April 15, 1997
TO: TAX COMMITTEE No. 14-97
RE: MAY 21 MEETING ON ISSUER DIVERSIFICATION PROPOSALS
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At its most recent meeting, the Tax Committee briefly considered whether the Institute
should request guidance from the Internal Revenue Service stating that (1) repurchase
agreements backed by Treasury obligations and/or (2) municipal bonds prerefunded with
Treasury obligations are "government securities" for section 851(b)(4) asset diversification test
purposes. No clear consensus emerged from the meeting.
On Wednesday, May 21, at 2:00 p.m., the Tax Committee will hold a special meeting to
consider further whether guidance under section 851(b)(4) regarding the issuer of various
instruments should be requested. The meeting will be held in the David Silver Conference
Room, on the 12th Floor of the Institute’s Office at 1401 H Street, NW, Washington, DC 20005-
2148. Cookies and drinks will be available during the meeting.
If you or an alternate plan to attend the meeting, please complete the attached meeting
response form and return it to the Institute’s Theresa Brice by fax at 202-326-5839.
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment
ATTENDANCE RESPONSE FORM
Investment Company Institute
Issuer Diversification Proposals Meeting
Wednesday, May 21, 1997
Please fax this portion by Friday, May 16, 1997 to Theresa Brice
Investment Company Institute, 202-326-5839.
YES NO
____ ____ ISSUER DIVERSIFICATION PROPOSALS MEETING - 2:00 P.M.
___________________________________________________________
COMMITTEE MEMBER’S (OR ALTERNATE’S) NAME
___________________________________________________________
COMPANY NAME
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