Temporary Guarantee Program for Money Funds
By The Investment Management Practice Group
The following is an Executive Summary of certain of the relevant provisions of the U.S. Treasury Departments Temporary Guarantee Program for Money Market Funds. For more information please contact the Paul Hastings Attorneys below.
Eligibility only registered open-end funds that have adopted a policy of maintaining a stable $1 net asset value or share price and that operate in compliance with Rule 2a-7 are eligible to participate in the program. The Fund must make an election to participate in the Program by October 8, 2008. Only Funds with a market-based NAV of at least $0.995 as of September 19, 2008, are eligible to participate in the Program.