Revenue Procedure 2016-31 provides temporary relief for certain money market funds (MMFs) that receive contributions from their advisers as the MMFs transition to comply with Securities and Exchange Commission (SEC) rules that, among other things, change how certain MMF shares are priced. Further, as a result of changes in SEC rules, the Treasury Department and the IRS expect that some existing MMFs will convert to government MMFs that invest 99.5% or more of their total assets in cash, government securities, and/or repurchase agreements collateralized fully by cash items or government securities.  Treasury and the IRS expect that the resulting increased demand for government securities may exacerbate MMFs’ difficulty in acquiring the assets necessary both to qualify as a government MMF and to satisfy the diversification requirements under section 817(h).  As a result, Notice 2016-32 provides an alternative diversification test under section 817(h) for a segregated asset account that is, or invests in, a government MMF.