Friday, January 19

9:30AM - 12:30PM

Investment Companies

Chair: Cathy Heron, Capital Research and Management Company, Los Angeles, CA

9:30am                  Opening Remarks by the Chair.

9:35am                  RIC Preferential Dividends and Mergers Update. This 
                             panel will discuss recent developments relating to mutual 
                             fund preferential dividends and mergers.  Moderator: Raj 
                             Tanden, Morrison & Foerster LLP, Los Angeles, CA. 
                             Panelists: William Zimmerman, Morgan, Lewis & Bockius
                             LLP, Philadelphia, PA;  Theodore Press, Kirkpatrick & 
                             Lockhart Nicholson Graham LLP, Washington, DC.

10:30am                Legislative Update and Current Developments for 
                             RICs.  This panel will discuss recent developments in the 
                             RIC area, including legislative proposals to require cost 
                             basis reporting.  Moderator: Deanna Flores, Vanguard, 
                             Valley Forge, PA. Panelists:  Michael Novey, Associate 
                             Tax Legislative Counsel, Office of Tax Policy, Department 
                             of Treasury, Washington, DC; Keith Lawson, Investment 
                             Company Institute, Washington, DC.

11:30am                Hedge Fund Developments.  This panel will discuss
     recent hedge fund developments, including IRS audit
     activity and deferred compensation for hedge fund
     managers. Moderator:  Ronald Cohn, Ernst & Young
     LLP, San Francisco, CA. Panelist: Greg Nowak,
     Pepper Hamilton LLP, Philadelphia, PA.