Improving Descriptions of Risk by Mutual Funds and Other Investment CompaniesExtension of Comment Period

[[Page 33375]]

SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 239, 270, and 274

[Release Nos. 33-7181; 34-35881; IC-21157; File No. S7-10-95]

RIN 3235-AG43

Improving Descriptions of Risk by Mutual Funds and Other

Investment Companies--Extension of Comment Period

AGENCY: Securities and Exchange Commission.

ACTION: Concept release and request for comments; extension of comment

period.

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SUMMARY: The Commission is extending from July 7, 1995, to July 28,

1995, the comment period for Investment Company Act Release No. 20974,

which sought comments and suggestions on how to improve the

descriptions of risk provided to investors by mutual funds and other

management investment companies.

DATES: The SEC requests comments on or before July 28, 1995.

ADDRESSES: Three copies of your comments should be submitted to

Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450

Fifth Street, N.W., Washington, D.C. 20549. All comment letters should

refer to File No. S7-10-95. All comments received will be available for

public inspection and copying in the SEC's Public Reference Room, 450

Fifth Street NW., Washington, D.C. 20549. If you are an individual

investor and do not have access to a copier machine, you may send in

one copy of your comments.

FOR FURTHER INFORMATION CONTACT:

Roseanne Harford, Senior Counsel, (202) 942-0689, Division of

Investment Management.

SUPPLEMENTARY INFORMATION: On March 29, 1995, the Commission issued

Investment Company Act Release No. 20974 [60 FR 17172 (Apr. 4, 1995)]

(``Release No. 20974''), which sought comments and suggestions on how

to improve the descriptions of risk provided to investors by mutual

funds and other management investment companies. In order to encourage

individual investor comments and suggestions, the SEC included in

Release No. 20974 an appendix directed to investors (``Investor

Summary''), to be reprinted separately and distributed to investors.

Recently, the Commission was notified by an investment adviser that

the adviser proposed to distribute the Investor Summary to shareholders

of its funds in late June. In order to permit these investors a

reasonable period to submit their comments, and in light of the

importance of investment company risk disclosure and of investor

comments on this subject, the Commission believes a 21-day extension is

appropriate.

The comment period for responding to Release No. 20974 is extended

to July 28, 1995.

Dated: June 22, 1995.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95-15797 Filed 6-27-94; 8:45 am]

BILLING CODE 8010-01-M