[Federal Register Volume 62, Number 85 (Friday, May 2, 1997)]
[Corrections]
[Page 24161]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: X97-70502]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 270

[Release No. IC-22530; File No. S7-11-97]
RIN: 3235-AH11


Investment Company Names

Correction

    In proposed rule document 97-5375 beginning on page 10955 in the 
issue of Monday, March 10, 1997 make the following corrections:
    (1) On page 10958, in the first column footnote <SUP>21</SUP> 
should read:
    <SUP>21</SUP> See ``The Scope of the US Mutual Fund Industry: 
Its Regulation and Industry Trends,'' Remarks by Isaac C. Hunt, Jr., 
Commissioner, SEC, before the Business Roundtable on ``The 
Development of the Russian Mutual (Unit) Fund Industry and Related 
Investment Opportunities'' at the General Consulate of the Russian 
Federation, New York, New York (Sept. 20, 1996) (discussing St. 
Petersburg Long Distance Telephone company, which is organized in 
Canada and whose securities are traded outside of Russia). See also, 
e.g., rule 3b-4 under the Securities Exchange Act of 1934 [17 CFR 
240.3b-4] (defining a ``foreign issuer'').
    (2) On the same page, in the second column the two headings should 
read ``3. Tax-Exempt Investment Companies'' and ``4. Applying the 80% 
Investment Requirement''.
    (3)On the same page, in the third column, in the second paragraph, 
in the eleventh line ``total assets'' should read ``total assets''.
    (4) On page 10959, in the first column:
    (a) Footnote <SUP>33</SUP> should read:
    <SUP>33</SUP> Proposed rule 35d-1(b)(3). See Letter to 
Registrants at II.E (Feb. 25, 1994) (``1994 GCL''). See also Form N-
1A Release, supra note 1 (proposing to require a fund to disclose, 
if applicable, certain information in its prospectus about the 
possibility of taking temporary defensive positions).
    (b) Footnote <SUP>34</SUP> should read:
    <SUP>34</SUP> Many investment companies have the flexibility to 
assume temporary defensive positions and depart from investment 
policies unrelated to their names. See 1994 GCL, supra note 33 
(noting that investment companies may depart from a policy to 
concentrate in a particular industry or group of industries to avoid 
losses in response to adverse market, economic, political, or other 
conditions).
    (5) On the same page, in the third column, ``In General'' should 
read ``1. In General''.
    (6) On page 10960, in the first column, footnote <SUP>40</SUP> 
should read:
    <SUP>40</SUP> See In re Alliance North Am. Gov't Income Trust, 
Inc. Securities Litigation, No. 95 Civ. 0330 (LLM), 1996 U.S. Dist. 
LEXIS 14209, at *8 (S.D.N.Y. Sept. 27, 1996); The Private Investment 
Fund for Governmental Personnel, Inc., 37 S.E.C. 484, 487-88 (1957). 
The 80% investment requirement generally would apply to a company's 
investment focus as disclosed in the company's prospectus. The 
Commission, however, recognizes that the 80% investment requirement 
would not be appropriate in all cases (e.g., with respect to an 
investment company that uses the word ``balanced'' in its name).
    In connection with the proposed amendments to Form N-1A, 
information about the organization and operations of investment 
companies and Division interpretive positions is proposed to be 
incorporated in a new ``Investment Company Registration Package,'' 
which would be prepared by the Division. See Form N-1A Release, 
supra note 1. The Investment Company Registration Package would 
include general guidance about avoiding the use of a name that is 
the same as or similar to the name of another investment company and 
about names that a reasonable investor may conclude suggest more 
than one investment focus including, for example, use of names that 
include the terms ``small, mid, or large capitalization.''
    (7) On the same page, in the second column, footnote <SUP>41</SUP> 
should read
    <SUP>41</SUP> The term ``bond,'' by itself, does not imply that 
the security has a particular maturity. See also 1994 GCL, supra 
note 33, at III.A (indicating that a fund should describe in its 
prospectus what it considers to be a ``bond'').
BILLING CODE 1505-01-D