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Do we care that Shumway's payment is coming from a "soft dollar" account at
the fund? I asked Arlene and Devon what this was and it is apparently a
separate account not from management fees. Arlene described it as a "slush
fund" and Devon said it is typically used for research - exactly what they
are paying us for. Arlene said we should be asked to be paid out of a
different account - said the SEC looks more closely at these accounts -
Devon didn't think it was a problem as research typically is paid this way
and that's exactly what we did. You know which opinion I trust more. Just
wanted to see if you had any opinions.

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Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
eschwerin@rosemontseneca.co