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U.S. Securities and Exchange Commission

Fee Rate Advisory #1



Washington, D.C., September 25, 2000 – The fee rate on filings made pursuant to Section 6(b) of the Securities Act of 1933 may change as of October 1, 2000, the beginning of fiscal year 2001. Any change is dependent on the enactment of a fiscal year 2001 appropriation for the SEC. However, as of today, a fiscal year 2001 appropriation bill for the SEC has not been enacted, so it is uncertain what the fee rate will be. There are two possibilities.

1) If an appropriation bill is enacted, the fee rate will decrease to $250 per $1,000,000. This rate would be applied pro rata to amounts less than $1,000,000. The fee should be calculated by multiplying the aggregate offering amount by .00025.

2) If a continuing resolution is enacted, or in the event that neither a fiscal year 2001 appropriations bill nor a continuing resolution is enacted, the fee rate will continue at the current rate of $264 per $1,000,000.

The Commission will issue further notices as appropriate to keep filers and registrants informed of developments affecting the Section 6(b) fee rate. This information will be posted at the SEC's Internet website at <http://www.sec.gov>. In the interim, filers and registrants should contact the Office of Filings and Information Services, Filer Support Unit, at (202) 942-8900 if they have any questions.