SECURITIES AND EXCHANGE COMMISSION

          17 CFR Part 270

          (Release Nos. IC-23814, IS-1193; File No. S7-23-95)

          RIN 3235-AE98

          Custody of Investment Company Assets Outside the United States;
          Extension of Compliance Date

          AGENCY:  Securities and Exchange Commission.

          ACTION:  Final rule; extension of compliance date.

          SUMMARY:  The Commission is extending the compliance date for

          certain amendments to the rule under the Investment Company Act

          that governs the custody of investment company assets outside the

          United States.  In a companion release, the Commission is

          proposing amendments to that rule, and is proposing a new rule

          under the Act.  The proposed amendments and new rule would

          establish new standards governing the maintenance of an

          investment company’s assets with a foreign securities depository.

          EFFECTIVE DATES:  The effective date of the rule amendments

          published on May 16, 1997 (62 FR 26923) remains June 16, 1997.

          Effective May 1, 1999, the compliance date for those rule

          amendments, except for the amended definition of an "eligible

          foreign custodian," is extended from May 1, 1999 until May 1,

          2000, or until a date to be announced by the Commission when it

          takes further action on the amendments proposed in the companion

          release.  The compliance date for the amended definition of an

          "eligible foreign custodian" was June 16, 1998.

          FOR FURTHER INFORMATION CONTACT:  Thomas M.J. Kerwin, Senior

          Counsel, or C. Hunter Jones, Assistant Director, Office of

          Regulatory Policy, at (202) 942-0690, in the Division of

          Investment Management, Securities and Exchange Commission, 450

          5th Street N.W., Washington D.C. 20549-0506.

          SUPPLEMENTARY INFORMATION:  The Commission is extending the

          compliance date for certain amendments to rule 17f-5 (17 CFR

          270.17f-5) under the Investment Company Act of 1940 (15 U.S.C.

          80a) (the "Investment Company Act").  In a companion release, the

          Commission is proposing amendments to rule 17f-5, a new rule

          17f-7, and conforming amendments to rule 7d-1 (17 CFR 270.7d-1)

          and rule 17f-4 (17 CFR 270.17f-4) under the Investment Company

          Act.  See Investment Company Act Release No. 23815 (Apr. 29,

          1999).



          By the Commission.



                                                  Jonathan G. Katz
                                                  Secretary


          April 29, 1999