  We present Hubble Space Telescope observations taken with the Advanced Camera
for Surveys Wide Field Channel of two fields near M32 - between four and six
kpc from the center of M31. The data cover a time baseline sufficient for the
identification and characterization of 681 RR Lyrae variables of which 555 are
ab-type and 126 are c-type. The mean magnitude of these stars is <V>=25.29 +/-
0.05 where the uncertainty combines both the random and systematic errors. The
location of the stars in the Bailey Diagram and the ratio of c-type RR Lyraes
to all types are both closer to RR Lyraes in Oosterhoff type I globular
clusters in the Milky Way as compared with Oosterhoff II clusters. The mean
periods of the ab-type and c-type RR Lyraes are <P(ab)>=0.557 +/- 0.003 and
<P(c)>=0.327 +/- 0.003, respectively, where the uncertainties in each case
represent the standard error of the mean. When the periods and amplitudes of
the ab-type RR Lyraes in our sample are interpreted in terms of metallicity, we
find the metallicity distribution function to be indistinguishable from a
Gaussian with a peak at <[Fe/H]>=-1.50 +/- 0.02, where the quoted uncertainty
is the standard error of the mean. Using a relation between RR Lyrae luminosity
and metallicity along with a reddening of E(B-V) = 0.08 +/- 0.03, we find a
distance modulus of (m-M)o=24.46 +/- 0.11 for M31. We examine the radial
metallicity gradient in the environs of M31 using published values for the
bulge and halo of M31 as well as the abundances of its dwarf spheroidal
companions and globular clusters. In this context, we conclude that the RR
Lyraes in our two fields are more likely to be halo objects rather than
associated with the bulge or disk of M31, in spite of the fact that they are
located at 4-6 kpc in projected distance from the center.
