In our Client Alert dated September 29, 2008, we reported that some in the insurance industry have raised a question about participation in the Treasury's temporary guarantee program by money market funds that support variable insurance products. Specifically, would such participation cause all of the money market fund's portfolio securities to be counted as "government securities" of a single issuer in violation of the diversification requirements of Internal Revenue Code Section 817(h)?

To read the Client Alert, click here.