INSTITUTE LETTER ON SEC CONCEPT RELEASE ON DISCLOSURE OF FORWARD-LOOKING INFORMATION

1 See Memorandum to Closed-End Fund Members No. 37-94, SEC Rules Members No. 79-94 and Unit Investment Trust Members No. 41-94, dated October 31, 1994. 2 See Memorandum to Closed-End Fund Committee No. 36-94, SEC Rules Committee No. 135-94 and Unit Investment Trust Committee No. 86-94, dated December 21, 1994. January 13, 1995 TO: SEC RULES COMMITTEE No. 6-95 CLOSED-END FUND COMMITTEE No. 3-95 UNIT INVESTMENT TRUST COMMITTEE No. 5-95 RE: INSTITUTE LETTER ON SEC CONCEPT RELEASE ON DISCLOSURE OF FORWARD-LOOKING INFORMATION ______________________________________________________________________________ Attached is the Institute’s letter on the Securities and Exchange Commission’s concept release soliciting comment on the safe harbor provisions for forward-looking information set forth in Rules 175 under the Securities Act of 1933 and 3b-6 under the Securities Exchange Act of 1934.1 The letter is similar to the draft circulated previously to you.2 Specifically, the letter opposes extending the safe harbor to investment companies with respect to quantitative projections of investment company performance information, but recommends that it cover other forward-looking information (such as presentations of the views of portfolio managers as to future market conditions an trends). Amy B.R. Lancellotta Associate Counsel Attachment