211,000    839,192,728,788     41,959,636,439    -0.049  .................  .................
Apr-97...........        22     541,016,966,315    321,782,247,000    862,799,213,315     39,218,146,060    -0.068  .................  .................
May-97...........        21     560,712,670,647    365,021,182,000    925,733,852,647     44,082,564,412     0.117  .................  .................
Jun-97...........        21     590,497,004,859    339,912,081,000    930,409,085,859     44,305,194,565     0.005  .................  .................
Jul-97...........        22     665,142,486,898    420,540,220,000  1,085,682,706,898     49,349,213,950     0.108  .................  .................
Aug-97...........        21     646,260,997,751    385,083,141,000  1,031,344,138,751     49,111,625,655    -0.005  .................  .................
Sep-97...........        21     636,729,800,602    399,730,444,000  1,036,460,244,602     49,355,249,743     0.005  .................  .................
Oct-97...........        23     795,309,593,718    534,343,839,000  1,329,653,432,718     57,811,018,814     0.158  .................  .................
Nov-97...........        19     614,656,941,587    311,360,937,000    926,017,878,587     48,737,783,084    -0.171  .................  .................
Dec-97...........        22     771,801,485,199    375,503,531,000  1,147,305,016,199     52,150,228,009     0.068  .................  .................
Jan-98...........        20     664,267,640,263    375,290,271,000  1,039,557,911,263     51,977,895,563    -0.003  .................  .................
Feb-98...........        19     672,565,048,157    408,876,474,000  1,081,441,522,157     56,917,974,850     0.091  .................  .................
Mar-98...........        22     798,277,192,905    464,862,662,000  1,263,139,854,905     57,415,447,950     0.009  .................  .................
Apr-98...........        21     821,022,063,854    478,804,341,000  1,299,826,404,854     61,896,495,469     0.075  .................  .................
May-98...........        20     717,711,593,246    392,290,631,000  1,110,002,224,246     55,500,111,212    -0.109  .................  .................
Jun-98...........        22     781,193,541,641    464,886,854,000  1,246,080,395,641     56,640,017,984     0.020  .................  .................

[[Page 10929]]

 
Jul-98...........        22     839,132,005,554    561,429,081,000  1,400,561,086,554     63,661,867,571     0.117  .................  .................
Aug-98...........        21     811,893,940,585    494,696,509,000  1,306,590,449,585     62,218,592,837    -0.023  .................  .................
Sep-98...........        21     899,363,115,702    452,978,456,000  1,352,341,571,702     64,397,217,700     0.034  .................  .................
Oct-98...........        22     934,874,788,951    519,628,635,672  1,454,503,424,623     66,113,792,028     0.026  .................  .................
Nov-98...........        20     761,843,293,678    534,735,697,587  1,296,578,991,265     64,828,949,563    -0.020  .................  .................
Dec-98...........        22     831,906,512,838    610,078,427,246  1,441,984,940,084     65,544,770,004     0.011  .................  .................
Jan-99...........        19     999,043,017,550    881,762,273,376  1,880,805,290,926     98,989,752,154     0.412  .................  .................
Feb-99...........        19     881,206,542,866    771,821,519,115  1,653,028,061,981     87,001,476,946    -0.129  .................  .................
Mar-99...........        23   1,064,559,310,307    845,323,661,356  1,909,882,971,663     83,038,390,072    -0.047  .................  .................
Apr-99...........        21   1,200,826,668,871    974,846,639,668  2,175,673,308,539    103,603,490,883     0.221  .................  .................
May-99...........        20   1,052,642,277,388    728,648,483,251  1,781,290,760,639     89,064,538,032    -0.151  .................  .................
Jun-99...........        22     968,355,845,707    728,666,375,241  1,697,022,220,948     77,137,373,679    -0.144  .................  .................
Jul-99...........        21     968,729,547,313    795,657,683,556  1,764,387,230,869     84,018,439,565     0.085  .................  .................
Aug-99...........        22     909,861,580,448    782,763,893,461  1,692,625,473,909     76,937,521,541    -0.088  .................  .................
Sep-99...........        21     886,209,235,286    842,754,416,364  1,728,963,651,650     82,331,602,460     0.068  .................  .................
Oct-99...........        21   1,075,832,673,611    938,836,857,225  2,014,669,530,836     95,936,644,326     0.153  .................  .................
Nov-99...........        21   1,125,441,492,744  1,218,999,895,936  2,344,441,388,681    111,640,066,128     0.152  .................  .................
Dec-99...........        22   1,260,244,827,356  1,472,542,539,476  2,732,787,366,832    124,217,607,583     0.107  .................  .................
Jan-00...........        20   1,293,751,986,296  1,759,510,466,949  3,053,262,453,245    152,663,122,662     0.206  .................  .................
Feb-00...........        20   1,237,324,279,941  1,730,179,962,177  2,967,504,242,118    148,375,212,106    -0.028  .................  .................
Mar-00...........        23   1,675,729,644,521  2,460,195,052,947  4,135,924,697,468    179,822,812,933     0.192  .................  .................
Apr-00...........        19   1,429,668,149,369  1,739,658,625,584  3,169,326,774,953    166,806,672,366    -0.075  .................  .................
May-00...........        22   1,273,774,500,287  1,374,100,073,878  2,647,874,574,166    120,357,935,189    -0.326  .................  .................
Jun-00...........        22   1,283,603,525,223  1,594,692,767,334  2,878,296,292,557    130,831,649,662     0.083  .................  .................
Jul-00...........        20   1,203,862,111,445  1,594,341,902,395  2,798,204,013,840    139,910,200,692     0.067  .................  .................
Aug-00...........        23   1,211,624,989,972  1,481,001,529,902  2,692,626,519,874    117,070,718,255    -0.178  .................  .................
Sep-00...........        20   1,261,317,634,976  1,631,936,332,356  2,893,253,967,332    144,662,698,367     0.212  .................  .................
Oct-00...........        22   1,517,440,783,915  1,925,128,263,471  3,442,569,047,386    156,480,411,245     0.079  .................  .................
Nov-00...........        21   1,290,090,415,114  1,473,929,732,217  2,764,020,147,331    131,620,007,016    -0.173  .................  .................
Dec-00...........        20   1,367,739,635,585  1,419,735,645,693  2,787,475,281,277    139,373,764,064     0.057  .................  .................
Jan-01...........        21   1,547,342,196,427  1,573,412,629,080  3,120,754,825,507    148,607,372,643     0.064  .................  .................
Feb-01...........        19   1,223,669,743,506  1,130,494,302,446  2,354,164,045,952    123,903,370,840    -0.182  .................  .................
Mar-01...........        22   1,454,524,517,280  1,080,912,409,264  2,535,436,926,544    115,247,133,025    -0.072  .................  .................
Apr-01...........        20   1,312,755,897,976    991,843,272,797  2,304,599,170,773    115,229,958,539     0.000  .................  .................
May-01...........        22   1,320,141,836,216  1,023,175,979,663  2,343,317,815,879    106,514,446,176    -0.079  .................  .................
Jun-01...........        21   1,241,534,765,288    847,846,047,529  2,089,380,812,818     99,494,324,420    -0.068  .................  .................
Jul-01...........        21   1,240,941,545,734    757,402,982,130  1,998,344,527,864     95,159,263,232    -0.045  .................  .................
Aug-01...........        23   1,123,517,678,209    669,526,933,547  1,793,044,611,756     77,958,461,381    -0.199  .................  .................
Sep-01...........        15   1,051,262,586,802    519,060,855,910  1,570,323,442,711    104,688,229,514     0.295  .................  .................
Oct-01...........        23   1,361,284,609,043    787,768,976,829  2,149,053,585,872     93,437,112,429    -0.114  .................  .................
Nov-01...........        21   1,176,788,120,102    757,448,489,572  1,934,236,609,675     92,106,505,223    -0.014  .................  .................
Dec-01...........        20   1,170,905,574,588    738,526,447,576  1,909,432,022,164     95,471,601,108     0.036  .................  .................
Jan-02...........        21   1,291,250,297,101    842,154,952,554  2,133,405,249,655    101,590,726,174     0.062  .................  .................
Feb-02...........        19   1,263,981,883,602    651,569,612,254  1,915,551,495,857    100,818,499,782    -0.008  .................  .................
Mar-02...........        20   1,389,898,629,427    604,393,572,668  1,994,292,202,095     99,714,610,105    -0.011  .................  .................
Apr-02...........        22   1,421,949,055,151    627,529,687,636  2,049,478,742,788     93,158,124,672    -0.068  .................  .................
May-02...........        22   1,385,822,316,157    580,513,560,084  1,966,335,876,241     89,378,903,466    -0.041  .................  .................
Jun-02...........        20   1,328,095,777,811    519,384,103,360  1,847,479,881,170     92,373,994,059     0.033  .................  .................
Jul-02...........        22   1,763,762,436,133    547,406,479,695  2,311,168,915,828    105,053,132,538     0.129  .................  .................
Aug-02...........        22   1,351,178,678,292    415,631,867,486  1,766,810,545,778     80,309,570,263    -0.269  .................  .................
Sep-02...........        20   1,139,710,089,326    365,913,379,195  1,505,623,468,521     75,281,173,426    -0.065  .................  .................
Oct-02...........        23   1,557,604,059,315    515,148,025,791  2,072,752,085,106     90,119,655,874     0.180  .................  .................
Nov-02...........        20   1,281,865,198,491    481,235,326,808  1,763,100,525,299     88,155,026,265    -0.022  .................  .................
Dec-02...........        21   1,135,751,469,074    401,405,457,153  1,537,156,926,228     73,197,948,868    -0.186  .................  .................
Jan-03...........        21   1,243,044,958,028    457,925,614,570  1,700,970,572,598     80,998,598,695     0.101  .................  .................
Feb-03...........        19   .................  .................  .................  .................  ........     82,654,487,385  1,570,435,260,311
Mar-03...........        21   .................  .................  .................  .................  ........     84,344,228,109  1,771,228,790,287
Apr-03...........        21   .................  .................  .................  .................  ........     86,068,512,919  1,807,438,771,298
May-03...........        21   .................  .................  .................  .................  ........     87,828,048,014  1,844,389,008,300
Jun-03...........        21   .................  .................  .................  .................  ........     89,623,554,032  1,882,094,634,662
Jul-03...........        22   .................  .................  .................  .................  ........     91,455,766,339  2,012,026,859,466
Aug-03...........        21   .................  .................  .................  .................  ........     93,325,435,340  1,959,834,142,143
Sep-03...........        21   .................  .................  .................  .................  ........     95,233,326,777  1,999,899,862,315
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[[Page 10930]]

[GRAPHIC] [TIFF OMITTED] TN06MR03.024

[FR Doc. 03-5282 Filed 3-5-03; 8:45 am]
BILLING CODE 8010-01-P