FOR IMMEDIATE RELEASE                                      97-66


            SEC TO CONSIDER ONE ITEM AT OPEN MEETING


     Washington, D.C., July 30, 1997 -- The Securities and Exchange
Commission will consider one item at an open meeting conducted
under the Government in the Sunshine Act on July 31 at 10:00 a.m. 
The meeting will be held in Room 1C30, at the Commission's
headquarters building, 450 Fifth Street, N.W., Washington, D.C. 
The item for discussion is:

     -    whether to adopt amendments to rule 10f-3 under the
          Investment Company Act of 1940.  The amendments to rule
          10f-3 would permit registered investment companies that
          have certain affiliated relationships with an underwriter
          to purchase a greater percentage of an offering of
          securities during the existence of an underwriting or
          selling syndicate.  The amendments also would permit
          these investment companies to purchase securities in
          certain foreign offerings and offerings of unregistered
          securities .


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Any member of the public who requires auxiliary aids such as a
sign-language interpreter or material on tape to attend a public
meeting should contact Rochelle Franks, Office of Administrative
and Personnel Management, to make arrangements.  Ms. Franks can be
reached at (202) 942-9558, or at a TTY number, (202) 942-4075.  
Staff members at the Commission are encouraged to contact Ms.
Franks if they receive inquiries on availability of auxiliary aids.































































































































 
[90] From: NealM 5/22/97 10:32AM (2896 bytes: 1 fl) 
To: HeineJ, NealM 
Subject: press release 
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File item  1: OPEN 5/22/97 10:23AM