Securities Transactions Exempt From Transaction Fees

The Securities and Exchange Commission ("SEC' or "Commission') is adopting amendments to Rule 31-1 under the Securities Exchange Act of 1934 and an amendment to Rule 24e-2 under the Investment Company Act of 1940. The purpose of these amendments is to conform Rules 31-1 and 24e-2 to recently enacted legislation. Rule 31-1 is being amended to conform the Rule to legislation which extends transaction fees to transactions in OTC securities (other than bonds, debentures, and other evidences of indebtedness) subject to prompt last-sale reporting.