[Federal Register Volume 89, Number 165 (Monday, August 26, 2024)]
[Notices]
[Pages 68476-68480]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19022]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-11299; 34-100784/August 20, 2024]


Order Making Fiscal Year 2025 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 purchases of securities.\2\ 
Section 14(g) of the Exchange Act requires the Commission to collect 
fees on specified proxy solicitations and specified tender offers.\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). Per Section 13(e)(2), a purchase by or for 
the issuer or any person controlling, controlled by, or under common 
control with the issuer, or a purchase subject to control of the 
issuer or any such person, shall be deemed to be a purchase by the 
issuer for some or all purposes of Section 13(e)(1).
    \3\ 15 U.S.C. 78n(g).
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II. Fiscal Year 2025 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 prices 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'' required by 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 2025. 
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 2025], is reasonably 
likely to produce aggregate fee collections under [Section 6(b)] that 
are equal to the target fee collection amount for [fiscal year 2025].'' 
That is, the adjusted rate is determined by dividing the ``target fee 
collection amount'' for fiscal year 2025 by the ``baseline estimate of 
the aggregate maximum offering prices'' for fiscal year 2025.

III. Target Fee Collection Amount for FY 2025

    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.'' \6\ Consistent with the fiscal year 2021 
calculation, 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.\7\ Under this approach, the Commission will 
use the year-over-year change, rounded to five decimal places, in the 
Consumer Price Index for All Urban Consumers (``CPI-U''), not 
seasonally adjusted, in calculating the target fee collection amount, 
which is then rounded to the nearest whole dollar. The calculation for 
the fiscal year 2025 target fee collection amount is described in more 
detail below.
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    \6\ 15 U.S.C. 77f(b)(6)(A).
    \7\ The Commission annually adjusts for inflation the civil 
monetary 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 Dec. 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 at the time this fee rate update 
was prepared was for June 2024. This value is 314.175.\8\ The CPI-U 
index value, not seasonally adjusted, for June 2023 is 305.109.\9\ 
Dividing the June 2024 value by the June 2023 value and rounding to 
five decimal places yields a multiplier value of 1.02971. Multiplying 
the fiscal year 2024 target fee collection amount of $839,771,535 \10\ 
by the multiplier value of 1.02971 and rounding to the nearest whole 
dollar yields a fiscal year 2025 target fee collection amount of 
$864,721,147.
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    \8\ This value was announced July 11, 2024. See https://www.bls.gov/news.release/archives/cpi_07112024.htm.
    \9\ See ``Table 1. Consumer Price Index for All Urban Consumers 
(CPI-U): U.S. city average, by expenditure category, June 2024'' in 
the announcement referenced above.
    \10\ See 88 FR 59953, published Aug. 30, 2023 (https://www.federalregister.gov/documents/2023/08/30/2023-18723/order-making-fiscal-year-2024-annual-adjustments-to-registration-fee-rates).
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    Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate 
maximum offering prices'' for fiscal year 2025 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 2025] 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 
prices for fiscal year 2025, 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 OMB.\11\ Using this 
methodology, the

[[Page 68477]]

Commission determines the ``baseline estimate of the aggregate maximum 
offering price'' for fiscal year 2025 to be $5,647,140,476,572. Based 
on this estimate and the fiscal year 2025 target fee collection amount, 
the Commission calculates the fee rate for fiscal 2025 to be $153.10 
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.
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    \11\ Appendix A explains how we determined the ``baseline 
estimate of the aggregate maximum offering prices'' for fiscal year 
2025 using our methodology, and then shows the arithmetical process 
of calculating the fiscal year 2025 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 
prices'' for fiscal year 2025.
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IV. Effective Dates of the Annual Adjustments

    The fiscal year 2025 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, 2024.\12\
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    \12\ 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,\13\
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    \13\ 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 $153.10 per million effective on October 1, 2024.

    By the Commission.
Sherry R. Haywood,
Assistant 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 (hereafter, ``registrations''). In order to 
maximize the likelihood that the amount of monies targeted by 
Congress under Section 6(b) of the Securities Act of 1933 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 2025, 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 
2024, 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 2025

    First, calculate the aggregate maximum offering prices (AMOP) 
for each month in the sample (July 2014 through July 2024). 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 2014 to July 2024.
    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] = 0.0009130838 and [beta] = 
0.9266757361.
    6. For the month of August 2024 forecast 
[Delta]t = 8/2024 = [alpha] + 
[beta]et = 7/2024. For all subsequent months, forecast 
[Delta]t = [alpha].
    7. Calculate forecasts of log (AAMOP). For example, the forecast 
of log (AAMOP) for October 2024 is given by FLAAMOP 
t = 10/2024 = log (AAMOP t = 7/2024) + [Delta] 
t = 8/2024 + [Delta] t = 9/2024 + [Delta] 
t = 10/2024.
    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 2024, this gives a forecast AAMOP of $22,312 
million (Column I), and a forecast AMOP of $513,185 million (Column 
J).
    10. Iterate this process through September 2025 to obtain a 
baseline estimate of the aggregate maximum offering prices for 
fiscal year 2025 of $5,647,140,476,572.

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 10/01/24 and 9/30/25 to be 
$5,647,140,476,572.
    2. The rate necessary to collect the target $864,721,147 in fee 
revenues required by Section 6(b) of the Securities Act is then 
calculated as: $864,721,147 / $5,647,140,476,572 =0.0001531.
    3. Round the result to the seventh decimal point, yielding a 
rate of 0.0001531 (or $153.10 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         5,647,140
 prices, 10/01/24 to 09/30/25 ($Millions)...............
b. Implied fee rate ($864,721,147/a)....................         $153.10
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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-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  ...........  ...........  ...........  ...........

[[Page 68478]]

 
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  ...........  ...........  ...........  ...........
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      465,953       22,188       23.823        0.064  ...........  ...........  ...........  ...........
Sep-20.............................           21      435,323       20,730       23.755       -0.068  ...........  ...........  ...........  ...........
Oct-20.............................           22      429,638       19,529       23.695       -0.060  ...........  ...........  ...........  ...........
Nov-20.............................           20      849,894       42,495       24.473        0.777  ...........  ...........  ...........  ...........
Dec-20.............................           22      493,133       22,415       23.833       -0.640  ...........  ...........  ...........  ...........
Jan-21.............................           19      753,590       39,663       24.404        0.571  ...........  ...........  ...........  ...........

[[Page 68479]]

 
Feb-21.............................           19      785,163       41,324       24.445        0.041  ...........  ...........  ...........  ...........
Mar-21.............................           23      960,806       41,774       24.456        0.011  ...........  ...........  ...........  ...........
Apr-21.............................           21      430,803       20,514       23.744       -0.711  ...........  ...........  ...........  ...........
May-21.............................           20      759,512       37,976       24.360        0.616  ...........  ...........  ...........  ...........
Jun-21.............................           22      512,966       23,317       23.872       -0.488  ...........  ...........  ...........  ...........
Jul-21.............................           21      485,097       23,100       23.863       -0.009  ...........  ...........  ...........  ...........
Aug-21.............................           22      608,745       27,670       24.044        0.181  ...........  ...........  ...........  ...........
Sep-21.............................           21      565,229       26,916       24.016       -0.028  ...........  ...........  ...........  ...........
Oct-21.............................           21      338,100       16,100       23.502       -0.514  ...........  ...........  ...........  ...........
Nov-21.............................           21      387,841       18,469       23.639        0.137  ...........  ...........  ...........  ...........
Dec-21.............................           22      618,897       28,132       24.060        0.421  ...........  ...........  ...........  ...........
Jan-22.............................           20      809,773       40,489       24.424        0.364  ...........  ...........  ...........  ...........
Feb-22.............................           19      531,622       27,980       24.055       -0.370  ...........  ...........  ...........  ...........
Mar-22.............................           23      868,009       37,740       24.354        0.299  ...........  ...........  ...........  ...........
Apr-22.............................           20      607,591       30,380       24.137       -0.217  ...........  ...........  ...........  ...........
May-22.............................           21      529,417       25,210       23.951       -0.187  ...........  ...........  ...........  ...........
Jun-22.............................           21      410,380       19,542       23.696       -0.255  ...........  ...........  ...........  ...........
Jul-22.............................           20      364,895       18,245       23.627       -0.069  ...........  ...........  ...........  ...........
Aug-22.............................           23      495,621       21,549       23.794        0.166  ...........  ...........  ...........  ...........
Sep-22.............................           21      371,472       17,689       23.596       -0.197  ...........  ...........  ...........  ...........
Oct-22.............................           21      175,612        8,362       22.847       -0.749  ...........  ...........  ...........  ...........
Nov-22.............................           21      362,262       17,251       23.571        0.724  ...........  ...........  ...........  ...........
Dec-22.............................           21      311,922       14,853       23.421       -0.150  ...........  ...........  ...........  ...........
Jan-23.............................           20      484,759       24,238       23.911        0.490  ...........  ...........  ...........  ...........
Feb-23.............................           19      700,233       36,854       24.330        0.419  ...........  ...........  ...........  ...........
Mar-23.............................           23      775,232       33,706       24.241       -0.089  ...........  ...........  ...........  ...........
Apr-23.............................           19      310,952       16,366       23.518       -0.722  ...........  ...........  ...........  ...........
May-23.............................           22      574,632       26,120       23.986        0.467  ...........  ...........  ...........  ...........
Jun-23.............................           21       87,686        4,176       22.153       -1.833  ...........  ...........  ...........  ...........
Jul-23.............................           20      778,808       38,940       24.385        2.233  ...........  ...........  ...........  ...........
Aug-23.............................           23      290,749       12,641       23.260       -1.125  ...........  ...........  ...........  ...........
Sep-23.............................           20      387,612       19,381       23.688        0.427  ...........  ...........  ...........  ...........
Oct-23.............................           22      118,541        5,388       22.407       -1.280  ...........  ...........  ...........  ...........
Nov-23.............................           21      458,187       21,818       23.806        1.399  ...........  ...........  ...........  ...........
Dec-23.............................           20       35,060        1,753       21.285       -2.521  ...........  ...........  ...........  ...........
Jan-24.............................           21      547,780       26,085       23.985        2.700  ...........  ...........  ...........  ...........
Feb-24.............................           20      625,139       31,257       24.166        0.181  ...........  ...........  ...........  ...........
Mar-24.............................           20    1,073,420       53,671       24.706        0.541  ...........  ...........  ...........  ...........
Apr-24.............................           22      330,061       15,003       23.432       -1.275  ...........  ...........  ...........  ...........
May-24.............................           22      769,244       34,966       24.278        0.846  ...........  ...........  ...........  ...........
Jun-24.............................           19      481,093       25,321       23.955       -0.323  ...........  ...........  ...........  ...........
Jul-24.............................           22      465,992       21,181       23.776       -0.178  ...........  ...........  ...........  ...........
Aug-24.............................           22  ...........  ...........  ...........  ...........       23.714        0.472       22,245      489,392
Sep-24.............................           20  ...........  ...........  ...........  ...........       23.715        0.473       22,279      445,574
Oct-24.............................           23  ...........  ...........  ...........  ...........       23.716        0.474       22,312      513,185
Nov-24.............................           20  ...........  ...........  ...........  ...........       23.717        0.475       22,346      446,923
Dec-24.............................           21  ...........  ...........  ...........  ...........       23.718        0.477       22,380      469,978
Jan-25.............................           21  ...........  ...........  ...........  ...........       23.719        0.478       22,414      470,689
Feb-25.............................           19  ...........  ...........  ...........  ...........       23.720        0.479       22,448      426,506
Mar-25.............................           21  ...........  ...........  ...........  ...........       23.721        0.480       22,482      472,114
Apr-25.............................           21  ...........  ...........  ...........  ...........       23.721        0.482       22,516      472,828
May-25.............................           21  ...........  ...........  ...........  ...........       23.722        0.483       22,550      473,543
Jun-25.............................           20  ...........  ...........  ...........  ...........       23.723        0.484       22,584      451,675
Jul-25.............................           22  ...........  ...........  ...........  ...........       23.724        0.485       22,618      497,594
Aug-25.............................           21  ...........  ...........  ...........  ...........       23.725        0.487       22,652      475,694
Sep-25.............................           21  ...........  ...........  ...........  ...........       23.726        0.488       22,686      476,413
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BILLING CODE 8011-01-P

[[Page 68480]]

[GRAPHIC] [TIFF OMITTED] TN26AU24.000

[FR Doc. 2024-19022 Filed 8-23-24; 8:45 am]
BILLING CODE 8011-01-C