This group of funds requests confirmation that the staff will not recommend Commission action under section 34(b) of the Investment Advisers Act if its registered investment companies that hold themselves out as diversified in their registration statements treat an investment in shares of a private investment company, which is excluded from the definition of "investment company" pursuant to section 3(c)(7), as an investment in securities of other investment companies for the purpose of determining compliance with the diversification requirement contained in section 5(b)(1).

On behalf of a number of investment company funds, this firm requests confirmation that the staff will not recommend Commission action under 1933 Act section 5(b)(1) if the funds use an automated phone system to provide callers with estimated or actual distributions and other information for tax planning and other purposes. The funds currently use automated phone systems to respond to callers' requests for yield or other information.