WEDNESDAY, NOVEMBER 7, 2007 (All times Eastern Standard Time) 10:00 - PDF document

WEDNESDAY, NOVEMBER 7, 2007 (All times Eastern Standard Time) 10:00 am – 10:15 am WELCOME AND OVERVIEW OF PROGRAM Presented by: Arthur C. Delibert Mr. Delibert represents and advises open- and closed-end investment companies, investment advisers, investment company independent trustees, and fund distributors. Mr. Delibert is responsible for organizing the fjrm’s Investment Management Training Seminar. Reach him on: 202.778.9042 or arthur.delibert@klgates.com. 10:15 am – 11:00 am OVERVIEW OF THE INVESTMENT COMPANY COMPLEX Presented by: Catherine S. Bardsley Ms. Bardsley’s practice focuses on investment management matters under the federal securities laws and the Employee Retirement Income Security Act of 1974 (“ERISA”), including mutual funds, insurance company products, invest- ment advisers and their affjliates. Her practice also includes the issues of fjdu - ciary responsibility that arise when the provision of fjnancial services to plans subject to ERISA involves multiple services, transactions with affjliated parties and/or “alliances” for the offering of investment alternatives to plans. She may be reached at 202.778.9289 or catherine.bardsley@klgates.com. 11:00 am – 12:00 pm ORGANIZING AN INVESTMENT COMPANY, REGISTERING ITS SHARES AND MAINTAINING A CONTINUOUS OFFERING Presented by: Ndenisarya M. Meekins • Forms of Organization • Registration of Shares on Form N–1A and Form N–2 • 1940 Act Requirements—Capitalization, Independent Directors & Shareholder Approvals Ms. Meekins’s practice consists principally of representing investment companies and investment advisory fjrms as to regulatory and compliance issues, including issues related to federal securities law disclosure and SEC registration, as well as in connection with business transactions. She has drafted registration statements, proxy statements, SEC exemptive applications, and legal documents relating to the formation and termination of corporate entities and investment companies. Reach her on 202.778.9021 or ndenisarya.meekins@ klgates.com.

WEDNESDAY, NOVEMBER 7, 2007 (cont.) (All times Eastern Standard Time) 12:00 pm – 1:00 pm LUNCH AND LEGISLATIVE UPDATE DISCUSSION Presented by: Bruce J. Heiman and the K&L Gates Public Policy Group Mr. Heiman concentrates his practice in the technology, trade, transportation and postal industries, representing companies and organizations before Congress and federal agencies. He regularly assists clients pursue legislation, helps them with the regulatory implementation of enacted laws, and pursues their interests in industry meetings as well as government negotiations. He served as legislative director and trade counsel to U.S. Senator Daniel Patrick Moynihan of New York from 1984 to 1987. Reach him on: 202.778.3935 or bruce.heiman@klgates.com. 1:00 pm – 1:15 pm WELCOME TO ADVANCED PROGRAM Presented by: Arthur C. Delibert Mr. Delibert represents and advises open- and closed-end investment companies, investment advisers, investment company independent trustees, and fund distributors. Mr. Delibert is responsible for organizing the fjrm’s Investment Management Training Seminar. Reach him on: 202.778.9042 or arthur.delibert@klgates.com. 1:15 pm – 2:45 pm DUTIES AND RESPONSIBILITIES OF INVESTMENT ADVISERS: INVESTMENT POLICIES AND LIMITATIONS; TRANSACTIONS WITH AFFILIATES Presented by: Alan C. Porter and Mark C. Amorosi • Duties of Investment Advisers • The Investment Objective of a Fund • Fundamental and Non-Fundamental Investment Policies and Limitations • Transactions with Affjliates • Codes of Ethics Mr. Porter has more than 20 years of experience representing fjnancial services companies, principally registered investment companies and investment ad- visers. His practice includes advising clients regarding a variety of regulatory and corporate matters, as well as representation of fund independent direc- tors/trustees. Reach him on: 202.778.9186 or alan.porter@klgates.com. Mr. Amorosi focuses on investment management matters, with an emphasis on advising registered investment companies and investment advisers on various regulatory and compliance matters, including the organization, registration and operation of investment companies. Prior to joining Kirkpatrick & Lockhart Nicholson Graham LLP, Mr. Amorosi worked in the Division of Investment Management at the SEC, where he held the positions of Special Counsel (1998-1999), Branch Chief (1997-1998) and Attorney Adviser (1994-1997). Reach him on: 202.778.9351 or mark.amorosi@klgates.com. 2

WEDNESDAY, NOVEMBER 7, 2007 (cont.) (All times Eastern Standard Time) 2:45 pm – 3:30 pm THE FUND’S BOARD OF DIRECTORS AND THE AUDIT COMMITTEE Presented by: Arthur C. Delibert • What Do They Do? • Qualifjcations for Offjce • General Fiduciary Duties • Special Responsibilities Under the 1940 Act • Independence Issues • Audit Committee Responsibilities Under Sarbanes-Oxley Mr. Delibert represents and advises open- and closed-end investment companies, investment advisers, investment company independent trustees, and fund distributors. Mr. Delibert is responsible for organizing the fjrm’s Investment Management Training Seminar. Reach him on: 202.778.9042 or arthur.delibert@klgates.com. 3:30 pm – 3:45 pm BREAK 3:45 pm – 4:30 pm COMPLIANCE, REPORTING AND RECORDKEEPING REQUIREMENTS Presented by: Fatima S. Sulaiman • Compliance programs and CCOs – Rule 38a–1 • Required reports to the SEC and shareholders • Maintenance of records Ms. Sulaiman’s practice consists principally of representing investment companies and investment advisory fjrms as to regulatory and compliance issues, including issues related to federal securities law disclosure and SEC registration, as well as in connection with business transactions. She has drafted registration statements, proxy statements, SEC exemptive applications, and legal documents relating to the formation and termination of corporate entities and investment companies. Reach her on 202.778.9223 or fatima.sulaiman@klgates.com. 3

WEDNESDAY, NOVEMBER 7, 2007 (cont.) (All times Eastern Standard Time) 4:30 pm – 5:15 pm MUTUAL FUND PRICING AND FAIR VALUATION Presented by: Fatima S. Sulaiman • Daily, Forward Pricing Requirement—Rule 22c–1 • Market and Fair Value Determinations—Section 2(a)(41) and Rule 2a–4 • Correction of Pricing Errors Ms. Sulaiman’s practice consists principally of representing investment companies and investment advisory fjrms as to regulatory and compliance issues, including issues related to federal securities law disclosure and SEC registration, as well as in connection with business transactions. She has drafted registration statements, proxy statements, SEC exemptive applications, and legal documents relating to the formation and termination of corporate entities and investment companies. Reach her on 202.778.9223 or fatima.sulaiman@klgates.com. 5:15 pm – 5:45 pm SPECIAL REQUIREMENTS FOR MONEY MARKET FUNDS (RULE 2a–7) Presented by: Arthur C. Delibert Mr. Delibert represents and advises open- and closed-end investment companies, investment advisers, investment company independent trustees, and fund distributors. Mr. Delibert is responsible for organizing the fjrm’s Investment Management Training Seminar. Reach him on: 202.778.9042 or arthur.delibert@klgates.com. 4

THURSDAY, NOVEMBER 8, 2007 (All times Eastern Standard Time) 8:00 am – 8:30 am BREAKFAST 8:30 am – 9:30 am HOT TOPICS ON RECENT DEVELOPMENTS Presented by: Diane E. Ambler, Arthur C. Delibert, William A. Schmidt, Lori L. Schneider, Donald W. Smith, George J. Zornada and Robert Zutz Ms. Ambler has substantial experience in fjnancial institution regulation under federal securities laws, including the USA PATRIOT Act and the Sarbanes-Oxley Act. She focuses her practice on mutual fund governance, compliance activities of mutual funds, private funds and variable insurance product issuers and distributors, and activities of related service providers. Reach her on: 202.778.9886 or diane.ambler@klgates.com Mr. Delibert represents and advises open- and closed-end investment companies, investment advisers, investment company independent trustees, and fund distributors. Mr. Delibert is responsible for organizing the fjrm’s Investment Management Training Seminar. Reach him on: 202.778.9042 or arthur.delibert@klgates.com. Mr. Schmidt works in the areas of institutional investing and employee benefjts, with particular emphasis on fjduciary responsibility matters under the Employee Retirement Income Security Act of 1974 (“ERISA”). Mr. Schmidt advises major fjnancial institutions, including banks, insurance companies, registered investment advisers and large employee benefjt plans, about ERISA restrictions relating to plan investments and to fee arrangements for investment management and plan administrative services. Reach him on: 202.778.9373 or william.schmidt@klgates.com. Ms. Schneider’s practice focuses on regulatory and compliance issues affecting investment companies, investment advisory fjrms and investment company independent directors. She also represents and advises clients as to investment adviser acquisitions and investment company reorganizations. Reach her on: 202.778.9305 or lori.schneider@klgates.com. continued 5