September 15, 1992
TO: BOARD OF GOVERNORS NO. 65-92
SEC RULES COMMITTEE NO. 70-92
CLOSED-END FUND DIVISIONAL COMMITTEE
CLOSED-END FUND COMMITTEE NO. 20-92
RE: ISSUES TO BE ADDRESSED AT SEPTEMBER 23 MEETING ON HYBRID
FUNDS PROPOSAL
__________________________________________________________
A meeting has been scheduled for September 23 to discuss
policy and technical issues raised by the SEC's proposal to
permit the creation of funds that could redeem or repurchase
shares on a periodic basis. The meeting will be a follow up to
the meeting held on September 1 at which those issues were
initially discussed.
Attached is an outline of policy and technical issues
raised at the September 1 meeting and a summary of the
preliminary positions taken by the members who attended that
meeting. These issues will be discussed and voted on at the
September 23 meeting. Therefore, it is important that a
representative from your firm attends the meeting and comes
prepared to vote on these issues.
The September 23 meeting will be held at the Institute at
10:00 a.m. If you have not already done so, please call Laura
Pawlowski at 202/955-3515 to let her know whether you or another
representative from your firm will be attending the meeting.
Amy B.R. Lancellotta
Associate Counsel
Attachment