ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, December 16, 1993                   TAG: 9312160307
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

SEC seeks change in mutual fund rules WASHINGTON - Investors would get more information about their mutual funds under a series of changes the Securities and Exchange Commission proposed Wednesday.

The stock-market agency voted to seek public comment on proposals that would be subject to revision.

The proposals would:

Improve the information given investors about funds with multiple classes of securities that target specific kinds of investors.

Update the proxy rules governing information provided investors before they vote on issues such as fee increases.

Extend to tax-exempt money market funds the same risk investment limitations imposed three years ago upon taxable funds.

Mutual funds, the professionally managed, pooled investments of many shareholders, have been the fastest-growing segment of the retail financial markets, with $1.976 trillion invested as of October 31.

The proposal seeks to make proxy statements easier to understand by providing investors with tables allowing them to assess the magnitude of increased fees or expenses. - Associated Press

United, unions agree on ownership deal

CHICAGO - United Airlines has tentatively agreed to give its employees 53 percent ownership of the company in exchange for $5 billion in wage and benefit concessions, two unions said Wednesday.

Machinists union spokesman Michael Peat told members in a recorded message that an agreement had been reached "in principle." The airline's parent company said a board meeting was scheduled for today to discuss the offer.

The tentative deal was reached late Wednesday in New York by the airline, the International Association of Machinists, and the Air Line Pilots Association. The Association of Flight Attendants also was invited into the buyout, the other unions said.

The flight attendants dropped out of the talks Sept. 30 in a dispute over United's opening a flight attendant base in Taiwan that cost 60 union jobs.

The deal would easily make United the largest employee-owned company in the nation, the National Center for Employee Ownership said. - Associated Press 


 by CNB