Regulation of Investment Companies

Thomas P. Lemke is a retired asset management executive with more than 30 years' experience. Currently, he is an independent director for several mutual fund families. Previously, he was General Counsel and Head of Governance for a global asset management firm. Before that, he was a partner in a major law firm where his practice specialized in investment management and broker-dealer matters. He also spent several years counseling an investment management firm and a bank, including serving as General Counsel and Chief Operating Officer of a mutual fund firm. Mr. Lemke started his career at the Securities and Exchange Commission, where he last served as Chief Counsel of the Division of Investment Management. He received his J.D. in 1979 from the Washington College of Law, The American University.

A. Thomas Smith, III is a Managing Director of Morgan Stanley and General Counsel of Morgan Stanley Investment Management Mutual Funds. Mr. Smith has a full range of experience concerning the laws that regulate asset management activities and financial services. Previously, he was responsible for legal matters regarding investment companies, investment advisers, broker-dealers, transfer agents and alliance programs, with both asset management and financial services firms. He also spent several years in private practice, focusing on the regulation of investment companies and investment advisers in the United States and abroad. Prior to that, he served as a staff attorney in the Office of Chief Counsel in the SEC's Division of Investment Management, where he concentrated on the regulation of investment companies and investment advisers under the federal securities laws.

Mr. Lins is General Counsel of ING Furman Selz Asset Management LLC, which comprises several investment advisory entities managing a wide variety of investment strategies and vehicles, including separate accounts, hedge funds, offshore funds, mutual funds, collateralized debt obligations and wrap fee accounts. Previously, Mr. Lins was in charge of legal matters for a number of major asset managers and fund complexes, and also spent several years in private practice, concentrating on general corporate law matters and the regulation of investment companies, investment advisers, and other financial service providers. Prior to that, he was a staff attorney in the Office of Chief Counsel in the SEC's Division of Investment Management, where he had a broad range of experience with the regulation of investment companies and investment advisers under the federal securities laws. He received his J.D. in 1984 from Harvard Law School.

Mr. Lins is a co-author of numerous articles and several books including:

Regulation of Investment Advisers (West Publishing, 2002);
Regulation of Investment Companies (Matthew Bender & Co., Inc., 2002);
Soft Dollars and Other Brokerage Arrangements (Glasser LegalWorks, 2001);
The Money Manager¿s ERISA Sourcebook (Glasser LegalWorks, 2002); and
How to Read a Mutual Fund Prospectus (Mercer Point Press, 1999).