Improving Descriptions of Risk by Mutual Funds and Other Investment Companies—Extension of Comment Period

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.

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