FEE RATE ADVISORY #12




          Washington, DC, December 21, 2000 -- The Congress has
passed and we expect the President to sign today, Thursday,
December 21, the fiscal 2001 Commerce, Justice, State, and
related agencies appropriations bill that will fund the SEC.  If
signed as expected, effective 12:01 a.m. EST today, the fee rate
on filings made pursuant to Section 6(b) of the Securities Act of
1933 will have decreased to $250 per $1,000,000, or .00025 of the
aggregate offering amount.

     Please check our web site, www.sec.gov, for any update.

     If you have any questions about the new fee rate, please
contact the Filer Support Unit in the Office of Filings and
Information Services at (202) 942-8900.

                                
                                
                                
                                
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