Order Making Fiscal 2005 Mid-Year Adjustment to the Fee Rates Applicable Under

   
SECURITIES AND EXCHANGE COMMISSION  
[Release No. 34-51277/February 28, 2005]  
 
Order Making Fiscal 2005 Mid-Year Adjustment to the Fee Rates Applicable Under 
Sections 31(b) and (c) of the Securities Exchange Act of 1934 
 
I.         Background         
Section 31 of the Securities Exchange Act of 1934 (“Exchange Act”) requires each 
national securities exchange and national securities association to pay transaction fees to the 
Commission.
1
  Specifically, Section 31(b) requires each national securities exchange to pay to 
the Commission fees based on the aggregate dollar amount of sales of certain securities 
transacted on the exchange.
2
  Section 31(c) requires each national securities association to pay to 
the Commission fees based on the aggregate dollar amount of sales of certain securities 
transacted by or through any member of the association other than on an exchange.
3
Sections 31(j)(1) and (3) require the Commission to make annual adjustments to the fee 
rates applicable under Sections 31(b) and (c) for each of the fiscal years 2003 through 2011, and 
one final adjustment to fix the fee rates for fiscal year 2012 and beyond.
4
  Section 31(j)(2) 
requires the Commission, in certain circumstances, to make a mid-year adjustment to the fee 
rates in fiscal 2002 through fiscal 2011.
5
  The annual and mid-year adjustments are designed to 
adjust the fee rates in a given fiscal year so that, when applied to the aggregate dollar volume of 
sales for the fiscal year, they are reasonably likely to produce total fee collections under Section 
                                                
 
1
      15 U.S.C. 78ee. 
 
2
      15 U.S.C. 78ee(b). 
 
3
      15 U.S.C. 78ee(c). 
 
4
      15 U.S.C. 78ee(j)(1) and (j)(3). 
 
5
     15 U.S.C. 78ee(j)(2). 
 

31 equal to the “target offsetting collection amount” specified in Section 31(
l)(1) for that fiscal 
year.
6
  For fiscal 2005, the target offsetting collection amount is $1,220,000,000.
7
Congress established the target offsetting collection amounts in the Investor and Capital 
Markets Fee Relief Act (“Fee Relief Act”) by applying reduced fee rates to the Congressional 
Budget Office’s (“CBO”) January 2001 projections of dollar volume for fiscal years 2002 
through 2011.
8
  In any fiscal year through fiscal 2011, the annual, and in certain circumstances, 
mid-year adjustment mechanisms will result in additional fee rate reductions if the CBO’s 
January 2001 projection of dollar volume for the fiscal year proves to be too low, and fee rate 
increases if the CBO’s January 2001 projection of dollar volume for the fiscal year proves to be 
too high. 
II. Determination of the Need for a Mid-Year Adjustment in Fiscal 2005 
Under Section 31(j)(2) of the Exchange Act, the Commission must make a mid-year 
adjustment to the fee rates under Sections 31(b) and (c) in fiscal year 2005 if it determines, based 
on the actual aggregate dollar volume of sales during the first five months of the fiscal year, that 
the baseline estimate ($37,902,443,515,254) is reasonably likely to be 10% (or more) greater or 
less than the actual aggregate dollar volume of sales for fiscal 2005.
9
  To make this 
                                                
 
6
  15 U.S.C. 78ee(l)(1). 
 
7
  Id. 
 
8
      The target offsetting collection amounts for fiscal 2002 through 2006 were determined by applying a rate of $15 
per million to the CBO’s January 2001 projections of dollar volume for those fiscal years.  The target offsetting 
collection amounts for fiscal 2007 through 2011 were determined by applying a rate of $7 per million to the 
CBO’s January 2001 projections of dollar volume for those fiscal years.  For example, CBO’s January 2001 
projection of dollar volume for fiscal 2005 was $81,300,000,000,000.  Applying the initial rate under the Fee 
Relief Act of $15 per million to that projection produces the target offsetting collection amount for fiscal 2005 
of $1,220,000,000.  
 
9
  The amount $37,902,443,515,254 is the baseline estimate of the aggregate dollar amount of sales for fiscal year 
2005 calculated by the Commission in its Order Making Fiscal 2005 Annual Adjustments to the Fee Rates 
Applicable Under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the 
Securities Exchange Act of 1934, Rel. No. 33-8418 (April 30, 2004), 69 FR 25632 (May 7, 2004). 
 
2

determination, the Commission must estimate the actual aggregate dollar volume of sales for 
fiscal 2005. 
Based on data provided by the national securities exchanges and the national securities 
association that are subject to Section 31,
10
 the actual aggregate dollar volume of sales during the 
first four months of fiscal 2005 was $10,211,172,018,628.
11
  Using these data and a methodology 
for estimating the aggregate dollar amount of sales for the remainder of fiscal 2005 (developed 
after consultation with the CBO and the OMB),
12
 the Commission estimates that the aggregate 
dollar amount of sales for the remainder of fiscal 2005 to be $24,166,536,269,237.  Thus, the 
Commission estimates that the actual aggregate dollar volume of sales for all of fiscal 2005 will 
be $34,377,708,287,865. 
Because the baseline estimate of $37,902,443,515,254 is more than 10% greater than the 
$34,377,708,287,865 estimated actual aggregate dollar volume of sales for fiscal 2005, Section 
31(j)(2) of the Exchange Act requires the Commission to issue an order adjusting the fee rates 
under Sections 31(b) and (c). 
III. Calculation of the Uniform Adjusted Rate 
Section 31(j)(2) specifies the method for determining the mid-year adjustment for fiscal 
2005.  Specifically, the Commission must adjust the rates under Sections 31(b) and (c) to a 
“uniform adjusted rate that, when applied to the revised estimate of the aggregate dollar amount 
                                                                                                                                                            
 
   
10
  The NASD, Inc. (“NASD”) and each exchange is required to file a monthly report on Form R31 containing 
dollar volume data on sales of securities subject to Section 31.  The report is due on the 10
th
 business day 
following the month for which the exchange or association provides dollar volume data. 
 
11
  Although Section 31(j)(2) indicates that the Commission should determine the actual aggregate dollar volume 
of sales for fiscal 2005 “based on the actual aggregate dollar volume of sales during the first 5 months of such 
fiscal year,” data are only available for the first four months of the fiscal year as of the date the Commission is 
required to issue this order, 
i.e., March 1, 2005.  Dollar volume data on sales of securities subject to Section 31 
for February 2005 will not be available from the exchanges and the NASD for several weeks. 
  
12
    See Appendix A. 
 
 
3

of sales for the remainder of [fiscal 2005], is reasonably likely to produce aggregate fee 
collections under Section 31 (including fees collected during such 5-month period and 
assessments collected under [Section 31(d)]) that are equal to [$1,220,000,000].”
 13
  In other 
words, the uniform adjusted rate is determined by subtracting fees collected prior to the effective 
date of the new rate and assessments collected under Section 31(d) during all of fiscal 2005 from 
$1,220,000,000, which is the target offsetting collection amount for fiscal 2005.  That difference 
is then divided by the revised estimate of the aggregate dollar volume of sales for the remainder 
of the fiscal year following the effective date of the new rate. 
The Commission estimates that it will collect $438,149,779 in fees for the period prior to 
the effective date of the mid-year adjustment
14
 and $20,973 in assessments on round turn 
transactions in security futures products during all of fiscal 2005.  Using the methodology 
referenced in Part II above, the Commission estimates that the aggregate dollar volume of sales 
for the remainder of fiscal 2005 following the effective date of the new rate will be 
                                                
 
13
  15 U.S.C. 78ee(j)(2).  The term “fees collected” is not defined in Section 31.  Because national securities 
exchanges and national securities associations are not required to pay the first installment of Section 31 fees for 
fiscal 2005 until March 15, the Commission will not “collect” any fees in the first five months of fiscal 2005.  
See 15 U.S.C. 78ee(e).  However, the Commission believes that, for purposes of calculating the mid-year 
adjustment, Congress, by stating in Section 31(j)(2) that the “uniform adjusted rate . . . is reasonably likely to 
produce aggregate fee collections under Section 31 . . . that are equal to [$1,220,000,000],” intended the 
Commission to include the fees that the Commission will collect based on transactions in the six months before 
the effective date of the mid-year adjustment. 
       
14
  This calculation is based on applying a fee rate of $23.40 per million to the aggregate dollar volume of sales of 
securities subject to Section 31 through January 6, 2005, and a rate of $32.90 for the period from January 7, 
2005 to March 31, 2005.  Because the Commission’s regular appropriation for fiscal year 2005 was not enacted 
prior to the end of fiscal year 2004, Exchange Act Section 31(k), the “Lapse of Appropriation” provision, 
required that the fee rate in use at the end of fiscal year 2004, $23.40 per million, remain in effect until 30 days 
after the appropriation was enacted.  
See also Order Making Fiscal 2005 Annual Adjustments to the Fee Rates 
Applicable Under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the 
Securities Exchange Act of 1934, Rel. No. 33-8418 (April 30, 2004), 69 FR 25632 (May 7, 2004).  The 
Commission’s regular appropriation for fiscal year 2005 was enacted on December 8, 2004, and the $32.90 per 
million rate went into effect 30 days later, by operation of the statute.  
See Exchange Act Section 
31(j)(4)(A)(ii).  
 
 
4

$18,708,485,344,202.  Based on these estimates, the uniform adjusted rate is $41.80 per million 
of the aggregate dollar amount of sales of securities.
15
The Commission recognizes that this fee rate is higher than the current fee rate of $32.90 
per million.  However, the new fee rate is established by the statutory mid-year adjustment 
mechanism and is a direct consequence of more recent information on the dollar amount of sales 
of securities.  The aggregate dollar amount of sales of securities subject to Section 31 fees is 
illustrated in Appendix A.  
IV. Effective Date of the Uniform Adjusted Rate 
 Section 31(j)(4)(B) of the Exchange Act provides that a mid-year adjustment shall take 
effect on April 1 of the fiscal year in which such rate applies.  Therefore, the exchanges and the 
national securities association that are subject to Section 31 fees must pay fees under Sections 
31(b) and (c) at the uniform adjusted rate of $41.80 per million for sales of securities transacted 
on April 1, 2005, and thereafter until the annual adjustment for fiscal 2005 is effective.
16
  
                                                
 
15
  The calculation is as follows: ($1,220,000,000 - $438,149,779 - $20,973)/$18,708,485,344,202 = 
$0.0000417901.  Consistent with the system requirements of the exchanges and the NASD, the Commission 
rounds this result to the seventh decimal point, yielding a rate of $41.80 per million. 
 
16
  Section 31(j)(1) and Section 31(g) of the Exchange Act require the Commission to issue an order no later than 
April 30, 2005, adjusting the fee rates applicable under Sections 31(b) and (c) for fiscal 2006.  These fee rates 
for fiscal 2006 will be effective on the later of October 1, 2005 or thirty days after the enactment of the 
Commission’s regular appropriation for fiscal 2006. 
 
 
5

V.        Conclusion        
Accordingly, pursuant to Section 31 of the Exchange Act,
17
  
IT IS HEREBY ORDERED that each of the fee rates under Sections 31(b) and (c) of the 
Exchange Act shall be $41.80 per $1,000,000 of the aggregate dollar amount of sales of 
securities subject to these sections effective April 1, 2005. 
 
By the Commission.  
 
Margaret H. McFarland  
Deputy Secretary 
 
                                                
 
17
  15 U.S.C. 78ee. 
 
6

APPENDIX A 
 
A. Baseline estimate of the aggregate dollar amount of sales. 
 
First, calculate the average daily dollar amount of sales (ADS) for each month in the sample 
(January 1995 - January 2005).  The data obtained from the exchanges and NASD are presented 
in Table A. The monthly aggregate dollar amount of sales from all exchanges and the NASD is 
contained in column C.  
 
Next, calculate the change in the natural logarithm of ADS from month-to-month.  The average 
monthly change in the logarithm of ADS over the entire sample is 0.016 and the standard 
deviation 0.118.  Assume the monthly percentage change in ADS follows a random walk.  The 
expected monthly percentage growth rate of ADS is 2.4 percent.   
 
Now, use the expected monthly percentage growth rate to forecast total dollar volume.  For 
example, one can use the ADS for January 2005 ($128,432,971,367) to forecast ADS for 
February 2005 ($131,460,417,421 = $128,432,971,367 x 1.024).
18
  Multiply by the number of 
trading days in February 2005 (19) to obtain a forecast of the total dollar volume for the month 
($2,497,747,931,005).  Repeat the method to generate forecasts for subsequent months. 
 
The forecasts for total dollar volume are in column G of Table A. The following is a more formal 
(mathematical) description of the procedure: 
 
1. Divide each month’s total dollar volume (column C) by the number of trading days in that 
month (column B) to obtain the average daily dollar volume (ADS, column D). 
2. For each month t, calculate the change in ADS from the previous month as           
∆
t
 = log (ADS
t
 / ADS
t-1
), where log (x) denotes the natural logarithm of x. 
3. Calculate the mean and standard deviation of the series {∆
1
, ∆
2
, ... , ∆
120
}. These are given 
by μ = 0.016 and σ = 0.118, respectively. 
4. Assume that the natural logarithm of ADS follows a random walk, so that ∆
s
 and ∆
t
 are 
statistically independent for any two months s and t.  
5. Under the assumption that ∆
t
 is normally distributed, the expected value of ADS
t
 /ADS
t-1
 is 
given by exp (μ + σ
2
/2), or on average ADS
t
 = 1.024 × ADS
t-1
. 
6. For February 2005, this gives a forecast ADS of 1.024 × $128,432,971,367  = 
$131,460,417,421. Multiply this figure by the 19 trading days in February 2005 to obtain a 
total dollar volume forecast of $2,497,747,931,005. 
7. For March 2005, multiply the February 2005 ADS forecast by 1.024 to obtain a forecast 
ADS of $134,559,227,001. Multiply this figure by the 22 trading days in March 2005 to 
obtain a total dollar volume forecast of $2,960,302,994,030. 
                                                
 
18
 The value 1.024 has been rounded.  All computations are done with the unrounded value. 
 
7

8. Repeat this procedure for subsequent months. 
 
B. Using the forecasts from A to calculate the new fee rate. 
 
1. Determine the aggregate dollar volume of sales between 10/1/04 and 1/6/05 to be 
$8,143,963,787,852.    Multiply this amount by the fee rate of $23.40 per million dollars in 
sales during this period and get $190,568,753 in actual fees collected during 10/1/04 and 
1/6/05.  Determine the actual and projected aggregate dollar volume of sales between 1/7/05 
and 3/31/05 to be $7,525,259,155,811.  Multiply this amount by the fee rate of $32.90 per 
million dollars in sales during this period and get an estimate of $247,581,026 in actual and 
projected fees collected during 1/7/05 and 3/31/05.   
2. Estimate the amount of assessments on security futures products collected during 10/1/04 and 
9/30/05 to be $20,973 by summing the amounts collected through January of $5,845 with 
projections of a 2.4% monthly increase in subsequent months. 
3. Determine the projected aggregate dollar volume of sales between 4/1/05 and 9/30/05 to be 
$18,708,485,344,202. 
4. The rate necessary to collect the target $1,220,000,000 in fee revenues is then calculated as:  
($1,220,000,000 - $190,568,753 - $247,581,026 - $20,973) ÷ $18,708,485,344,202 = 
.000041790. 
 
5. Consistent with the system requirements of the exchanges and the NASD, round the rate to 
the seventh decimal point, yielding a rate of .0000418 (or $41.80 per million). 
 
8

Table A. Estimation of baseline of the aggregate dollar amount of sales.
(Methodology developed in consultation with the Office of Management and Budget and the Congressional Budget Office.)
Fee rate calculation.
a. Baseline estimate of the aggregate dollar amount of sales, 10/1/04 to 1/6/05 ($Millions)8,143,964
b. Baseline estimate of the aggregate dollar amount of sales, 1/7/05 to 3/31/05 ($Millions)7,525,259
c. Baseline estimate of the aggregate dollar amount of sales, 4/1/05 to 9/30/05 ($Millions)18,708,485
d. Estimated collections in assessments on security futures products in FY 2005 ($Millions)0.021
e. Implied fee rate (($1,220,000,000 - 0.0000234*a - 0.0000329*b - d) /c)$41.79009
Data
(A)(B)(C)(D)(E)(F)(G)
Month
# of Trading Days in 
Month
Aggregate Dollar 
Amount of Sales
Average Daily Dollar 
Amount of Sales 
(ADS)
Change in LN of ADSForecast ADS
Forecast Aggregate 
Dollar Amount of 
Sales
Jan-9521379,051,209,77118,050,057,608-
Feb-9519389,060,886,03520,476,888,7390.126
Mar-9523491,872,609,71821,385,765,6400.043
Apr-9519435,327,633,81822,911,980,7270.069
May-9522531,855,060,37924,175,230,0170.054
Jun-9522574,332,213,60926,106,009,7100.077
Jul-9520576,049,335,83128,802,466,7920.098
Aug-9523570,638,726,06024,810,379,394-0.149
Sep-9520578,133,939,67628,906,696,9840.153
Oct-9522642,190,178,03529,190,462,6380.010
Nov-9521596,424,550,56528,401,169,075-0.027
Dec-9520624,610,441,03731,230,522,0520.095
Jan-9622687,599,091,85431,254,504,1750.001
Feb-9620687,232,471,27334,361,623,5640.095
Mar-9621714,836,120,09334,039,815,243-0.009
Apr-9621704,410,318,02233,543,348,477-0.015
May-9622768,379,507,48934,926,341,2500.040
Jun-9620631,098,780,22331,554,939,011-0.102
Jul-9622688,428,728,38431,292,214,927-0.008
Aug-9622570,109,772,03625,914,080,547-0.189
Sep-9620617,243,881,68830,862,194,0840.175
Oct-9623764,269,441,45433,229,106,1500.074
Nov-9620748,494,700,41937,424,735,0210.119
Dec-9621764,479,496,75336,403,785,560-0.028
Jan-9722957,432,637,58643,519,665,3450.179
Feb-9719837,174,183,44644,061,799,1290.012
Mar-9720839,192,728,78841,959,636,439-0.049
Apr-9722862,799,213,31539,218,146,060-0.068
May-9721925,733,852,64744,082,564,4120.117
Jun-9721930,409,085,85944,305,194,5650.005
Jul-97221,085,682,706,89849,349,213,9500.108
Aug-97211,031,344,138,75149,111,625,655-0.005
Sep-97211,036,460,244,60249,355,249,7430.005
Oct-97231,329,653,432,71857,811,018,8140.158
Nov-9719926,017,878,58748,737,783,084-0.171
Dec-97221,046,220,806,19947,555,491,191-0.025
Jan-98201,037,925,292,90251,896,264,6450.087
Feb-98191,081,705,333,39656,931,859,6520.093
Mar-98221,259,994,685,46757,272,485,7030.006
Apr-98211,298,494,359,25361,833,064,7260.077
May-98201,110,221,658,99555,511,082,950-0.108
Jun-98221,243,779,791,91356,535,445,0870.018
Jul-98221,399,011,433,74863,591,428,8070.118
Aug-98211,307,501,463,44262,261,974,450-0.021
Sep-98211,352,428,235,08364,401,344,5280.034
Oct-98221,460,835,397,59866,401,608,9820.031
Nov-98201,298,403,768,06564,920,188,403-0.023
Dec-98221,442,697,787,30665,577,172,1500.010
 
9

Jan-99191,884,555,055,91099,187,108,2060.414
Feb-99191,656,058,202,76587,160,958,040-0.129
Mar-99231,908,967,664,07482,998,594,090-0.049
Apr-99212,177,601,770,622103,695,322,4110.223
May-99201,784,400,906,98789,220,045,349-0.150
Jun-99221,697,339,227,50377,151,783,068-0.145
Jul-99211,767,035,098,98684,144,528,5230.087
Aug-99221,692,907,150,72676,950,325,033-0.089
Sep-99211,730,505,881,17882,405,041,9610.068
Oct-99212,017,474,765,54296,070,226,9310.153
Nov-99212,348,374,009,334111,827,333,7780.152
Dec-99222,686,788,531,991122,126,751,4540.088
Jan-00203,057,831,397,113152,891,569,8560.225
Feb-00202,973,119,888,063148,655,994,403-0.028
Mar-00234,135,152,366,234179,789,233,3150.190
Apr-00193,174,694,525,687167,089,185,562-0.073
May-00222,649,273,207,318120,421,509,424-0.328
Jun-00222,883,513,997,781131,068,818,0810.085
Jul-00202,804,753,395,361140,237,669,7680.068
Aug-00232,720,788,395,832118,295,147,645-0.170
Sep-00202,930,188,809,012146,509,440,4510.214
Oct-00223,485,926,307,727158,451,195,8060.078
Nov-00212,795,778,876,887133,132,327,471-0.174
Dec-00202,809,917,349,851140,495,867,4930.054
Jan-01213,143,501,125,244149,690,529,7740.063
Feb-01192,372,420,523,286124,864,238,068-0.181
Mar-01222,554,419,085,113116,109,958,414-0.073
Apr-01202,324,349,507,745116,217,475,3870.001
May-01222,353,179,388,303106,962,699,468-0.083
Jun-01212,111,922,113,236100,567,719,678-0.062
Jul-01212,004,384,034,55495,446,858,788-0.052
Aug-01231,803,565,337,79578,415,884,252-0.197
Sep-01151,573,484,946,383104,898,996,4260.291
Oct-01232,147,238,873,04493,358,211,871-0.117
Nov-01211,939,427,217,51892,353,677,025-0.011
Dec-01201,921,098,738,11396,054,936,9060.039
Jan-02212,149,243,312,432102,344,919,6400.063
Feb-02191,928,830,595,585101,517,399,768-0.008
Mar-02202,002,216,374,514100,110,818,726-0.014
Apr-02222,062,101,866,50693,731,903,023-0.066
May-02221,985,859,756,55790,266,352,571-0.038
Jun-02201,882,185,380,60994,109,269,0300.042
Jul-02222,349,564,490,189106,798,385,9180.126
Aug-02221,793,429,904,07981,519,541,095-0.270
Sep-02201,518,944,367,20475,947,218,360-0.071
Oct-02232,127,874,947,97292,516,302,0860.197
Nov-02201,780,816,458,12289,040,822,906-0.038
Dec-02211,561,092,215,64674,337,724,555-0.180
Jan-03211,723,698,830,41482,080,896,6860.099
Feb-03191,411,722,405,35774,301,179,229-0.100
Mar-03211,699,581,267,71880,932,441,3200.085
Apr-03211,759,751,025,27983,797,667,8700.035
May-03211,871,390,985,67889,113,856,4610.062
Jun-03212,122,225,077,345101,058,337,0160.126
Jul-03222,100,812,973,95695,491,498,816-0.057
Aug-03211,766,527,686,22484,120,366,011-0.127
Sep-03212,063,584,421,93998,265,924,8540.155
Oct-03232,331,850,083,022101,384,786,2180.031
Nov-03191,903,726,129,859100,196,112,098-0.012
Dec-03222,066,530,151,38393,933,188,699-0.065
Jan-04202,390,942,905,678119,547,145,2840.241
Feb-04192,177,765,594,701114,619,241,826-0.042
Mar-04232,609,443,903,115113,454,082,744-0.010
Apr-04212,411,279,535,948114,822,835,0450.012
 
10

May-04202,253,135,847,669112,656,792,383-0.019
Jun-04222,106,449,803,40495,747,718,337-0.163
Jul-04212,203,895,014,681104,947,381,6510.092
Aug-04222,027,596,448,41192,163,474,928-0.130
Sep-04211,987,599,548,36194,647,597,5410.027
Oct-04212,407,510,364,975114,643,350,7130.192
Nov-04212,569,602,996,944122,362,047,4740.065
Dec-04222,665,399,229,376121,154,510,426-0.010
Jan-05202,568,659,427,333128,432,971,3670.058
Feb-0519131,460,417,4212,497,747,931,005
Mar-0522134,559,227,0012,960,302,994,030
Apr-0521137,731,082,3012,892,352,728,325
May-0521140,977,705,1682,960,531,808,532
Jun-0522144,300,858,0373,174,618,876,824
Jul-0520147,702,344,8892,954,046,897,770
Aug-0523151,184,012,2253,477,232,281,168
Sep-0521154,747,750,0753,249,702,751,583
 
 
11

SECURITIES AND EXCHANGE COMMISSION  
[Release No. 34-51277/February 28, 2005]  
 
Order Making Fiscal 2005 Mid-Year Adjustment to the Fee Rates Applicable Under 
Sections 31(b) and (c) of the Securities Exchange Act of 1934 
 
I. Background 

Section 31 of the Securities Exchange Act of 1934 (“Exchange Act”) requires each 

national securities exchange and national securities association to pay transaction fees to the 

Commission.1  Specifically, Section 31(b) requires each national securities exchange to pay to 

the Commission fees based on the aggregate dollar amount of sales of certain securities 

transacted on the exchange.2  Section 31(c) requires each national securities association to pay to 

the Commission fees based on the aggregate dollar amount of sales of certain securities 

transacted by or through any member of the association other than on an exchange.3

Sections 31(j)(1) and (3) require the Commission to make annual adjustments to the fee 

rates applicable under Sections 31(b) and (c) for each of the fiscal years 2003 through 2011, and 

one final adjustment to fix the fee rates for fiscal year 2012 and beyond.4  Section 31(j)(2) 

requires the Commission, in certain circumstances, to make a mid-year adjustment to the fee 

rates in fiscal 2002 through fiscal 2011.5  The annual and mid-year adjustments are designed to 

adjust the fee rates in a given fiscal year so that, when applied to the aggregate dollar volume of 

sales for the fiscal year, they are reasonably likely to produce total fee collections under Section 

                                                 
1  15 U.S.C. 78ee. 
 
2  15 U.S.C. 78ee(b). 
 
3  15 U.S.C. 78ee(c). 
 
4  15 U.S.C. 78ee(j)(1) and (j)(3). 
 
5     15 U.S.C. 78ee(j)(2). 
 



31 equal to the “target offsetting collection amount” specified in Section 31(l)(1) for that fiscal 

year.6  For fiscal 2005, the target offsetting collection amount is $1,220,000,000.7

Congress established the target offsetting collection amounts in the Investor and Capital 

Markets Fee Relief Act (“Fee Relief Act”) by applying reduced fee rates to the Congressional 

Budget Office’s (“CBO”) January 2001 projections of dollar volume for fiscal years 2002 

through 2011.8  In any fiscal year through fiscal 2011, the annual, and in certain circumstances, 

mid-year adjustment mechanisms will result in additional fee rate reductions if the CBO’s 

January 2001 projection of dollar volume for the fiscal year proves to be too low, and fee rate 

increases if the CBO’s January 2001 projection of dollar volume for the fiscal year proves to be 

too high. 

II. Determination of the Need for a Mid-Year Adjustment in Fiscal 2005 

Under Section 31(j)(2) of the Exchange Act, the Commission must make a mid-year 

adjustment to the fee rates under Sections 31(b) and (c) in fiscal year 2005 if it determines, based 

on the actual aggregate dollar volume of sales during the first five months of the fiscal year, that 

the baseline estimate ($37,902,443,515,254) is reasonably likely to be 10% (or more) greater or 

less than the actual aggregate dollar volume of sales for fiscal 2005.9  To make this 

                                                 
6  15 U.S.C. 78ee(l)(1). 
 
7  Id. 
 
8      The target offsetting collection amounts for fiscal 2002 through 2006 were determined by applying a rate of $15 

per million to the CBO’s January 2001 projections of dollar volume for those fiscal years.  The target offsetting 
collection amounts for fiscal 2007 through 2011 were determined by applying a rate of $7 per million to the 
CBO’s January 2001 projections of dollar volume for those fiscal years.  For example, CBO’s January 2001 
projection of dollar volume for fiscal 2005 was $81,300,000,000,000.  Applying the initial rate under the Fee 
Relief Act of $15 per million to that projection produces the target offsetting collection amount for fiscal 2005 
of $1,220,000,000.  

 
9  The amount $37,902,443,515,254 is the baseline estimate of the aggregate dollar amount of sales for fiscal year 

2005 calculated by the Commission in its Order Making Fiscal 2005 Annual Adjustments to the Fee Rates 
Applicable Under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the 
Securities Exchange Act of 1934, Rel. No. 33-8418 (April 30, 2004), 69 FR 25632 (May 7, 2004). 

 2



determination, the Commission must estimate the actual aggregate dollar volume of sales for 

fiscal 2005. 

Based on data provided by the national securities exchanges and the national securities 

association that are subject to Section 31,10 the actual aggregate dollar volume of sales during the 

first four months of fiscal 2005 was $10,211,172,018,628.11  Using these data and a methodology 

for estimating the aggregate dollar amount of sales for the remainder of fiscal 2005 (developed 

after consultation with the CBO and the OMB),12 the Commission estimates that the aggregate 

dollar amount of sales for the remainder of fiscal 2005 to be $24,166,536,269,237.  Thus, the 

Commission estimates that the actual aggregate dollar volume of sales for all of fiscal 2005 will 

be $34,377,708,287,865. 

Because the baseline estimate of $37,902,443,515,254 is more than 10% greater than the 

$34,377,708,287,865 estimated actual aggregate dollar volume of sales for fiscal 2005, Section 

31(j)(2) of the Exchange Act requires the Commission to issue an order adjusting the fee rates 

under Sections 31(b) and (c). 

III. Calculation of the Uniform Adjusted Rate 

Section 31(j)(2) specifies the method for determining the mid-year adjustment for fiscal 

2005.  Specifically, the Commission must adjust the rates under Sections 31(b) and (c) to a 

“uniform adjusted rate that, when applied to the revised estimate of the aggregate dollar amount 
                                                                                                                                                             
   
10  The NASD, Inc. (“NASD”) and each exchange is required to file a monthly report on Form R31 containing 

dollar volume data on sales of securities subject to Section 31.  The report is due on the 10th business day 
following the month for which the exchange or association provides dollar volume data. 

 
11  Although Section 31(j)(2) indicates that the Commission should determine the actual aggregate dollar volume 

of sales for fiscal 2005 “based on the actual aggregate dollar volume of sales during the first 5 months of such 
fiscal year,” data are only available for the first four months of the fiscal year as of the date the Commission is 
required to issue this order, i.e., March 1, 2005.  Dollar volume data on sales of securities subject to Section 31 
for February 2005 will not be available from the exchanges and the NASD for several weeks. 

  
12    See Appendix A. 
 

 3



of sales for the remainder of [fiscal 2005], is reasonably likely to produce aggregate fee 

collections under Section 31 (including fees collected during such 5-month period and 

assessments collected under [Section 31(d)]) that are equal to [$1,220,000,000].” 13  In other 

words, the uniform adjusted rate is determined by subtracting fees collected prior to the effective 

date of the new rate and assessments collected under Section 31(d) during all of fiscal 2005 from 

$1,220,000,000, which is the target offsetting collection amount for fiscal 2005.  That difference 

is then divided by the revised estimate of the aggregate dollar volume of sales for the remainder 

of the fiscal year following the effective date of the new rate. 

The Commission estimates that it will collect $438,149,779 in fees for the period prior to 

the effective date of the mid-year adjustment14 and $20,973 in assessments on round turn 

transactions in security futures products during all of fiscal 2005.  Using the methodology 

referenced in Part II above, the Commission estimates that the aggregate dollar volume of sales 

for the remainder of fiscal 2005 following the effective date of the new rate will be 

                                                 
13  15 U.S.C. 78ee(j)(2).  The term “fees collected” is not defined in Section 31.  Because national securities 

exchanges and national securities associations are not required to pay the first installment of Section 31 fees for 
fiscal 2005 until March 15, the Commission will not “collect” any fees in the first five months of fiscal 2005.  
See 15 U.S.C. 78ee(e).  However, the Commission believes that, for purposes of calculating the mid-year 
adjustment, Congress, by stating in Section 31(j)(2) that the “uniform adjusted rate . . . is reasonably likely to 
produce aggregate fee collections under Section 31 . . . that are equal to [$1,220,000,000],” intended the 
Commission to include the fees that the Commission will collect based on transactions in the six months before 
the effective date of the mid-year adjustment. 

       
14  This calculation is based on applying a fee rate of $23.40 per million to the aggregate dollar volume of sales of 

securities subject to Section 31 through January 6, 2005, and a rate of $32.90 for the period from January 7, 
2005 to March 31, 2005.  Because the Commission’s regular appropriation for fiscal year 2005 was not enacted 
prior to the end of fiscal year 2004, Exchange Act Section 31(k), the “Lapse of Appropriation” provision, 
required that the fee rate in use at the end of fiscal year 2004, $23.40 per million, remain in effect until 30 days 
after the appropriation was enacted.  See also Order Making Fiscal 2005 Annual Adjustments to the Fee Rates 
Applicable Under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), 31(b) and 31(c) of the 
Securities Exchange Act of 1934, Rel. No. 33-8418 (April 30, 2004), 69 FR 25632 (May 7, 2004).  The 
Commission’s regular appropriation for fiscal year 2005 was enacted on December 8, 2004, and the $32.90 per 
million rate went into effect 30 days later, by operation of the statute.  See Exchange Act Section 
31(j)(4)(A)(ii).  

 

 4



$18,708,485,344,202.  Based on these estimates, the uniform adjusted rate is $41.80 per million 

of the aggregate dollar amount of sales of securities.15

The Commission recognizes that this fee rate is higher than the current fee rate of $32.90 

per million.  However, the new fee rate is established by the statutory mid-year adjustment 

mechanism and is a direct consequence of more recent information on the dollar amount of sales 

of securities.  The aggregate dollar amount of sales of securities subject to Section 31 fees is 

illustrated in Appendix A.  

IV. Effective Date of the Uniform Adjusted Rate 

 Section 31(j)(4)(B) of the Exchange Act provides that a mid-year adjustment shall take 

effect on April 1 of the fiscal year in which such rate applies.  Therefore, the exchanges and the 

national securities association that are subject to Section 31 fees must pay fees under Sections 

31(b) and (c) at the uniform adjusted rate of $41.80 per million for sales of securities transacted 

on April 1, 2005, and thereafter until the annual adjustment for fiscal 2005 is effective.16  

                                                 
15  The calculation is as follows: ($1,220,000,000 - $438,149,779 - $20,973)/$18,708,485,344,202 = 

$0.0000417901.  Consistent with the system requirements of the exchanges and the NASD, the Commission 
rounds this result to the seventh decimal point, yielding a rate of $41.80 per million. 

 
16  Section 31(j)(1) and Section 31(g) of the Exchange Act require the Commission to issue an order no later than 

April 30, 2005, adjusting the fee rates applicable under Sections 31(b) and (c) for fiscal 2006.  These fee rates 
for fiscal 2006 will be effective on the later of October 1, 2005 or thirty days after the enactment of the 
Commission’s regular appropriation for fiscal 2006. 

 

 5



V. Conclusion 

Accordingly, pursuant to Section 31 of the Exchange Act,17  

IT IS HEREBY ORDERED that each of the fee rates under Sections 31(b) and (c) of the 

Exchange Act shall be $41.80 per $1,000,000 of the aggregate dollar amount of sales of 

securities subject to these sections effective April 1, 2005. 

 

By the Commission.  

 

Margaret H. McFarland  
Deputy Secretary 

 

                                                 
17  15 U.S.C. 78ee. 

 6



APPENDIX A 
 
A. Baseline estimate of the aggregate dollar amount of sales. 
 
First, calculate the average daily dollar amount of sales (ADS) for each month in the sample 
(January 1995 - January 2005).  The data obtained from the exchanges and NASD are presented 
in Table A. The monthly aggregate dollar amount of sales from all exchanges and the NASD is 
contained in column C.  
 
Next, calculate the change in the natural logarithm of ADS from month-to-month.  The average 
monthly change in the logarithm of ADS over the entire sample is 0.016 and the standard 
deviation 0.118.  Assume the monthly percentage change in ADS follows a random walk.  The 
expected monthly percentage growth rate of ADS is 2.4 percent.   
 
Now, use the expected monthly percentage growth rate to forecast total dollar volume.  For 
example, one can use the ADS for January 2005 ($128,432,971,367) to forecast ADS for 
February 2005 ($131,460,417,421 = $128,432,971,367 x 1.024).18  Multiply by the number of 
trading days in February 2005 (19) to obtain a forecast of the total dollar volume for the month 
($2,497,747,931,005).  Repeat the method to generate forecasts for subsequent months. 

 
The forecasts for total dollar volume are in column G of Table A. The following is a more formal 
(mathematical) description of the procedure: 
 
1. Divide each month’s total dollar volume (column C) by the number of trading days in that 

month (column B) to obtain the average daily dollar volume (ADS, column D). 

2. For each month t, calculate the change in ADS from the previous month as           
∆t = log (ADSt / ADSt-1), where log (x) denotes the natural logarithm of x. 

3. Calculate the mean and standard deviation of the series {∆1, ∆2, … , ∆120}. These are given 
by µ = 0.016 and σ = 0.118, respectively. 

4. Assume that the natural logarithm of ADS follows a random walk, so that ∆s and ∆t are 
statistically independent for any two months s and t.  

5. Under the assumption that ∆t is normally distributed, the expected value of ADSt /ADSt-1 is 
given by exp (µ + σ2/2), or on average ADSt = 1.024 × ADSt-1. 

6. For February 2005, this gives a forecast ADS of 1.024 × $128,432,971,367  = 
$131,460,417,421. Multiply this figure by the 19 trading days in February 2005 to obtain a 
total dollar volume forecast of $2,497,747,931,005. 

7. For March 2005, multiply the February 2005 ADS forecast by 1.024 to obtain a forecast 
ADS of $134,559,227,001. Multiply this figure by the 22 trading days in March 2005 to 
obtain a total dollar volume forecast of $2,960,302,994,030. 

                                                 
18 The value 1.024 has been rounded.  All computations are done with the unrounded value. 

 7



8. Repeat this procedure for subsequent months. 
 
B. Using the forecasts from A to calculate the new fee rate. 
 
1. Determine the aggregate dollar volume of sales between 10/1/04 and 1/6/05 to be 

$8,143,963,787,852.    Multiply this amount by the fee rate of $23.40 per million dollars in 
sales during this period and get $190,568,753 in actual fees collected during 10/1/04 and 
1/6/05.  Determine the actual and projected aggregate dollar volume of sales between 1/7/05 
and 3/31/05 to be $7,525,259,155,811.  Multiply this amount by the fee rate of $32.90 per 
million dollars in sales during this period and get an estimate of $247,581,026 in actual and 
projected fees collected during 1/7/05 and 3/31/05.   

2. Estimate the amount of assessments on security futures products collected during 10/1/04 and 
9/30/05 to be $20,973 by summing the amounts collected through January of $5,845 with 
projections of a 2.4% monthly increase in subsequent months. 

3. Determine the projected aggregate dollar volume of sales between 4/1/05 and 9/30/05 to be 
$18,708,485,344,202. 

4. The rate necessary to collect the target $1,220,000,000 in fee revenues is then calculated as:  
($1,220,000,000 - $190,568,753 - $247,581,026 - $20,973) ÷ $18,708,485,344,202 = 
.000041790. 

 
5. Consistent with the system requirements of the exchanges and the NASD, round the rate to 

the seventh decimal point, yielding a rate of .0000418 (or $41.80 per million). 

 8



Table A. Estimation of baseline of the aggregate dollar amount of sales.
(Methodology developed in consultation with the Office of Management and Budget and the Congressional Budget Office.)

Fee rate calculation.
a. Baseline estimate of the aggregate dollar amount of sales, 10/1/04 to 1/6/05 ($Millions) 8,143,964
b. Baseline estimate of the aggregate dollar amount of sales, 1/7/05 to 3/31/05 ($Millions) 7,525,259
c. Baseline estimate of the aggregate dollar amount of sales, 4/1/05 to 9/30/05 ($Millions) 18,708,485
d. Estimated collections in assessments on security futures products in FY 2005 ($Millions) 0.021
e. Implied fee rate (($1,220,000,000 - 0.0000234*a - 0.0000329*b - d) /c) $41.79009

Data
(A) (B) (C) (D) (E) (F) (G)

Month # of Trading Days in 
Month

Aggregate Dollar 
Amount of Sales

Average Daily Dollar 
Amount of Sales 

(ADS)
Change in LN of ADS Forecast ADS

Forecast Aggregate 
Dollar Amount of 

Sales
Jan-95 21 379,051,209,771 18,050,057,608 -
Feb-95 19 389,060,886,035 20,476,888,739 0.126
Mar-95 23 491,872,609,718 21,385,765,640 0.043
Apr-95 19 435,327,633,818 22,911,980,727 0.069

May-95 22 531,855,060,379 24,175,230,017 0.054
Jun-95 22 574,332,213,609 26,106,009,710 0.077
Jul-95 20 576,049,335,831 28,802,466,792 0.098

Aug-95 23 570,638,726,060 24,810,379,394 -0.149
Sep-95 20 578,133,939,676 28,906,696,984 0.153
Oct-95 22 642,190,178,035 29,190,462,638 0.010
Nov-95 21 596,424,550,565 28,401,169,075 -0.027
Dec-95 20 624,610,441,037 31,230,522,052 0.095
Jan-96 22 687,599,091,854 31,254,504,175 0.001
Feb-96 20 687,232,471,273 34,361,623,564 0.095
Mar-96 21 714,836,120,093 34,039,815,243 -0.009
Apr-96 21 704,410,318,022 33,543,348,477 -0.015

May-96 22 768,379,507,489 34,926,341,250 0.040
Jun-96 20 631,098,780,223 31,554,939,011 -0.102
Jul-96 22 688,428,728,384 31,292,214,927 -0.008

Aug-96 22 570,109,772,036 25,914,080,547 -0.189
Sep-96 20 617,243,881,688 30,862,194,084 0.175
Oct-96 23 764,269,441,454 33,229,106,150 0.074
Nov-96 20 748,494,700,419 37,424,735,021 0.119
Dec-96 21 764,479,496,753 36,403,785,560 -0.028
Jan-97 22 957,432,637,586 43,519,665,345 0.179
Feb-97 19 837,174,183,446 44,061,799,129 0.012
Mar-97 20 839,192,728,788 41,959,636,439 -0.049
Apr-97 22 862,799,213,315 39,218,146,060 -0.068

May-97 21 925,733,852,647 44,082,564,412 0.117
Jun-97 21 930,409,085,859 44,305,194,565 0.005
Jul-97 22 1,085,682,706,898 49,349,213,950 0.108

Aug-97 21 1,031,344,138,751 49,111,625,655 -0.005
Sep-97 21 1,036,460,244,602 49,355,249,743 0.005
Oct-97 23 1,329,653,432,718 57,811,018,814 0.158
Nov-97 19 926,017,878,587 48,737,783,084 -0.171
Dec-97 22 1,046,220,806,199 47,555,491,191 -0.025
Jan-98 20 1,037,925,292,902 51,896,264,645 0.087
Feb-98 19 1,081,705,333,396 56,931,859,652 0.093
Mar-98 22 1,259,994,685,467 57,272,485,703 0.006
Apr-98 21 1,298,494,359,253 61,833,064,726 0.077

May-98 20 1,110,221,658,995 55,511,082,950 -0.108
Jun-98 22 1,243,779,791,913 56,535,445,087 0.018
Jul-98 22 1,399,011,433,748 63,591,428,807 0.118

Aug-98 21 1,307,501,463,442 62,261,974,450 -0.021
Sep-98 21 1,352,428,235,083 64,401,344,528 0.034
Oct-98 22 1,460,835,397,598 66,401,608,982 0.031
Nov-98 20 1,298,403,768,065 64,920,188,403 -0.023
Dec-98 22 1,442,697,787,306 65,577,172,150 0.010

 9



Jan-99 19 1,884,555,055,910 99,187,108,206 0.414
Feb-99 19 1,656,058,202,765 87,160,958,040 -0.129
Mar-99 23 1,908,967,664,074 82,998,594,090 -0.049
Apr-99 21 2,177,601,770,622 103,695,322,411 0.223

May-99 20 1,784,400,906,987 89,220,045,349 -0.150
Jun-99 22 1,697,339,227,503 77,151,783,068 -0.145
Jul-99 21 1,767,035,098,986 84,144,528,523 0.087

Aug-99 22 1,692,907,150,726 76,950,325,033 -0.089
Sep-99 21 1,730,505,881,178 82,405,041,961 0.068
Oct-99 21 2,017,474,765,542 96,070,226,931 0.153
Nov-99 21 2,348,374,009,334 111,827,333,778 0.152
Dec-99 22 2,686,788,531,991 122,126,751,454 0.088
Jan-00 20 3,057,831,397,113 152,891,569,856 0.225
Feb-00 20 2,973,119,888,063 148,655,994,403 -0.028
Mar-00 23 4,135,152,366,234 179,789,233,315 0.190
Apr-00 19 3,174,694,525,687 167,089,185,562 -0.073

May-00 22 2,649,273,207,318 120,421,509,424 -0.328
Jun-00 22 2,883,513,997,781 131,068,818,081 0.085
Jul-00 20 2,804,753,395,361 140,237,669,768 0.068

Aug-00 23 2,720,788,395,832 118,295,147,645 -0.170
Sep-00 20 2,930,188,809,012 146,509,440,451 0.214
Oct-00 22 3,485,926,307,727 158,451,195,806 0.078
Nov-00 21 2,795,778,876,887 133,132,327,471 -0.174
Dec-00 20 2,809,917,349,851 140,495,867,493 0.054
Jan-01 21 3,143,501,125,244 149,690,529,774 0.063
Feb-01 19 2,372,420,523,286 124,864,238,068 -0.181
Mar-01 22 2,554,419,085,113 116,109,958,414 -0.073
Apr-01 20 2,324,349,507,745 116,217,475,387 0.001

May-01 22 2,353,179,388,303 106,962,699,468 -0.083
Jun-01 21 2,111,922,113,236 100,567,719,678 -0.062
Jul-01 21 2,004,384,034,554 95,446,858,788 -0.052

Aug-01 23 1,803,565,337,795 78,415,884,252 -0.197
Sep-01 15 1,573,484,946,383 104,898,996,426 0.291
Oct-01 23 2,147,238,873,044 93,358,211,871 -0.117
Nov-01 21 1,939,427,217,518 92,353,677,025 -0.011
Dec-01 20 1,921,098,738,113 96,054,936,906 0.039
Jan-02 21 2,149,243,312,432 102,344,919,640 0.063
Feb-02 19 1,928,830,595,585 101,517,399,768 -0.008
Mar-02 20 2,002,216,374,514 100,110,818,726 -0.014
Apr-02 22 2,062,101,866,506 93,731,903,023 -0.066

May-02 22 1,985,859,756,557 90,266,352,571 -0.038
Jun-02 20 1,882,185,380,609 94,109,269,030 0.042
Jul-02 22 2,349,564,490,189 106,798,385,918 0.126

Aug-02 22 1,793,429,904,079 81,519,541,095 -0.270
Sep-02 20 1,518,944,367,204 75,947,218,360 -0.071
Oct-02 23 2,127,874,947,972 92,516,302,086 0.197
Nov-02 20 1,780,816,458,122 89,040,822,906 -0.038
Dec-02 21 1,561,092,215,646 74,337,724,555 -0.180
Jan-03 21 1,723,698,830,414 82,080,896,686 0.099
Feb-03 19 1,411,722,405,357 74,301,179,229 -0.100
Mar-03 21 1,699,581,267,718 80,932,441,320 0.085
Apr-03 21 1,759,751,025,279 83,797,667,870 0.035

May-03 21 1,871,390,985,678 89,113,856,461 0.062
Jun-03 21 2,122,225,077,345 101,058,337,016 0.126
Jul-03 22 2,100,812,973,956 95,491,498,816 -0.057

Aug-03 21 1,766,527,686,224 84,120,366,011 -0.127
Sep-03 21 2,063,584,421,939 98,265,924,854 0.155
Oct-03 23 2,331,850,083,022 101,384,786,218 0.031
Nov-03 19 1,903,726,129,859 100,196,112,098 -0.012
Dec-03 22 2,066,530,151,383 93,933,188,699 -0.065
Jan-04 20 2,390,942,905,678 119,547,145,284 0.241
Feb-04 19 2,177,765,594,701 114,619,241,826 -0.042
Mar-04 23 2,609,443,903,115 113,454,082,744 -0.010
Apr-04 21 2,411,279,535,948 114,822,835,045 0.012

 10



May-04 20 2,253,135,847,669 112,656,792,383 -0.019
Jun-04 22 2,106,449,803,404 95,747,718,337 -0.163
Jul-04 21 2,203,895,014,681 104,947,381,651 0.092

Aug-04 22 2,027,596,448,411 92,163,474,928 -0.130
Sep-04 21 1,987,599,548,361 94,647,597,541 0.027
Oct-04 21 2,407,510,364,975 114,643,350,713 0.192
Nov-04 21 2,569,602,996,944 122,362,047,474 0.065
Dec-04 22 2,665,399,229,376 121,154,510,426 -0.010
Jan-05 20 2,568,659,427,333 128,432,971,367 0.058
Feb-05 19 131,460,417,421 2,497,747,931,005
Mar-05 22 134,559,227,001 2,960,302,994,030
Apr-05 21 137,731,082,301 2,892,352,728,325

May-05 21 140,977,705,168 2,960,531,808,532
Jun-05 22 144,300,858,037 3,174,618,876,824
Jul-05 20 147,702,344,889 2,954,046,897,770

Aug-05 23 151,184,012,225 3,477,232,281,168
Sep-05 21 154,747,750,075 3,249,702,751,583  

 11


	SECURITIES AND EXCHANGE COMMISSION