FEE RATE ADVISORY #1

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.