
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC80a-29]

 
                      TITLE 15--COMMERCE AND TRADE
 
              CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
 
                   SUBCHAPTER I--INVESTMENT COMPANIES
 
Sec. 80a-29. Reports and financial statements of investment 
        companies and affiliated persons
        

(a) Annual report by company

    Every registered investment company shall file annually with the 
Commission such information, documents, and reports as investment 
companies having securities registered on a national securities exchange 
are required to file annually pursuant to section 13(a) of the 
Securities Exchange Act of 1934 [15 U.S.C. 78m(a)] and the rules and 
regulations issued thereunder.

(b) Semi-annual or quarterly filing of information; copies of periodic 
        or interim reports sent to security holders

    Every registered investment company shall file with the Commission--
        (1) such information, documents, and reports (other than 
    financial statements), as the Commission may require to keep 
    reasonably current the information and documents contained in the 
    registration statement of such company filed under this subchapter; 
    and
        (2) copies of every periodic or interim report or similar 
    communication containing financial statements and transmitted to any 
    class of such company's security holders, such copies to be filed 
    not later than ten days after such transmission.

Any information or documents contained in a report or other 
communication to security holders filed pursuant to paragraph (2) of 
this subsection may be incorporated by reference in any report 
subsequently or concurrently filed pursuant to paragraph (1) of this 
subsection.

(c) Minimizing reporting burdens

    (1) The Commission shall take such action as it deems necessary or 
appropriate, consistent with the public interest and the protection of 
investors, to avoid unnecessary reporting by, and minimize the 
compliance burdens on, registered investment companies and their 
affiliated persons in exercising its authority--
        (A) under subsection (f) of this section; and
        (B) under subsection (b)(1) of this section, if the Commission 
    requires the filing of information, documents, and reports under 
    that subsection on a basis more frequently than semiannually.

    (2) Action taken by the Commission under paragraph (1) shall include 
considering, and requesting public comment on--
        (A) feasible alternatives that minimize the reporting burdens on 
    registered investment companies; and
        (B) the utility of such information, documents, and reports to 
    the Commission in relation to the costs to registered investment 
    companies and their affiliated persons of providing such 
    information, documents, and reports.

(d) Reports under this section in lieu of reports under other provisions 
        of law

    The Commission shall issue rules and regulations permitting the 
filing with the Commission, and with any national securities exchange 
concerned, of copies of periodic reports, or of extracts therefrom, 
filed by any registered investment company pursuant to subsections (a) 
and (b) of this section, in lieu of any reports and documents required 
of such company under section 13 or 15(d) of the Securities Exchange Act 
of 1934 [15 U.S.C. 78m or 78o(d)].

(e) Semiannual reports to stockholders

    Every registered investment company shall transmit to its 
stockholders, at least semiannually, reports containing such of the 
following information and financial statements or their equivalent, as 
of a reasonably current date, as the Commission may prescribe by rules 
and regulations for the protection of investors, which reports shall not 
be misleading in any material respect in the light of the reports 
required to be filed pursuant to subsections (a) and (b) of this 
section:
        (1) a balance sheet accompanied by a statement of the aggregate 
    value of investments on the date of such balance sheet;
        (2) a list showing the amounts and values of securities owned on 
    the date of such balance sheet;
        (3) a statement of income, for the period covered by the report, 
    which shall be itemized at least with respect to each category of 
    income and expense representing more than 5 per centum of total 
    income or expense;
        (4) a statement of surplus, which shall be itemized at least 
    with respect to each charge or credit to the surplus account which 
    represents more than 5 per centum of the total charges or credits 
    during the period covered by the report;
        (5) a statement of the aggregate remuneration paid by the 
    company during the period covered by the report (A) to all directors 
    and to all members of any advisory board for regular compensation; 
    (B) to each director and to each member of an advisory board for 
    special compensation; (C) to all officers; and (D) to each person of 
    whom any officer or director of the company is an affiliated person; 
    and
        (6) a statement of the aggregate dollar amounts of purchases and 
    sales of investment securities, other than Government securities, 
    made during the period covered by the report:

Provided, That if in the judgment of the Commission any item required 
under this subsection is inapplicable or inappropriate to any specified 
type or types of investment company, the Commission may by rules and 
regulations permit in lieu thereof the inclusion of such item of a 
comparable character as it may deem applicable or appropriate to such 
type or types of investment company.

(f) Additional information

    The Commission may, by rule, require that semiannual reports 
containing the information set forth in subsection (e) of this section 
include such other information as the Commission deems necessary or 
appropriate in the public interest or for the protection of investors.

(g) Certificate of independent public accountants

    Financial statements contained in annual reports required pursuant 
to subsections (a) and (e) of this section, if required by the rules and 
regulations of the Commission, shall be accompanied by a certificate of 
independent public accountants. The certificate of such independent 
public accountants shall be based upon an audit not less in scope or 
procedures followed than that which independent public accountants would 
ordinarily make for the purpose of presenting comprehensive and 
dependable financial statements, and shall contain such information as 
the Commission may prescribe, by rules and regulations in the public 
interest or for the protection of investors, as to the nature and scope 
of the audit and the findings and opinion of the accountants. Each such 
report shall state that such independent public accountants have 
verified securities owned, either by actual examination, or by receipt 
of a certificate from the custodian, as the Commission may prescribe by 
rules and regulations.

(h) Duties and liabilities of affiliated persons

    Every person who is directly or indirectly the beneficial owner of 
more than 10 per centum of any class of outstanding securities (other 
than short-term paper) of which a registered closed-end company is the 
issuer or who is an officer, director, member of an advisory board, 
investment adviser, or affiliated person of an investment adviser of 
such a company shall in respect of his transactions in any securities of 
such company (other than short-term paper) be subject to the same duties 
and liabilities as those imposed by section 16 of the Securities 
Exchange Act of 1934 [15 U.S.C. 78p] upon certain beneficial owners, 
directors, and officers in respect of their transactions in certain 
equity securities.

(i) Disclosure to church plan participants

    A person that maintains a church plan that is excluded from the 
definition of an investment company solely by reason of section 80a-
3(c)(14) of this title shall provide disclosure to plan participants, in 
writing, and not less frequently than annually, and for new participants 
joining such a plan after May 31, 1996, as soon as is practicable after 
joining such plan, that--
        (1) the plan, or any company or account maintained to manage or 
    hold plan assets and interests in such plan, company, or account, 
    are not subject to registration, regulation, or reporting under this 
    subchapter, the Securities Act of 1933 [15 U.S.C. 77a et seq.], the 
    Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], or State 
    securities laws; and
        (2) plan participants and beneficiaries therefore will not be 
    afforded the protections of those provisions.

(j) Notice to Commission

    The Commission may issue rules and regulations to require any person 
that maintains a church plan that is excluded from the definition of an 
investment company solely by reason of section 80a-3(c)(14) of this 
title to file a notice with the Commission containing such information 
and in such form as the Commission may prescribe as necessary or 
appropriate in the public interest or consistent with the protection of 
investors.

(Aug. 22, 1940, ch. 686, title I, Sec. 30, 54 Stat. 836; Pub. L. 104-
290, title II, Sec. 206, title V, Sec. 508(g), Oct. 11, 1996, 110 Stat. 
3430, 3449; Pub. L. 105-353, title III, Sec. 301(c)(5), Nov. 3, 1998, 
112 Stat. 3237.)

                       References in Text

    The Securities Act of 1933, referred to in subsec. (i)(1), is act 
May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is 
classified generally to subchapter I (Sec. 77a et seq.) of chapter 2A of 
this title. For complete classification of this Act to the Code, see 
section 77a of this title and Tables.
    The Securities Exchange Act of 1934, referred to in subsec. (i)(1), 
is act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is 
classified principally to chapter 2B (Sec. 78a et seq.) of this title. 
For complete classification of this Act to the Code, see section 78a of 
this title and Tables.


                               Amendments

    1998--Subsec. (b)(1). Pub. L. 105-353, Sec. 301(c)(5)(A), inserted 
``and'' after semicolon at end.
    Subsec. (e). Pub. L. 105-353, Sec. 301(c)(5)(B), substituted 
``semiannually'' for ``semi-annually'' in introductory provisions.
    Subsecs. (g) to (j). Pub. L. 105-353, Sec. 301(c)(5)(C), 
redesignated subsecs. (g) and (h), relating to disclosure to church plan 
participants and notice to Commission, respectively, as (i) and (j), 
respectively.
    1996--Subsec. (b)(1). Pub. L. 104-290, Sec. 206(1), added par. (1) 
and struck out former par. (1) which read as follows: ``such information 
and documents (other than financial statements) as the Commission may 
require, on a semi-annual or quarterly basis, to keep reasonably current 
the information and documents contained in the registration statement of 
such company filed under this subchapter; and''.
    Subsecs. (c) to (e). Pub. L. 104-290, Sec. 206(2), (3), added 
subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and (e), 
respectively. Former subsec. (e) redesignated (g).
    Subsec. (f). Pub. L. 104-290, Sec. 206(2), (4), added subsec. (f). 
Former subsec. (f) redesignated (h).
    Subsec. (g). Pub. L. 104-290, Sec. 508(g), added subsec. (g), 
relating to disclosure to church plan participants.
    Pub. L. 104-290, Sec. 206(2), (5), redesignated subsec. (e), 
relating to certificate of independent public accountants, as (g), and 
substituted ``pursuant to subsections (a) and (e) of this section'' for 
``pursuant to subsections (a) and (d) of this section''.
    Subsec. (h). Pub. L. 104-290, Sec. 508(g), added subsec. (h), 
relating to notice to Commission.
    Pub. L. 104-290, Sec. 206(2), redesignated subsec. (f), relating to 
duties and liabilities of affiliated persons, as (h).

                          Transfer of Functions

    For transfer of functions of Securities and Exchange Commission, 
with certain exceptions, to Chairman of such Commission, see Reorg. Plan 
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 
1265, set out under section 78d of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 80a-2, 80a-6, 80a-8, 80a-24, 
80a-63 of this title.
