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ANNUAL REPORT

40TH ANNUAL REPORT OF THE SECURITIES AND EXCHANGE COMMISSION

For the Fiscal Year Ended June 30th

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SECURITIES AND EXCHANGE COMMISSION

Headquarters Office

500 North Capitol Street Washington, D.C. 20549

COMMISSIONERS

RAY GARRETT, JR., Chairman

PHILIP A. LOOMIS, JR.

JOHN R. EVANS

A. A. SOMMER, JR.

IRVING M. POLLACK

GEORGE A. FITZSIMMONS, Secretary

KF

1444

A8

40th

194

SEP 2 4 1975

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C. 20402 Price $2.05

Stock Number 046-000-00101

LETTER OF TRANSMITTAL

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Sirs: On behalf of the Securities and Exchange Commission, I have the honor to transmit to you the Fortieth Annual Report of the Commission covering the fiscal year July 1, 1973 to June 30, 1974, in accordance with the provisions of Section 23(b) of the Securities Exchange Act of 1934, as amended; Section 23 of the Public Utility Holding Company Act of 1935; Section 46(a) of the Investment Company Act of 1940; Section 216 of the Investment Advisers Act of 1940; Section 3 of the Act of June 29, 1949, amending the Bretton Woods Agreement Act; Section 11(b) of the Inter-American Development Bank Act; and Section 11(b) of the Asian Development Bank Act.

Respectfully,

RAY GARRETT, JR.

Chairman

THE PRESIDENT OF THE SENATE

THE SPEAKER OF THE HOUSE OF REPRESENTATIVES,

Washington, D.C.

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