FOR IMMEDIATE RELEASE                                        97-80



                            FEE RATE ADVISORY



     Washington, D.C., September 25, 1997 -- The fee rate on
filings made pursuant to Section 6(b) of the Securities Act of
1933 may change as of October 1, 1997, the beginning of fiscal
year 1998.  However, as of today, a fiscal 1998 appropriations
bill for the Commission has not been enacted, so it is uncertain
what the fee rate will be.  The three possibilities are:

(1)  If the pending appropriations bill is enacted, the fee rate
     will be decreased to $295 per $1,000,000.  This rate also
     must be applied pro rata to amounts less than $1,000,000. 
     The fee may be calculated by multiplying the aggregate
     offering amount by .000295.

(2)  In the event a continuing resolution is enacted, the fee
     rate will continue at its current rate of 1/33rd of one
     percent of the aggregate offering amount.  

(3)  In the unlikely event that neither a fiscal 1998
     appropriations bill nor a continuing resolution is enacted,
     the fee rate will go to 1/50th of one percent of the
     aggregate offering amount.

     Filers and registrants are responsible for paying the
correct fee.  Although they have the option of paying a lower
amount if neither an appropriations bill nor a continuing
resolution is enacted, please be advised that under similar
budget uncertainties in past years, filers who paid a lower fee
rate later were required by Congress to pay an additional amount
equal to the difference between the amount paid and amount
required at the higher fee rate.    

     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 address 

                      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.


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