JANUARY 1999 BOARD OF GOVERNORS MEETINGS

1[10469] November 11, 1998 TO: BOARD OF GOVERNORS No. 76-98 STANDING COMMITTEE CHAIRS RE: JANUARY 1999 BOARD OF GOVERNORS MEETINGS ______________________________________________________________________________ The Institute’s Board of Governors Winter meetings will be held January 25 – 27, 1999 at the Manele Bay Hotel, on the island of Lanai in Hawaii. This will be the last Winter meeting to be held in Hawaii. As discussed at the October Board of Governors meeting, the format and content of the Winter meetings are being revised to make the meetings more useful for Governors. Based on the recommendations of a Planning Committee of Governors, small discussion groups followed by plenary sessions will be held on both Tuesday and Wednesday to provide Governors opportunities to discuss subjects of importance to the mutual fund industry and to individual firms. Tuesday’s topics will include five issues affecting the entire industry, while Wednesday’s discussions will cover five issues affecting members’ businesses. Preliminary discussion topics suggested by the Planning Committee are listed on the attached Schedule of Events. Please review these topics and call Matt Fink with any comments you have regarding these topics or suggestions for substitute topics. In addition, a New Governor Orientation session is scheduled on Sunday afternoon. This will be followed by a reception and dinner with all attendees at the January meeting. Governors in their first term on the Board and Executive Committee members are invited to attend the Orientation. Invitees and the subjects to be discussed at the Orientation are shown on the attached Schedule of Events. This is the first time a New Governor Orientation session has been conducted. We hope that all new Governors and Executive Committee members will be able to attend. Historically the January meeting has provided an opportunity for Governors to engage in extended discussions of topics which are important to the long term future of the industry and to build relationships with one another. As the industry has grown and faced difficult issues, these relationships have greatly assisted the Institute in addressing industry-wide issues, which at times require members to set aside individual firm perspectives to reach common solutions. This emphasis is even more important due to the increased size, prominence and diversity of the industry. While we recognize that the time commitment to attend the January meeting is substantial, we encourage you to attend. The interaction among the Governors which occurs at the January meeting has been a significant contributor to the long-term success of the Institute. In addition to the Schedule of Events, enclosed is information regarding travel and hotel accommodations for the meeting and a registration form. Please return the registration form by fax to Ms. Reece Thompson (202-326-5986). 2We look forward to seeing you in January. John J. Brennan Matthew P. Fink Chairman President