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ARLEN COMMUNICATIONS GROUP ISSUES UPDATE ON NEW SEC RULES AFFECTING REGISTRATION STATEMENTS OF MUTUAL FUNDS

 NEW YORK, Sept. 13 /PRNewswire/ -- The Arlen Communications Group, Inc. has issued a comprehensive guide to the recently adopted changes to Form N-1A, the Securities & Exchange Commission's registration statement for mutual funds. These new requirements broaden the disclosure requirements regarding the fund's portfolio manager and investment performance. Complete information on the application of these changes can be found in The Arlen Mutual Fund Handbook -- Update No. 17.
 Effective July 1, the requirement for mutual funds (other than money market and index funds) is to disclose in their prospectus the name and background of persons who are primarily responsible for the day to day management of the portfolio. The prospectus must also be stickered if and when there is a change of portfolio manager. Funds that are managed by committee need not identify its members but must disclose that they are managed by committee.
 A second amendment requires that the prospectus or annual report include a narrative account of fund performance discussing factors, strategies and techniques that have materially affected performance of the fund. This discussion must also include a line graph comparing the performance of a $10,000 investment in the fund for each of 10 years versus a comparable broad-based securities market index. Funds must also include their standardized one-, five- and ten-year total return figures within or adjacent to the graph.
 According to Milt Steren, president of Arlen Communications Group, Inc., "The SEC's position is based upon their conviction that the performance of a mutual fund within the broader market context as well as among its peer group and timely information regarding the management of a fund are important factors to be considered in any investment decision. The details of the SEC's amendment to Form N-1A are vital to compliance officers everywhere."
 The Arlen Mutual Fund Handybook is a one volume, complete source for information on mutual fund rules and regulations related to fund registration, accounting, sales material, Investment Company Act and Rules, proxy rules, Investment Advisors Act and Rules, selected '34 Act Sections and Rules and taxation. Timely up-dates are provided on significant SEC releases and other regulatory changes. Interested parties may request a brochure from Barbara Diamond at 212-966-5100.
 -0- 9/13/93
 /CONTACT: Laura Berger or Patricia Limoges of Arlen Financial Communications, 212-966-5100/


CO: Arlen Communications Group, Inc. ST: New York IN: FIN SU: PDT

LD-MP -- NY006 -- 1133 09/13/93 09:02 EDT
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Date:Sep 13, 1993
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