MEMORANDUM

TO:	Public Comment File No. S7-27-03
FROM:	Adam B. Glazer Office of Regulatory Policy Division of Investment Management
DATE:	January 15, 2004

On January 15, 2004, Nancy L. Muckle and Michael Wolf of AuthentiDate, Inc. ("AuthentiDate") and Bradley A. Reck of the United States Postal Service ("USPS") met with staff members of the U.S. Securities and Exchange Commission to discuss certain issues relating to the Commission's proposed rule amendments concerning the pricing of investment company ("fund") shares in Investment Company Release No. 26288 (Dec. 11, 2003). The following Commission staff members attended the meeting: Penelope Saltzman, Senior Counsel; and Adam Glazer, Attorney, Division of Investment Management.

AuthentiDate and USPS jointly created the USPS Electronic Postmark ("USPS EPM"), an electronic postmark that provides time-stamping and content authentication technology for documents. The USPS EPM was created to facilitate secure electronic communication for government and commercial systems.

AuthentiDate and USPS representatives described the uses for the USPS EPM, including the ability to time-stamp and maintain an audit trail of documents that receive a USPS EPM. Authentidate and USPS representatives also provided Commission staff with an example of how documents are time-stamped.