SECURITIES AND EXCHANGE COMMISSION

17 CFR 270

[Release No. IC-21398, File No. S7-23-95]

RIN 3235-AE98 

Custody of Investment Company Assets Outside the United States --
Extension of Comment Period

AGENCY:  Securities and Exchange Commission

ACTION:  Proposed rule amendments and request for comment;
extension of comment period.

SUMMARY:  The Commission is extending from October 6, 1995 to
November 6, 1995 the comment period for Investment Company
Release No. 21259, which proposed amendments to rule 17f-5 under
the Investment Company Act of 1940.

DATES:  Comments must be received on or before November 6, 1995. 


ADDRESSES:  Comments should be submitted in triplicate to
Jonathan G. Katz, Secretary, Securities and Exchange Commission,
450 Fifth Street, N.W., Stop 6-9, Washington, D.C.  20549.  All
comment letters should refer to File No. S7-23-95.  All comments
received will be available for public inspection and copying in
the Commission's Public Reference Room, 450 Fifth Street, N.W.,
Washington, D.C.  20549.

FOR FURTHER INFORMATION CONTACT:  Robin S. Gross, Staff Attorney,
or Elizabeth R. Krentzman, Assistant Chief, at (202) 942-0690,
Office of Regulatory Policy, Division of Investment Management,
450 Fifth Street, N.W., Washington, D.C.  20549.

SUPPLEMENTARY INFORMATION:  On July 27, 1995, the Commission
issued Investment Company Act Release No. 21259 [60 FR 39592
(August 2, 1995)] ("Release No. 21259"), which proposed
amendments to rule 17f-5 [17 CFR 270.17f-5] under the Investment
Company Act of 1940 [15 U.S.C. 80a].  The proposed amendments
would permit an investment company's board to delegate its
responsibilities under the rule to evaluate foreign custody
arrangements.  The amendments also would expand the class of
foreign banks and securities depositories that could serve as
investment company custodians.

Since Release No. 21259 was issued, the Commission has received
requests from interested persons for an extension of the comment
period.  In light of the importance of the safekeeping of
investment company assets and the benefit to the Commission of
receiving carefully considered comments, the Commission believes
a 30-day extension is appropriate.

The comment period for responding to Release No. 21259 is
extended to  November 6, 1995.

By the Commission.
                              Jonathan G. Katz
                              Secretary

October 5, 1995