FOR REVIEW AND COMMENT: DRAFT INSTITUTE COMMENTS ON THE SEC'S PROFILE PROSPECTUS PROPOSAL

May 16, 1997 TO: PENSION COMMITTEE No. 12-97 RE: FOR REVIEW AND COMMENT: DRAFT INSTITUTE COMMENTS ON THE SEC’S PROFILE PROSPECTUS PROPOSAL ______________________________________________________________________________ Attached is a draft of the Institute’s comment letter to the Securities and Exchange Commission regarding the recently proposed profile prospectus. In its proposal and request for comments, the Commission seeks comments regarding the use of the profile in the retirement plan markets. Institute comments discussing the adaptation of the profile for use by individuals investing through participant- directed retirement plans appear at pages 15-19 of the draft comment letter. Please review the draft and contact either the undersigned at (202) 326-5835 or Cathy Heron at (202) 326-5830 with your comments by May 28, 1997. Please note, however, that I will be out of the office from May 19-27. Russell G. Galer Assistant Counsel - Pension Attachment