[Federal Register Volume 82, Number 166 (Tuesday, August 29, 2017)]
[Notices]
[Pages 41080-41085]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18308]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10407; 34-81476/August 24, 2017]


Order Making Fiscal Year 2018 Annual Adjustments to Registration 
Fee Rates

I. Background

    The Commission collects fees under various provisions of the 
securities laws. Section 6(b) of the Securities Act of 1933 
(``Securities Act'') requires the Commission to collect fees from 
issuers on the registration of securities.\1\ Section 13(e) of the 
Securities Exchange Act of 1934 (``Exchange Act'') requires the 
Commission to collect fees on specified repurchases of securities.\2\ 
Section 14(g) of the Exchange Act requires the Commission to collect 
fees on specified proxy solicitations and statements in corporate 
control transactions.\3\ These provisions require the Commission to 
make annual adjustments to the applicable fee rates.
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    \1\ 15 U.S.C. 77f(b).
    \2\ 15 U.S.C. 78m(e).
    \3\ 15 U.S.C. 78n(g).
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II. Fiscal Year 2018 Annual Adjustment to Fee Rates

    Section 6(b)(2) of the Securities Act requires the Commission to 
make an annual adjustment to the fee rate applicable under Section 
6(b).\4\ The annual adjustment to the fee rate under Section 6(b) of 
the Securities Act also sets the annual adjustment to the fee rates 
under Sections 13(e) and 14(g) of the Exchange Act.\5\
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    \4\ 15 U.S.C. 77f(b)(2). The annual adjustments are designed to 
adjust the fee rate in a given fiscal year so that, when applied to 
the aggregate maximum offering price at which securities are 
proposed to be offered for the fiscal year, it is reasonably likely 
to produce total fee collections under Section 6(b) equal to the 
``target fee collection amount'' specified in Section 6(b)(6)(A) for 
that fiscal year.
    \5\ 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
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    Section 6(b)(2) sets forth the method for determining the annual 
adjustment to the fee rate under Section 6(b) for fiscal year 2018. 
Specifically, the Commission must adjust the fee rate under Section 
6(b) to a ``rate that, when applied to the baseline estimate of the 
aggregate maximum offering prices for [fiscal year 2018], is reasonably 
likely to produce aggregate fee collections under [Section 6(b)] that 
are equal to the target fee collection amount for [fiscal year 2018].'' 
That is, the adjusted rate is determined by dividing the ``target fee 
collection amount'' for fiscal year 2018 by the ``baseline estimate of 
the aggregate maximum offering prices'' for fiscal year 2018.
    Section 6(b)(6)(A) specifies that the ``target fee collection 
amount'' for fiscal year 2018 is $620,000,000. Section 6(b)(6)(B) 
defines the ``baseline estimate of the aggregate maximum offering 
prices'' for fiscal year 2018 as ``the baseline estimate of the 
aggregate maximum offering price at which securities are proposed to be 
offered pursuant to registration statements filed with the Commission 
during [fiscal year 2018] as determined by the Commission, after 
consultation with the Congressional Budget Office and the Office of 
Management and Budget . . . .''
    To make the baseline estimate of the aggregate maximum offering 
price for fiscal year 2018, the Commission is using a methodology that 
has been used in prior fiscal years and that was developed in 
consultation with the Congressional Budget Office (``CBO'') and Office 
of Management and Budget (``OMB'').\6\ Using this methodology, the 
Commission determines the ``baseline estimate of the aggregate maximum 
offering price'' for fiscal year 2018 to be $4,981,648,951,511. Based 
on this estimate, the Commission calculates the fee rate for fiscal 
2018 to be $124.50 per million. This adjusted fee rate applies to 
Section 6(b) of the Securities Act, as well as to Sections 13(e) and 
14(g) of the Exchange Act.
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    \6\ Appendix A explains how we determined the ``baseline 
estimate of the aggregate maximum offering price'' for fiscal year 
2018 using our methodology, and then shows the arithmetical process 
of calculating the fiscal year 2018 annual adjustment based on that 
estimate. The appendix includes the data used by the Commission in 
making its ``baseline estimate of the aggregate maximum offering 
price'' for fiscal year 2018.
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III. Effective Dates of the Annual Adjustments

    The fiscal year 2018 annual adjustments to the fee rates applicable 
under Section 6(b) of the Securities Act and Sections 13(e) and 14(g) 
of the Exchange Act will be effective on October 1, 2017.\7\
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    \7\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15 U.S.C. 
78n(g)(6).
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IV. Conclusion

    Accordingly, pursuant to Section 6(b) of the Securities Act and 
Sections 13(e) and 14(g) of the Exchange Act,\8\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 77f(b), 78m(e) and 78n(g).
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    It is hereby ordered that the fee rates applicable under Section 
6(b) of the Securities Act and Sections 13(e) and 14(g) of the Exchange 
Act shall be $124.50 per million effective on October 1, 2017.


[[Page 41081]]


    By the Commission.
Brent J. Fields,
Secretary.

Appendix A

    Congress has established a target amount of monies to be 
collected from fees charged to issuers based on the value of their 
registrations. This appendix provides the formula for determining 
such fees, which the Commission adjusts annually. Congress has 
mandated that the Commission determine these fees based on the 
``aggregate maximum offering prices,'' which measures the aggregate 
dollar amount of securities registered with the Commission over the 
course of the year. In order to maximize the likelihood that the 
amount of monies targeted by Congress will be collected, the fee 
rate must be set to reflect projected aggregate maximum offering 
prices. As a percentage, the fee rate equals the ratio of the target 
amounts of monies to the projected aggregate maximum offering 
prices.
    For 2018, the Commission has estimated the aggregate maximum 
offering prices by projecting forward the trend established in the 
previous decade. More specifically, an ARIMA model was used to 
forecast the value of the aggregate maximum offering prices for 
months subsequent to July 2017, the last month for which the 
Commission has data on the aggregate maximum offering prices.
    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Maximum Offering Prices for 
Fiscal Year 2018

    First, calculate the aggregate maximum offering prices (AMOP) 
for each month in the sample (July 2007-July 2017). Next, calculate 
the percentage change in the AMOP from month to month.
    Model the monthly percentage change in AMOP as a first order 
moving average process. The moving average approach allows one to 
model the effect that an exceptionally high (or low) observation of 
AMOP tends to be followed by a more ``typical'' value of AMOP.
    Use the estimated moving average model to forecast the monthly 
percent change in AMOP. These percent changes can then be applied to 
obtain forecasts of the total dollar value of registrations. The 
following is a more formal (mathematical) description of the 
procedure:
    1. Begin with the monthly data for AMOP. The sample spans ten 
years, from July 2007 to July 2017.
    2. Divide each month's AMOP (column C) by the number of trading 
days in that month (column B) to obtain the average daily AMOP 
(AAMOP, column D).
    3. For each month t, the natural logarithm of AAMOP is reported 
in column E.
    4. Calculate the change in log(AAMOP) from the previous month as 
[Delta]t = log (AAMOPt) - 
log(AAMOPt-1). This approximates the percentage change.
    5. Estimate the first order moving average model 
[Delta]t = [alpha] + [beta]et -1 + 
et, where et denotes the forecast error for 
month t. The forecast error is simply the difference between the 
one-month ahead forecast and the actual realization of 
[Delta]t. The forecast error is expressed as 
et = [Delta]t-[alpha]-[beta]et-1. 
The model can be estimated using standard commercially available 
software. Using least squares, the estimated parameter values are 
[alpha] = 0.0014909132 and [beta] = 0.8922530731.
    6. For the month of August 2017 forecast 
[Delta]t = 8/2017 = [alpha] + 
[beta]et = 7/2017. For all subsequent months, forecast 
[Delta]t = [alpha].
    7. Calculate forecasts of log(AAMOP). For example, the forecast 
of log(AAMOP) for October 2017 is given by FLAAMOP 
t = 10/2017 = log(AAMOP t = 7/2017) + 
[Delta]t = 8/2017 + [Delta]t = 9/2017 + 
[Delta]t = 10/2017.
    8. Under the assumption that et is normally 
distributed, the n-step ahead forecast of AAMOP is given by 
exp(FLAAMOPt + [sigma]n\2\/2), where 
[sigma]n denotes the standard error of the n-step ahead 
forecast.
    9. For October 2017, this gives a forecast AAMOP of $19.617 
billion (Column I), and a forecast AMOP of $431.6 billion (Column 
J).
    10. Iterate this process through September 2018 to obtain a 
baseline estimate of the aggregate maximum offering prices for 
fiscal year 2018 of $4,981,648,951,511.

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

    1. Using the data from Table A, estimate the aggregate maximum 
offering prices between 10/01/17 and 9/30/18 to be 
$4,981,648,951,511.
    2. The rate necessary to collect the target $620,000,000 in fee 
revenues set by Congress is then calculated as: $620,000,000 / 
$4,981,648,951,511 = 0.000124457.
    3. Round the result to the seventh decimal point, yielding a 
rate of 0.0001245 (or $124.50 per million).

  Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
------------------------------------------------------------------------
                    Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering         4,981,649
 prices, 10/1/17 to 9/30/18 ($Millions).....................
b. Implied fee rate ($620 Million/a)........................     $124.50
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                        Average
                                                                         daily                                                                 Forecast
                                               Number of   Aggregate   aggregate                                                               aggregate
                                                trading     maximum      max.         Log         Log      Forecast    Standard    Forecast     maximum
                    Month                       days in    offering    offering     (AAMOP)   (change in      log        error     AAMOP, in   offering
                                                 month    prices, in    prices                  AAMOP)      (AAMOP)                $millions  prices, in
                                                           $millions  (AAMOP) in                                                               $millions
                                                                       $millions
(A)                                                  (B)         (C)         (D)         (E)         (F)         (G)         (H)         (I)         (J)
                                              ..........  ..........  ..........  ..........  ..........  ..........  ..........  ..........  ..........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                          Data
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-07......................................          21     326,612      15,553      23.468  ..........  ..........  ..........  ..........  ..........
Aug-07......................................          23     369,172      16,051      23.499       0.032  ..........  ..........  ..........  ..........
Sep-07......................................          19     241,059      12,687      23.264      -0.235  ..........  ..........  ..........  ..........
Oct-07......................................          23     239,652      10,420      23.067      -0.197  ..........  ..........  ..........  ..........
Nov-07......................................          21     458,654      21,841      23.807       0.740  ..........  ..........  ..........  ..........
Dec-07......................................          20     410,200      20,510      23.744      -0.063  ..........  ..........  ..........  ..........
Jan-08......................................          21     354,433      16,878      23.549      -0.195  ..........  ..........  ..........  ..........
Feb-08......................................          20     263,410      13,171      23.301      -0.248  ..........  ..........  ..........  ..........
Mar-08......................................          20     596,923      29,846      24.119       0.818  ..........  ..........  ..........  ..........
Apr-08......................................          22     292,534      13,297      23.311      -0.809  ..........  ..........  ..........  ..........
May-08......................................          21     456,077      21,718      23.801       0.491  ..........  ..........  ..........  ..........
Jun-08......................................          21     461,087      21,957      23.812       0.011  ..........  ..........  ..........  ..........
Jul-08......................................          22     232,896      10,586      23.083      -0.730  ..........  ..........  ..........  ..........
Aug-08......................................          21     395,440      18,830      23.659       0.576  ..........  ..........  ..........  ..........
Sep-08......................................          21     177,636       8,459      22.858      -0.800  ..........  ..........  ..........  ..........
Oct-08......................................          23     360,494      15,674      23.475       0.617  ..........  ..........  ..........  ..........
Nov-08......................................          19     288,911      15,206      23.445      -0.030  ..........  ..........  ..........  ..........

[[Page 41082]]

 
Dec-08......................................          22     319,584      14,527      23.399      -0.046  ..........  ..........  ..........  ..........
Jan-09......................................          20     375,065      18,753      23.655       0.255  ..........  ..........  ..........  ..........
Feb-09......................................          19     249,666      13,140      23.299      -0.356  ..........  ..........  ..........  ..........
Mar-09......................................          22     739,931      33,633      24.239       0.940  ..........  ..........  ..........  ..........
Apr-09......................................          21     235,914      11,234      23.142      -1.097  ..........  ..........  ..........  ..........
May-09......................................          20     329,522      16,476      23.525       0.383  ..........  ..........  ..........  ..........
Jun-09......................................          22     357,524      16,251      23.511      -0.014  ..........  ..........  ..........  ..........
Jul-09......................................          22     185,187       8,418      22.854      -0.658  ..........  ..........  ..........  ..........
Aug-09......................................          21     192,726       9,177      22.940       0.086  ..........  ..........  ..........  ..........
Sep-09......................................          21     189,224       9,011      22.922      -0.018  ..........  ..........  ..........  ..........
Oct-09......................................          22     215,720       9,805      23.006       0.085  ..........  ..........  ..........  ..........
Nov-09......................................          20     248,353      12,418      23.242       0.236  ..........  ..........  ..........  ..........
Dec-09......................................          22     340,464      15,476      23.463       0.220  ..........  ..........  ..........  ..........
Jan-10......................................          19     173,235       9,118      22.933      -0.529  ..........  ..........  ..........  ..........
Feb-10......................................          19     209,963      11,051      23.126       0.192  ..........  ..........  ..........  ..........
Mar-10......................................          23     432,934      18,823      23.658       0.533  ..........  ..........  ..........  ..........
Apr-10......................................          21     280,188      13,342      23.314      -0.344  ..........  ..........  ..........  ..........
May-10......................................          20     278,611      13,931      23.357       0.043  ..........  ..........  ..........  ..........
Jun-10......................................          22     364,251      16,557      23.530       0.173  ..........  ..........  ..........  ..........
Jul-10......................................          21     171,191       8,152      22.822      -0.709  ..........  ..........  ..........  ..........
Aug-10......................................          22     240,793      10,945      23.116       0.295  ..........  ..........  ..........  ..........
Sep-10......................................          21     260,783      12,418      23.242       0.126  ..........  ..........  ..........  ..........
Oct-10......................................          21     214,988      10,238      23.049      -0.193  ..........  ..........  ..........  ..........
Nov-10......................................          21     340,112      16,196      23.508       0.459  ..........  ..........  ..........  ..........
Dec-10......................................          22     297,992      13,545      23.329      -0.179  ..........  ..........  ..........  ..........
Jan-11......................................          20     233,668      11,683      23.181      -0.148  ..........  ..........  ..........  ..........
Feb-11......................................          19     252,785      13,304      23.311       0.130  ..........  ..........  ..........  ..........
Mar-11......................................          23     595,198      25,878      23.977       0.665  ..........  ..........  ..........  ..........
Apr-11......................................          20     236,355      11,818      23.193      -0.784  ..........  ..........  ..........  ..........
May-11......................................          21     319,053      15,193      23.444       0.251  ..........  ..........  ..........  ..........
Jun-11......................................          22     359,727      16,351      23.518       0.073  ..........  ..........  ..........  ..........
Jul-11......................................          20     215,391      10,770      23.100      -0.418  ..........  ..........  ..........  ..........
Aug-11......................................          23     179,870       7,820      22.780      -0.320  ..........  ..........  ..........  ..........
Sep-11......................................          21     168,005       8,000      22.803       0.023  ..........  ..........  ..........  ..........
Oct-11......................................          21     181,452       8,641      22.880       0.077  ..........  ..........  ..........  ..........
Nov-11......................................          21     256,418      12,210      23.226       0.346  ..........  ..........  ..........  ..........
Dec-11......................................          21     237,652      11,317      23.150      -0.076  ..........  ..........  ..........  ..........
Jan-12......................................          20     276,965      13,848      23.351       0.202  ..........  ..........  ..........  ..........
Feb-12......................................          20     228,419      11,421      23.159      -0.193  ..........  ..........  ..........  ..........
Mar-12......................................          22     430,806      19,582      23.698       0.539  ..........  ..........  ..........  ..........
Apr-12......................................          20     173,626       8,681      22.884      -0.813  ..........  ..........  ..........  ..........
May-12......................................          22     414,122      18,824      23.658       0.774  ..........  ..........  ..........  ..........
Jun-12......................................          21     272,218      12,963      23.285      -0.373  ..........  ..........  ..........  ..........
Jul-12......................................          21     170,462       8,117      22.817      -0.468  ..........  ..........  ..........  ..........
Aug-12......................................          23     295,472      12,847      23.276       0.459  ..........  ..........  ..........  ..........
Sep-12......................................          19     331,295      17,437      23.582       0.305  ..........  ..........  ..........  ..........
Oct-12......................................          21     137,562       6,551      22.603      -0.979  ..........  ..........  ..........  ..........
Nov-12......................................          21     221,521      10,549      23.079       0.476  ..........  ..........  ..........  ..........
Dec-12......................................          20     321,602      16,080      23.501       0.422  ..........  ..........  ..........  ..........
Jan-13......................................          21     368,488      17,547      23.588       0.087  ..........  ..........  ..........  ..........
Feb-13......................................          19     252,148      13,271      23.309      -0.279  ..........  ..........  ..........  ..........
Mar-13......................................          20     533,440      26,672      24.007       0.698  ..........  ..........  ..........  ..........
Apr-13......................................          22     235,779      10,717      23.095      -0.912  ..........  ..........  ..........  ..........
May-13......................................          22     382,950      17,407      23.580       0.485  ..........  ..........  ..........  ..........
Jun-13......................................          20     480,624      24,031      23.903       0.322  ..........  ..........  ..........  ..........
Jul-13......................................          22     263,869      11,994      23.208      -0.695  ..........  ..........  ..........  ..........
Aug-13......................................          22     253,305      11,514      23.167      -0.041  ..........  ..........  ..........  ..........
Sep-13......................................          20     267,923      13,396      23.318       0.151  ..........  ..........  ..........  ..........
Oct-13......................................          23     293,847      12,776      23.271      -0.047  ..........  ..........  ..........  ..........
Nov-13......................................          20     326,257      16,313      23.515       0.244  ..........  ..........  ..........  ..........
Dec-13......................................          21     358,169      17,056      23.560       0.045  ..........  ..........  ..........  ..........
Jan-14......................................          21     369,067      17,575      23.590       0.030  ..........  ..........  ..........  ..........
Feb-14......................................          19     298,376      15,704      23.477      -0.113  ..........  ..........  ..........  ..........
Mar-14......................................          21     564,840      26,897      24.015       0.538  ..........  ..........  ..........  ..........
Apr-14......................................          21     263,401      12,543      23.252      -0.763  ..........  ..........  ..........  ..........
May-14......................................          21     403,700      19,224      23.679       0.427  ..........  ..........  ..........  ..........
Jun-14......................................          21     423,075      20,146      23.726       0.047  ..........  ..........  ..........  ..........
Jul-14......................................          22     373,811      16,991      23.556      -0.170  ..........  ..........  ..........  ..........
Aug-14......................................          21     405,017      19,287      23.683       0.127  ..........  ..........  ..........  ..........
Sep-14......................................          21     409,349      19,493      23.693       0.011  ..........  ..........  ..........  ..........
Oct-14......................................          23     338,832      14,732      23.413      -0.280  ..........  ..........  ..........  ..........
Nov-14......................................          19     386,898      20,363      23.737       0.324  ..........  ..........  ..........  ..........
Dec-14......................................          22     370,760      16,853      23.548      -0.189  ..........  ..........  ..........  ..........
Jan-15......................................          20     394,127      19,706      23.704       0.156  ..........  ..........  ..........  ..........

[[Page 41083]]

 
Feb-15......................................          19     466,138      24,534      23.923       0.219  ..........  ..........  ..........  ..........
Mar-15......................................          22     753,747      34,261      24.257       0.334  ..........  ..........  ..........  ..........
Apr-15......................................          21     356,560      16,979      23.555      -0.702  ..........  ..........  ..........  ..........
May-15......................................          20     478,591      23,930      23.898       0.343  ..........  ..........  ..........  ..........
Jun-15......................................          22     446,102      20,277      23.733      -0.166  ..........  ..........  ..........  ..........
Jul-15......................................          22     402,062      18,276      23.629      -0.104  ..........  ..........  ..........  ..........
Aug-15......................................          21     334,746      15,940      23.492      -0.137  ..........  ..........  ..........  ..........
Sep-15......................................          21     289,872      13,803      23.348      -0.144  ..........  ..........  ..........  ..........
Oct-15......................................          22     300,276      13,649      23.337      -0.011  ..........  ..........  ..........  ..........
Nov-15......................................          20     409,690      20,485      23.743       0.406  ..........  ..........  ..........  ..........
Dec-15......................................          22     308,569      14,026      23.364      -0.379  ..........  ..........  ..........  ..........
Jan-16......................................          19     457,411      24,074      23.904       0.540  ..........  ..........  ..........  ..........
Feb-16......................................          20     554,343      27,717      24.045       0.141  ..........  ..........  ..........  ..........
Mar-16......................................          22     900,301      40,923      24.435       0.390  ..........  ..........  ..........  ..........
Apr-16......................................          21     250,716      11,939      23.203      -1.232  ..........  ..........  ..........  ..........
May-16......................................          21     409,992      19,523      23.695       0.492  ..........  ..........  ..........  ..........
Jun-16......................................          22     321,219      14,601      23.404      -0.291  ..........  ..........  ..........  ..........
Jul-16......................................          20     289,671      14,484      23.396      -0.008  ..........  ..........  ..........  ..........
Aug-16......................................          23     352,068      15,307      23.452       0.055  ..........  ..........  ..........  ..........
Sep-16......................................          21     326,116      15,529      23.466       0.014  ..........  ..........  ..........  ..........
Oct-16......................................          21     266,115      12,672      23.263      -0.203  ..........  ..........  ..........  ..........
Nov-16......................................          21     443,034      21,097      23.772       0.510  ..........  ..........  ..........  ..........
Dec-16......................................          21     310,614      14,791      23.417      -0.355  ..........  ..........  ..........  ..........
Jan-17......................................          20     503,030      25,152      23.948       0.531  ..........  ..........  ..........  ..........
Feb-17......................................          19     255,815      13,464      23.323      -0.625  ..........  ..........  ..........  ..........
Mar-17......................................          23     723,870      31,473      24.172       0.849  ..........  ..........  ..........  ..........
Apr-17......................................          19     255,275      13,436      23.321      -0.851  ..........  ..........  ..........  ..........
May-17......................................          22     569,965      25,908      23.978       0.657  ..........  ..........  ..........  ..........
Jun-17......................................          22     445,081      20,231      23.730      -0.247  ..........  ..........  ..........  ..........
Jul-17......................................          20     291,167      14,558      23.401      -0.329  ..........  ..........  ..........  ..........
Aug-17......................................          23  ..........  ..........  ..........  ..........   23.641896       0.327      19,535     449,296
Sep-17......................................          20  ..........  ..........  ..........  ..........   23.643387       0.329      19,576     391,518
Oct-17......................................          22  ..........  ..........  ..........  ..........   23.644878       0.331      19,617     431,581
Nov-17......................................          21  ..........  ..........  ..........  ..........   23.646369       0.333      19,659     412,835
Dec-17......................................          20  ..........  ..........  ..........  ..........   23.647860       0.335      19,700     394,008
Jan-18......................................          21  ..........  ..........  ..........  ..........   23.649351       0.337      19,742     414,583
Feb-18......................................          19  ..........  ..........  ..........  ..........   23.650841       0.338      19,784     375,892
Mar-18......................................          21  ..........  ..........  ..........  ..........   23.652332       0.340      19,826     416,338
Apr-18......................................          21  ..........  ..........  ..........  ..........   23.653823       0.342      19,868     417,219
May-18......................................          22  ..........  ..........  ..........  ..........   23.655314       0.344      19,910     438,011
Jun-18......................................          21  ..........  ..........  ..........  ..........   23.656805       0.346      19,952     418,986
Jul-18......................................          21  ..........  ..........  ..........  ..........   23.658296       0.348      19,994     419,872
Aug-18......................................          23  ..........  ..........  ..........  ..........   23.659787       0.349      20,036     460,832
Sep-18......................................          19  ..........  ..........  ..........  ..........   23.661278       0.351      20,079     381,492
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[GRAPHIC] [TIFF OMITTED] TN29AU17.001


[[Page 41085]]

[FR Doc. 2017-18308 Filed 8-28-17; 8:45 am]
BILLING CODE 8011-01-P