WASHINGTON - For the first time, the Internal Revenue Service yesterday listed a number of the "securities" and "government securities" that mutual funds and closed-end funds can hold to meet the agency's tax regulations on diversification.

The IRS issued the list of securities in Revenue Ruling 92-89 and also referred to them in Announcement 92-152, which asked taxpayers for their suggestions as to what other obligations should be added to that list.

"It's somewhat significant to us because there was no real test before to determine what these were," said an official with the Investment Company Institute here, which represents mutual funds and closed-end funds. But, he said, the funds "are a little disappointed" that the list was not larger, given the IRS' two years of work.

Under Section 851 (b)(4) of the tax code, regulated investment companies such as mutual funds and closed-end funds must hold at least 50% of their assets in "good securities and cash" at the end of each quarter of their taxable years. Also, they cannot hold more than 25% of the value of their total assets in the securities of any one issuer other than the government.

They can invest in government securities to meet both requirements, an IRS official said, adding that government securities are considered "good securities."

The IRS list of securities and government securities includes: * Federal Agricultural Mortgage Corp. notes, bonds, debentures. and stock. * Farm Credit System Financial Assistance Corp. notes, bonds, and debentures. * Federal Home Loan Banks notes, bonds, and debentures. * Federal Home Loan Mortgage Corp. mortgage participation certificates and stock. * Federal National Mortgage Association fully modified pass-through mortgage-backed certificates and stock. * Government National Mortgage Association fully modified pass-through though mortgage-backed certification.

Student Loan Marketing Association notes, bonds, debentures, and stock.

The IRS said that Federal Agricultural Mortgage Corp. interests in, or obligations backed by, a pool of qualified mortgage loans would be considered securities but not government securities.

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