SEC Publishes Proposal on Closed-End Fund Listing Fees

Washington, DC, June 23, 2000 - The Securities and Exchange Commission has published for comment a proposed rule change filed by the New York Stock Exchange amending its listed-company fee schedule to adopt a minimum original listing fee for each new closed-end fund. Each new closed-end fund would be subject to a minimum original listing fee based upon the number of shares outstanding, with fees of $100,000 for offerings up to 10 million shares; $125,000 for offerings up to 24 million shares; and $150,000 for offerings over 24 million shares. This minimum listing fee would include the NYSE's one-time special charge of $36,800. Comments on the proposal are due to the SEC no later than July 24, 2000.