SECTION 3. SCOPE

This revenue procedure applies to a RIC described in § 851(a) and § 851(b)(1) that issues groups of shares (Qualified Groups) that meet the requirements of this section. The requirements in this section are to be interpreted in a manner consistent with the SEC’s interpretation of anal

ogous requirements in the rules under the 1940 Act. See Rule 18f-3(a), 17 CFR 270.18f-3(a), and Exemptions for Open End Management Investment Companies Issuing Multiple Classes of Shares, Investment Company Act Release No. 20,915, 60 Fed. Reg. 11,876 at 11,878 (Mar. 2, 1995).

.01 Each Qualified Group shall have a different arrangement for shareholder services or the distribution of shares or both, and shall be allocated and shall pay the fees and expenses of that arrangement.

.02 Each Qualified Group may be allocated and may pay a different share of other fees and expenses, not including advisory or custodial fees or other fees and expenses related to the management of the RIC’s assets, if these expenses are actually incurred in a different amount by that Qualified Group, or if the Qualified Group receives services of a different kind or to a different degree than other Qualified Groups.

.03 Each Qualified Group—

1999–46 I.R.B. 565 November 15, 1999

RIC and the shareholders and that are approved by a majority of the directors of the RIC.

.05 Each Qualified Group separately meets the requirements of § 67(c)(2)(B) (defining the required characteristics of shares of a publicly offered RIC).