On December 21, 2009, a working group comprised of members of the Investment Company Institute, the Investment Adviser Association and legal counsel to fund independent directors developed a questionnaire and certification letter, which are intended to assist funds in subadviser due diligence annual reviews, including reviews pursuant to Rule 38a-1 under the 1940 Act. The questionnaire and certification letter are not designed to evaluate whether to select a subadviser or to solicit all of the information requested in connection with the board’s annual 15(c) review.

The questionnaire and certification letter are available online at: http://www.idc1.org/idc/idc_directors_resources/idc_public_other_publications/09_subadviser_due_diligence