Investment Company Swing Pricing

The Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (``open-end fund'' or ``fund'') (except a money market fund or exchange-traded fund), under certain circumstances, to use ``swing pricing,'' the process of adjusting the fund's net asset value (``NAV'') per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a- 2 to require funds to preserve certain records related to swing pricing. The Commission is also adopting amendments to Form N-1A and Regulation S-X and a new item in Form N-CEN, all of which address a fund's use of swing pricing.