Securities and Exchange Commission April 6, 2012 – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission is reopening the period for public comment on amendments it originally proposed in Securities Act Release No. 9126 to allow interested persons to submit comments on the results of investor testing regarding target date retirement funds. The rule proposal would, if adopted, require a target date retirement fund that includes the target date in its name to disclose the fund's asset allocation at the target date immediately adjacent to the first use of the fund's name in marketing materials; require marketing materials for target date retirement funds to include a table, chart, or graph depicting the fund's asset allocation over time, together with a statement that would highlight the fund's final asset allocation; require a statement in marketing materials to the effect that a target date retirement fund should not be selected based solely on age or retirement date, is not a guaranteed investment, and the stated asset allocations may be subject to change; and provide additional guidance regarding statements in marketing materials for target date retirement funds and other investment companies that could be misleading.

Applicant seeks an order declaring that it has ceased to be an investment company. On December 16, 2011, applicant transferred its assets to Value Line Income and Growth Fund, Inc., based on net asset value. Expenses of $81,000 incurred in connection with the reorganization were paid by applicant and the acquiring fund pro rata based on relative net asset value. Filing Dates: The application was filed on January 18, 2012 and amended on March 8, 2012. Applicant's Address: 7 Times Square, 21st Floor, New York, NY 10036.