Subject: Shumway Payment
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Sat, 24 Apr 2010 09:21:46 -0400

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.

-- 
Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
[email-masked]