[Federal Register Volume 85, Number 169 (Monday, August 31, 2020)]
[Notices]
[Pages 53890-53896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19079]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10826; 34-89671/August 26, 2020]


Order Making Fiscal Year 2021 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

[[Page 53891]]

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 2021 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 2021. 
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 2021], is reasonably 
likely to produce aggregate fee collections under [Section 6(b)] that 
are equal to the target fee collection amount for [fiscal year 2021].'' 
That is, the adjusted rate is determined by dividing the ``target fee 
collection amount'' for fiscal year 2021 by the ``baseline estimate of 
the aggregate maximum offering prices'' for fiscal year 2021.

III. Target Fee Collection Amount for FY 2021

    The statutory ``target fee collection amount'' for fiscal year 2021 
and ``each fiscal year thereafter'' is ``an amount that is equal to the 
target fee collection amount for the prior fiscal year, adjusted by the 
rate of inflation.'' The target fee collection amount for fiscal year 
2020 was $705,000,000. To adjust the fiscal year 2020 target fee 
collection amount by the rate of inflation to determine the fiscal year 
2021 target fee collect amount, the Commission has determined that it 
will use an approach similar to one that it uses to annually adjust 
civil monetary penalties by the rate of inflation.\6\ Under this 
approach, the Commission will use the Consumer Price Index for All 
Urban Consumers (``CPI-U''), not seasonally adjusted, rounded to five 
decimal places, in calculating the target fee collection amount, which 
is then rounded to the nearest whole dollar. The calculation for the 
fiscal year 2021 target fee collection amount is described in more 
detail below.
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    \6\ The Commission annually adjusts for inflation the civil 
money penalties that can be imposed under the statutes administered 
by Commission, as required by the Federal Civil Penalties Inflation 
Adjustment Act Improvements Act of 2015, pursuant to guidance from 
the Office of Management and Budget (``OMB''). See OMB December 16, 
2019 Memorandum for the Heads of Executive Departments and 
Agencies,'' M-20-05, on ``Implementation of Penalty Inflation 
Adjustments for 2020, Pursuant to the Federal Civil Penalties 
Inflation Adjustment Act Improvements Act of 2015.''
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    The most recent CPI-U index value, not seasonally adjusted, 
available for use by the Commission is for June 2020. This value is 
257.797.\7\ The CPI-U index value, not seasonally adjusted, for June 
2019 is 256.143.\8\ Dividing the June 2020 value by the June 2019 value 
and rounding to five decimal places yields a multiplier value of 
1.00646. Multiplying the fiscal year 2020 target fee collection amount 
of $705,000,000 by the multiplier value of 1.00646 and rounding to the 
nearest whole dollar yields a fiscal year 2021 target fee collection 
amount of $709,554,300.
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    \7\ This was announced on July 14, 2020. See https://www.bls.gov/news.release/archives/cpi_07142020.htm.
    \8\ See Supplemental Tables, ``CPI-U News Release Companion 
File'' from the July 14, 2020 press release.
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    Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate 
maximum offering prices'' for fiscal year 2021 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 2021] 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 2021, the Commission is using the methodology it 
has used in prior fiscal years and that was developed in consultation 
with the Congressional Budget Office and the Office of Management and 
Budget (``OMB''). \9\ Using this methodology, the Commission determines 
the ``baseline estimate of the aggregate maximum offering price'' for 
fiscal year 2021 to be $6,506,143,522,561. Based on this estimate and 
the fiscal year 2021 target fee collection amount, the Commission 
calculates the fee rate for fiscal 2021 to be $109.10 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. IV. Effective 
Dates of the Annual Adjustments
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    \9\ Appendix A explains how we determined the ``baseline 
estimate of the aggregate maximum offering price'' for fiscal year 
2021 using our methodology, and then shows the arithmetical process 
of calculating the fiscal year 2021 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 2021.
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    The fiscal year 2021 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, 2020.\10\
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    \10\ 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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V. Conclusion

    Accordingly, pursuant to Section 6(b) of the Securities Act and 
Sections 13(e) and 14(g) of the Exchange Act,\11\
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    \11\ 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 $109.10 per million effective on October 1, 2020.

    By the Commission.
Vanessa A. Countryman,
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 2021, the Commission has estimated the aggregate maximum 
offering prices by projecting forward the trend established in the 
previous decade. More specifically, an auto-regressive integrated 
moving average (``ARIMA'') model was used to forecast the value of 
the aggregate maximum offering prices for months subsequent to July 
2020,

[[Page 53892]]

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 2021

    First, calculate the aggregate maximum offering prices (AMOP) 
for each month in the sample (July 2010-July 2020). 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] [ARIMA] 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 2010 to July 2020.
    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]e t-1 + 
e t, where e t 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 e t = 
[Delta] t-[alpha]-[beta]e t-1. The 
model can be estimated using standard commercially available 
software. Using least squares, the estimated parameter values are 
[alpha] = 0.0070920641 and [beta] = 0.8803315102.
    6. For the month of August 2020 forecast [Delta] t = 
8/2020 = [alpha] + [beta]e t = 
7/2020. For all subsequent months, forecast [Delta] 
t = [alpha].
    7. Calculate forecasts of log(AAMOP). For example, the forecast 
of log(AAMOP) for October 2020 is given by FLAAMOP t = 
10/2020 = log(AAMOP t = 7/2020) + 
[Delta] t = 8/2020 + [Delta] t = 
9/2020 + [Delta] t = 10/2020.
    8. Under the assumption that e t is normally 
distributed, the n-step ahead forecast of AAMOP is given by 
exp(FLAAMOP t + [sigma] n \2\/2), where 
[sigma] n denotes the standard error of the n-step ahead 
forecast.
    9. For October 2020, this gives a forecast AAMOP of $24.705 
billion (Column I), and a forecast AMOP of $543.503 billion (Column 
J).
    10. Iterate this process through September 2021 to obtain a 
baseline estimate of the aggregate maximum offering prices for 
fiscal year 2021 of $6,506,143,522,561.

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 10/01/20 and 9/30/21 to be 
$6,506,143,522,561.
    2. The rate necessary to collect the target $709,554,300 in fee 
revenues set by Congress is then calculated as: $709,554,300 / 
$6,506,143,522,561 = 0.00010906.
    3. Round the result to the seventh decimal point, yielding a 
rate of 0.0001091 (or $109.10 per million).

  Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
------------------------------------------------------------------------
                  Fee rate calculation
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a. Baseline estimate of the aggregate maximum offering         6,506,144
 prices, 10/01/20 to 09/30/21 ($Millions)...............
b. Implied fee rate ($709,554,300 / a)..................         $109.10
------------------------------------------------------------------------
 


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                                                                 Average
                                                                  daily                                                                        Forecast
                                       Number of   Aggregate    aggregate                                                                     aggregate
                                        trading     maximum        max.                  Log (change    forecast     Standard     Forecast     maximum
                Month                   days in     offering     offering    Log(AAMOP)   in AAMOP)    log(AAMOP)     error      AAMOP, in     offering
                                         month     prices, in     prices                                                         $millions    prices, in
                                                   $millions    (AAMOP) in                                                                    $millions
                                                                $millions
(A)                                          (B)          (C)          (D)          (E)          (F)          (G)          (H)          (I)          (J)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-10...............................         21      171,191        8,152       22.822  ...........  ...........  ...........  ...........  ...........
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  ...........  ...........  ...........  ...........

[[Page 53893]]

 
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  ...........  ...........  ...........  ...........
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      263,981       11,477       23.164       -0.238  ...........  ...........  ...........  ...........
Sep-17...............................         20      372,705       18,635       23.648        0.485  ...........  ...........  ...........  ...........
Oct-17...............................         22      173,749        7,898       22.790       -0.858  ...........  ...........  ...........  ...........
Nov-17...............................         21      377,262       17,965       23.612        0.822  ...........  ...........  ...........  ...........
Dec-17...............................         20      281,126       14,056       23.366       -0.245  ...........  ...........  ...........  ...........
Jan-18...............................         21      593,025       28,239       24.064        0.698  ...........  ...........  ...........  ...........
Feb-18...............................         19      353,182       18,589       23.646       -0.418  ...........  ...........  ...........  ...........
Mar-18...............................         21      685,784       32,656       24.209        0.563  ...........  ...........  ...........  ...........
Apr-18...............................         21      367,569       17,503       23.586       -0.624  ...........  ...........  ...........  ...........
May-18...............................         22      543,840       24,720       23.931        0.345  ...........  ...........  ...........  ...........
Jun-18...............................         21      477,967       22,760       23.848       -0.083  ...........  ...........  ...........  ...........
Jul-18...............................         21      327,710       15,605       23.471       -0.377  ...........  ...........  ...........  ...........

[[Page 53894]]

 
Aug-18...............................         23      347,239       15,097       23.438       -0.033  ...........  ...........  ...........  ...........
Sep-18...............................         19      259,874       13,678       23.339       -0.099  ...........  ...........  ...........  ...........
Oct-18...............................         23      300,814       13,079       23.294       -0.045  ...........  ...........  ...........  ...........
Nov-18...............................         21      447,767       21,322       23.783        0.489  ...........  ...........  ...........  ...........
Dec-18...............................         19      276,130       14,533       23.400       -0.383  ...........  ...........  ...........  ...........
Jan-19...............................         21      495,624       23,601       23.885        0.485  ...........  ...........  ...........  ...........
Feb-19...............................         19      372,166       19,588       23.698       -0.186  ...........  ...........  ...........  ...........
Mar-19...............................         21      604,813       28,801       24.084        0.385  ...........  ...........  ...........  ...........
Apr-19...............................         21      267,737       12,749       23.269       -0.815  ...........  ...........  ...........  ...........
May-19...............................         22      476,892       21,677       23.800        0.531  ...........  ...........  ...........  ...........
Jun-19...............................         20      399,178       19,959       23.717       -0.083  ...........  ...........  ...........  ...........
Jul-19...............................         22      359,438       16,338       23.517       -0.200  ...........  ...........  ...........  ...........
Aug-19...............................         22      401,391       18,245       23.627        0.110  ...........  ...........  ...........  ...........
Sep-19...............................         20      382,876       19,144       23.675        0.048  ...........  ...........  ...........  ...........
Oct-19...............................         23      181,113        7,874       22.787       -0.888  ...........  ...........  ...........  ...........
Nov-19...............................         20      553,889       27,694       24.044        1.258  ...........  ...........  ...........  ...........
Dec-19...............................         21      438,062       20,860       23.761       -0.283  ...........  ...........  ...........  ...........
Jan-20...............................         21      636,403       30,305       24.135        0.373  ...........  ...........  ...........  ...........
Feb-20...............................         19      424,133       22,323       23.829       -0.306  ...........  ...........  ...........  ...........
Mar-20...............................         22      409,403       18,609       23.647       -0.182  ...........  ...........  ...........  ...........
Apr-20...............................         21      389,821       18,563       23.644       -0.002  ...........  ...........  ...........  ...........
May-20...............................         20      731,835       36,592       24.323        0.679  ...........  ...........  ...........  ...........
Jun-20...............................         22      650,219       29,555       24.110       -0.214  ...........  ...........  ...........  ...........
Jul-20...............................         22      457,871       20,812       23.759       -0.351  ...........  ...........  ...........  ...........
Aug-20...............................         21  ...........  ...........  ...........  ...........       23.858        0.336       24,317      510,665
Sep-20...............................         21  ...........  ...........  ...........  ...........       23.865        0.338       24,510      514,715
Oct-20...............................         22  ...........  ...........  ...........  ...........       23.872        0.341       24,705      543,503
Nov-20...............................         20  ...........  ...........  ...........  ...........       23.879        0.343       24,901      498,013
Dec-20...............................         22  ...........  ...........  ...........  ...........       23.886        0.346       25,098      552,159
Jan-21...............................         19  ...........  ...........  ...........  ...........       23.893        0.348       25,297      480,647
Feb-21...............................         19  ...........  ...........  ...........  ...........       23.901        0.350       25,498      484,460
Mar-21...............................         23  ...........  ...........  ...........  ...........       23.908        0.353       25,700      591,103
Apr-21...............................         21  ...........  ...........  ...........  ...........       23.915        0.355       25,904      543,984
May-21...............................         20  ...........  ...........  ...........  ...........       23.922        0.357       26,109      522,189
Jun-21...............................         22  ...........  ...........  ...........  ...........       23.929        0.359       26,317      578,965
Jul-21...............................         21  ...........  ...........  ...........  ...........       23.936        0.362       26,525      557,032
Aug-21...............................         22  ...........  ...........  ...........  ...........       23.943        0.364       26,736      588,186
Sep-21...............................         21  ...........  ...........  ...........  ...........       23.950        0.366       26,948      565,904
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BILLING CODE 8011-01-P

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[GRAPHIC] [TIFF OMITTED] TN31AU20.001


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[FR Doc. 2020-19079 Filed 8-28-20; 8:45 am]
BILLING CODE 8011-01-C