1996 INVESTMENT COMPANY DIRECTORS CONFERENCE, OCTOBER 30 - NOVEMBER 1 IN WASHINGTON, DC

July 30, 1996 TO: BOARD OF GOVERNORS No. 45-96 INVESTMENT COMPANY DIRECTORS No. 9-96 MEMBERS - ONE PER COMPLEX No. 58-96 SEC RULES COMMITTEE No. 82-96 RE: 1996 INVESTMENT COMPANY DIRECTORS CONFERENCE, OCTOBER 30 - NOVEMBER 1 IN WASHINGTON, DC ______________________________________________________________________________ The Investment Company Institute will hold its Third Annual Investment Company Directors Conference on October 30 - November 1, 1996 at the Capital Hilton Hotel in Washington, DC. Enclosed is the preliminary program and registration form for this event. The Conference reflects the importance to the industry and shareholders of well- informed boards, and the increasing challenges and complexities that fund directors face in representing the interests of fund shareholders. The Conference will feature a varied program of industry experts, government officials, and experienced fund directors sharing their perspectives on issues of interest and concern to the fund director community. Additionally, it will provide opportunities for fund directors to meet with their peers informally and in group discussions. Attendance at the Conference will be limited to directors, trustees, officers, partners, and employees of Investment Company Institute members, and will be limited to a total of 250 persons. Advance registration for the Conference will be open only to currently serving directors and trustees of Institute member investment companies through September 27. Registrations received from other Institute member representatives prior to September 27 will be held until that date and then processed on a first-come, first-served basis pending space availability. Registration for the Conference includes a luncheon and dinner on Thursday, October 31 and a luncheon on Friday, November 1. Please make your hotel reservations by calling the Capital Hilton Hotel directly at 202/393-1000, ext. 5555 or 1-800-HILTONS prior to the cutoff date of October 7, 1996. Be sure to identify yourself as an Investment Company Institute conference attendee to secure the conference rate of $184 single/double or $209 Towers. July 30, 1996 Page Two Please contact the Institute’s Conference Division at 202/326-5968 if you have questions regarding registration, and Angela Goelzer of the Institute’s staff at 202/326-5834 if you have questions regarding the conference program. C. Richard Pogue Executive Vice President Enclosure