Institute for International Research

Wednesday, September, 13, 2006

10:00am - 12:00pm
Money Fund Analyzer™ Workshop

This complimentary workshop is designed to provide an overview of iMoneyNet's newest browser-based product, Money Fund Analyzer™. Product Manager Israel Cruz will show you the basics, and demonstrate how to create ad hoc queries and professional reports for your clients, managers and board members.

Thursday, September 14, 2006

8:30 - 11:30
Pre Conference Workshops

PRE-CONFERENCE WORKSHOP A
Money Markets 101: Anatomy of the Investment Decisions that Build Strong Portfolios

PRE-CONFERENCE WORKSHOP B
Structuring Cash Plus Products:
Critical Legal, Tax and Accounting Considerations

Portfolio practitioners to share valuable investment tips and techniques for a changing money market investment landscape. With prospects increasing for spread, "decompression" blocking and tackling remains a core money fund consideration but basic strategies can enable managers to position their funds well in a changing rate environment.

Commonly Used Instruments
- T-bills, commercial paper and CDs
- Asset-backed commercial paper
- Overnight instruments
- Eurodollars
- Tax-free instruments

Yield-Marketability Relationships
- Yields of money market instruments
- Liquidity considerations
- Yield-liquidity tradeoffs
- Duration management

Money Market Yield Curves
- Extracting value across the money market yield curve
- Capitalizing on interest rate expectations
- History as a guide to the future

Post Trade Considerations
- Credit review process and 2a-7 requirements
- Compliance systems

Jeff Boutin, Vice President and Credit Analyst
LEHMAN BROTHERS ASSET MANAGEMENT

Eric Hiatt, Vice President and Portfolio Manager
LEHMAN BROTHERS ASSET MANAGEMENT

Tim Robey, Vice President and Portfolio Manager
LEHMAN BROTHERS ASSET MANAGEMENT

For several years, money market investors have been moving at least part of their cash farther out the yield curve in search of better returns. This session will provide an understanding of the composition of the Cash Plus market. Attendees will evaluate the critical strategic, legal, tax and accounting issues to consider when entering into or becoming a stronger competitor within the Cash Plus market category.

Discussion will focus on unregistered Cash Plus products and cover these critical topics:
• Entity choice
• Scope of investments and appropriate description thereof in offering documents
• Private placement rules, and how such rules impact the issuer's ability to market the product
- Offering the product through portals
- Distributing the product on an omnibus basis
• 1940 Act requirements that apply despite the unregistered nature of the product
• Understanding limitations:
- Securities Exchange Act Section 12(g) (the "500 person" rule)
- Blue sky laws
- Other limitations
• Partnership taxation and the resulting ability of Cash Plus product to deal with gains and losses
• Distribution to ERISA plan investors

Leo Hitt, Partner
REED SMITH LLP

Michael B. Richman, Counsel
REED SMITH LLP

Leslie K. Ross, Counsel
REED SMITH LLP