December 8, 1989
TO: SEC RULES MEMBERS NO. 67-89
UNIT INVESTMENT TRUST MEMBERS NO. 66-89
RE: SEC ISSUES ORDER SUSPENDING REDEMPTION OF A MUTUAL FUND'S
SHARES
__________________________________________________________
Pursuant to the attached order, the SEC suspended
redemption of a mutual fund's shares following an inspection of
the fund. According to the order, the Commission found that it
was not reasonably practicable for the fund, which was invested
primarily in tax-exempt municipal leases, to determine the value
of its net assets. The Commission further found that such
suspension of redemptions was necessary for the protection of the
fund's shareholders.
We will keep you informed of developments.
Catherine L. Heron
Deputy General Counsel
Attachment